Shanghai Municipal Digital RMB Pilot Application Work Deployment Meeting Held
According to Jinshi, citing the Shanghai Finance official WeChat account, in order to implement the overall requirements of the 20th CPC Central Committee's Third Plenary Session on "steadily promoting the research and development and application of the digital RMB", in accordance with the People's Bank of China's deployment of the digital RMB pilot work, Shanghai has formulated a new round of action plans for the digital RMB pilot application, and held a work deployment meeting on November 4. The action plan clearly states that it is necessary to further steadily promote the application and service innovation of the digital RMB, and strive to basically form a digital RMB ecosystem with wide scenario coverage, good payment service experience, rich innovative applications, and active participation of all parties by the end of 2025.
According to official information, Grayscale announced that the 19b-4 form filed by NYSE Arca, Inc. proposing to list and trade the Grayscale Digital Large Cap Fund (GDLC) as an ETP has been published in the Federal Register, officially initiating the review process, which could take up to 240 days. As part of the 19b-4 form submission, the proposed rule change by NYSE Arca aims to revise the exchange's definition of ETPs holding commodities and digital assets other than Bitcoin and Ethereum.
As of November 1, 2024, GDLC's assets under management have exceeded $530 million, of which Bitcoin accounts for 76.53%, Ethereum 16.92%, Solana 4.36%, XRP 1.63%, and Avalanche 0.56%.
OpenAI in Talks with Regulators to Become a For-Profit Company
Nvidia in Talks to Participate in Funding Round of Musk's Startup xAI
Musk's "Million Dollar Giveaway" Event Approved to Continue
OpenSea's New Version to Launch in December, Waitlist Registration Now Open
According to official information, the Non-Fungible Token (NFT) trading market OpenSea announced that its new version will be launched in December, and the waitlist registration is now open.
Regarding the discussion about the Linux kernel after the removal of Russian developers, Ethereum co-founder Vitalik Buterin posted on the X platform, stating: "This is very concerning. Open source is the common wealth of humanity and should be a space for free international cooperation. If such actions become the norm, the consequences look very bad."
Standard Chartered's Crypto Custody Company Zodia in Talks to Raise $50 Million
According to a Bloomberg report, Zodia Custody's CEO Julian Sawyer said the company is seeking to raise $50 million from investors to drive its plans to expand into new regions and broaden its product range. Sawyer added that while Zodia currently has the support of several wholesale financial firms, it now wants to attract a more diverse set of investors, including payment and tokenization companies; crypto-focused consultancy Architect Partners is assisting with the work that began last month.
Deutsche Telekom and Bankhaus Metzler Pilot Bitcoin Mining Infrastructure Utilizing Residual Energy
According to official information, Deutsche Telekom's subsidiary MMS and Bankhaus Metzler have launched a pilot project to operate Bitcoin mining infrastructure using residual energy. The mining will use power from renewable energy sources that would otherwise be unused due to insufficient grid input capacity and/or lack of storage options. The pilot project aims to provide effective on-site data and insights for the planning of subsequent projects.
Coatue Management Seeks to Raise $1 Billion to Boost Investments in AI and Tech Innovation
According to Bloomberg, tech investment firm Coatue Management is seeking to raise $1 billion to boost investments in artificial intelligence and tech innovation, which is the firm's first fundraising for its flagship fund in years. The fundraising will primarily come from institutional investors, with some capital also being raised through Raymond James and Associates channels targeting high-net-worth individual clients. This is also Coatue's first time raising capital through banks or broker-dealer clients since 2017.
Coatue, founded by Philippe Laffont, currently manages around $50 billion in assets. Laffont has long been bullish on the prospects of AI, believing that AI technology will drive demand in the energy and infrastructure sectors in the future. He believes that despite some high valuations, the opportunities in AI investments remain immense.
According to The Block, the Michigan Retirement System has disclosed that it holds around $10 million in the Grayscale spot Ethereum ETF (ETHE), making it the first state pension fund to invest in this product since its launch in July. It also holds around $1.1 million in the Grayscale Ethereum Mini ETF. The system had previously disclosed holding around $7 million in a spot Bitcoin ETF.
A UK Pension Fund Has Officially Allocated 3% of Its Assets to Bitcoin
According to CoinDesk, a UK pension fund has officially allocated 3% of its assets to Bitcoin, becoming the country's first pension fund to directly invest in cryptocurrencies. The investment was guided by pension experts at Cartwright, with the fund's total assets amounting to £50 million (around $65 million), and the Bitcoin is held directly rather than through a spot ETF or other proxy, using a multi-signature setup across five independent custodians to ensure asset security.
Cartwright has also launched a Bitcoin employee benefits program, allowing companies to pay Bitcoin directly to employees' digital wallets, with five companies currently expressing interest in the product. Cartwright's digital assets head Glenn Cameron noted that the investment was made after thorough ESG and security assessments, reflecting the trustees' forward-looking recognition of crypto assets.
Vlayer, the "Solidity 2.0" Development Company, Completes $10 Million Pre-Seed Funding Round
According to The Block, crypto startup Vlayer has completed a $10 million pre-seed funding round, with investors including a16z Crypto Startup Accelerator (CSX), Credo Ventures, and BlockTower Capital. The company is focused on developing "Solidity 2.0", a new version of the Ethereum smart contract language, aiming to introduce a verifiable data infrastructure.
Vlayer plans to introduce four new features in the Solidity language: time travel (executing contracts based on historical on-chain data), teleportation (running contracts across EVM-compatible networks), web proof, and email proof (verifying and integrating web and email content). Co-founder and CEO Hubert Rachwalski von Rejchwald stated that this will make zero-knowledge proofs (ZK) more accessible to Solidity developers. Vlayer is currently in the public testing phase, with the mainnet and token expected to launch in 2025.
Paxos Stablecoin USDG to Return Earnings from Reserves to Network Partners
According to CoinDesk, Paxos has launched a new stablecoin "Global USD" (USDG) in partnership with crypto giants like Robinhood, Kraken, and Galaxy Digital, with the goal of driving widespread adoption through revenue sharing. USDG is issued by Paxos in Singapore and complies with the upcoming stablecoin framework of the Monetary Authority of Singapore.
The project is called the "Global Dollar Network", with original partners including Anchorage Digital, Bullish, Nuvei, Paxos, and others. Unlike other stablecoins that retain all reserve interest, USDG will return the earnings from the reserves to the network partners, incentivizing them to enhance the network's liquidity and connectivity. DBS Bank will serve as the primary banking partner, responsible for the cash management and custody of USDG's reserves.
Paxos CEO Charles Cascarilla stated: "This is essentially a community token. Anyone can join the Global Dollar Network and earn rewards through activities. We've allocated around 97% of the economic benefits. This is very different from how other stablecoins have been set up and created so far."
a16z Donates Over $23 Million to US Crypto Industry Political Activities
a16z partner Chris Dixon posted on the X platform, stating: "Today, we have made an additional donation of over $23 million to Fairshake and its associated Political Action Committees (PACs) for the 2026 midterm election cycle. Regardless of what happens on Election Day, we are taking a long-term approach to policy efforts. Our contribution to Fairshake is an important component in achieving our ultimate goal of establishing clear laws to regulate the crypto industry while protecting consumers and allowing entrepreneurs to innovate with confidence. Many industries come to Washington asking for deregulation, but we are here to ask for regulation."
Bitcoin Mining Difficulty Surpasses 100 T, Reaching a New All-Time High
According to CloverPool (formerly BTC.com) data, the Bitcoin mining difficulty saw an upward adjustment of 6.24% to 101.65 T at block height 868,896 (2024-11-05 06:28:08), with the current network average hashrate at 831.56 EH/s.
Data: Mt. Gox Addresses Transferred Bitcoin Worth Approximately $2.2 Billion
According to Arkham data, the Mt. Gox cold wallet address (starting with 12Gws) transferred 32,371 BTC (worth nearly $2.2 billion) to an unmarked wallet address (1FG2CvCnJAsb48Y1r3R43WwHwFJhXRveoy) at 7:38 today.
Subsequently, the Mt. Gox cold wallet address transferred another 2,000 BTC
According to Arkham data, the Mt. Gox cold wallet address (starting with 1Jbez) transferred 2,000 BTC (worth approximately $136 million) to an unmarked wallet address (15gNRVceULY553Mx5vw1KgDgr83MCa8Aok) at 8:58 today.
US-Listed Company Semler Scientific Increases BTC Holdings to 1,058 BTC
Data: Most Crypto Market Indicators Increased in October, On-Chain Transaction Volume Grew 28.1%
According to a post by The Block Research Director @lars0x, most crypto market indicators increased in October, with the adjusted on-chain transaction volume growing 28.1% to $420 billion (BTC: +32.1%, ETH: +20.9%). The adjusted stablecoin on-chain transaction volume increased by 8% to $899 billion, with the supply decreasing by 0.7% to $149 billion, of which USDT accounted for 79.5% and USDC for 16.9%:
BTC miner revenue increased by 25.4% to $1.02 billion in October, while ETH staking revenue grew by 5.8% to $221.5 million. A total of 41,648 ETH, worth $105 million, were burned in October. Since the implementation of EIP-1559 in early August 2021, a total of 4.43 million ETH, worth $12.5 billion, have been burned. The monthly NFT market trading volume on Ethereum grew by 26.5% to $121.6 million.
The spot trading volume on compliant CEXes grew by 16.3% to $843 billion in October, with a net inflow of $5.3 billion to all BTC spot ETFs. On October 30th, the net inflow to IBIT reached a new high of $872 million. BTC futures open interest increased by 22.9%, and ETH futures open interest increased by 14.6%. The monthly BTC futures trading volume grew by 12.1% to $1.25 trillion. CME BTC futures open interest reached a new high of $12.5 billion, with the daily average trading volume increasing by 9.6% to $5.3 billion. BTC options open interest increased by 35.7%, while ETH options open interest remained flat compared to the previous month. The monthly BTC options trading volume grew by 39.8% to $54 billion, and the monthly ETH options trading volume grew by 4.7% to $10.2 billion.
