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Crypto Evening Briefing: Saudi Arabia’s $620B Wealth Fund Has Backed Crypto-Friendly VCs

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Voyager-Binance.US Legal Fight Must Be Resolved by April 13, Court Documents Say

Voyager, a bankrupt crypto lender, and its creditors could lose $100 million if legal objections by the US government are not resolved by April 13, according to legal documents filed on Monday. 

Ethereum Locked-in Beacon Contract Surpasses 18 Million

The number of ETH locked in the Beacon contract is over 18 million, representing 15% of the total supply, and the ETH price has risen 50% since the beginning of the year. The Shanghai upgrade will allow ETH stakers on the ETH 2.0 contract to withdraw their funds if they wish, leading to an expected decrease in the number of validators followed by an increase again.

Switzerland Planning Stablecoin and Live Wholesale CBDC Pilots

The Swiss National Bank (SNB) has revealed its Swiss payments vision, which includes exploring a private token backed by central bank reserves and a wholesale central bank digital currency (CBDC) on the SIX Digital Exchange (SDX) for a limited time.

European Banks Launch ‘Sustainable’ Blockchain Platform for Digital Bonds

Skandinaviska Enskilda Banken (SEB) and Credit Agricole Bank have launched a new digital bond platform called so|bond, built on blockchain technology. The platform will allow institutional clients to issue, trade, and settle bonds digitally, providing a more efficient and secure process compared to traditional methods. 

UAE Central Bank Selects Technology and Legal Partners for CBDC Project

The Central Bank of the UAE (CBUAE) has announced that it has selected Clifford Chance, R3, and G42 Cloud to assist in implementing its CBDC Strategy.

Market Watch

As of press time, according to Cointime data:

BTC 's live price is $28,197.07 USD, dropped by 0.15% in the last 24 hours;

ETH’s live price is $1,869.76 USD, jumped by 3.34% in the last 24 hours;

BNB’s live price is $311.23 USD, dropped by 0.43% in the last 24 hours;

XRP's live price is $0.5017 USD, dropped by 2.25% in the last 24 hours.

Fundraising News

NFT Platform OneOf Acquires Blockchain Rewards Company Tap Network

NFT platform OneOf has acquired blockchain rewards tool Tap Network to help large companies connect with their consumers in Web3. This acquisition will help OneOf onboard more companies and customers into Web3 via e-commerce.

Tokyo Stock Exchange Operator JPX Acquires 5% Stake in Nomura’s BOOSTRY Blockchain Venture

JPX, the operator of the Tokyo Stock Exchange, has acquired a 5% stake in BOOSTRY, a blockchain infrastructure company founded by Nomura and Nomura Research Institute (NRI), in which SBI has a minority interest.

Crypto Payroll Company Franklin Raises $2.9M in Seed Round Led by Gumi Cryptos Capital and CMT Digital

Crypto payroll company Franklin, developed internally at Web3 marketing firm Serotonin, has raised $2.9 million in a seed round co-led by Gumi Cryptos Capital and CMT Digital, with backing from crypto notable Arca.

Dragonfly Capital Invests $10 Million in Crypto Derivatives Exchange Bitget

Dragonfly Capital has invested $10 million in Bitget, a fast-growing crypto derivatives exchange. Bitget recently acquired crypto wallet BitKeep and had eight million users prior to the deal.

Terra Classic Could Recieve $5M in Funding From Binance

Binance is considering the Terra Grants Foundation's application for $5m in funding to support projects on the Terra Classic chain. 

Crypto Startup Li.Fi Raises $17.5M in Funding Round

Multichain liquidity and data gateway provider Li.Fi has raised $17.5 million in a Series A fundraise co-led by crypto-native investment firms CoinFund and Superscrypt. 

LayerZero Labs Raises $120 Million for Data Interoperability Protocol Expansion

Interoperability protocol LayerZero Labs has raised $120m in a series B funding round featuring 33 investors including Christie’s auction house, NFT platform OpenSea and Samsung’s next-gen investment unit. 

Polychain Leads $15M Funding Round for Crypto Startup Polyhedra Network

Polyhedra Network, a startup that provides Web3 infrastructure backed by zero-knowledge (ZK) proofs, has raised $15m in a pre-Series A funding round led by Polychain Capital.

Saudi Arabia’s $620B Wealth Fund Has Backed Crypto-Friendly VCs

Saudi Arabia's sovereign wealth fund, Public Investment Fund's venture arm, Sanabil, has disclosed investments in nearly 40 US venture capital firms, including some with deep involvement in crypto, blockchain, and Web3-related investments.

Bitcoin Bitcoin $63,608.19
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  • The main culprit of China's 43 billion yuan illegal money laundering case was arrested in the UK, involved in the UK's largest Bitcoin money laundering case

    Local time in the UK, Qian Zhimin appeared in Westminster Magistrates' Court for the first time under the identity of Yadi Zhang. She was accused of obtaining, using or possessing cryptocurrency as criminal property from October 1, 2017 to this Tuesday in London and other parts of the UK. Currently, Qian Zhimin is charged with two counts of illegally holding cryptocurrency. Qian Zhimin is the main suspect in the Blue Sky Gerui illegal public deposit-taking case investigated by the Chinese police in 2017, involving a fund of 43 billion yuan and 126,000 Chinese investors. After the case was exposed, Qian Zhimin fled abroad with a fake passport and held a large amount of bitcoin overseas. According to the above Financial Times report, Qian Zhimin denied the charges of the Royal Prosecution Service in the UK, stating that she would not plead guilty or apply for bail.

  • Nigeria’s Central Bank Denies Call to Freeze Crypto Exchange Users’ Bank Accounts

    In response to the news that "the Central Bank of Nigeria has issued a ban on cryptocurrency trading and requested financial institutions to freeze the accounts of users related to Bybit, KuCoin, OKX, and Binance exchanges," the Central Bank of Nigeria (CBN) stated in a document that the CBN has not officially issued such a notice, and the public should check the official website for the latest information to ensure the reliability of the news. According to a screenshot reported by Cointelegraph yesterday, the Central Bank of Nigeria has requested all banks and financial institutions to identify individuals or entities trading with cryptocurrency exchanges and set these accounts to "Post-No-Debit" (PND) status within six months. This means that account holders will not be able to withdraw funds or make payments from these accounts. According to the screenshot, the Central Bank of Nigeria has listed cryptocurrency exchanges that have not obtained operating licenses in Nigeria, including Bybit, KuCoin, OKX, and Binance. The Central Bank of Nigeria will crack down on the illegal purchase and sale of stablecoin USDT on these platforms, especially those using peer-to-peer (P2P) transactions. In addition, the Central Bank of Nigeria pointed out that financial institutions are prohibited from engaging in cryptocurrency transactions or providing payment services to cryptocurrency exchanges.

  • Universal verification layer Aligned Layer completes $20 million Series A financing

    Ethereum's universal verification layer Aligned Layer has completed a $20 million Series A financing round, led by Hack VC, with participation from dao5, L2IV, Nomad Capital, and others. The Aligned Layer mainnet is scheduled to launch in the second quarter of 2024. As the EigenLayer AVS, Aligned Layer provides Ethereum with a new infrastructure for obtaining economically viable zero-knowledge proof verification for all proof systems.

  • The total open interest of Bitcoin contracts on the entire network reached 31.41 billion US dollars

    According to Coinglass data, the total open position of Bitcoin futures contracts on the entire network is 487,500 BTC (approximately 31.41 billion US dollars).Among them, the open position of CME Bitcoin contracts is 143,600 BTC (approximately 9.23 billion US dollars), ranking first;The open position of Binance Bitcoin contracts is 109,400 BTC (approximately 7.07 billion US dollars), ranking second.

  • Bitcoin mining difficulty increased by 1.99% to 88.1T yesterday, a record high

    According to BTC.com data reported by Jinse Finance, the mining difficulty of Bitcoin has increased by 1.99% to 88.1T at block height 840,672 (22:51:52 on April 24), reaching a new historical high. Currently, the average network computing power is 642.78EH/s.

  • US Stablecoin Bill Could Be Ready Soon, Says Top Democrat on House Financial Services Committee

    The top Democrat on the U.S. House Financial Services Committee, Maxine Waters, has stated that a stablecoin bill may be ready soon, indicating progress towards a new stablecoin law in the U.S. before the elections. Waters has previously criticized a version of the stablecoin bill, but emphasized the importance of protecting investors and ensuring that stablecoins are backed by assets. Congressional movement on stablecoin legislation has recently picked up pace, with input from the U.S. Federal Reserve, Treasury Department, and White House in crafting the bill. The stablecoin bill could potentially be tied to a must-pass Federal Aviation Administration reauthorization due next month, and may also be paired with a marijuana banking bill.

  • Crypto mining company Argo mined 1,760 bitcoins last year and earned $50.6 million

    Crypto mining company Argo Blockchain has released its 2023 financial year performance report, which includes:

  • Crypto VC market hits 12-month high in March, with total investment exceeding $1 billion

    According to data from Cointelegraph, the cryptocurrency venture capital market continued to recover in March and April 2024. In March, 161 individual transactions were completed, setting a record in the past 12 months, with a total investment of more than $1 billion, an increase of 52% from the previous month. Although April has not yet ended, as of now, 90 transactions have been completed, attracting more than $820 million in investment.

  • Ethereum Layer 2 TVL has reached $39 billion

    L2BEAT data shows that Ethereum Layer2 TVL has reached $39 billion, with a 7-day increase of 6.66%.

  • Caixin: Mainland investors are currently not allowed to participate in the trading of Hong Kong virtual asset spot ETFs

    According to Caixin, the first batch of six virtual asset spot ETFs issued by Boshi International, Huaxia Fund (Hong Kong), and Jiashi International has been officially approved by the Hong Kong Securities Regulatory Commission. The goal is to be listed on April 30, 2024. It should be noted that mainland Chinese investors are currently not able to participate in the trading of these ETFs, despite the fact that they are first issued by Hong Kong companies under the umbrella of Chinese public funds.According to the product list on the Hong Kong Securities Regulatory Commission website, these six virtual asset spot ETFs were officially approved on April 23, 2024. The products are as follows: Jiashi Bitcoin Spot ETF (03439.HK), Jiashi Ethereum Spot ETF (03179.HK), Huaxia Bitcoin ETF (03042.HK), Huaxia Ethereum ETF (03046.HK), Boshi HashKey Bitcoin ETF (03008.HK), and Boshi HashKey Ethereum ETF (03009.HK).

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