Crypto Daily is our column tracking crypto market trends, offering timely insights and valuable updates to keep you informed.
Crypto News
Coinbase Ready to Launch Prediction Markets, Tokenized Stocks
Coinbase plans to roll out prediction markets and tokenized equities, moving into two of the fastest-growing corners of digital finance as it prepares a product showcase next week.
Bloomberg reported Friday that the the US-based exchange will announce the new offerings at an event on Dec. 17, a source told the outlet, adding that Coinbase intends to issue tokenized stocks in-house rather than through external partners.
Executives at Coinbase have previously signalled interest in both businesses, but until now the company had not formally laid out a launch timeline.
Robinhood Stock Slides 9% After Big Decline in November Trading Volumes
Tumbling crypto prices appear to have played a part in disappointing overall trading volume results for Robinhood.
The brokerage app reported crypto volume of $28.6 billion in November, down 12% from October's $32.5 billion. That amount was also down 19% from year-ago levels, when crypto was surging thanks to Donald Trump's election victory.
Bitstamp, the crypto exchange Robinhood agreed to acquire earlier this year, also saw volumes fall 11%.
As for equity trading volumes, they struggled as well, dropping 37% month-over-month in November to $201.5 billion. They were, however, higher by 37% on a year-over-year basis.
Robinhood's total platform assets declined by 5% in November to $325 billion.
JPMorgan Pushes Deeper Into Tokenization With Galaxy's Debt Issuance on Solana
Global bank J.P. Morgan has arranged a landmark commercial paper issuance on the Solana blockchain, in a move that pushes real-world financial instruments deeper into public blockchain infrastructure.
Commercial paper, typically issued through legacy systems, is a short-term debt tool that companies use to raise working capital. This one was structured onchain and settled using USDC, the stablecoin issued by Circle.
J.P. Morgan created the onchain token representing the debt and handled the settlement. Galaxy’s investment banking arm structured the issuance. Coinbase acted both as investor and wallet provider, while Franklin Templeton, which has already created a tokenized money market fund, also invested in the token.
CFTC Gives No-Action Leeway to Polymarket, Gemini, PredictIt, LedgerX Over Data Rules
The U.S. Commodity Futures Trading Commission issued no-action letters to the operators of prediction markets platforms Polymarket, PredictIt, Gemini and LedgerX/MIAX on Thursday, announcing that the companies did not have to meet certain recordkeeping demands as long as they meet other specified requirements, and that the companies might be able to clear contracts through a third-party clearing member.
The CFTC said in a press release that the no-action letters mean the regulator will not pursue any enforcement action — a court case alleging the companies broke the law — tied to how these companies comply with "certain swap-related recordkeeping requirements and for failure to report to swap data repositories data associated with binary option transactions."
"The no-action letters apply only in narrow circumstances and are comparable to no-action letters issued for other similarly situated designated contract markets and derivatives clearing organizations," the CFTC said.
Crypto Mogul Do Kwon Gets 15 Year Prison Term Over Terra’s $40B Collapse
Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, was sentenced on Thursday to 15 years in prison for what a judge called an "epic fraud."
U.S. District Judge Paul A. Engelmayer, who handed down the sentence, sharply rebuked Kwon for repeatedly lying to everyday investors who trusted him with their life savings.
"This was a fraud on an epic, generational scale. In the history of federal prosecutions, there are few frauds that have caused as much harm as you have, Mr. Kwon," Engelmayer said during a hearing in Manhattan federal court.
Bitcoin & Ethereum Spot ETF Flow
The overall net outflow of the US Bitcoin spot ETF on Thursday was $77.34 million. The total net asset value of Bitcoin spot ETFs is $119.93 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.55%.
The Bitcoin spot ETF with the highest net inflow on December 11 was iShares Bitcoin Trust (IBIT), with a net inflow of $76.71 million, according to SoSoValue.
Source: SoSoValue
The overall net inflow of the US Ethereum spot ETF on Thursday was $296.59 million. The total net asset value of Ethereum spot ETFs is $19.60 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 4.32%.
The Ethereum spot ETF with the highest net inflow on December 11 was 21Shares Ethereum ETF (TETH), with a net inflow of 2.08 million, according to SoSoValue.
Source: SoSoValue
Comments