CoinDesk

Bitwise, a prominent cryptocurrency asset management firm, has taken a significant step towards going public. The company submitted an S-1 form to the U.S. Securities and Exchange Commission (SEC) on October 2, 2024. Key points: - S-1 form is a prerequisite for issuing new securities - Filing indicates Bitwise's intention to be listed on a public stock exchange This move signals Bitwise's ambition to expand its reach and potentially increase its capital base. The filing process typically involves detailed disclosures about the company's business model, financials, and risk factors. Investors and industry observers will be watching closely as Bitwise navigates the regulatory process. The outcome could have implications for the broader cryptocurrency industry's integration with traditional financial markets. *Stay tuned for updates on Bitwise's journey towards public listing.*

A significant photography auction is set to take place in New York, featuring the collection of Ambassador Trevor Traina. The event, titled "An Eye Towards the Real," will showcase 130 lots of photographs. Key points: - Digital certificates will be issued for each lot - Certificates will be minted by Kresus on the Base blockchain - The auction is scheduled for Wednesday This innovative approach combines traditional art collection with blockchain technology, potentially setting a new standard for art authentication and provenance in the digital age. *To learn more about this groundbreaking auction and its implications for the art world, visit the auction house's website.*

Aptos {{APT}}, a Layer 1 blockchain inspired by Meta's discontinued Diem project, has expanded its offerings. The platform now supports trading of Franklin Templeton's OnChain U.S. Government Money Market Fund (FOBXX). Key points: - Aptos is a blockchain with roots in Meta's former Libra/Diem project - Franklin Templeton's FOBXX fund is now available for trading on Aptos - This addition broadens the financial instruments accessible on the Aptos network This development signifies growing integration between traditional finance and blockchain technology, potentially offering users more diverse investment options within the crypto ecosystem.

Despite a 50% decline in assets under management, Grayscale's Bitcoin Trust (GBTC) continues to generate significantly higher fee revenue compared to BlackRock's iShares Bitcoin Trust (IBIT). Key points: - GBTC's fee revenue is nearly five times that of IBIT - This performance persists even after a substantial decrease in Grayscale's assets under management - The comparison highlights the ongoing competition between established crypto investment vehicles and newer entrants This data underscores the resilience of Grayscale's business model in the face of market fluctuations and increased competition. It also raises questions about the long-term sustainability of high fee structures in the evolving crypto investment landscape. **What's next?** Keep an eye on how this revenue disparity might influence future product offerings and fee adjustments in the Bitcoin ETF market.

A CoinDesk investigation has revealed that over a dozen blockchain companies have unintentionally employed IT workers from an unnamed rogue state. This oversight has exposed these firms to significant cybersecurity and legal risks. Key points: - More than 12 blockchain firms affected - IT workers from a rogue state hired unknowingly - Potential cybersecurity vulnerabilities introduced - Legal risks for the companies involved This situation highlights the importance of thorough background checks and vetting processes in the blockchain industry, especially when hiring remote workers. Companies should review their hiring practices to prevent similar incidents in the future. **Action item:** Blockchain firms should audit their current workforce and strengthen their hiring protocols to mitigate potential risks.

Caroline Ellison, former CEO of Alameda Research, received her sentence last week for her involvement in the FTX scandal: - **Prison term**: 2 years - **Supervised release**: 3 years The sentence was handed down for Ellison's role in propping up FTX and Alameda Research. She appeared in court accompanied by her attorneys. This sentencing comes after weeks of anticipation and speculation about her potential fate. The decision reflects the court's consideration of her involvement in the high-profile cryptocurrency case.

Stablecoins are experiencing significant growth and adoption, particularly in countries outside the U.S. facing economic challenges: - Ardoino highlights the increased need for stablecoins in nations with high inflation and weak financial systems. - Recent weeks saw a $10 billion surge in stablecoin minting, boosting crypto market liquidity. - Stablecoin supply has reached all-time highs, with $170 billion in circulation. - Experts predict stablecoins will drive institutional adoption in Asia, despite potential regulatory concerns. - Bernstein reports stablecoins are becoming systemically important to the global financial economy. These developments underscore the growing role of stablecoins in addressing economic instability and financial infrastructure gaps worldwide.

Sean 'Diddy' Combs has made a significant legal move in his ongoing case. The music mogul has enlisted Alexandra Shapiro, the lawyer who represented Sam Bankman-Fried, to appeal a recent court decision. - Shapiro will challenge a New York judge's ruling to keep Combs detained. - The appeal concerns Combs' pre-trial confinement. - Charges against Combs include racketeering and sex trafficking. This development highlights the high-stakes nature of Combs' legal battle and his strategy to secure release before trial. The outcome of this appeal could significantly impact the course of the case.

Robinhood has expanded its cryptocurrency services for European Union customers. Users can now transfer over 20 cryptocurrencies in and out of the trading app, including: - Bitcoin - Ethereum - Solana - USD Coin This new feature enhances the functionality of Robinhood's platform in the EU, allowing for greater flexibility in managing digital assets. **Key Points:** - Available for EU customers only - Supports 20+ cryptocurrencies - Enables both inbound and outbound transfers This development marks a significant step in Robinhood's expansion of crypto services in the European market.

A recent report from Lattice VC sheds light on the hurdles facing Web3 startups: - **Fundraising difficulties** pose a significant challenge - **Product-market fit issues** threaten the future of many projects These factors could potentially jeopardize the longevity and success of Web3 ventures. Startups in this space may need to: 1. Refine their value propositions 2. Explore alternative funding sources 3. Focus on solving real-world problems To stay informed about the evolving Web3 landscape, keep an eye on industry reports and expert analyses.