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The protocol calls the latest version “the value layer of the Internet.”

Unfavorable monetary and regulatory policy continue to take a toll on the industry.

Crypto exchange-traded products (ETP) provider 21Shares has unveiled a new investment offering for traditional investors seeking exposure to the liquid staking ecosystem.

The recently launched 21Shares Lido DAO ETP (LIDO) enables investors to gain single-asset exposure to Lido DAO, the leading platform in the liquid staking ecosystem.

Lido has over $13 billion in ETH staked via its platform. Liquid staking enables users to lock their crypto assets to earn rewards for securing the blockchain network while maintaining liquidity to deploy elsewhere in the DeFi ecosystem. 

The non-interest-bearing, open-ended debt security is on offer to the general public in 22 European Union countries, including France, Germany and Italy, according to the firm’s issue-specific summary. It is available for trading on exchanges, such as the SIX Swiss Exchange, BX Exchange and the Stuttgart Exchange.

Currently, the ETP manages $100,000 in assets under management (AUM), contributing to 21Shares’ total AUM of over $1.1 billion.

Classified as a class 7 product, the highest risk level, the ETP exposes investors to various potential risks. Market volatility risk, regulatory risk, business and operational risk, credit risk of the issuer and custodian and counterparty risk are among the key factors contributing to its high-risk designation.

21Shares warns investors must be aware of the potential losses associated with the product’s future performance. Poor market conditions can significantly impact the fund’s ability to provide returns. The company explicitly states that this investment carries a high risk of financial loss.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The company is excited to expand globally and wants to build in Abu Dhabi, Canada, Singapore, and get authorized with the U.K. under its upcoming crypto regime Tom Duff-Gordon Vice President of International Policy at Coinbase said.

It’s the first-such transaction by a Chinese financial institution in Hong Kong, according to the company.

The hype around artificial intelligence is drawing away capital and talent from Web3. But AI and and crypto are overlapping technologies, with potential for each to influence the other, says Jeff Wilser.

Geojam, the social media platform backed by world-renowned pop singer Maria Carey and powered by both artificial intelligence and blockchain technology, has signed with top Hollywood talent agency WME.

WME, which represents a slew of traditional Hollywood talent like Keanu Reeves, Dwayne “The Rock” Johnson and Martin Scorsese, has been slowly building a roster of web3 clients, including early NFT pioneer Mack Flavelle, who co-founded CryptoKitties. The talent agency said it will aim to score Geojam brand deals while exploring ways for creators to engage with their fans.

“Our goal is to expand Geojam’s presence and create even more opportunities for collaboration and growth,” said Geojam co-founder and CEO Sarah Figueroa, in a statement.

With Geojam, users can create and share content in response to AI-prompts, while also earning the platform’s native token. The company’s strategy is geared towards increasing engagement between “friends and followers” utilizing AI and daily prompts. Geojam counts musical stars like Tyga, Machine Gun Kelly and Carey among its list of backers.

Carey also serves as an executive advisor for Geojam. The famous singer and company have previously partnered when auctioning off an NFT that granted the winning bidder the chance to meet Carey while flying on a private jet. 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Crypto custodian BitGo had agreed to a sale to Galaxy Digital in May 2021, but Galaxy pulled out of the deal last August amid the industry’s sustained bear market.

United States-based crypto exchanges, including Coinbase and Binance.US — both of which were sued by the Securities and Exchange Commission last week — could potentially face regulatory pressure to register with the agency, according to JPMorgan strategists.

“Eventually, the SEC position might be confirmed by lawmakers and Coinbase, Binance.US and other U.S. exchanges would have to register as brokers and most cryptocurrencies would be treated as securities,” JPMorgan strategists led by Nikolaos Panigirtzoglou wrote in a note on Thursday. “This could be more onerous and more costly for the crypto industry but there could be positives as well, as crypto markets would be subjected to similar regulations applied to traditional markets such as equities and thus offer more transparency and investor protection.”

The SEC last week sued Binance, Binance.US and Coinbase for allegedly violating U.S. securities laws. The regulator hopes courts will compel the firms to adhere to its regulations for stock exchanges or cease trading crypto assets in the country.

JPMorgan strategists said the SEC efforts increase the need for U.S. lawmakers to develop a clear regulatory framework this year. Without such clarity, crypto activity in the U.S. will likely shift outside the country and into decentralized entities, and venture capital funding for crypto will remain limited, according to the note.

Regulations will be positive as “it would clear the industry from bad practices and bad actors, which in turn is necessary for the industry to mature and see more institutional participation,” according to strategists.

JPMorgan says Ethereum’s dominance could grow further

In its lawsuits against Binance and Coinbase, the SEC declared over a dozen crypto tokens as securities, including Solana’s SOL and Polygon’s MATIC.

If the SEC wins the battle, that could result in exchanges delisting these tokens and limiting their respective blockchains’ potential development, according to JPMorgan strategists, who said that could benefit Ethereum.

“Given that most of the tokens targeted by SEC are Ethereum competitors, often called in the crypto world Ethereum killers, [last] week’s SEC actions raise the chance that Ethereum would further increase its dominance in smart contract blockchain space,” strategists said.

JPMorgan specifically commented on BNB’s classification as a security, saying in an unlikely scenario where Binance was to collapse, the BNB token could still retain some value as long as the BNB chain remains operational.

“This assumption is admittedly far from given, since the Binance exchange sits currently at the centre of the [BNB] blockchain,” strategists noted.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Binance.US’s market depth has dropped in June as market makers are fleeing the exchange following the SEC’s lawsuit.