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Robinhood reported Monday that crypto trading volume dropped 43% in May compared to April.

May’s trading volume was 68% lower than in the same month last year, Robinhood said in a statement. It was down to $2.1 billion from $6.6 billion.

The declining crypto volume came even though trading in both equity and options contracts increased from April, with gains of 27% and 29%, respectively. 

The platform reported 10.6 million monthly active users. That’s down from 11.5 million in April and 14.6 million in May 2022.

Total assets under custody rose to $81.8 billion from $77.4 billion in April and $73.9 billion in the same month a year ago.

© 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.

While the product offers investors single-asset exposure to the liquid staking leader, the Switzerland-based firm classified this product as class 7 risk, the highest level.

Bank of China investment bank BOCI issued fully digital structured notes worth 200 million of offshore renminbi ($28 million) on the Ethereum blockchain, making it the first Chinese financial institution to issue a tokenized security in Hong Kong.

“This transaction marks the first product of its kind in Asia Pacific constituted under Hong Kong and Swiss law and tokenized on the main Ethereum blockchain, successfully introducing regulated securities onto a public blockchain,” UBS, the originator and BOCI’s partner, said in a statement. 

The issuance comes after UBS issued a $50 million tokenized fixed rate note in December on a permissioned blockchain under English and Swiss law.

© 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 trading platform recently delisted three tokens that were classified as securities in the SEC’s lawsuit against Coinbase and Binance.

Galaxy Digital said Monday that a Delaware court found it had a “valid basis” to terminate a planned acquisition of crypto custodian BitGo after the company failed to deliver audited financial statements required by the merger agreement.

“We’re pleased with the court’s decision to dismiss BitGo’s claims,” Galaxy said in an emailed statement. 

BitGo said last year that it would seek over $100 million in compensation for the termination of the deal. 

 

© 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 blockchain research and engineering company has cut jobs as it pivots to a smaller venture studio business model.

A BNB whale has cashed out part of its holdings after two years of dormancy amid an ongoing crypto regulatory crackdown.

The whale has sold off 10,000 BNB coins at $230 each, pocketing $2.3 million, according to on-chain analyst account Lookonchain. The wallet still has 15,000 coins — or roughly $3.5 million — left.

The whale accumulated Binance’s coin for cheap two years ago, when they had made 110,000 BNB  — $47.5 million at that time — with only 10 BNB on a SafeMoon trade, according to Lookonchain. The whale could make millions because they had transferred 10 BNB to SafeMoon and received 100 trillion SafeMoon tokens, most of which they dumped for 110,000 BNB then. They then transferred some and held 25,000 until now. 

The SEC called BNB a security

The sale comes as the token was called a security by the United States Securities and Exchange Commission last week, when the regulator sued Binance, Binance.US and their owner, Changpeng ‘CZ’ Zhao for allegedly breaking securities laws. The price of BNB, the fourth-largest cryptocurrency by market capitalization, has fallen by over 22% in the last seven days and is currently trading at around $233.

The SEC lawsuits against Binance and rival Coinbase have resulted in outflows and declining crypto prices. According to crypto analytics provider Nansen, over $2.5 billion in net outflow has occurred from Binance during the past seven days — plus over $112 million from Binance.US. The latter exchange has also experienced a 78% decline in market depth following the SEC lawsuit. Binance has said it would defend the SEC charges vigorously. 

© 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 round was led by Founders Fund and included contributions from Pantera Capital, Binance Labs, Coinbase Ventures and Apollo Crypto.

The partnership between University of Toronto and Ripple is part of the latter’s University Blockchain Research Initiative (UBRI) in Canada.