To track USDT usage, Tether, Cipher will find takeover offers and more.
The United States Securities and Exchange Commission is on the verge of green-lighting ether exchange-traded funds (ETFs), with preliminary approval already granted to some asset managers, including BlackRock, Franklin Templeton and VanEck.
According to analysts, the regulator is considering a market opportunity that could begin on July 23 after ordering wealth managers to complete their S-1 filings to include management fees.
Invesco and Galaxy cap their management fees at 0.25%, while VanEyck and Franklin Templeton offer slightly lower fees at 0.20% and 0.19%, respectively. BlackRock has set its fee at 0.25% ahead of its potential launch next week.
As part of the fee war, 21Shares announced that it plans to waive fees for up to six months after listing or until the fund reaches $500 million in assets, whichever comes first.
Analysts predict that EFAs will open the door to other altcoins, including Solana's SOL (SOL).
This week's CryptoBiz also explores Tether's new hire, Cipher's takeover bid, Grayscale's new decentralized artificial intelligence fund, and more.
Tether has hired Chinalysis' chief economist for USDT usage reports.
Stablecoin issuer Tether has hired Philip Gradwell, former chief economist at blockchain analytics firm Chainalysis, as its new head of economics. Gradwell will be responsible for measuring and communicating Tether's USDT usage with regulators and stakeholders. After six years at Chinalysis, Gradwell now analyzes USDT data worldwide. Since 2017, USDT has seen daily trading volumes in the billions of dollars. Among Gradwell's duties will be engagement with regulators, particularly in the United States. Tether's relationship with federal agencies across the country is a mix of cooperation and scrutiny.
African blockchain venture funding drops 70% in H1 2024 — CV Labs
Blockchain venture funding in 2024 fell by 70 percent in the first half of 2024 compared to the same period in 2023. According to a recent report from venture capital firm CVVC, Africa received $34.7 million in H1 2024. It reached $116 million, a 70 percent year-over-year decline in the amount raised. As Africa funding declines, CVVC reports a 9% increase in deals in the region, accounting for 6.4% of all global venture funding and 12.5% of regional deals.
Bitcoin Miner Cipher Accepts Take Offer, Considers Sale: Report
Bitcoin mining company Cipher is reportedly considering a sale after receiving a takeover bid. The Bloomberg report cited unnamed sources as saying that while the company is currently consulting with advisors to gauge interest, management may consider not selling the company. Following the news, Cipher's stock price rose to $8, but then fell to $6.56. However, this still represents the biggest increase since early 2024, when the stock was trading at a high of $4.77.
Grayscale launches new decentralized AI fund
Greyscale Investors Launches New Crypto Fund To Expose Decentralized Artificial Intelligence Protocols According to the July 17 announcement, the new fund has a basket of tokens that includes Bittensor (TAO), Filecoin (FIL), Livepeer (LPT), Near (NEAR) and Render (RNDR). The fund is only available to accredited investors, which means it is not open to the general public. Its strategy focuses on three core decentralized AI assets, including building protocols for decentralized AI services, solutions to decentralized AI-related problems, authentication across bots, and AI infrastructure.
