October 31st marks the 15th anniversary of Satoshi Nakamoto’s release of the Bitcoin whitepaper. On October 31, 2008, Satoshi Nakamoto published the Bitcoin whitepaper titled “Bitcoin: A Peer-to-Peer Electronic Cash System,” introducing Bitcoin to the world for the first time.
2. The Fed’s FOMC Maintains Interest Rates, Expected Rate Cut Possibly by June Next Year link
On November 2nd, the United States announced the FOMC decision to keep interest rates unchanged. The Federal Reserve’s FOMC statement made minor revisions, describing third-quarter economic activity as “strong,” and indicating that tightening financial and credit conditions could weigh on economic activity. The probability of no change in interest rates and no rate hike in December, as per CME, is as high as 80%. It is widely expected that the tightening cycle may be nearing its end, with the possibility of a rate cut before June next year.
3. CFTC Pays Whistleblowers $16 Million This Year, Majority of Reports Related to Cryptocurrencies link
On November 1st, the U.S. Commodity Futures Trading Commission (CFTC) announced that it had received 1,530 reports this year, with the majority of them related to cryptocurrencies, and had paid out $16 million to whistleblowers. “With the rise of cryptocurrencies, more and more retail customers fall under the CFTC’s jurisdiction, making the CFTC’s whistleblower program and the efforts of the Office of Customer Education and Outreach even more important,” the statement read.
4. PayPal Receives SEC Subpoena Regarding its Dollar Stablecoin link
On November 2nd, payment giant PayPal announced that it had received a subpoena from the U.S. Securities and Exchange Commission (SEC) regarding its US dollar stablecoin. The company launched its stablecoin in August, becoming the first major fintech company to use cryptocurrency for payments and transfers. According to Coingecko data, the current market capitalization of PayPal’s stablecoin PYUSD is approximately $160 million, with a 24-hour trading volume of around $2.7 million.
5. HashKey’s Weekly Summary
a. HashKey, a Licensed Exchange in Hong Kong, Officially Launches its Application link
On November 1st, according to TheBlock, the licensed exchange HashKey in Hong Kong officially launched its application, which is now available on the Apple and Google stores. Livio Weng, Chief Operating Officer of HashKey, stated in an interview with TheBlock that they have obtained approval from the Securities and Futures Commission to launch the application, which will serve both professional investors and retail users. In addition, Hashkey claims to be exploring two potential Real World Asset (RWA) cases that could have a significant impact on the market and is currently in negotiations with the Hong Kong Securities and Futures Commission regarding these RWA cases.
b. HashKey Exchange Announces Official KYC Requirements for Account Opening link
On November 1st, HashKey Exchange officially announced its KYC (Know Your Customer) requirements for account opening: 1)Provide identification documents (passport, ID card, etc.) and proof of address within the last three months (bank statements, utility bills, etc.). 2)Complete an investment experience questionnaire and a cryptocurrency knowledge test. 3)Transfer funds from a Hong Kong bank account to HashKey Exchange in real-time, with a single deposit of not less than 10,000 Hong Kong dollars or the equivalent in US dollars (a recommended amount of 1,500 US dollars) to complete the identity verification process.
c. HashKey Exchange Platform’s HSK Token Roadmap Unveiled link
On November 1st, according to Foresight News, HashKey Exchange unveiled the HSK roadmap. In November 2023, there will be an update to the HSK economic model and the release of token distribution rules. By the end of November 2023, the HSK ERC-20 token will be minted and distributed on-chain. In the fourth quarter of 2023, the HSK incentive plan will be made public. From the second to the third quarter of 2024, the HSK launch plan will be initiated, with the aim of making HSK publicly available in the latter half of 2024. Early contributors to HSK will be eligible for incentives. The total supply of HSK is set at 1 billion tokens, with 650 million allocated for ecological growth, 300 million for the team, and 50 million for the insurance vault.
d. HashKey Group Announces Web3 Ecosystem Expansion link
On October 30th, HashKey Group announced its comprehensive Web3 ecosystem, which includes HashKey Exchange, a licensed virtual asset exchange regulated by the Hong Kong Securities and Futures Commission. HashKey Group manages assets totaling over 1 billion USD, with a primary focus on investing in blockchain technology and digital assets through HashKey Capital. They also offer tokenization services to support startups in transforming virtual assets from concept to reality, operating under the name HashKey Tokenisation. HashQuark, another subsidiary, specializes in blockchain staking services, while HashKey Wealth is their wealth management brand. In the realm of Web3 applications, HashKey NFT is making strides, and they have an innovative incubation platform called Future3 Campus, nurturing emerging projects and ideas.
e. Hashkey Group to Collaborate with Circle and ZhongAn Bank for Stablecoin Issuance in Hong Kong link
On November 2nd, HashKey Group founder, Xiao Feng, announced a collaborative effort with CoinCircle Technology and Zhongan Bank to jointly issue a stablecoin in Hong Kong. CoinCircle Technology was founded by former Hong Kong Monetary Authority (HKMA) Chief Executive Norman Chan and has already obtained an SVF (Stored Value Facilities) license from the HKMA. Hong Kong is expected to introduce a regulatory framework for stablecoins next year.
6. U.S. Prosecutors Accuse Multiple Individuals at SafeMoon of Fraud, Two Arrested link
On November 2nd, the United States District Court for the Eastern District of New York unveiled a indictment, charging multiple individuals with conspiracy to commit securities fraud, wire fraud, and money laundering related to the SafeMoon token. As the market capitalization of SFM grew to over $8 billion, the defendants allegedly fraudulently transferred and misappropriated millions of dollars’ worth of “locked” SFM liquidity for personal gain. Braden John Karony and Thomas Smith have been arrested in the United States, while Kyle Nagy remains at large.
7. Coinbase Exceeds Q3 Revenue Expectations, USDC Interest Income Rebounds to $172 Million link
On November 3rd, Coinbase released its third-quarter financial report, revealing a revenue of $674.1 million, surpassing analysts’ expectations. This represented a 4.7% decrease compared to the previous quarter but a significant 14.2% year-on-year growth. In the third quarter, they reported a net loss of $2 million, a substantial improvement from the $545 million loss in the same period last year. During the third quarter, Coinbase generated $172 million in interest income from the USDC stablecoin, surpassing the $151 million from the second quarter. However, the trading volume experienced another decline, dropping from $159 billion in the same period last year to $76 billion this quarter. The total trading revenue also saw a decrease, standing at $288.6 million for the third quarter, compared to $365.9 million in the same period last year.
8. MicroStrategy Q3 Financial Report: Holds 158,400 Bitcoins, Total Revenue Up 3% YoY link
On November 2nd, MicroStrategy released its financial performance for the third quarter of 2023. Since the end of the second quarter, the company has purchased 6,067 bitcoins at an average price of $167 million, resulting in a holding cost of $27,531 per bitcoin. As of October 31, 2023, MicroStrategy holds a total of 158,400 bitcoins, with a combined cost of $4.69 billion, equating to an average holding cost of $29,586 per bitcoin. The company reported total revenue of $129.5 million for the quarter, reflecting a 3% year-over-year increase.
9. a16z Plans to Raise Approximately $3.4 Billion for New Core Early and Seed-Stage Funds link
On October 31st, according to Axios, Andreessen Horowitz (a16z) is planning to raise approximately $3.4 billion for its next core early-stage and seed-stage funds. The fundraising campaign is set to commence around the end of the year and is expected to conclude in the first half of 2024. In addition to this, a16z also plans to launch new funds focused on growth, cryptocurrency, and biotechnology. a16z has declined to comment on these plans.
10. SBF Convicted on Seven Counts link
On November 3rd, according to Reuters, SBF has been found guilty of deceiving customers of his now-bankrupt cryptocurrency exchange, making it one of the largest financial fraud cases on record. The 12-member jury at the Manhattan federal court found SBF guilty of all seven charges he faced after a month-long trial. The jury deliberated for over four hours before delivering the verdict. When the verdict was read, SBF stood up with his hands clasped together.
U.S. District Judge Lewis Kaplan will sentence SBF on March 28, 2024. SBF’s defense lawyers opposed several of Kaplan’s rulings both before and during the trial, and an appeal of the judgment is expected.
Fundraising
- Northern Data, a Bitcoin mining company, has announced receiving €575 million in debt financing from Tether. link
- Modulus Labs has completed a $6.3 million seed funding round with Variant and 1kx as lead investors. link
- Cryptocurrency technology firm Toposware has secured $5 million in funding, with participation from Polygon Studios. link
- Kana Labs has successfully raised $2 million in seed funding. link
- SCION software provider Anapaya Systems has secured €1.8 million in financing from Mysten Labs. link
- Surf Protocol, a decentralized derivatives protocol on the Base chain, has raised $3 million in funding with ABCDE Labs as the lead investor. link
- Hong Kong virtual bank WeLab has obtained $260 million in asset financing from Citigroup. link
- Baseflow, the parent company of the civic community platform Baseflow, has announced the completion of a $2.5 million funding round. link
- Animoca Brands is planning to secure a $50 million investment from the Saudi NEOM Investment Fund. link
Learn more, check out crypto-fundraising.info.
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