This week’s Crypto Biz highlights include Tether’s new initiative to track USDT usage, a takeover offer for Bitcoin miner Cipher, and Grayscale’s launch of a decentralized AI fund.
Points
- Tether hires Philip Gradwell to track USDT usage and engage with regulators.
- Bitcoin miner Cipher receives a takeover offer, sparking speculation of a sale.
- Grayscale launches a decentralized AI fund with a basket of tokens.
- SEC on the brink of approving several spot Ether ETFs.
- African blockchain venture funding drops by 70% in H1 2024.
Tether Hires Chainalysis’ Chief Economist
Stablecoin issuer Tether has brought on Philip Gradwell, former chief economist at blockchain analytics firm Chainalysis, to track and communicate USDT usage. Gradwell will analyze USDT data worldwide and engage with regulators, aiming to enhance transparency and regulatory compliance. Since 2017, USDT has consistently seen daily trading volumes in the billions of dollars, making this a crucial role in maintaining trust and stability in the market.
Cointelegraph
Bitcoin Miner Cipher Considers Takeover Offer
Bitcoin mining company Cipher has reportedly received a takeover offer and is considering a sale. According to Bloomberg, the company is consulting with advisers to evaluate the potential interest. Cipher’s share price surged to a high of $8 following the news but later settled at $6.56, still significantly higher than the $4.77 mark at the start of 2024. This development highlights the growing interest in the Bitcoin mining sector as companies seek to consolidate and optimize operations.
Grayscale Launches Decentralized AI Fund
Grayscale has introduced a new fund aimed at giving investors exposure to decentralized AI protocols. The fund includes a basket of tokens such as Bittensor （TAO）, Filecoin （FIL）, Livepeer （LPT）, Near （NEAR）, and Render （RNDR）. Available exclusively to accredited investors, the fund focuses on decentralized AI services, solutions to AI-related problems, and AI infrastructure. This move reflects the increasing integration of AI and blockchain technologies and offers investors a new avenue for diversification.
SEC Nears Approval for Spot Ether ETFs
The U.S. Securities and Exchange Commission （SEC） is on the brink of approving several spot Ether exchange-traded funds （ETFs）. Preliminary approval has reportedly been granted to asset managers, including BlackRock, Franklin Templeton, and VanEck, with a potential market debut on July 23. Management fees for these ETFs range from 0.19% to 0.25%, with 21Shares planning to waive fees for up to six months post-listing. This development is expected to pave the way for other altcoins and enhance market accessibility for investors.
African Blockchain Venture Funding Declines
Blockchain venture funding in Africa saw a 70% decline in the first half of 2024 compared to the same period in 2023. According to CV VC, Africa secured $34.7 million in H1 2024, down from $116 million in H1 2023. Despite the decrease in funding, the number of deals increased by 9%, accounting for 6.4% of global venture funding and 12.5% of regional deals. This trend highlights the need for continued support and investment in the African blockchain ecosystem.
Conclusion
This week’s developments in the crypto space underscore the dynamic nature of the market, from regulatory advancements and strategic hires to new investment opportunities in AI and blockchain. As the industry continues to evolve, stakeholders must stay informed and adapt to the changing landscape.
解説
- Spot Ether ETFs: Exchange-traded funds that track the price of Ether （ETH）, offering investors exposure to the cryptocurrency without directly owning it.
- Decentralized AI: Artificial intelligence protocols built on blockchain technology that operate without a central authority, offering transparency and security.
- Blockchain Analytics: The use of data analysis tools to examine and interpret blockchain data, often for regulatory and compliance purposes.
- Accredited Investors: Individuals or entities allowed to invest in private securities offerings, typically meeting certain income or net worth criteria.
- Quantitative Easing: A monetary policy where a central bank buys government securities to increase the money supply and stimulate the economy.