Crypto Biz: Tether to Track USDT Usage, Cipher Gets Takeover Offer, and More

Points

• US SEC is close to approving several spot Ether ETFs.
• Tether hires Chainalysis’ former chief economist to track USDT usage.
• Cipher receives a takeover offer, considers sale.

The United States Securities and Exchange Commission （SEC） is on the verge of approving several spot Ether exchange-traded funds （ETFs）, with preliminary approvals reportedly granted to some asset managers, including BlackRock, Franklin Templeton, and VanEck. Analysts predict the ETFs will debut on July 23 after asset managers finalize their S-1 filings to include management fees.

Cointelegraph

Tether Hires Chief Economist

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 quantifying and communicating Tether’s USDT usage to regulators and stakeholders. His role involves examining USDT data worldwide and engaging with regulators, especially in the United States.

Blockchain Venture Funding in Africa

Blockchain venture funding in Africa decreased by 70% in the first half of 2024 compared to the same period in 2023. A report from venture capital firm CV VC indicated that Africa secured $34.7 million in H1 2024, down from $116 million in H1 2023. Despite the downturn in funding, the number of deals increased by 9%, accounting for 6.4% of global venture funding.

Cipher Receives Takeover Offer

Bitcoin mining company Cipher is reportedly considering a sale after receiving a takeover bid. Bloomberg reported that the company is deliberating and consulting with advisers. Cipher’s share price jumped to a high of $8 following the news but fell back to $6.56, still representing a significant increase from its price at the start of 2024.

Grayscale Launches AI Fund

Grayscale has launched a new crypto fund to give investors exposure to decentralized artificial intelligence protocols. The fund includes tokens such as Bittensor （TAO）, Filecoin （FIL）, Livepeer （LPT）, Near （NEAR）, and Render （RNDR）. The fund is available exclusively to accredited investors and focuses on decentralized AI services, solutions to centralized AI problems, and AI infrastructure.

Conclusion

The crypto industry continues to see significant developments, from regulatory approvals of Ether ETFs to strategic hires and venture funding shifts. These changes reflect the dynamic nature of the crypto market and its evolving landscape.

解説

• Regulatory Approvals: The impending approval of spot Ether ETFs by the SEC could significantly impact the market, providing more investment options and potentially increasing liquidity.
• Strategic Hires: Tether’s hiring of a chief economist demonstrates its commitment to transparency and regulatory compliance, addressing growing scrutiny from authorities.
• Venture Funding: The decrease in blockchain venture funding in Africa highlights regional disparities and the need for targeted support to foster innovation and growth in emerging markets.