By Shikha Singh
Ethena Crypto Project Raises $100 mn to Fund Finance Foray.
Ethena, a crypto project known for its dollar-pegged coin USDe, has raised $100 million to expand its offering, including a new token aimed at traditional financial institutions.
The funding round, completed in December, attracted investors like Franklin Templeton, F-Prime Capital, and major crypto VC firms.
Furthermore, Ethena plans to introduce iUSDe, a token for regulated financial firms, and aims to launch its own blockchain using the raised funds. The project also formed a strategic partnership with Trump-backed World Liberty Financial.
Singapore’s Bgin Blockchain Joins the Crypto IPO Boom.
Bgin Blockchain Limited, a Singapore-based manufacturer of cryptocurrency mining rigs, has filed for an IPO in the U.S.
The company, which designs and sells mining rigs for alternative cryptocurrencies like Kaspa (KAS), Alephium (ALPH), and Radiant (RXD), plans to raise up to $50 million through the offering.
Bgin’s revenue largely comes from cryptocurrency mining and sales of its mining machines, which account for over 85% of its income.
The IPO is part of a larger trend of crypto firms going public, with other companies like eToro, BitGo, and Gemini also exploring IPOs. The move signals growing mainstream acceptance of digital assets, supported by favorable regulatory shifts.
Ethereum’s Pectra Upgrade Launches on Holesky Testnet.
Ethereum’s Pectra upgrade has launched on the Holesky testnet, marking a significant step towards enhanced account abstraction and scaling.
The upgrade introduces EIP-3074, which allows externally owned accounts (EOAs) to execute batch transactions and use sponsored gas payments, enabling users to transact without holding ETH.
It also increases Ethereum’s blob capacity by 50%, reducing transaction costs, and improves layer-2 blockchain data submission.
Pectra raises the staking limit for validators to 2,048 ETH, enhancing security and participation. This upgrade is part of Ethereum’s broader efforts to accelerate its development, improve its economic model, and attract more developers to its ecosystem.
Binance Fuels ByBit With 52 mn XRP After Hack.
A recent hack of ByBit, the second-largest offshore crypto exchange, cost about $1.5 billion. The largest hack in the digital asset industry has occurred.
Following the hack, a wallet associated with Binance transferred nearly 52 million XRP worth about $128.78 million to ByBit.
This transfer, initially seen as a potential sell-off signal, is likely a part of an interaction between the two exchanges.
Despite concerns, the transfer may not indicate a market dump, but it has heightened scrutiny from market participants, especially after the hack.
Canary Capital Takes First Step for HBAR ETF With S-1 Filing.
Canary Capital, a digital asset investment firm, has filed an S-1 registration with the SEC to launch an HBAR ETF, aimed at giving investors direct exposure to Hedera’s native utility token, HBAR.
This filing has sparked significant interest in the crypto community. The firm must now complete a 19b-4 filing, which is necessary for regulatory approval and exchange listing.
Canary Capital has previously received SEC recognition for a Litecoin ETF, making this a notable step toward approval for the HBAR ETF.
However, the ETF still faces regulatory hurdles before it can launch, as the 19b-4 filing remains pending.
Crypto Exchange OX.FUN Bursts FUD of Insolvency and $1 mn USDC Frozen.
OX.FUN, a crypto exchange, addressed rumors of insolvency and $1 million USDC being frozen, stating that all withdrawals are processing normally and labeling the reports as “coordinated FUD.”
The rumors had emerged following mass withdrawals and claims of the exchange’s liquidity dropping to $180,000.
OX.FUN accused JefeDAO of attempting to exploit the platform by manipulating the market with a large deposit and aggressive trading tactics.
The exchange asserted that JefeDAO’s actions led to the freezing of funds, but they had no effect on other users. The platform emphasized that this behavior violated its Terms of Service.
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