Welcome to Around the Blockchain, Huobi Learn’s daily rundown of the crypto markets.
HK-based fund manager Huobi Tech (a separate entity from crypto exchange Huobi Global) has reportedly submitted a plan to the Securities and Futures Commission (SFC) to introduce a crypto tracking exchange-traded fund (ETF) for retail investors. This follows recent guidelines released by HK authorities on the sale of virtual assets that included more relaxed rules regarding retail ownership of foreign ETFs. Huobi Tech’s proposed ETF will cover assets under $1 million, and senior VP Romeo Wang said all trading would be “done directly in HK…under HK law” to offer investors “better protection”.
Shiba Inu (SHIB) developers have revealed that their virtual reality project, SHIB: The Metaverse, will feature 100,595 land plots. The plots — some of which will remain private — will be released in phases, with the introductory stage to unlock 36,421 plots priced at 0.2 to 1 ETH and split into four categories: Silver Fur, Gold Tail, Platinum Paw and Diamond Teeth. The SHIB team will use neutral crypto as a land pricing token to prevent downside risk to Shiba-native tokens, and land buyers can generate passive income, collect in-game resources and earn rewards. The developers said SHIB would have its “first special role…in the Metaverse”, whereby landowners can “burn SHIB independently while renaming” their land plots. Additionally, holders of SHIB ecosystem token LEASH will be able to buy land in the later phases.
Washington governor Jay Inslee has signed into law a bill (originally proposed by Republican senator Sharon Brown) that aims to expand the state’s adoption of blockchain technology across the financial and industrial sectors. As part of the bill, Inslee has ordered the establishment of the Washington Blockchain Work Group — comprising 7 government officials and 8 trade association leaders — to “examine various potential applications for blockchain technology” before presenting a report on its findings to Inslee by 1 Dec 2023. Brown said the new law was a “vital first step” in creating an environment “welcoming of new business prospects, eager to seek out new applications, and willing to identify potential supply chain management and STEM education opportunities”.
Canadian oil and gas company Bengal Energy is exploring BTC mining through a pilot program involving 66 BTC mining rigs within a portable building — also called a ‘donga’ — to be assembled near several previously decommissioned gas wells in Australia’s Cooper Basin. COO Kai Eberspaecher said the “stranded” wells had been acquired from the company’s local oil and gas extraction partners, Santos Energy and Bridgeport Energy. While the wells are still functional, current distribution pipelines are out of reach, leading Bengal Energy to decide on BTC mining as the solution to this problem. The rigs can generate roughly 0.005 BTC (worth $235) per day, and if the trial is successful, the company may multiply its mining output by 10 to 20 times, generating a total of $2,000 to $5,000 per day.
Blockchain-focused VC firm Gumi Cryptos Capital (GCC) announced yesterday Fund II, which will invest $110 million in early-stage blockchain start-ups. This comes after GCC’s initial $21 million fund, which backed seed stage founders. The chain-agnostic Fund II will target software engineers, DAOs and guilds (among others) “at any layer at the earliest stage”, and invest in both equity and tokens. GCC also “expects to invest between $500,000 and $5 million per project through both initial and follow-on investments”.
California-based start-ups BCware and BCC Group have partnered with Germany-based Synadia to launch Web3Link, an online platform offering smart contract services to financial services firms. The platform lets clients provide blockchain-based services integrated with legacy enterprise applications, which the partnership claims allows off-chain integration with blockchain tech. The three companies are combining BCware’s blockchain-agnostic tech, BCC’s data services and Synadia’s low-latency enterprise communications tech to enable Web3Link to fast-track its clients’ entry to digital asset marketplaces.
Show me the money
According to CoinDesk data, both BTC and ETH have remained stagnant over the last 24 hours, with the former trading under $47,000 and the latter just under $3,400. This marks the second consecutive day on which prices of both have seen little to no movement from the previous day. At the same time, several other major cryptocurrencies have been reported to be in the green — SOL and AVAX were up by a respective 7% and 5% at certain points, while SHIB saw an increase of around 3%.