Daily Report | New Fire Technology indirectly controls BitTrade; Tether will launch USDT on Aptos; Hong Kong High Court hears the world's first lawsuit involving a DAO
Highlights of August 19整理：Fairy，ChainCatcher
Important News:
- Tether announces the launch of USDT on the Aptos blockchain
- New Fire Technology indirectly acquires Japanese cryptocurrency exchange BitTrade for $33.23 million
- Gate Ventures and Abu Dhabi Blockchain Center jointly launch $100 million Falcon Gate Ventures fund
- Polygon executive: 90% of L1/L2 BD teams will ask ecosystem projects for airdrops
- Hong Kong High Court hears the world's first lawsuit involving a DAO
- DOGS: More withdrawal options will be added and the claim period extended, TGE will take place on August 23 at 20:00
"What important events happened in the past 24 hours"
New Fire Technology indirectly acquires Japanese cryptocurrency exchange BitTrade for $33.23 million
According to AASTOCKS, New Fire Technology announced that it will acquire 100% of the issued share capital of Avenir Asset Holding for approximately $30.46 million (about HKD 238 million). The company will pay for this by issuing up to nearly 110 million new shares. Avenir Asset Holding indirectly holds about 84.62% of BitTrade's issued share capital. Avenir Asset Holding will become a wholly-owned subsidiary of the company, and BitTrade will become an indirect subsidiary. BitTrade primarily engages in cryptocurrency trading.
The company also acquired approximately 7.69% of BitTrade's issued share capital from Goldenway for $2.7694 million (about HKD 21.6016 million), and will pay for this by issuing up to 9.909 million new shares. The aforementioned shares will account for up to approximately 20.33% of the company's expanded share capital.
It is reported that BitTrade is a licensed virtual currency exchange service provider in Japan. BitTrade has joined three major self-regulatory associations officially recognized by the Financial Services Agency, which have the ability to formulate and enforce cryptocurrency trading rules and standards in Japan, and can promote the introduction and development of Japan's securities token system. BitTrade is also a member of two associations in the Japanese crypto asset industry.
Tether announces the launch of USDT on the Aptos blockchain
Stablecoin issuer Tether announced today that it will launch USDT on the Aptos network, aiming to leverage Aptos' advanced blockchain technology and exceptional speed and scalability to make digital currency more accessible and usable globally.
It is reported that the average daily active users on Aptos increased from 96,000 in January to 170,000 in July 2024. The daily transaction volume in May 2024 reached a record of 157 million transactions.
The integration of USDT on the Aptos blockchain fully utilizes its dynamic capabilities, enhancing the platform's appeal through Tether's established stability and reliability. The Aptos network supports a strong developer community, and development work is actively underway.
Polygon executive: 90% of L1/L2 BD teams will ask ecosystem projects for airdrops
Polygon's Chief Information Security Officer Mudit Gupta stated on X that there is panic over Eigen Labs employees asking for airdrops from ecosystem sub-projects, but in reality, 90% of Layer 1/Layer 2 BD teams will directly ask for shares or airdrops in the name of consulting.
Mudit Gupta said, "If any journalist really wants to investigate this matter, just launch a fake new DEX and contact different Layer 1/Layer 2 BD teams, and you will get firsthand experience."
CoinShares: $30 million flowed into digital asset investment products last week
According to CoinShares' latest weekly report, a total of $30 million flowed into digital asset investment products last week. Due to recent macroeconomic data suggesting a lower likelihood of a 50 basis point rate cut by the Federal Reserve in September, the weekly trading volume of investment products dropped to $7.6 billion, close to 50% of the previous week.
Bitcoin saw the most significant inflow, totaling $42 million, while funds for shorting Bitcoin ETFs saw outflows for the second consecutive week, totaling $1 million.
Ethereum only saw an inflow of $4.2 million last week; additionally, due to a sharp decline in meme coin trading volume, Solana experienced a net outflow of $39 million, setting a record for the highest weekly outflow.
Nigerian SEC issues first temporary operating license to local crypto exchange Quidax
According to Cointelegraph, the Nigerian Securities and Exchange Commission (SEC) has issued the first temporary operating license to the African cryptocurrency exchange Quidax, marking a milestone for Nigeria's burgeoning cryptocurrency industry. This key development signifies the beginning of formal recognition and much-needed regulatory oversight for the country's digital asset industry.
Gate Ventures and Abu Dhabi Blockchain Center jointly launch $100 million Falcon Gate Ventures fund
Gate.io's venture capital arm, Gate Ventures, and the Abu Dhabi Blockchain Center, a global Web3 technology hub, announced the launch of the Falcon Gate Ventures fund, which amounts to $100 million, aimed at driving innovation in the Web3 space over the coming years. This collaboration aims to support Web3 developers focused on leading change in the digital age while showcasing Gate Ventures' global vision and layout.
Falcon Gate Ventures is dedicated to developing decentralized infrastructure and applications and promoting the widespread adoption of cutting-edge technologies. It will support high-potential projects globally, with a focus on technological innovation in the Middle East, Asia, the United States, and other key regions. The fund plans to promote the growth of the global Web3 ecosystem, facilitate economic development, and solidify the UAE's position as an international digital economy hub. Additionally, Falcon Gate Ventures will work closely with international regulatory bodies to establish a regulatory framework that balances innovation and security.
Gate Ventures partner Kevin Yang stated that Falcon Gate Ventures is an important action taken by Gate to promote global blockchain innovation, and it will work with the Abu Dhabi Blockchain Center to invest in the digital future and support innovative ideas worldwide.
Hong Kong High Court hears the world's first lawsuit involving a DAO
Recently, the Hong Kong High Court heard the world's first lawsuit involving a decentralized autonomous organization (DAO). The court ruled that six defendants must disclose detailed financial statements and supporting documents for blockchain and real-world asset tokenization (RWA) projects in response to allegations of asset misappropriation, with claims amounting to HKD 6 billion. This case not only marks the legal community's first understanding of DAOs but also reiterates the important principle that Web3 business activities must respect the rule of law. The court emphasized that DAO controllers must be accountable to token holders, ensuring transparency and accountability of project funds.
Today, legislator Wu Jiezhuang and lawyer Huang Mengying from the law firm MUNG held a press conference to explain the situation and opinions regarding the case. Legislator Wu Jiezhuang stated that Hong Kong currently has sufficient soft infrastructure and legal expertise to develop DAOs, suggesting that authorities take this opportunity to seriously study and improve relevant laws, clarify responsibilities and rights, and attract compliant, healthy, and economically developing DAO companies to settle in Hong Kong. Currently, Web3 policies are being implemented step by step, and the spot ETFs for Bitcoin and Ethereum are set to "overtake" in Hong Kong. There is hope for the early introduction of legislation regulating stablecoins and over-the-counter trading.
Data: Vitalik transfers a total of 662 ETH, about $1.91 million, to Railgun in the past 10 months
According to SpotOnChain monitoring, in the past 10 months, Vitalik Buterin has transferred a total of 662 ETH (approximately $1.91 million) to Railgun.
Vitalik previously mentioned that Railgun is an effective way to protect user privacy.
Former Coinbase CTO establishes Web3 innovation university The Network School in Singapore
Web3 investor Balaji announced the establishment of an innovative university called "The Network School" in Singapore. This university will be located on an island near Singapore and aims to provide development opportunities for "Dark Talent" (young talents who are marginalized and unnoticed by the mainstream world) from around the globe.
It is reported that Balaji is a Stanford PhD, former CTO of Coinbase, and a partner at A16z, and is a top angel investor in the Web3 space. He stated that The Network School will focus on four core directions: "Learn, Burn, Earn, and Fun."
DOGS: More withdrawal options will be added and the claim period extended, TGE will take place on August 23 at 20:00
The DOGS community stated on Telegram that so far, 6 million verified users have requested to directly deposit their DOGS into exchanges and Telegram wallets. The team has decided to add more withdrawal options and extend the claim period to ensure everyone has enough time.
- Claims for exchanges and Telegram wallets will remain open until August 22 at 2:00 (UTC+8)
- Claims for non-custodial wallets will begin on August 23 at 16:00 (UTC+8)
- TGE and listing will take place on August 23 at 20:00
"What excellent articles are worth reading in the past 24 hours"
BlackRock, Citigroup, and others rush into the $16 trillion RWA track, what new gameplay is there?
An affiliated church organization called "Colorado Prayer House" has tokenized its main church. The pastor leading the project stated that tokenizing the building allows it to be placed on the blockchain as a digital asset that can be divided into shares to raise funds to purchase the $2.5 million building.
This is one of the recent cases of RWA, just a small part of this vast track.
In the current lukewarm market, "Real-World Assets" (RWA) are rapidly developing. In July of this year, CoinGecko pointed out in its Q2 2024 crypto industry report that Meme Coins, artificial intelligence, and real-world assets (RWA) have become the hottest categories, accounting for 77.5% of web traffic.
For the institutional market, RWA is a sexy concept. Many institutions have reported on the prospects of RWA, such as Boston Consulting Group, Messari, Binance Research, etc., while traditional financial giants like Citigroup, BlackRock, Fidelity, and JPMorgan have all entered the field.
However, RWA is not a new concept; the most well-known use case is mapping the dollar to on-chain USDT and USDC, which was hyped once between 2020 and 2021 but subsequently cooled down—similar to the NFT craze of the past, where even with some push from behind, it still needs a timing explosion.
There is little black mythology in the crypto circle, just as utilitarians lack a sense of mission
On August 20, the highly anticipated "Black Myth: Wukong" was released as scheduled.
You may not play games, but you should have heard of the name Black Myth recently:
China's first self-developed AAA masterpiece, a highlight moment for the domestic gaming industry's capabilities, cultural output of the Journey to the West theme, first-hand gameplay by Xinhua News reporters, and the keen co-branding promotion by Luckin Coffee…
And all Chinese players are eagerly hoping that Wukong can impact the TGA (The Game Award, the annual game award, the Oscars of the gaming world), to vindicate Chinese games on the international stage, and to find spiritual recognition for their gaming experience as "not electronic opium."
The domestic gaming industry practitioners, players, and public opinion desperately need a "Black Myth: Wukong."
Yet, in this popular discussion about Wukong, the crypto circle is ironically absent.
On-chain risk management company Chaos Labs, which raised $55 million: the founder is a former Israeli special forces member, designing an anti-witch mechanism for Layer Zero
New York-based crypto startup Chaos Labs, focused on on-chain risk management tools, recently announced the completion of a $55 million Series A funding round. The $55 million amount makes Chaos Labs one of the most funded startups in the crypto space recently, but this capital-favored company seems to be relatively unknown to the public, shrouded in mystery.
This round of funding for Chaos Labs was led by Haun Ventures, with participation from well-known investment firms such as F-Prime Capital, Slow Ventures, Spartan Capital, as well as large investors like Lightspeed Venture Partners, Galaxy Ventures, and PayPal Ventures. Chaos Labs also received support from angel investors such as Anatoly Yakovenko of Solana and Francesco Agosti of Phantom. Notably, Haun Ventures is the lead investor in this round, and its founder Katie Haun was a general partner at a16z. Haun Ventures has also invested in projects like OpenSea, Zora, and Aptos Labs.
In 2023, Chaos Labs had previously secured $20 million in seed funding led by PayPal Ventures and Galaxy Digital. To date, the company has raised a total of $75 million in funding.
