Shanghai Digital RMB Pilot Application Work Deployment Meeting Held
According to the official microblog of Shanghai Finance, in order to implement the general requirements of the Third Plenary Session of the 20th CPC Central Committee on "steadily promoting the development and application of digital RMB", and in accordance with the deployment of the People's Bank of China on the pilot work of digital RMB, Shanghai has formulated a new round of action plan for the pilot application of digital RMB, and held a work deployment meeting on November 4. The action plan clearly states that it is necessary to further steadily promote the application and service innovation of digital RMB, and strive to basically form a digital RMB ecosystem with wide coverage of scenarios, good payment service experience, rich innovative applications, and active participation of all parties by the end of 2025.
According to official news, Grayscale announced that the 19b-4 form of NYSE Arca, Inc. proposed to list and trade the Grayscale Digital Large Cap Fund (GDLC) as an ETP. The form has been published in the U.S. Federal Register, officially starting the review process, which may take up to 240 days. As part of the 19b-4 form submission, NYSE Arca's proposed rule changes are intended to revise the exchange's definition of ETPs that hold commodities and digital assets other than Bitcoin and Ethereum.
As of November 1, 2024, GDLC's assets under management have exceeded US$530 million, of which Bitcoin accounts for 76.53%, Ethereum accounts for 16.92%, Solana accounts for 4.36%, XRP accounts for 1.63%, and Avalanche accounts for 0.56%.
OpenAI in talks with regulators about becoming a for-profit company
Nvidia in talks to participate in funding round for Musk's startup xAI
Musk's 'million-dollar sweepstakes' allowed to go ahead
According to official news, NFT trading market OpenSea announced that a new version will be launched in December and registration for the waiting list is now open.
Regarding the discussion about the Linux kernel sparked by the removal of Russian developers, Ethereum co-founder Vitalik Buterin posted on the X platform: "It is very worrying. Open source is the common wealth of mankind and should be a space for free international cooperation. If such behavior becomes normalized, the consequences look very bad."
Standard Chartered crypto custody firm Zodia in talks to raise $50 million
According to Bloomberg, Julian Sawyer, CEO of Standard Chartered Bank's crypto custody company Zodia Custody, said in an interview that the company is seeking $50 million in funding from investors to drive its plans to enter new regions and expand its product range. Sawyer added that although Zodia is currently supported by several wholesale financial companies, it now hopes to attract more different types of investors, including payment and tokenization companies; Architect Partners, a cryptocurrency-focused consulting firm, is assisting in this work that began last month.
Deutsche Telekom and Bank Metzler to pilot Bitcoin mining infrastructure using surplus energy
According to official news, Deutsche Telekom subsidiary MMS has launched a pilot project in cooperation with Bankhaus Metzler to operate Bitcoin mining infrastructure using surplus energy. Mining will use electricity from renewable energy sources that would otherwise not be used due to insufficient grid input capacity and/or lack of storage options. The pilot project aims to provide effective field data and insights for the planning of subsequent projects.
According to Bloomberg, technology investment company Coatue Management is seeking to raise $1 billion to increase investment in artificial intelligence and technological innovation. This is the first time the company has raised funds for its flagship fund in several years. It is reported that this round of financing will mainly come from institutional investors, and some funds will be raised through Raymond James and Associates for high-net-worth individual clients. This is also the first time Coatue has raised funds through bank or broker clients since 2017.
Coatue was founded by Philippe Laffont and currently manages approximately $50 billion in assets. Laffont is optimistic about the prospects of artificial intelligence in the long term and expects AI technology to drive demand in the energy and infrastructure sectors in the future. He believes that despite the high valuations of some companies, AI investment opportunities are still huge.
According to The Block, the Michigan Retirement System disclosed that it holds about $10 million worth of Grayscale's spot Ethereum ETF (ETHE), becoming the first state pension to invest in the product since the ETF went online in July this year. In addition, it also holds about $1.1 million worth of Grayscale Ethereum Mini ETF. The system has previously disclosed holdings of about $7 million in spot Bitcoin ETFs.
A British pension fund has officially allocated 3% of its assets to Bitcoin
According to CoinDesk, the UK's first pension fund has officially allocated 3% of its assets to Bitcoin, becoming the country's first pension fund to directly invest in cryptocurrencies. The investment was guided by pension expert Cartwright, with a total fund asset of 50 million pounds (about 65 million U.S. dollars), rather than holding it through alternative channels such as spot ETFs, and using five independent institutions to distribute private keys to ensure asset security.
Cartwright has also launched a Bitcoin employee benefit plan that allows companies to pay Bitcoin directly to employees' digital wallets. Five companies have expressed interest in the product. Glenn Cameron, Cartwright's head of digital assets, pointed out that the investment was made after a detailed ESG and security assessment, reflecting the trustee's forward-looking recognition of crypto assets.
Solidity 2.0 developer Vlayer raises $10 million in pre-seed funding
According to The Block, crypto startup Vlayer has completed a $10 million pre-seed round of financing, with investors including a16z Crypto Startup Accelerator (CSX), Credo Ventures and BlockTower Capital. The company is committed to developing "Solidity 2.0", a new version of Ethereum smart contracts that aims to introduce verifiable data infrastructure.
Vlayer plans to introduce four new features in the Solidity language: time travel (executing contracts based on historical on-chain data), teleportation (running contracts across EVM-compatible networks), web proofs, and email proofs (verifying and integrating web pages and email content). Co-founder and CEO Hubert Rachwalski von Rejchwald said this move will make zero-knowledge proofs (ZK) easier for Solidity developers to use. Vlayer is currently in the public beta stage, and the mainnet and tokens are expected to be launched in 2025.
Paxos stablecoin USDG returns the income generated by reserves to network partners
According to CoinDesk, Paxos has joined forces with crypto giants such as Robinhood, Kraken, and Galaxy Digital to launch a new stablecoin, "Global Dollar" (USDG), with the goal of promoting the widespread use of the stablecoin through profit distribution. USDG is issued by Paxos in Singapore and complies with the requirements of the stablecoin framework to be introduced by the Monetary Authority of Singapore.
The project is called the Global Dollar Network, and its original partners include Anchorage Digital, Bullish, Nuvei, Paxos, etc. Unlike other stablecoins that retain all reserve interest, USDG returns the proceeds generated by the reserves to network partners, incentivizing them to enhance the liquidity and connectivity of the network. DBS Bank will serve as the primary banking partner, responsible for cash management and custody of USDG reserves.
“This is really a community token,” said Charles Cascarilla, CEO of Paxos. “Anyone can join the global dollar network and earn rewards through activity. We distribute about 97% of the economic benefits. This is very different from how other stablecoins have been built and created to date.”
a16z donates more than $23 million to U.S. crypto political activities
Chris Dixon, partner at a16z, said in a post on the X platform: “Today we donated more than $23 million in additional funds to Fairshake and its affiliated political action committees (PACs) for the 2026 midterm election cycle. No matter what happens on Election Day, we take a long-term approach to policy efforts. Contributions to Fairshake are just an important part of achieving our ultimate goal, which is to establish clear laws to regulate the crypto industry while protecting consumers and allowing entrepreneurs to innovate and build with confidence. Many industries come to Washington to ask for regulations to be cut, and we come here to ask for regulations to be established.”
Bitcoin mining difficulty exceeds 100 T, setting a new record high
According to data from CloverPool (formerly BTC.com), the difficulty of Bitcoin mining has been adjusted at block height 868,896 (2024-11-05 06:28:08), with the mining difficulty increased by 6.24% to 101.65 T. The current average computing power of the entire network is 831.56 EH/s.
Data: Mt. Gox addresses transferred about $2.2 billion worth of Bitcoin
According to Arkham data, the Mt. Gox cold wallet address (starting with 12Gws) transferred 32,371 bitcoins (worth nearly $2.2 billion) to an unmarked wallet address (1FG2CvCnJAsb48Y1r3R43WwHwFJhXRveoy) at 7:38 today.
Subsequently, Mt. Gox cold wallet address transferred out another 2,000 bitcoins
According to Arkham data, the Mt. Gox cold wallet address (starting with 1Jbez) transferred 2,000 bitcoins (worth approximately $136 million) to an unmarked wallet address (15gNRVceULY553Mx5vw1KgDgr83MCa8Aok) at 8:58 today.
According to a post by The Block's research director @lars0x, most crypto market indicators increased in October, with adjusted total on-chain transaction volume up 28.1% to $420 billion (BTC: +32.1%, ETH: +20.9%). Adjusted stablecoin on-chain transaction volume increased 8% to $899 billion, and issued supply decreased 0.7% to $149.3 billion, of which USDT accounted for 79.5% and USDC accounted for 16.9%:
BTC miner revenue grew 25.4% to $1.02 billion in October, while ETH staker revenue grew 5.8% to $221.5 million. A total of 41,648 ETH were destroyed in October, equivalent to $105 million. Since the implementation of EIP-1559 in early August 2021, a total of 4.43 million ETH have been destroyed, equivalent to $12.5 billion. Monthly NFT market volume on Ethereum grew 26.5% to $121.6 million.
Legal CEX spot volume increased by 16.3% to $843 billion in October, with monthly net flows of +$5.3 billion for all BTC spot ETFs. IBIT net inflows hit a record high of $872 million on October 30. Bitcoin futures open interest increased by 22.9%, and Ethereum futures open interest increased by 14.6%. BTC monthly futures volume increased by 12.1% to $1.25 trillion. CME Bitcoin futures open interest increased by 21.5% to a new high of $12.5 billion (ADV increased by 9.6% to $5.3 billion). Bitcoin options open interest increased by 35.7%, and Ethereum options open interest was flat from last month. BTC monthly options volume increased by 39.8% to $54 billion, and ETH monthly options volume increased by 4.7% to $10.2 billion).
