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Bitwise Expands into European Markets through Acquisition of ETC Group

Tuesday. August 20 at 1:30 PM

1 min. read

Bitwise, a San Francisco-based asset manager, has made its entry into the European markets by acquiring the crypto investment firm ETC Group. The financial terms of the deal remain undisclosed. ETC Group, headquartered in London, manages over $1 billion in assets, offering a variety of crypto exchange-traded products (ETPs) such as Bitcoin ETP (BTCE), Ethereum with staking (ET32), Solana (ESOL), XRP (GXRP), and MSCI Digital Assets Select 20 (DA20). With this acquisition, Bitwise now oversees nine European-listed crypto ETPs, boosting its total assets under management to over $4.5 billion. Bitwise CEO Hunter Horsley expressed excitement about serving European investors and expanding their product range with innovative ETPs. ETC Group, known for launching crypto ETPs since 2020, also introduced a blockchain equity exchange-traded fund (ETF) in Europe. Bitwise, a key player in the US Bitcoin ETF market, recently received approval for its Bitwise Bitcoin ETF (BITB) and Bitwise Ethereum ETF (ETHW), accumulating significant assets in both funds. The growth of crypto ETP adoption is anticipated, driven by institutional interest and evolving regulatory frameworks.

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OKX to Launch Mysterious Business Line in February

Wednesday. January 15 at 1:00 PM

OKX, a prominent cryptocurrency exchange, is preparing to unveil a new undisclosed venture in February, as revealed by founder Star Xu. The announcement has piqued interest, especially since Xu rarely shares public updates. The news of OKX's secret project has created a buzz in the crypto community, with enthusiasts like Ericsu.eth expressing excitement and anticipation for what they describe as a 'wealth code.' The upcoming launch has generated high expectations within the industry, with many eagerly awaiting OKX's next move. Despite hinting at the need for further development, Xu aims for the new product to drive innovation and boost the adoption of cryptocurrencies. Additionally, Xu shared his optimistic outlook on the crypto market, predicting a significant growth of 100 times and emphasizing the importance of holding Bitcoin. He also addressed criticisms regarding OKX's token, OKB, promising enhancements and highlighting its role within the X Layer ecosystem. OKX's OKB token was trading at $48.39 at the time of writing, showing a modest increase of 3% since the start of the week.

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Acquisition of FTX EU by Backpack Exchange

Tuesday. January 7 at 6:00 PM

Backpack Exchange, a centralized cryptocurrency exchange (CEX) founded by former Alameda Research and FTX employees, has acquired FTX EU, the former European arm of the defunct FTX exchange. The acquisition, approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC), allows Backpack to expand in the EU. The new European entity will offer crypto derivative services, including perpetual futures. Backpack EU will distribute funds to FTX EU customers as part of the bankruptcy claims process. After a license re-activation, Backpack EU plans to go live in Q1 2025, providing support for new users and FTX EU customers. This acquisition follows FTX EU's suspension extension by CySEC and marks another chapter in Backpack's history. Founded in 2022, Backpack Exchange aims to rebuild trust in the industry by returning customers' funds quickly and safely.

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Crypto ETFs Lead Fund Launches in 2024

Tuesday. December 31 at 5:00 PM

In 2024, crypto-related exchange-traded funds (ETFs) dominated new fund launches, with the top eight funds belonging to the sector. Notably, Bitcoin ETFs led the inflows, with BlackRock's IBIT recording over $37 billion in net flows, becoming the best ETF debut in history. Ethereum ETFs also made an impact, although their inflows were significantly lower than Bitcoin's. Analysts predict a bright future for crypto ETFs in the US, with estimates of significant inflows in the coming years. Additionally, regulatory changes may pave the way for new ETF approvals, such as a Solana (SOL) ETF in 2025. The US market saw substantial inflows into spot Bitcoin and Ethereum ETFs, reversing previous negative flows. Despite global caution towards Bitcoin, strategic moves in regions like Hong Kong could enhance economic resilience. Unregistered exchanges in Japan are also under scrutiny to align with international standards.

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Gate.io Milestones Propel GateToken to New Heights

Monday. December 23 at 11:00 PM

In December, Gate.io's native token GateToken (GT) reached a record high of $14.01, driven by a surge in user numbers and the release of its December reserve report. Despite a market downturn, GateToken currently stands at $13.07. GT, used for transaction fees and VIP benefits on Gatechain, saw a significant rise due to increased user activity, sports sponsorships, and a robust reserve report. Gate.io's reserves hit $9.566 billion, surpassing industry standards, with excess reserves exceeding $1.846 billion. The platform's Chief Business Officer revealed a reserve fund exceeding $10 billion, making Gate.io the fourth-largest globally. With over 20 million users, Gate.io's success is further highlighted by its partnership with Inter Milan and commitment to security and innovation. The platform aims to solidify its market position and brand influence through continuous enhancements.

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