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Home > News
Published: 27/03/2024
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Author: Leexim
Tidal, Hashdex Announce Trading of Spot Bitcoin ETF
Hashdex has become the 11th Spot Bitcoin ETF traded in the United States, alongside other major funds led by BlackRock and Fidelity.
Azcnews (2)
Tidal Investments and Hashdex Asset Management have announced the trading of their spot Bitcoin exchange-traded fund (ETF) in the U.S. following the renaming of the Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF (DEFI).
According to their joint statement, the renaming of the ETF, now identified by the ticker symbol “DEFI,” aligns with its strategic shift to focus on spot Bitcoin holdings and its tracking of a new benchmark index, effective from March 27, 2024.
The Hashdex Bitcoin ETF is designed to allocate at least 95% of its assets to spot Bitcoin, while the remaining 5% may be invested in CME-traded Bitcoin futures contracts and cash equivalents. As of March 27, the fund’s total net assets stood at $11.16 million, as reported on Hashdex’s website.
Marcelo Sampaio, Co-Founder and CEO of Hashdex, expressed enthusiasm about completing the conversion, emphasizing their mission to empower individuals and institutions globally to access this groundbreaking innovation. Bloomberg Senior ETF Analyst Eric Balchunas also weighed in, noting that DEFI’s entry into the market is significant despite its late arrival.
Related: Standard Chartered Forecasts Bitcoin to Rise to $250,000
In summary, the Hashdex Bitcoin ETF (DEFI) represents an exciting opportunity for investors seeking exposure to spot Bitcoin, and its launch has generated considerable interest in the financial community.
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Home > News > AI
Published: 27/03/2024
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Author: Kane
Tether Expands Investment Portfolio into AI Category
Tether, the largest stablecoin issuer in the cryptocurrency market, is planning to expand its operations into the field of artificial intelligence (AI) after making inroads into Bitcoin mining and P2P transaction infrastructure.
Azcnews Breaking
In a recent announcement on March 26, 2024, Tether declared a strategy focused on AI to assert its pioneering position in this field. This move underscores Tether’s commitment to promoting the accessibility and efficiency of AI, reinforcing its leading role in shaping the future of technology.
With a market capitalization exceeding $100 billion for its flagship stablecoin USDT and a reputation for strategic investments in various areas such as Bitcoin mining, P2P infrastructure, etc., Tether continues to affirm its innovative credentials with a new AI product called “Tether Data.”
The focus of Tether Data’s AI will concentrate on the following key areas:
Tether Data will pioneer the development of multi-modal AI models, open-source, to establish new standards, promote innovation, and enhance the accessibility of AI.
Tether Data will lead collaborations to seamlessly integrate AI solutions into market-oriented products, leveraging technology to address real-world challenges.
Tether Data actively engages with a broader community through contributions, fostering open AI while introducing its creative projects.
Tether Data also announced a large-scale global recruitment effort to seek talent for its rapidly developing AI department. Expanding into advanced technology fields marks a significant milestone for the company.
Paolo Ardoino, Chief Executive Officer of Tether, stated:
AI is expected to revolutionize almost every aspect of real and digital life. Our investment in the Northern Data Group aligns with Tether’s vision of resilient technology and high performance.
Today’s announcement establishes a new division within Tether, redefining the boundaries of AI and democratizing AI technology to ensure privacy rights, while setting standards for innovation, utility, and transparency in the industry.
Notable AI-related tokens include: Worldcoin (WLD), Fetch.ai (FET), Axelar (AXL).
Related: Tether (USDT) Supply Surpasses $100 Billion Milestone
Introduction Tether (USDT)
Tether
Tether’s digital currency is symbolized as ₮ and referred to as Tether token or Tether coin. Each Tether token is backed by an equivalent amount of fiat currency in Tether Operations’ reserve, ensuring price stability. To date, Tether has issued three types of tokens corresponding to three fiat currencies: USD₮ (US dollar), EUR₮ (euro), and CNH₮ (Chinese yuan).
Currently, Tether holds over 69% of the stablecoin market share, far surpassing USDC, DAI, and FDUSD. In 2023, Tether’s success was attributed to its investment strategy of USDT assets into US Treasury bonds, generating a profit of $6.2 billion. The company utilizes this profit to establish a USDT reserve fund and invest in Bitcoin, gold, and other initiatives.
All of Tether’s US bonds are held by Cantor Fitzgerald. The CEO of Cantor Fitzgerald affirmed Tether’s sufficient asset backing for USDT value and expressed confidence in Tether’s model.
Therefore, the trajectory of the largest stablecoin issuer is expected to drive growth for AI coins, which are highly appealing to investors following the Nvidia GTC AI 2024 event.
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Home > News
Published: 27/03/2024
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Author: Leexim
Coinbase Transfers Customer USDC to Ethereum L2
David Hoffman, co-host of the Bankless podcast, suggests that Coinbase's on-chain move paves the way for a future on-chain financial system.
Azcnews (1)
Coinbase is set to transfer numerous customer and company accounts of the USD Coin (USDC) stablecoin to Base, a Layer 2 Ethereum blockchain they deployed over seven months ago.
Max Branzburg, Coinbase’s Vice President, announced on X on March 26 that this move aims to help the cryptocurrency exchange “manage and secure customer assets with lower fees and faster payment times”. This change only affects accounts on Coinbase.com, excluding the Coinbase Wallet, where users are responsible for their own private keys.
Currently, user tokens on Coinbase.com are stored in a wallet secured by computation from multiple parties. Branzburg emphasizes that Coinbase always holds customer assets on a 1:1 basis and does not lend them out unless instructed. David Hoffman, co-host of Bankless, focused on Ethereum in a post on X on March 26, explaining that Coinbase’s on-chain action opens up opportunities for an on-chain financial system in the future.
Ryan Sean Adams, Bankless co-host, believes this move will also set a precedent for cryptocurrency exchanges and banks to follow suit. “Every asset is a token in the future […] Every bank is a chain in the future,” Sean Adams added. However, not everyone agrees with this move. A user named “callmeKappa.algo” on X suggested that Base is becoming too centralized in its current state.
Currently, Coinbase is the only ordering tool on Base, according to data from L2BEAT, meaning the exchange fully controls the chain. However, the company has committed to gradually decentralizing Base over time.
Base was launched as a scaling solution for Ethereum on August 9, 2023. It uses optimistic rollups to store off-chain transaction data and sends transactions to the Ethereum base layer.
Related: Coinbase Offers Freebies for Ethereum NFT Game Parallel
Coinbase also open-sourced Base in October to increase transparency and accountability, while allowing the community to contribute to the project. According to L2BEAT, Base is currently the fourth largest Layer 2 Ethereum network in terms of total value locked, behind Arbitrum, Optimism, and Blast.
Base reached an all-time high of 2 million daily transactions on March 16, while daily new user numbers continue to rise.
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LATEST
Azcnews Breaking
News | Bitcoin | Editor Choice 27/03/2024
Fifth Largest Bitcoin Whale Awakens After 5 Years
An address holding 94,500 BTC has suddenly become active again after being dormant for five years. With this amount of Bitcoin, the wallet ranks as the fifth-largest Bitcoin holder globally.
Azcnews Breaking
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Azcnews (2)
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