Analyses

Daily News Summary 12/9

September 12, 2024 Tóth Balázs
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Flowcarbon Fizzles Out

Flowcarbon, founded by WeWork’s Adam Neumann, raised $70 million in 2022 from investors like Andreessen Horowitz to create a new token backed 1:1 by carbon credits. However, the “Goddess Nature Token” never launched, and after two years, the company decided to refund those who had pre-purchased the token.

New Ride-Hailing Mini-App on Telegram

Southeast Asian ride-hailing platform TADA has announced the launch of its mini-app on Telegram, allowing users to book rides directly within the app and pay using Toncoin or USDT on the TON blockchain. This partnership is crucial for the TON blockchain as it seeks further growth in Southeast Asia.

Grayscale Announces XRP Trust

Grayscale, a crypto asset manager, has announced the launch of the first U.S.-based XRP trust, a closed-end fund offering accredited investors direct exposure to XRP. XRP is the native asset of the XRPLedger blockchain, which powers Ripple’s cross-border transactions. The company also released a four-phase product lifecycle for the XRP trust, leaving the possibility open for an ETF in the future.

Coinbase Launches Its Own Wrapped Bitcoin

Crypto broker Coinbase has announced the launch of its own version of wrapped Bitcoin, the cbBTC token, initially available on the Ethereum and Base networks. The ERC-20 token is backed 1:1 by Bitcoin held at Coinbase and will be usable within decentralized finance (DeFi) applications in both the Ethereum and Base ecosystems.

eToro Pays $1.5 Million Fine

Brokerage firm eToro has agreed to pay $1.5 million to settle charges from the U.S. Securities and Exchange Commission (SEC), which accused the company of operating unlawfully as a broker and clearing agency in its crypto business. In addition to the fine, eToro has removed tokens offered as investment contracts from its platform, leaving only a few assets, including BTC, Bitcoin Cash, and ETH, available for trading.
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