KEYTAKEAWAYS
- Franklin Templeton launches BENJI on Solana, marking traditional finance's growing integration with blockchain technology through on-chain treasury products.
- Top 15 cryptocurrency exchanges recorded $18.83 trillion in trading volume for 2024, with Binance's market share decreasing to 40%.
- Major institutions show increasing crypto adoption through various initiatives, from SIX's collateral service to Korean regulatory developments.
CONTENT
Welcome to the CoinRank Crypto News Roundup. CoinRank will provide daily important crypto news in this column series, allowing readers to quickly obtain the latest crucial updates from the cryptocurrency market.
MORNING NEWS
1. Franklin Templeton Launches On-Chain US Treasury Fund “BENJI” on Solana
Franklin Templeton has announced the launch of its on-chain US Treasury money market fund “BENJI” on Solana. The company cited Solana’s speed, security, and censorship-resistant infrastructure as key factors in their choice of platform.
2. Swiss Exchange SIX Launches Crypto Asset Collateral Service
SIX Group, the Swiss stock exchange operator, has introduced a Digital Collateral Service that enables financial institutions to use both crypto assets and traditional securities as collateral.
3. CZ Sparks Meme Token Discussion with Dog Breed Revelation
Former Binance CEO Changpeng Zhao revealed owning a Belgian Malinois rather than a Shiba Inu, triggering multiple meme token launches. CZ later pondered the implications of sharing his pet’s details and their potential impact on the meme token ecosystem.
4. Cboe BZX Exchange Files for Staking Addition to 21Shares Ethereum ETF
Cboe BZX Exchange has submitted a proposal to allow staking for the 21Shares Core Ethereum ETF, marking the first such filing with the SEC under the new administration’s more crypto-friendly approach.
5. National Bank of Canada Acquires $2 Million in Bitcoin ETF
Canada’s sixth-largest commercial bank has made a $2 million investment in Bitcoin ETF, further demonstrating growing institutional interest in cryptocurrency exposure.
NOON NEWS
1. 2024 CEX Trading Volume Report: Top 15 Exchanges Reach $18.83 Trillion
According to CoinGecko’s report, spot trading volume for the top 15 cryptocurrency exchanges reached $18.83 trillion in 2024, more than double 2023’s $8.05 trillion. Binance maintained market leadership with $7.35 trillion in volume, representing a 40% market share. Crypto.com emerged as the fastest-growing exchange with a 970% increase in trading volume.
2. OpenAI CEO Calls Trump Administration “Breath of Fresh Air” for Tech Industry
Sam Altman praised the new administration’s low-regulation approach during an interview before the Paris AI Action Summit. Having donated $1 million to Trump’s inaugural fund, Altman highlighted the potential for rebuilding semiconductor manufacturing, robotics factories, and data centers under the current policy environment.
3. Phoenix Group Reports 236% Revenue Growth to $107M in 2024
Abu Dhabi-based crypto mining company Phoenix Group announced significant growth in FY2024, with mining revenue reaching $107 million, up from $32 million in 2023. The company’s total comprehensive income reached $219 million with a net profit of $167 million.
4. Crypto.com Expands Services to All EEA Member States
Following its acquisition of a MiCA license from Malta’s financial regulator, Crypto.com has become the first major global crypto asset service provider to receive full MiCA approval, enabling operations across all 30 EEA countries.
5. Japanese Medical Company SBC Medical Plans $6.7M Bitcoin Purchase
SBC Medical Group Holdings announced plans to purchase Bitcoin worth ¥1 billion ($6.7 million) as part of its long-term strategy for asset diversification and inflation hedging. The purchase will be executed through Coinbase by its US holding company.
EVENING NEWS
1. South Korea to Allow Charities and Universities to Sell Donated Crypto in Q2
South Korea’s Financial Services Commission (FSC) announced plans to permit charities and universities to sell cryptocurrency received as donations starting in Q2 2024. The regulator will also allow crypto exchanges to sell fee-based crypto assets for operational expenses. The initiative includes plans for a pilot program in the second half of the year, enabling about 3,500 listed companies to open crypto investment accounts.
2. $2.53 Billion in BTC and ETH Options Set to Expire Tomorrow
According to Deribit data, options contracts worth approximately $2.53 billion in BTC and ETH will expire tomorrow. Bitcoin options account for $2.07 billion with a Put/Call ratio of 0.70 and max pain point at $98,000, while Ethereum options total $458 million with a Put/Call ratio of 0.65 and max pain point at $2,750.
3. Mastercard Reports 30% of Transactions Tokenized in 2024
Global payments giant Mastercard disclosed that 30% of its transactions were tokenized in 2024. In its SEC filing, the company acknowledged the disruptive potential of stablecoins and cryptocurrencies, reporting $28.2 billion in net revenue for 2024, a 12% increase year-over-year.
4. Ethereum Foundation Deploys 45,000 ETH Across DeFi Protocols
The Ethereum Foundation announced the deployment of 45,000 ETH across various DeFi protocols: 10,000 ETH to Spark, 10,000 ETH to Aave Prime, 20,800 ETH to Aave Core, and 4,200 ETH to Compound, demonstrating confidence in Ethereum’s DeFi ecosystem.
5. JPMorgan: Tether May Need to Sell Bitcoin to Comply with Proposed US Stablecoin Regulations
JPMorgan analysts estimate that only 66-83% of Tether’s reserves currently comply with proposed US stablecoin regulations. The report suggests Tether might need to restructure its assets, potentially selling Bitcoin and other non-compliant assets in favor of US Treasuries and liquid reserves.
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