The WisdomTree Prime app will offer investors broad access to the digital asset ecosystem, the exchange-traded fund manager, which operates one of the approved Bitcoin spot ETFs in the United States, said. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
WisdomTree Prime is officially launched
📍WisdomTree Prime recently received regulatory approval in New York State. The company announced that the New York State Department of Financial Services (DFS) has authorized the operations of its new platform, which will be able to offer investors and users access to various digital asset services, from custody to a digital wallet and an asset exchange platform.
According to WisdomTree, its new app will make it easier for people to integrate and use digital assets in everyday life activities.
Will Peck, Head of Digital Assets at WisdomTree, highlighted the approval of WisdomTree Prime in New York State, one of the fastest-growing digital asset markets today.
In addition to New York, WisdomTree Prime has received regulatory approval in other major states across the country, including Connecticut, Delaware, Idaho, Louisiana, Maine, Nevada, and Ohio. This brings the total number of US states in which the company’s digital asset app is available to 41.
Grayscale's bet on cryptocurrency spot ETFs
📍Grayscale Investments has said that cryptocurrency spot ETFs are fundamental to its DNA. Grayscale Investments’ efforts in crypto will be focused on spot ETFs, according to company CEO Michael Sonnenshein. These comments come after the financial company decided to withdraw its filing for an Ethereum futures ETF, which was submitted to the SEC in September last year.
While Grayscale's Bitcoin spot ETF, GBTC, has seen nearly half of its assets exit since receiving regulatory approval, in January of this year, the company laid the groundwork for these cryptocurrency investment vehicles to come to market, after a long struggle. As reported by this outlet, Grayscale won a lawsuit against the SEC in August, which set a precedent for the approval of Bitcoin spot exchange-traded funds.
DeRec Alliance welcomes Ripple and XRPL Labs
📍Ripple and XRPL Labs have joined the DeRec alliance as founding members. In a Press release Published on May 9, the alliance reported on the integration of Ripple and XRPL Labs as founding members of the organization, whose purpose is to provide “a new interoperability recovery standard that dramatically simplifies the recovery and adoption of cryptocurrencies and other assets.”
As founding members, Ripple and XRPL Labs will each have a two-year seat on the DeRec Alliance’s Technical Oversight Committee (TOC). This committee is tasked with providing input into the alliance’s governance and core policies.
Blockchain technology expands on Telegram
📍An Ethereum-based blockchain solution has announced its integration into the instant messaging platform Telegram. Ethereum-based blockchain Inco has partnered with Web3, a company that develops a system for integrating users into the decentralized web, Privaty.
This strategic partnership aims to accelerate the development of mini decentralized applications (DApps) on Telegram, ranging from self-custody wallets to Web3 games, that integrate into the app and allow users to explore the blockchain ecosystem and the decentralized web.
The Inco network is presented as a modular confidential computing network, which is powered by the Fully Homomorphic Encryption (FHE) encryption system, allowing data to be stored directly on the chain, without the need for external servers. Thanks to FHE, Inco is able to offer a high level of confidentiality within the blockchain ecosystem.
Cryptocurrency lending is on the rise
📍Cryptocurrency lending platform Ledn recorded nearly $700 million in loans in the first quarter. In a press release, the platform reported that cryptocurrency lending re-emerged in the first quarter of this year, with an increase of almost 400%, compared to the last quarter of 2023.
According to data published by the platform, most cryptocurrency loans were requested by institutions.
Ledn points to the approval of Bitcoin exchange-traded funds (ETFs) in the spot market as one of the main reasons for the interest in the crypto lending sector in the first quarter of this year. Another possible reason for this increase could be the bullish market in cryptocurrencies, which was also favored by the approval of these financial instruments in the US market.
Continue reading: The Treasury knows that I have cryptocurrencies, how do I declare their origin and movements?
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