The zkSync developers are preparing a new modular framework to facilitate the development of custom blockchains called Hyperchains. This and more news is in this handy daily digest so you are always up to date with the latest events happening within the crypto world.
zkSync: ZK Stack and Hyperchains
📍‌ZK Stack is a new modular framework for building custom, self-sovereign Hyperchains powered by ZK technology. So what they explained zkSync developers via Twitter. On the social network, they highlighted ZK Stack as a tool designed to “unlock the Internet of Value.”
The new framework is open source, allowing anyone to use it freely and at no cost.
On the other hand, the zkSync team explained that through ZK Stack, blockchain developers will be able to build and deploy their own hyperscalable and customized blockchains according to a specific use case or need. These customized chains, known as Hyperchains, can seamlessly connect in a trustless network, with low latency and shared liquidity, the team indicated.
Last week, zkSync released a statement on the principles it believes are fundamental to building the new Internet of Value. ZK Stack is part of its credo to move towards this vision.
BITO benefits from growing interest in Bitcoin derivatives
📍‌ProShares Bitcoin Strategy ETF (BITO) has recorded its largest weekly inflow in the past year. The first Bitcoin futures ETF approved in the United States is seeing more than $1.000 billion in Bitcoin futures. Eric Balchunas, senior ETF analyst at Bloomberg, said from its Twitter account that the ETF launched by the investment firm ProShares in 2021 traded $500 million worth of shares last Friday.
BlackRock’s filing with the SEC to create a Bitcoin spot ETF in the United States has sparked institutional interest in the cryptocurrency. Analysts are also seeing increased demand for Bitcoin-related derivatives, as the BTC price remains trading above $30.000 and more institutions are seeking SEC approval to create a Bitcoin spot ETF.
Hong Kong launches Bitcoin and Ethereum ETFs
📍‌Hong Kong's largest bank, HSBC, has listed three exchange-traded funds for Bitcoin and Ethereum. While the United States is considering new Bitcoin ETF applications from BlackRock and four other fund managers, Hong Kong is allowing investors to access Bitcoin and Ethereum, the largest cryptocurrencies by market capitalization, through exchange-traded funds.
HSBC-listed crypto ETFs, CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF and Samsung Bitcoin Futures Active ETF, are listed on the Hong Kong Stock Exchange, according to local sources. It was also learned that HSBC is the first bank in the region to list cryptocurrency exchange-traded funds that facilitate the trading of crypto assets for its clients.
Hong Kong has become one of the most cryptocurrency-friendly jurisdictions in the world.
This week, the Hong Kong Bureau of Investigation said that the regulation of crypto assets and Web3 is crucial to boost development and innovation in the region. Likewise, Julia Leung Fung-yee, director of the Hong Kong SEC, said that crypto regulation was an important step to regain investor confidence and to move towards technological innovation.
FTX: $243 million spent on luxury properties
📍‌The latest report published on the FTX bankruptcy process notes that Sam Bankman-Fried, former CEO of the failed exchange, spent $243 million on luxury properties for his family, friends and close employees. The details of the expenses were presented by the debtors involved in the bankruptcy process of the exchange. According to the reportThe money spent on the acquisition of the luxurious properties came from accounts with mixed funds from clients and the company.
In addition to describing each of the properties acquired by Bankman-Fried, FTX's debtors released a second report detailing the misuse of exchange customer assets under Bankman-Fried's direction. According to the report, FTX owes more than $8.000 billion to its customers.
A third report on the FTX bankruptcy case will be published in August of this year.
Continue reading: IMF changes its mind and considers banning cryptocurrencies ineffective
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