🦎🚀 And so it begins... 👑

Thursday, January 11, 2024

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A Huge Milestone!

In a groundbreaking development, the U.S. Securities and Exchange Commission (SEC) has granted approval for a rule change that paves the way for the trading of the first spot Bitcoin exchange-traded funds (ETFs).

This approval marks a significant milestone in the cryptocurrency industry, following almost a decade of persistent efforts and multiple rejections by the SEC.

In other news, Ripple Labs has announced plans to repurchase $285 million worth of shares, Twitter removes NF profile pictures, and BitMex co-founder Arthur Hayes enters AI.

Read on!

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Big Buyback

Crypto-payment company Ripple Labs is set to repurchase $285 million worth of its shares from early investors, resulting in a valuation of $11.3 billion, as per a company spokesperson.

Early investors will have the option to sell up to 6% of their holdings, with Ripple allocating $500 million to cover expenses related to converting restricted stock units into shares and addressing tax obligations, according to Reuters, citing anonymous sources.

The Block

No More Flexing

Twitter has removed the option for premium users, formerly Twitter Blue subscribers, to utilize a verifiable NFT image as their profile picture (PFP).

Introduced in January two years ago, this feature, which was exclusive to paying users, was viewed by crypto advocates as a forward-thinking step validating NFTs.

The removal of this feature comes after billionaire Elon Musk's acquisition of the social media platform in the same year.

Decrypt

Arthur-ficial Intelligence

BitMEX co-founder Arthur Hayes has taken on an advisory role at Ritual, a decentralized AI platform.

Currently serving as the Chief Investment Officer of his family office, Maelstrom, Hayes is known for introducing perpetual swaps—a type of futures derivative contract used in cryptocurrency trading that does not expire, unlike traditional futures contracts.

The Block

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