🦎🚀 Will Bitcoin ETNs make the difference? 📈

Tuesday, March 26, 2024

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London is calling for crypto ETNs and another opportunity to earn points is just around the corner!

In today's news:

The British are coming! 💂
Restoring order 🟣

Read on!

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The British are coming! 💂

One of the largest stock exchanges globally is ready to take on crypto!

The London Stock Exchange (LSE) has announced its plans to launch a marketplace for Bitcoin and Ether exchange-traded notes (ETN) starting from May 28.

The exchange will begin accepting applications for trading ETNs on April 8.

However, applications will be subject to approval by the UK's regulator, the Financial Conduct Authority (FCA).

Unlike the spot Bitcoin ETFs, these ETNs will only be accessible to professional investors, as per the FCA's ban on the sale of crypto derivatives and ETNs to retail investors since January 2021.

The announcement came just after Bitcoin made its impressive recovery from $67K to a peak of $71.2K earlier today.

Editor's Take:

Institutions in Hong Kong are also getting ready to file their spot Bitcoin ETFs, but ETNs are a different beast altogether. ETNs are different from ETFs in the sense that they are unsecured debt securities that are not backed by an underlying asset, as opposed to ETF issuers that purchase and hold the underlying asset. Since these debt instruments are essentially backed by the issuer's credibility and financial health, investors may risk losing their entire investment should the underwriter of the ETN go bankrupt.

Will everything that can be tokenized be tokenized? Learn about synthetic assets and how they play an important role in today's video.

Watch now!

Restoring order 🟣

How do projects keep coming up with different names for points?

The decentralized omnichain trading layer, Orderly Network, has launched its own points program known as the 'The Road to the Order' before the official token launch later this summer.

Starting next week, users from various supported ecosystems can begin earning points or 'Merits' by trading and utilizing the protocol's services.

Co-founder Ran Yi mentioned that these Merits can then be converted into Orderly Network's native token once the program is over.

Rather than having a single snapshot, the protocol will take several snapshots over the course of the program, which will last approximately ten weeks or epochs.

Some epochs will allow users to earn more Merits based on the specific tasks required and Orderly Network's ongoing activities.

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What is the Render Network, and how does it rent out GPU power?

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In Other News...

Vitalik's response on why he thinks Farcaster > Twitter. One main reason is due to the higher quality engagement that he receives on Farcaster.
Solana's new NFT standard. The Metaplex Foundation is launching a new NFT standard, making it cheaper to mint and easier for developers to work with.
Rising interest in crypto assets. Goldman Sachs sees a resurgence in clients' interest in crypto assets, according to Bloomberg.
Another step to making its creditors whole. FTX sells ⅔ of Anthropic stake for $884M.
FUD dispelled. No, the EU is not banning self-custodial crypto transactions or wallets following incorrect reports that went viral over the weekend.
A short-lived venture. Binance's successor in Russia, CommEX halts deposits and is undergoing phased closure.

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