Crypto News Summary: FTX to Conduct Fundraiser Next Week, Justin Sun Working on ‘Solution’ for FTX Users, Tron DAO to Buy $1BN Worth of USDT
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- FTX will conduct a fundraiser next week, Reuters reported, citing an internal memo. FTX founder Sam Bankman-Fried said that he has held talks with Tron founder Justin Sun for a fundraiser.
- Tron founder Justin Sun suggested he has a plan for FTX users to “return to normalcy.” Per his Twitter post, “TRX trading on FTX_Official has resumed. Working on withdrawal function. Stay tuned. […] This is only the initial step taken towards a wholistic solution that is being crafted to resuscitate and return to normalcy for all FTX users. I greatly appreciate the collaborative work between FTX_Official teams.”
- Tron decentralized autonomous organization (DAO), a community-focused body that supports development on the Tron network, said that it would purchase over $1 billion worth of tether (USDT) stablecoins. “To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve will purchase $300,000,000 USDT in the market,” Tron DAO said.
- US Senator Elizabeth Warren commented on the FTX collapse, tweeting: “The collapse of one of the largest crypto platforms shows how much of the industry appears to be smoke and mirrors. We need more aggressive enforcement and I’m going to keep pushing [the Securities and Exchange Commission] to enforce the law to protect consumers and financial stability.” Coinbase CEO Brian Armstrong and Ripple CEO Brad Garlinghouse both replied, saying that the lack of regulatory clarity and guidance in the US is one of the issues.
- Crypto financial services firm Galaxy Digital and major Latin American private asset manager Itaú Asset Management announced a strategic partnership to develop “a comprehensive suite of Brazilian-listed, physically backed, digital asset exchange-traded funds [ETF]”. According to the announcement, the first ETF, the IT Now Bloomberg Galaxy Bitcoin ETF (BITI11), will start trading at the market’s open on November 10, on the B3 Stock Exchange. The initial product will offer investors exposure to bitcoin (BTC) while Galaxy and Itaú Asset aim to expand the suite over time, they said.
- Kalder, a Web3-native brand engagement platform, announced that it raised $3 million in its pre-seed round. Investors for the fundraising round include Indigo Fund (DJ Blondish), 8VC, 500 VC, Human Capital, and Soma Capital, as well as Meltem Demirors and Accel. The announcement said that the fundraising round will “empower Kalder to reimagine marketing tools using innovative blockchain technology, mobilizing consumers through NFT memberships, contribute-to-earn experiences, and interoperable brand-loyalty rewards.”
- RockX, an Asian staking solution and institutional-grade blockchain access node provider, announced that it has integrated with OKX Chain (OKC), an EVM-compatible layer one blockchain, to provide cross-chain node services for users to access the OKC ecosystem. Per an announcement, with this integration, users and developers will be able to enjoy full access to all OKC-based protocols through RockX.
- Creonik announced the launch of “Patreon for crypto”, a platform enabling creators to sell access to gated content and communities via crypto subscriptions. According to a press release, it is available in beta, and it is starting with Discord. Creonik is powered by the technologies of Calypso Group, a crypto-native fintech ecosystem for businesses.
- Structure.fi, a mobile-first financial platform that offers access to traditional and crypto markets, has officially launched in Argentina, continuing its expansion in Latin America, said a press release. The launch in Argentina follows Structure.fi’s genesis launch in El Salvador in August.
- Kin, a new internet search service developed by tech company Better Internet Search Ltd and built on Partisia Blockchain, announced that its new token-based internet search prototype is available for public use. Per a press release, Kin aims to disrupt the legacy business model of existing industry giants by enabling end users to participate in the user economy, profit from it, and remain in control of their personal data.