4 Important Developments in the Crypto Money Market Today
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BlackRock to Apply for Bitcoin ETF Issuance
BlackRock, the world's largest asset manager, is preparing to apply for a Bitcoin ETF. According to Coindesk, BlackRock plans to use Coinbase Custody for the ETF and rely on the cryptocurrency exchange's spot market data for pricing. In 2022, BlackRock collaborated with Coinbase to enable its institutional investors to engage in direct cryptocurrency trading. While BlackRock has not made any official statements regarding the ETF, it is unclear whether it will be a spot or futures-based ETF. However, considering that the U.S. SEC has not yet approved a s Bitcoin ETF, it is more likely that BlackRock will apply for a futures-based Bitcoin ETF.
Voyager to Enable Customer Withdrawals from Next Week
Crypto lending firm Voyager, currently undergoing bankruptcy proceedings, will allow customers to withdraw their assets starting from the following week. The Voyager app currently specifies the withdrawal amounts available to customers. Paul Hage, overseeing Voyager's bankruptcy process, announced that customers would be able to initiate withdrawal requests through the platform from June 20th to July 5th. The statement indicated that Voyager customers would only be able to withdraw 35.72% of their remaining assets on the platform.
Celsius Plans to Convert Altcoins to BTC and ETH as part of Restructuring
Another bankrupt crypto lending institution, Celsius, has entered into an acquisition agreement with Fahrenheit Crypto Consortium. Following this development, the company filed a request to revise its bankruptcy application with the New York Bankruptcy Court. Under the restructuring plan, Celsius intends to convert all altcoins provided by customers, excluding custody and yield accounts, into Bitcoin and Ethereum starting from July. The Fahrenheit Consortium, consisting of venture capital firm Arrington Capital and mining company US Bitcoin Corp, won the auction in which Celsius participated to acquire its assets.
Ripple Collaborates with the Central Bank of Colombia
Ripple is set to collaborate with the Central Bank of Colombia to explore blockchain use cases in the country. As part of the agreement, the Central Bank of Colombia will begin pilot programs to develop a new payment system in the country using Ripple's recently announced CBDC platform. With this partnership, Ripple adds Colombia to the list of countries it has collaborated with, including Hong Kong, Montenegro, Bhutan, and Palau.
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