PA Daily｜a16z will open an office in London; Gensyn completed the $43 million Series A financing led by a16z

Today's news tip:

Coinbase CEO: U.S. encryption industry needs clear regulation through Congress or case law

The Bitcoin protocol Ordinals has launched "recursive inscriptions", allowing the size of inscriptions to exceed the 4MB limit

Judge Rules FTX Can Permanently Delete Individual Client Names, Temporarily Keep Institutional Client Names Secret

a16z to open office in London, plans to launch blockchain accelerator program

BOCI issues tokenized notes worth RMB 200 million on the Ethereum blockchain

Data: 7 kinds of tokens will be unlocked this week, with a total release value of over 100 million US dollars

Blockchain AI computing protocol Gensyn completes $43 million in Series A financing led by a16z

CoinShares: The net outflow of digital asset investment products last week was 88 million US dollars, the eighth consecutive week of capital outflows

Regulatory News

Director of Hong Kong Invest Hong Kong: Web3 related policies have gone through the process in the Legislative Council, which will take about a year

According to Jiemian News, on June 10, Liang Hanjing, director of finance and financial technology of the Hong Kong Investment Promotion Agency, attended the closed-door meeting of Jiemian News Web3, and said that from the Hong Kong government level, it can be seen that the asset tokenization is hundreds of trillions. The blockchain trading platform can speed up the flow of traffic and reduce the listing threshold, which is a very huge market. In response to mainland practitioners pointing out that the current extension policy for Web3 inbound talents is still unclear, Liang Hanjing said: This is not something that can be solved simply by giving a visa. Exchanges with real estate developers, such as finding offices with cheaper rent.” In addition, if talents in the Web3 industry start a family, they will have other needs for life or education. Better service." In terms of introducing enterprises, Hong Kong has also adopted the Office of Enterprises in Key Markets (OASES) policy to attract leading enterprises.

He revealed that the relevant policies of Web3 have been launched in the Legislative Council. , Tokyo, New York, etc., "The conclusion is that what Hong Kong is doing now, there is a high probability that other markets will do it, and they have reached a consensus."

For Hong Kong, the proposal to build a Web3 center or a virtual asset center is not essentially about the securitization of virtual product assets, but about the future economic and social transformation of Hong Kong. Liang Hanjing mentioned that the four tracks that have been identified cover financial technology (including virtual assets, Web3), biotechnology, artificial intelligence big data, and high-end manufacturing. This does not mean that there are only four tracks, and there may be more in the future. Increase.

According to news earlier today, Hong Kong’s Deputy Secretary for Financial Services and the Treasury, Chen Haolian, said that the Hong Kong government is actively participating in the value chain of virtual assets, and aims to launch a stable currency regulatory framework by the end of next year.

NFT

! PA Daily｜a16z will open an office in London; Gensyn completes the $43 million Series A financing led by a16z

The Bitcoin protocol Ordinals has launched "recursive inscriptions", allowing the size of inscriptions to exceed the 4MB limit

Raph, the new chief maintainer of the Bitcoin protocol Ordinals, recently merged the "Recursive Inscription" update No. 2167 proposed by the creator of the Bitcoin protocol Ordinals, Casey Rodarmor, into the Ordinals code on Github. According to developer Leonidas.og, inscriptions can now use the special "/-/content/:inion_id" syntax to request content from other inscriptions. This simple change unlocks many powerful use cases.

For example, instead of inscribing 10,000 JPEG files individually for a PFP collection (which would be very expensive), it would be better to inscribe 200 features from the collection, and then make 10,000 more inscriptions, each using a small amount of code to request the features and render the image programmatically. Artwork is simply stored on-chain in a more efficient manner, which in the case of Bitcoin Apes saves over $1 million in transaction fees.

In addition, it is possible to completely burn many code packages on the Bitcoin chain, because the code (text form) is called, so the volume is very small, which allows the size of the inscription to break through the 4MB limit of the Bitcoin block size. Complex 3D video games are fully on-chain to Bitcoin.

Project News

Coinbase CEO: U.S. Crypto Industry Needs Clear Regulation Through Congress or Case Law

According to CryptoSlate, Coinbase CEO Brian Armstrong said in an interview that the U.S. encryption industry needs regulatory clarity, which can only come from Congress or through case law. He said: "There is a power struggle between the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and Coinbase has been "sandwiched" in the turf war between the two agencies; Failing to reach agreement on the status of cryptocurrencies as securities or commodities, we need clarification; to clarify this, Congress must step in and create legislation; until we have legislation, the industry will rely on case law, which will appear before the SEC in a lawsuit filed against Coinbase last week."

Armstrong stated that Coinbase scrutinizes tokens before listing them and rejects 90% of assets reviewed. He argues that tokens listed on Coinbase are commodities rather than securities.

Regardless of the outcome, Amstrong believes any clarification from the court would be "a step in the right direction". But he is confident that even if it takes a few years, the U.S. will eventually reach the "right outcome," whether it comes from the courts, or through legislation in Congress, or after the 2024 presidential election.

Venus Protocol Update: BNB Chain Will Exclusively Take Over BNB Bridge Attacker’s Positions

Venus Protocol, the lending agreement on BNB Chain, just deleted the tweet that "if BNB reaches the liquidation threshold, BNB Chain will take over the platform's BNB position", and revised the wording, saying: "In November 2022, BNB Chain submitted a report submitted by the community. The adopted governance proposal exclusively liquidates the positions of BNB Bridge attackers to the BNB Chain core team, with the purpose of ensuring the safety of misappropriated assets and preventing any further influence and sale liquidation. The whitelisted wallet is initially provided by USDT of 30 million USD funds to ensure protection against Venus loss and provide additional support through this Venus governance approval mechanism.”

Previously, HashDit stated that the BNB Bridge attacker's deposit of 924,821 BNB (about 249 million US dollars) on the Venus platform was facing liquidation, and the liquidation price was about 220 US dollars. The update released by Venus Protocol is in response to this statement.

Judge Rules FTX Can Permanently Delete Individual Client Names, Temporarily Keep Institutional Client Names Secret

U.S. Bankruptcy Judge John Dorsey in Wilmington, Delaware, ruled that FTX can permanently remove the names of individual clients from its bankruptcy filing, and granted FTX the right to temporarily remove corporate and institutional investments from its client list, Reuters reported. However, FTX must submit a new request for this within 90 days. Institutional clients don’t face the same risks as individuals, but their names could be valuable property to FTX if it decides to sell its cryptocurrency trading business as a whole, Dorsey said.

Earlier news in May, Bloomberg and other mainstream media once again applied to the court to publish the list of FTX creditors. According to the news on June 9, the FTX restructuring team stated that the disclosure of the customer list may damage the sales value of the encrypted exchange.

a16z to open office in London, plans to launch blockchain accelerator program

Silicon Valley venture capital firm a16z plans to open its first overseas office in London, according to Bloomberg. The new office, established by a16z Crypto, the firm's $7.6 billion crypto investment arm, will begin operations later this year and will be led by Sriram Krishnan, one of the firm's general partners. a16z said it has led a $43 million Series A investment in Gensyn, a British blockchain artificial intelligence project, and plans to launch an accelerator program for crypto companies in the British capital next year. a16z will apply for the necessary regulatory licenses in the UK and said it will work closely with local universities to support the development of blockchain technology. a16z's accelerator program is called "Crypto Startup School", which provides funding and guidance for startups. It has been held in California this year, and a total of 26 companies participated. The company says the next program will launch in London in spring 2024, with the aim of attracting entrepreneurs to build more Web3 startups in the UK.

BOCI issues tokenized notes worth RMB 200 million on the Ethereum blockchain

BOCI issued digital structured notes initiated by UBS and placed to its Hong Kong clients, with a total value of RMB 200 million. BOCI became the first Chinese-funded financial institution to issue tokenized securities in Hong Kong. The deal marks the first of its kind in the Asia-Pacific region to comply with Hong Kong and Swiss laws and be tokenized on the ethereum blockchain, UBS said.

Finance News

DeFi Protocol Maverick Completes $9M Funding Led by Peter Thiel's Founders Fund

Decentralized finance (DeFi) infrastructure provider Maverick Protocol has raised $9 million in funding, CoinDesk reported. The round was led by Peter Thiel's Founders Fund, with participation from Pantera Capital, Binance Labs, Coinbase Ventures and Apollo Crypto. Maverick plans to use its new funds to build a more efficient liquid collateralized token infrastructure and address cross-chain liquidity efficiency issues.

Blockchain AI computing protocol Gensyn completes $43 million in Series A financing led by a16z

According to CoinDesk, Gensyn, a blockchain-based artificial intelligence (AI) computing protocol, completed a $43 million Series A round of financing, led by a16z, with investment companies CoinFund, Canonical Crypto, Protocol Labs, Eden Block, and several experts in the fields of artificial intelligence and encryption. Angel investors participated. Gensyn said it will use the new funding to accelerate the launch of the protocol and expand its workforce with machine learning engineers. So far, Gensyn has raised more than $50 million. In March last year, Gensyn completed a $6.5 million seed round of financing led by Eden Block, with participation from Galaxy Digital, Maven 11, Coinfund, Jsquare, Hypersphere, and Zee Prime.

Important data

Data: 7 kinds of tokens will be unlocked this week, with a total release value of over 100 million US dollars

According to Token Unlocks data, 7 encrypted projects will unlock tokens this week, with a total release value of about 140 million US dollars.

Aptos (APT) will unlock 4,543,477.94 tokens at 08:00 on June 12, worth approximately $28.35 million, accounting for 0.454% of the total supply.

Blur (BLUR) will unlock 195,999,999.97 tokens at 02:00 on June 15, worth about $62.64 million, accounting for 6.533% of the total supply.

1inch (1INCH) will unlock 15,000 tokens at 4:00 on June 15th, worth about $4042, accounting for 0.001% of the total supply.

LooksRare (LOOKS) will unlock 37,500,000 tokens at 01:24:50 on June 16, worth approximately $2.08 million, accounting for 3.75% of the total supply.

Flow (FLOW) will unlock 7,291,666.66 tokens at 08:00 on June 16, worth about $3.69 million, accounting for 0.507% of the total supply.

ApeCoin (APE) will unlock 15,601,326 tokens at 08:00 on June 17, worth about $36.66 million, accounting for 1.56% of the total supply.

ImmutableX (IMX) will unlock 18,075,990.72 tokens at 18:00 on June 17, worth about $10.86 million, accounting for 0.904% of the total supply.

CoinShares: The net outflow of digital asset investment products last week was 88 million US dollars, the eighth consecutive week of capital outflows

According to data from the CoinShares weekly report, the net outflow of digital asset investment products last week was 88 million US dollars, which was the 8th consecutive week of outflows, and the total outflow of funds in the past 8 weeks was 417 million US dollars. Among them, the total outflow of Bitcoin was 51.6 million US dollars, and the total outflow in these 8 weeks was 254 million US dollars, accounting for 1.2% of the total assets under management (AuM). Ethereum saw $35.6 million in outflows, the largest weekly outflow since the merger last September.

Data: After being sued by the US SEC, the market depth of Binance.US dropped by 78%

According to The Block, after being sued by the US Securities and Exchange Commission (SEC) on June 5, the market depth of the top 25 encrypted assets on Binance.US plummeted by 78%. Kaiko, an encrypted market data provider, stated that the reason for the deep decline was Or the withdrawal of market makers has raised concerns about liquidity.