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Tokenized RWAs are ’a $30 trillion opportunity’ — Polygon exec

High-net-worth individuals and private equity funds will drive adoption, said Colin Butler.

Tokenized real-world assets (RWAs) represent a $30 trillion market opportunity globally, Colin Butler, Polygon’s global head of institutional capital, told Cointelegraph in an interview.

Adoption will largely be driven by high-net-worth individuals dramatically increasing portfolio allocations to alternative assets — such as private credit — as tokenization brings liquidity and accessibility to historically illiquid asset classes.

“The idea is that there are $300 trillion in global assets, half of which—$100 trillion—are owned by individuals with net worths between $1 million and $30 million” whose portfolio allocations to alternative assets are often negligible, Butler said.

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Eric Trump Declares ‘Retail Wins’ as Sunday Crypto Strategy Leaves TradFi ‘Extinct’

Colorado Church group tokenizes $2.5M chapel

This may be the first tokenized church in the world.

A network of affiliated church groups called the “Colorado House of Prayer” has tokenized its main chapel in an effort to purchase the $2.5 million building. 

The pastor heading the project, Blake Bush, says he was compelled by a higher power to use blockchain technology as a tool for advancing the group’s mission.

According to a report from Forbes, Bush’s congregation and other church groups had been renting the building from its owner, a local businessperson who also owns a car dealership.

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Eric Trump Declares ‘Retail Wins’ as Sunday Crypto Strategy Leaves TradFi ‘Extinct’

Dubai Court Recognizes Cryptocurrency for Salary Payments

Dubai Court Recognizes Cryptocurrency for Salary PaymentsIn a landmark decision, the Dubai Court of First Instance has recognized the payment of salaries in cryptocurrency under employment contracts, marking a significant shift in the United Arab Emirates (UAE)’s legal approach to digital currencies. The 2024 ruling, case number 1739 of 2024, contrasts with a 2023 decision where a similar claim was rejected […]

Eric Trump Declares ‘Retail Wins’ as Sunday Crypto Strategy Leaves TradFi ‘Extinct’

Franklin Templeton files S-1 for new crypto index ETF

Issuers are lining up for the next wave of cryptocurrency exchange-trade funds.

Asset manager Franklin Templeton is seeking to launch a new exchange-traded fund (ETF) designed to as a one-stop-shop crypto portfolio, according to an Aug. 16 filing. 

The Franklin Crypto Index ETF will track the performance of the CF Institutional Digital Asset Index, which currently only comprises Bitcoin (BTC) and Ethereum (ETH), the filing said.

“The Fund will seek to achieve its investment objective by investing in the Digital Assets in approximately the same weights as they represent in the Underlying Index,” according to the filing, which says that the ETF may hold additional types of cryptocurrencies in the future.

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Eric Trump Declares ‘Retail Wins’ as Sunday Crypto Strategy Leaves TradFi ‘Extinct’

DeFi market stages a comeback as derivatives surge

Onchain derivatives fuel DeFi’s resurgence, with daily volumes reaching $5 billion amid rising competition.

Following a relatively modest 2023, the decentralized finance (DeFi) market experienced a remarkable resurgence during the first half of 2024.

As of Aug. 16, the total value locked (TVL) within the ecosystem stands at $82.67 billion, up from $54.4 billion at the beginning of the year — representing a robust growth of 51.9%.

One of the primary drivers behind this substantial uptick has been the growing adoption of onchain derivatives. In fact, since the beginning of the year, the average daily trading volume for crypto derivatives has skyrocketed from $1.8 billion in 2023 to $5 billion.

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Eric Trump Declares ‘Retail Wins’ as Sunday Crypto Strategy Leaves TradFi ‘Extinct’

New DeFi protocol Nudge aims to unlock hidden value in users’ wallets

Nudge seeks to unleash a new DeFi primitive called Re: allocation Value.

Nudge is launching a new decentralized finance (DeFi) protocol on Ethereum designed to unlock the economic value hidden in users’ wallets, it told Cointelegraph on Aug. 15. 

It aims to create a two-sided marketplace where Web3 protocols pay users incentives — or “Nudges” — to redirect onchain assets, liquidity and engagement.

Nudge will unleash a new DeFi primitive called “Re: allocation Value” that represents the economic value of users’ onchain activities, according to the company.

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Eric Trump Declares ‘Retail Wins’ as Sunday Crypto Strategy Leaves TradFi ‘Extinct’

Crypto ETFs will expand to new asset types, indexes — Grayscale executive

The pace of adoption of crypto exchange-traded funds in the United States has been surprising even to Grayscale.

The market for cryptocurrency exchange-traded funds (ETFs) will expand to encompass new types of digital assets as well as diversified crypto indexes, according to an executive at asset manager Grayscale Investments. 

“We're going to see a number of more single asset products, and then also certainly some index based and diversified products,” Dave Lavalle, Grayscale’s global head of ETFs, said during an Aug. 12 webinar.

Grayscale is among the largest issuers of crypto ETFs, with upward of $25 billion in assets under management (AUM) across its United States-listed crypto ETFs. Its US exchange-traded products currently comprise single-asset Bitcoin (BTC) and Ether (ETH) funds.

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Eric Trump Declares ‘Retail Wins’ as Sunday Crypto Strategy Leaves TradFi ‘Extinct’

Bitrace warns of new crypto scam using QR codes

The scam starts with a small payment of Tether (USDT) to the user.

According to a social media post by blockchain analysis firm Bitrace, scanning the wrong QR code could drain users’ wallets. 

Bitrace is warning of a new type of crypto scam “where theft is carried out through a payment QR code transfer test, essentially deceiving users into authorizing wallets.”

According to Bitrace, the scam follows a specific pattern. First, the scammer proposes that the user swap tokens over-the-counter (OTC) — through a wallet-to-wallet transfer rather than an exchange — and offers an exchange rate that beats the market.

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Eric Trump Declares ‘Retail Wins’ as Sunday Crypto Strategy Leaves TradFi ‘Extinct’

Nearly every token Binance listed in 2024 is now bleeding red — Coin98

Part of the problem is the airdrop model for token distributions, which has grown in popularity in recent years.

Of the 30 tokens listed by cryptocurrency exchange Binance in 2024, all but one are in the red—and most are down badly, according to a post by crypto researcher Coin98 Analytics on the X social media platform. 

The sole exception is Jupiter’s native token, JUP, which has risen 21.2% since listing on Jan. 31 and now has a fully diluted value (FDV) of some $8 billion. FDV is a measure of market capitalization assuming a token’s entire supply is circulating at current trading prices.

Launched in January, Jupiter is a Solana-based decentralized exchange that has attracted upward of $610 million in total value locked (TVL), according to DefiLlama. Its Jan. 31 airdrop was the largest in Solana’s history, with some $700 million worth of JUP tokens distributed to around 1 million wallets.

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Eric Trump Declares ‘Retail Wins’ as Sunday Crypto Strategy Leaves TradFi ‘Extinct’

Europe’s fourth largest hedge fund put nearly $500M in Bitcoin ETFs — Filing

Other hedge funds are also reporting sizable positions in Bitcoin exchange-traded funds.

According to public disclosures filed on Aug. 5, Capula Management, Europe’s fourth-largest hedge fund, invested nearly $500 million in Bitcoin (BTC) exchange-traded funds. 

The hedge fund, which is based in the United Kingdom and manages upward of $30 billion in investor assets, holds shares in Fidelity Wise Origin Bitcoin Fund (FBTC) and BlackRock’s iShares Bitcoin Trust (IBIT).

According to the filing, Capula owns shares worth more than $464 million in total, reflecting its portfolio as of June 30. The filings do not indicate that Capula owns any other crypto assets.

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Eric Trump Declares ‘Retail Wins’ as Sunday Crypto Strategy Leaves TradFi ‘Extinct’