The Scenius Sync (Issue #17)

Huobi's About (Capital) Face, Visa Partners with FTX, & Grayscale's Distressed Mining Fund

Scenius: The intelligence and the intuition of a whole cultural scene. The communal form of the concept of genius.

Welcome to The Scenius Sync.

Our mission with this concise publication is twofold:

1. Share the essential stories driving the crypto industry and markets.

2. Highlight innovative applications and mainstream adoption of crypto and blockchain technology.

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Essential News 🗞

1. OECD Releases New Global Tax Reporting Framework for Crypto Assets

   • In response to a G20 request for a framework for the automatic exchange of information between countries on crypto, the Organization for Economic Co-operation and Development (OECD) has released its new tax reporting framework, the Crypto-Asset Reporting Framework (CARF). The CARF will be presented to G20 Finance Ministers and Central Bank Governors for discussion at their next meeting on October 12-13 in Washington D.C. Its scope will include stablecoins, crypto derivatives and certain NFTs.

2. China’s once-popular crypto exchange Huobi Global bought by About Capital

   • Once China’s top crypto exchange, Huobi has been retooling itself since exiting from the home market following Beijing’s crypto ban. Now the company is nearing a takeover by an investment firm as its controlling shareholder has completed the transaction to sell its entire stake to About Capital, a Hong Kong-based fund management firm started by Ted Chen, who founded China’s hedge fund giant Greenwoods Asset Management.

3. DeFi Protocol MakerDAO Puts $500 Million in Treasuries, Bonds

   • One of the original DeFi protocols is moving $500 million into short-term US Treasuries and corporate bonds.  The move aims to diversify MakerDAO’s balance sheet, limit exposure to any one asset and expand revenue, according to a statement issued by the DAO on Thursday.

4. Lawmakers Overwhelmingly Back EU's MiCA Crypto Law in Committee Vote

   • EU lawmakers voted 28 to 1 on Monday in favor of landmark new crypto laws, virtually assuring the passage of legislation that was signed off by the bloc’s national governments last week. The landslide support paves the way for the landmark crypto licensing regulation to take effect in 2024, including the introduction of provisions on supervision, consumer protection and environmental safeguards. 

5. BNB Chain resumes service after hacker siphons at least $100 million

   • BNB Chain restarted the blockchain on Friday after an overnight hack that forced the network to shut down for several hours. Hackers targeted the BSC Token Hub, the network's cross-chain bridge, with an estimated $100 million to $130 million successfully siphoned to other chains. 

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Innovation & Adoption 💡📈

1. Visa partners with FTX in a bet that shoppers still want to spend cryptocurrencies in a bear market

   • Visa is teaming up with global crypto exchange FTX to offer debit cards in 40 countries with a focus on Latin America, Asia and Europe. The cards, which are already available in the U.S., will link directly to a user’s FTX cryptocurrency investing account. and allow customers to spend digital currencies without moving those off an exchange, “like you would with any bank account,” according to Visa’s CFO.

2. Custodian Anchorage Adds to Asia Push With Batch of Institutional Crypto Partners

   • U.S.-regulated cryptocurrency custody specialist Anchorage Digital is continuing its push into Asia, naming a brace of new institutional partners in the region. Anchorage will now be offering digital asset custody services to Bitkub, Dream Trade, FBG Capital, GMO-Z.com Trust Company, IOSG Ventures and Antalpha.

3. Grayscale Sets Up Entity to Invest in Bitcoin Mining Hardware

   • Grayscale Investments, the largest crypto asset manager, is shifting strategy during the midst of the market downturn by setting up an entity seeking to buy Bitcoin mining equipment at distressed prices. Grayscale Digital Infrastructure Opportunities LLC (GDIO) will be available to accredited investors such as hedge funds and family offices at a minimum investment of $25,000.

4. Crypto Exchange Coinbase Secures Singapore Digital-Asset Permit

   • The Monetary Authority of Singapore has granted Coinbase Singapore in-principle approval under the Payment Services Act to provide regulated services in the city-state, the company said Tuesday. About 15 firms have received such permits since Singapore launched the licensing regime in 2019. Singapore will be a “beachhead” for Coinbase’s planned expansion in the Asia-Pacific region, where markets like Indonesia and Vietnam are attractive.

5. Bitwise launches web3-focused ETF

   • Crypto index fund manager Bitwise Asset Management has launched the Bitwise Web3 exchange-traded fund (ETF), which includes exposure to five categories of web3 companies. The Bitwise Web3 ETF (BWEB) is now listed and trading on NYSE Arca. The ETF offers exposure to up to 40 companies, with at least 85% of the portfolio "directly linked to business activities associated with one or more key areas of growth in web3."