Here are some of the major developments from the world of crypto over the past few days
Ether exchange-traded funds (ETFs) are likely to be rejected in May 2024, Jan van Eck, CEO of investment management firm VanEck has said. He expressed concerns in an interview with CNBC on April 9, 2024 about the US Securities and Exchange Commission’s (SEC’s) lack of information regarding the potential listing of the Ether ETF, adding that the SEC is unlikely to approve the $3,517 spot Ether ETH next month.
VanEck is the first company to hold an Ether ETF position in the US, alongside Cathie Wood’s ARK Invest. Both companies expect a final decision on May 23 and 24. The final decision on VanEck’s Ether ETF application is scheduled for May 23, 2024 with several other funders, including Grayscale, BlackRock, and Fidelity, also awaiting approval. The VanEck Bitcoin ETF, trading under the ticker symbol HODL, is the fifth largest of the 10 funds launched (excluding Grayscale), having raised $461.7 million since its mid-January launch, according to figures from Farside Investors.
Senior ETF analyst at Bloomberg, Eric Balchunas has also revised his Ether ETF approval recommendation from 70 per cent to 35 per cent in May. On April 9, he reiterated his stance on the expected decision and echoed van Eck’s sentiments in a post on X (formerly Twitter).
The Dfinity Foundation, a not-for-profit organisation based in Switzerland and major contributor to the Internet Computer Blockchain, has announced the launch of the Olympus Acceleration Platform.
It announced in a press statement that Olympus represents the first decentralised, on-chain Web 3.0 accelerator that will be used by “teams around the world to organise and launch their own accelerator programs.”
The foundation also cited Olympus’ “Open Stake” model, where projects, mentors and investors can “interact freely, enabling permission-less ecosystem inclusivity and unlimited integrations” as a determining factor separating it from similar accelerator programs.
Dominic Williams, founder and chief scientist of the Dfinity Foundation, described the platform as “a global platform for everyone. He said in a statement: “By creating a Web 3.0-based global platform for everyone, we’re able to bring together top talent, projects, investors, and mentors to create a credible and trust-less marketplace offering equal opportunity and access to all qualified projects. Traditional accelerator programs are permissioned and operate as silos, many are also not sustainable and rely on grants. Olympus is a new model.”
Data analytics firm Arkham has accused its competitors of spreading unfounded rumours, fears, and scepticism about ARKM tokens.
Recently, questions have been raised regarding the transfer of ARKM tokens. A document from Nansen, another analytics firm, shows that Arkham transferred more than 25.2 million ARKM (worth more than $56 million) and an undisclosed signed token to Binance two days ago, raising suspicions.
In response, Arkham clarified in a statement on April 9, 2024 that based on published evidence, the token movement was not a closed sign. They announced that 20 million ARKMs were sent to the new address in line with the request of the official protocol. Moreover, according to their evidence, 5 million ARKM were opened from the environmental fund.
Arkham also addressed issues regarding the discrepancy between the number of tokens in its portfolio and the number stated in its documentation. It said that the castle card would be sent out over time as they obtain addresses of non-crypto investors and secure new employees.
Incidentally, ARKM has recently lost almost 40 per cent of its value despite reaching highs last year. The company received an undisclosed investment amount from Binance Labs last November, adding to gains from recent tokens and claims from competitors. Arkham has also confirmed that there will be no early reopening and that all team and investor tokens will remain locked and tracked through their official website, as reported by Cointelegraph.com.