🔮 Ethereum futures bright

Talking points

Good morning. As the week and month comes to an end, remember to reflect on your progress.

Now... let's jump into the latest news!

👀 Quick market outlook

As a new month and final quarter of the year approach, we could see some volatility in the markets and combined with some mixed news with ETFs and the Bitcoin Halving slowly getting closer... what can we expect?

Well... here's some insight 👇

It seems that this move is certainly positive as we enter the $27K mark, but it is still no confirmed on the likely direction yet. If we break $28K, it would confirm that we are in an uptrend and we could see some further positive moves.

As always, stay safe and stick to your plan.

🔮 Ethereum futures bright

Asset management firm Valkyrie has made a significant move in the cryptocurrency space by venturing into Ether (ETH ) futures contracts, following approval to convert its existing Bitcoin futures exchange-traded fund (ETF) into a versatile two-in-one investment vehicle.

A spokesperson for Valkyrie confirmed that the Valkyrie Bitcoin Strategy ETF (Nasdaq: $BTF) has initiated the process of adding exposure to Ether futures contracts.

This development marks a historic milestone as it establishes the Valkyrie Bitcoin Strategy ETF as the first U.S.-based ETF to provide exposure to both Ether and Bitcoin futures contracts within a single investment wrapper.

Valkyrie secured approval for its Ether (ETH) futures ETF ahead of other industry players by augmenting its prospectus and enhancing risk disclosures specifically related to Ether futures, according to the spokesperson.

This innovative approach to combine Ethereum (ETH ) and Bitcoin (BTC) futures contracts into a single ETF is scheduled to come into formal effect on October 3rd. Additionally, the ETF will undergo a rebranding, changing its name to the "Valkyrie Bitcoin and Ether Strategy ETF." Despite the transformation, the ETF's ticker symbol will remain as BTF.

Valkyrie's move into the burgeoning world of Ether futures ETFs puts them in league with other entities that have filed to launch similar products.

These include Volatility Shares Ether Strategy ETF, Bitwise Ethereum Strategy ETF, VanEck Ethereum Strategy ETF, Roundhill Ether Strategy ETF, ProShares Short Ether Strategy ETF, ProShares Ether Strategy ETF, and Grayscale Ethereum Futures ETF.

The expanding presence of cryptocurrency-focused ETFs, covering both Bitcoin and Ethereum, underscores the growing recognition of digital assets as legitimate investment instruments in the traditional financial landscape. Valkyrie's forward-thinking approach demonstrates its commitment to providing diversified cryptocurrency investment options for its clients while keeping pace with the evolving crypto market.

🪪 Argentina embrace digital identity

Buenos Aires, the vibrant capital of Argentina, is taking a significant leap toward modernizing its bureaucratic processes by embracing blockchain technology.

This announcement, made on September 28th, revealed that the city's 15 million residents will soon have access to their identity documents through a digital wallet, marking a notable step in the city's digital transformation.

The initial set of documents that will be available on the blockchain include birth and marriage certificates, as well as proofs of income and academic qualifications. Notably, the city has plans to expand this blockchain-based initiative to encompass health data and payment management in the future. A comprehensive roadmap for the nationwide deployment of this technology is set to be defined by the conclusion of 2023.

Driving this innovative project's infrastructure is QuarkID, a digital identity protocol developed by Web3 firm Extrimian. QuarkID wallets operate on zkSync Era, an Ethereum scaling protocol utilizing zero-knowledge rollups (ZK-rollups). This cutting-edge technology enables one party to prove the truth of a statement to another party without disclosing specific details about the statement itself.

Guillermo Villanueva, CEO of Extrimian, hailed this development as a "monumental step towards a safer and more efficient future for government services in Latin America."

The data stored within these digital wallets will be self-sovereign, granting citizens the ability to control the distribution of their credentials when interacting with government entities, businesses, and individuals. zkSync Era will serve as the settlement layer for QuarkID, ensuring that each citizen's credentials are accurately maintained.

The Argentine government, in collaboration with the City of Buenos Aires, envisions this digital identity framework as a public good. Diego Fernandez, Buenos Aires' Secretary of Innovation, emphasized the city's pioneering role, stating, "With this development, Buenos Aires becomes the first city in Latin America, and one of the first in the world, to integrate and promote this new technology and set the standard for how other countries in the region should use blockchain technology for the benefit of their people."

Meanwhile, Argentine officials are also exploring a similar initiative known as the Worldcoin digital ID project. In August, concerns were raised regarding Worldcoin's data collection, storage, and usage practices, prompting a privacy investigation by local authorities. Worldcoin, launched globally in July and founded by Sam Altman, co-founder of OpenAI, employs retinal scans for user verification, attracting scrutiny not only in Argentina but also in Europe and Africa.

What seems evident is that the Web3 and crypto space is being embraced for it's technology and slowly but surely the adoption is increasing, which is great to see. Whether this works out is another story... so let's see how it unfolds.

🌍 Coinbase global expansion progressing

Coinbase, the leading US-based cryptocurrency exchange, has received regulatory approval to introduce perpetual futures trading services for retail customers located outside the United States. This expansion follows additional regulatory clearance granted by the Bermuda Monetary Authority (BMA).

In an official announcement made on Thursday, Coinbase unveiled its plans to provide regulated perpetual futures contracts to non-US retail users via Coinbase Advanced in the coming weeks. The Coinbase International Exchange, the exchange's international division, has already achieved substantial notional futures trading volume, exceeding $5.5 billion in the second quarter of this year, primarily driven by institutional clients. The latest approval signifies Coinbase's intention to extend its offering to cater to retail investors as well.

Perpetual futures trading is a significant segment of the global cryptocurrency market, contributing to approximately 75% of the total trading volume. Recognizing this, Coinbase is strategically positioning itself to meet the growing demand for perpetual futures trading among retail participants.

Moreover, Coinbase expressed its commitment to collaborating with forward-thinking regulators to establish a comprehensive regulatory framework conducive to crypto innovation while ensuring consumer protection. The exchange views a well-defined regulatory framework as a crucial element for the sustained growth and adoption of cryptocurrencies.

Coinbase's international strategy encompasses 24 countries, including G20 member nations, as well as Hong Kong, Switzerland, the United Arab Emirates, and Singapore. The exchange plans to leverage the G20 forum in Brazil next year as an opportunity to advocate for clearer and more standardized international regulations governing the cryptocurrency industry.

Coinbase's drive for global expansion comes at a time when it is facing regulatory challenges in the United States. In June, the US Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase, alleging the sale of unregistered securities and various other regulatory violations. The SEC also accused the exchange of operating a range of financial services without proper registration, including securities trading and failing to register as a securities exchange.

Subsequently, Coinbase received Show Cause orders from 11 US states, compelling the exchange to provide justifications for continuing its operations in these states.

Despite these challenges, Coinbase remains determined to navigate the regulatory landscape both domestically and internationally, further solidifying its presence as a leading cryptocurrency exchange.

This article is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions.