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Research Summary

This report covers a range of developments in the cryptocurrency and blockchain sector. Key topics include Franklin Templeton’s application for a Spot Bitcoin ETF, HSBC’s partnership with Fireblocks for a cryptocurrency custody solution, and the SEC’s ongoing review of Grayscaleโ€™s application for a Bitcoin ETF. Other notable developments include LayerZero’s partnership with Google Cloud, MetaMask’s expansion to non-EVM chains via Snaps, and various trending assets and governance proposals.

Key Takeaways

Spot Bitcoin ETF Applications

  • Franklin Templeton’s Application: The investment firm has applied for a Spot Bitcoin ETF with the SEC, joining other financial giants like BlackRock and Fidelity. The proposed ETF would be custodied with Coinbase and traded on the Cboe BZX Exchange.
  • Grayscale’s Application: The SEC is still reviewing Grayscaleโ€™s application for a Bitcoin ETF. The initial rejection due to lack of safeguards against fraudulent practices was overturned after Grayscale won a lawsuit against the SEC.

Cryptocurrency Custody Solutions

  • HSBC and Fireblocks Partnership: HSBC is reportedly partnering with Fireblocks to create a cryptocurrency-specific custody solution. This move could invite skeptical users to cautiously enter the crypto space.
  • Fireblocks’ Previous Partnerships: Fireblocks has previously developed custody technology for other notable banks like BNY Mellon and BNP Paribas.

Blockchain Partnerships and Developments

  • LayerZero and Google Cloud: LayerZero, an omnichain interoperability protocol, announced a partnership with Google Cloud to act as their oracle for cross-chain messaging.
  • MetaMask Snaps: MetaMask will be usable with non-EVM chains like Solana and Cosmos via Snaps, allowing developers to create new user experiences for MetaMask wallets.

Actionable Insights

  • Spot Bitcoin ETF Applications: Monitor the SEC’s decisions on Spot Bitcoin ETF applications, as approval could significantly impact the crypto market.
  • Cryptocurrency Custody Solutions: Keep an eye on the development and adoption of cryptocurrency custody solutions, as they could influence the entry of new users into the crypto space.
  • Blockchain Partnerships: Track the progress of partnerships and developments in the blockchain sector, such as LayerZero’s partnership with Google Cloud and MetaMask’s expansion via Snaps, for potential impacts on the industry.

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