Top Crypto News Of The Day: Futu Launches Crypto Trading, Ripple’s Investment in T-bills, and More

Here are the top crypto news of the day curated by CoinChapter.com

Futu Securities Launches Crypto Trading 

Futu Securities International, Hong Kong’s online broker, has introduced Bitcoin and Ether trading for its 22 million customers. This makes Futu the first online brokerage to offer direct cryptocurrency access to Hong Kong-based retail investors, potentially bringing new capital to the world’s two largest cryptocurrencies.

The launch coincides with growing investor interest in cryptocurrencies, following the recent debut of spot Ether ETFs in the United States on July 23. Reflecting this increased interest, Bitcoin’s open interest recently hit a record high of $39.4 billion, signaling potential price movements in the near future.

Crypto News: Ripple Invests $10M in Tokenized U.S. T-bills

Ripple plans to allocate $10 million to tokenized U.S. Treasury bills (T-bills) on the XRP Ledger. The TBILL tokens, issued by tokenization platform OpenEden, will be backed by short-dated U.S. Treasuries and reverse repurchase agreements collateralized by U.S. Treasuries.

This is a part of a broader trend in asset tokenization, with major players like BlackRock also entering the space. Ripple’s investment aims to enhance the efficiency of traditional asset management and distribution on the blockchain. The XRP Ledger, an open-source blockchain using the cryptocurrency XRP, will facilitate these global financial transfers and currency exchanges.

US Spot Crypto ETFs See Mixed Flows

U.S. spot Bitcoin ETFs recorded minimal net inflows of $299k while spot Ethereum ETFs experienced $77.21 million in net outflows.

BlackRock’s IBIT and Grayscale’s Bitcoin Mini Trust were the only Bitcoin ETFs with positive flows, while Fidelity’s FBTC saw the largest outflows of $31.57 million.

For Ethereum ETFs, Grayscale’s ETHE continued to see outflows of $133.33 million, while smaller funds like the Grayscale Ethereum Mini Trust and Fidelity’s FETH attracted inflows. Trading volumes for Bitcoin ETFs remained stable at $1.37 billion, while Ethereum ETF volumes decreased slightly to $472.5 million.

Crypto News: Telegram Introduces In-App Browser and Mini-App Store

In its latest update, messaging platform Telegram has launched an in-app browser and mini-app store. The browser supports decentralized websites hosted on TON, making Web3 accessible to Telegram’s nearly one billion monthly users. Users can now switch between websites and platform messaging seamlessly.

The update also includes improvements to the platform’s app store, such as search options and app previews. A new payment system called Stars allows users to send units to friends.

Tether Reports $5.2 Billion Profit in H1 2024

Stablecoin issuer Tether Holdings LTD announced a profit of $5.2 billion for the first half of 2024, a 57% increase from the previous year. The company’s reserves reached an all-time high of $97.6 billion in U.S. Treasuries, surpassing the holdings of several national economies, including Germany, Australia, and the U.A.E.

Tether maintains $5 billion in excess reserves to ensure USDT stability. The company’s consolidated net equity has grown to $11.9 billion, reflecting a 70% increase since December 2023. Tether now ranks third globally in purchases of three-month U.S. Treasuries, only behind the United Kingdom and the Cayman Islands.

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