ETH Futures ETFs Launch in US 🏁

GM. This is Degen Scoop. It’s Tuesday, here’s the scoop:

• ETH Futures ETFs Launch in US 🏁

• Coinbase Gets Singaporean Operating License 🪪

• UBS Tests Tokenization 🪙

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

ETH Futures ETFs Begin Trading in US

Several Ethereum futures ETFs entered the U.S. market for the first time yesterday. These ETFs include: ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares who collectively launched nine ETFs on the Chicago Board Options Exchange (CBOE). Unfortunately, the initial trading volume was relatively low, with the funds collectively trading under $2 million in total which isn’t a surprise given the state of the market.

While the new Ethereum futures ETFs have made their debut, Valkyrie's BTF led the group with around $787,000 worth of shares traded. The launch of Bitcoin futures ETFs in 2021 saw significant trading volumes, but that wasn’t in the middle of a bear market. Investors keen on spot exposure to cryptocurrencies await the approval of spot crypto ETFs by the SEC which await a decision.

Coinbase Obtains License to Operate in Singapore

Coinbase has obtained the Major Payment Institution (MPI) license from The Monetary Authority of Singapore (MAS), marking a significant step for the crypto exchange in providing expanded services to both individuals and institutions in the region. Coinbase emphasized Singapore's crypto-friendly landscape, with a quarter of surveyed residents considering cryptocurrency as the future of finance, and nearly one-third having owned or currently owning digital assets which aligns with Coinbase’s broader global strategy.

In an interview with CNBC, Coinbase CEO Brian Armstrong highlighted the global trend toward crypto regulation, noting that 83% of G20 countries either have crypto legislation in place or are in the process of drafting and implementing such regulations. This underscores Coinbase's strategic move to navigate a more crypto-friendly regulatory environment globally, with Singapore serving as a key hub in the company's international expansion.

UBS Begins Tokenization Pilot For Real World Assets

UBS Asset Management, the asset management division of Switzerland's largest financial holding, has initiated a live tokenization pilot. Leveraging its in-house tokenization service called UBS Tokenize, the firm aims to conduct a controlled pilot of a tokenized money market fund through a smart contract on Ethereum. The tokenized VCC fund represents a legal entity for investment funds in Singapore, introduced to enhance the city-state's standing as a hub for fund management activities.

Thomas Kaegi, Head of UBS Asset Management, stated that the initiative is a crucial milestone in understanding the tokenization of funds and builds on UBS's expertise in tokenizing bonds and structured products. As part of the broader Project Guardian, the initiative aims to tokenize various real-world assets, seeking insights into enhancing market liquidity and providing better market access for clients. UBS Tokenize has previously been used in Hong Kong for the issuance of digital structured notes by Bank of China Investment, amounting to $27.3 million.

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.