What Happened In Crypto Today

In today’s edition, we navigate through some of the most significant developments in the cryptocurrency landscape:

• Mastercard nears $2B Zerohash acquisition
• Bitcoin ETFs see $470M outflows after Fed rate cut
• Trump memecoin firm eyes Republic.com buyout
• Ondo expands tokenized stocks to BNB Chain

TL;DR

Mastercard is reportedly pursuing a $2 billion acquisition of Zerohash, a key player in stablecoin infrastructure, emphasizing the increasing integration of traditional finance with crypto. Meanwhile, Bitcoin exchange-traded funds (ETFs) experienced significant outflows following the Federal Reserve’s rate cut. In other developments, the Trump-connected memecoin issuer is considering acquiring Republic.com, and Ondo has extended its tokenized stocks offering to the BNB Chain, showcasing the evolving financial ecosystem.

Mastercard in Talks to Buy Zerohash for $2 Billion

Mastercard is reportedly engaged in discussions to purchase Zerohash, a provider of stablecoin infrastructure, for a staggering $2 billion. According to Fortune, this potential acquisition signals a major shift, representing the largest crypto deal since Stripe acquired Bridge last year.

Founded in Chicago, Zerohash offers crucial technology and regulatory tools that allow banks and fintech companies to launch compliant crypto trading and tokenization projects. Following a capital raise of $104 million at a $1 billion valuation in September, with investment from firms like Interactive Brokers and Morgan Stanley, Zerohash has established itself as a key player in the financial technology space.

This acquisition could exceed Stripe’s $1.1 billion acquisition of Bridge, further solidifying Mastercard’s ambitions in the crypto realm. Additionally, the payments giant had earlier considered acquiring the stablecoin startup BVNK for a similar valuation.

Bitcoin ETFs Record $470 Million Outflows Amid Fed Rate Decision

In a significant market move, U.S. spot Bitcoin ETFs recorded outflows of $470 million on Wednesday, the largest single-day withdrawal in two weeks. This coincided with Bitcoin’s brief drop to around $108,000 before bouncing back, showcasing the volatility that often accompanies regulatory announcements.

Leading the outflows was Fidelity’s FBTC with $164 million, followed closely by ARK Invest’s ARKB at $143 million. The drawdown occurred after a week of modest inflows, where the total assets under management faced a decline to approximately $149 billion, representing 6.75% of Bitcoin’s overall market cap.

Trump Memecoin Firm Pursuing Republic Acquisition

Fight Fight Fight, the company behind a politically-linked memecoin tied to former President Trump, is in talks to acquire the U.S. operations of investment platform Republic.com. This acquisition could not only allow Republic users to interact with the TRUMP memecoin but also provide crypto startups with new fundraising avenues.

Republic.com has facilitated over 3,000 fundraising campaigns and has backing from major players like Galaxy Digital and Binance’s venture arm. The TRUMP memecoin, which launched prior to Trump’s second inauguration, saw a meteoric rise to nearly $9 billion in market cap before facing a steep decline of approximately 90%.

Ondo Brings 100 Tokenized Stocks to BNB Chain Platform

In another forward-looking move, Ondo Global Markets has extended its tokenized securities platform to the BNB Chain, granting access to over 100 Wall Street stocks and ETFs for its 3.4 million daily active users. This integration allows non-U.S. investors across Asia and Latin America to trade American equities through a blockchain-based settlement process.

Launched on Ethereum in September, Ondo quickly surpassed $350 million in total value locked while generating nearly $670 million in on-chain volume. It has become one of the largest players in real-world asset tokenization, having raised $20 million in Series A funding from Peter Thiel’s Founders Fund in 2022.

Other Notable Developments

• Blockworks Shifts Focus: The crypto media outlet Blockworks has shut down its news division to concentrate on data analytics, reflecting a broader shift in the market.

• Ethereum Foundation Launches New Website: The Ethereum Foundation has introduced a site aimed at businesses looking to adopt Ethereum, aiming to simplify integration as more institutional interest grows.

• Legal Actions Loom for Zhao: Former Binance CEO Changpeng Zhao is considering legal action against U.S. Senator Elizabeth Warren over disparaging claims regarding political ties.

• New Perpetual Trading Hub: Brett Harrison, former president of FTX US, is launching a new startup focused on perpetual futures for traditional assets, drawing regulatory scrutiny as high-leverage tools return to mainstream finance.

• HumidiFi Launches ICO: Solana-based dark exchange HumidiFi plans to launch its WET token through an ICO in November, following substantial trading volumes.

These unfolding stories mark pivotal developments in the cryptocurrency sector, reflecting the dynamic interplay between traditional finance and the digital asset world.