The Crypto Compass Issue #77

Hello readers,

This week brings exciting developments in the world of cryptocurrency and blockchain technology. Sony is making a significant move by revamping the WhaleFin trading platform into S.BLOX, marking its deeper foray into the crypto space. Meanwhile, VanEck has filed for the first-ever spot Solana ETF in the U.S., aiming to provide investors with direct exposure to Solana's performance. These initiatives by major players like Sony and VanEck underscore the growing mainstream acceptance and innovative momentum within the cryptocurrency sector.

Sony Prepares to Launch Revamped Crypto Exchange

Sony is set to launch a cryptocurrency exchange subsidiary named S.BLOX Co., rebranding the local trading platform WhaleFin, which it acquired last year. This revamped entity, formerly known as DeCurret, aims to enhance user experience with a redesigned interface and a new mobile app. S.BLOX plans to collaborate with other Sony Group businesses to add value to its crypto trading services. This move is part of Sony's broader strategy to expand its presence in Web3, including developing its own public blockchain network in partnership with Startale Labs. The exact launch date for S.BLOX has not been announced.

Promoted - Please email [email protected] for sponsorship enquiries.

Choose Independent Reserve (ref code: MCKHXL) – where your financial future shines brighter.

Igloo Inc. Acquires Frame to Develop Layer 2 Network

Igloo Inc., the parent company of the popular NFT project Pudgy Penguins, has acquired the on-chain creator economy platform Frame. The acquisition aims to develop Abstract Chain, a Layer 2 network focused on on-chain culture and communities. Frame's team will join Igloo to provide the infrastructure and distribution needed to advance the consumer crypto revolution. Frame's platform supports creators by enabling the permissionless creation of NFT marketplaces and allocating some Layer 2 gas fees to them. This move aligns with Igloo's vision of pioneering a new era driven by the culture economy and innovative on-chain economic mechanisms.

Coinbase-Contracted Firm Sues SEC and FDIC Over Crypto Document Access

History Associates Inc., contracted by Coinbase, is suing the SEC and FDIC for failing to produce documents under the Freedom of Information Act (FOIA) that could clarify the regulators' views on cryptocurrencies. Coinbase seeks communications from three closed cases to understand how the SEC determines which digital assets qualify as securities, including Ethereum's ether (ETH). The exchange also wants FDIC's "pause letters" advising financial firms to halt crypto activities. The lawsuits, part of ongoing legal clashes between Coinbase and U.S. regulators, aim to shed light on the SEC's broad regulatory claims over digital assets.

Happenings of the week

• Peter Thiel continues holding Bitcoin despite reservations

• Crypto’s Mainstream Adoption: Polymarket Sees Over $200 Million in Election Bets

• U.S. Judge Lets Most of SEC Case Against Binance Proceed, Dismisses Secondary Sales Charge

• Vitalik shares blog on how to increase ETH speed

VanEck Files for First Spot Solana ETF in the U.S.

VanEck has filed an S-1 registration statement to launch the "VanEck Solana Trust," marking the first public attempt to create a spot Solana (SOL) ETF in the U.S. The ETF aims to reflect Solana's price performance by directly backing shares with SOL tokens, and will be listed on the Cboe BZX Exchange. VanEck clarified that the Trust will not engage in staking or income generation from its SOL holdings. This filing follows the SEC's recent approval for listing spot Ethereum ETFs, and VanEck's head of digital asset research.

Stay tuned for more updates next week! If you haven't yet, hit that subscribe button to ensure you never miss an issue. Found value in this edition? Please consider sharing it with your friends, colleagues, and fellow crypto enthusiasts. Together, let's navigate the world of crypto with clarity and insight!