What happened this week in the world of blockchain and cryptocurrencies? The most relevant local and international events, along with engaging background reports, concisely summarized in the weekly review.
Selected articles of the week:
Société Générale (SocGen) is a French multinational investment banking giant with 160 years of history. For almost a decade, the bank has also been involved in the crypto sector. In 2016, SocGen started experiments with distributed ledger technology (DLT), issued a digital blockchain bond worth over 100 million euros in 2019 and has been developing a euro stablecoin since 2023. In addition, the wholly-owned subsidiary Societe Generale FORGE offers a wide range of crypto services. An interview with the Head of Crypto and Innovation.
Laurent Marochini discusses Societe Generale’s crypto initiatives, regulatory challenges, and the future of digital assets in banking.
Swiss banks are embracing blockchain
Swiss financial institutions are also waking up. Last March, the Swiss Bankers Association (SBA) published a white paper for the “book money token” (BGT) as a digital franc. This is a replication of the Swiss national currency in the form of a stablecoin. According to the SBA, the project is a key step in improving the services of the Swiss financial center and maintaining its competitive advantage in the digital economy. Now, a first proof of concept is to be developed as early as 2025 with UBS, PostFinance and Sygnum.
Last March, the Swiss Bankers Association (SBA) published a white paper on the Deposit Token…
Pump.fun generates $100 million in revenue
The Solana-based marketplace Pump.fun allows users to create their own memecoins. The platform does not require any technical expertise. This significantly lowers the hurdle for creating new memecoins, which is reflected in the numbers. Since its launch in January 2024, users have created over 2 million new cryptocurrencies through Pump.fun. With a trading fee of 1%, this generated over $100 million in revenue for the platform. An overview of the fastest growing blockchain protocol of the year.
The Solana token launch platform pump.fun reached $100M in revenue and released over 2M meme coins since its launch in January 2024.
First application for an XRP ETF
After the overwhelming success of spot Bitcoin ETFs, applications for further crypto funds regularly land on the SEC’s desk. A few months ago, VanEck and 21Shares tried a Solana-based ETF. Instead of embarking on the months-long approval process as with Bitcoin and Ethereum, the SEC blocked the funds completely. The agency cited a lack of clarity surrounding the securities status of the cryptocurrency as the reason. With a pending conclusion to the court case around Ripple, the ETF issuer Bitwise hopes that the chances of an XRP fund look better.
The fund issuer Bitwise filed an application with the SEC for the first XRP-ETF, however with slim chances of success.
Altcoins catch up
In addition: Over the summer, the crypto markets largely consolidated. Bitcoin traded in a range between USD 50,000 and 70,000, while altcoins gave up some of their gains. However, risk appetite quickly turned following the recent interest rate reversal. A large proportion of altcoins outperformed Bitcoin in direct response to upcoming liquidity injections. Traders are hoping for a sustained trend until the end of the year.
A summarizing review of what has been happening at the crypto markets of the past week. A weekly report in cooperation with Kaiko.
