Here is the top crypto news of the day curated by CoinChapter.com.
Crypto Firm Abra Settles with Regulators
Abra, a cryptocurrency company, has reached a settlement with 25 state financial regulators over operating without proper licenses. The firm must stop crypto-related activities for U.S. customers on its platform and return $82 million in virtual assets to users.
The investigation, led by several states, found that Abra’s mobile app for crypto trading lacked necessary licenses. To help reimburse customers, the states involved waived potential penalties of $250,000 each.
Crypto News: Zeta Markets Launches ZEX Token Airdrop
Zeta Markets, a Solana-based decentralized exchange, has started an airdrop for its new ZEX token. The token will be used for governance, staking, and as the native gas token for Zeta’s upcoming Layer 2 network, Zeta X.
The airdrop distributes 10% of the total ZEX supply, with 70% available for immediate claim by active traders. Zeta Markets, which has processed $10 billion in volume since 2021, aims to reward long-term users and boost engagement through this token distribution. Claims will remain open until September 25, 2024.
State Street and Galaxy Digital Partner on Crypto Products
State Street Global Advisors and Galaxy Asset Management are teaming up to create new cryptocurrency investment products. These will include exposure to crypto companies and both spot and futures-based ETFs. State Street has applied to register a crypto-based fund called SSGA Active Trust, which Galaxy will manage day-to-day.
This partnership aims to provide investors access to the $2.4 trillion digital asset ecosystem through actively managed strategies.
Crypto News: South Korean Crypto Firm Expands to Abu Dhabi
Hashed Ventures, a major South Korean crypto investment firm, is expanding to Abu Dhabi. The company has partnered with Hub71, the city’s tech ecosystem group, and plans to open an office there. This move is part of Abu Dhabi’s efforts to attract crypto talent and become a digital asset hub.
CEO Simon Seo-Joon Kim cited challenges in the South Korean market as reasons for seeking opportunities abroad. Hashed is also in talks with other South Korean crypto firms about entering the UAE market.
Blast Token Surges After Airdrop
The Blast (BLAST) token, native to the Ethereum layer-2 network Blast, has seen a 40% price increase following its launch. Starting at $0.02 per token with a $2 billion fully diluted value, it has climbed to $0.0281.
The airdrop distributed 17% of BLAST’s total supply to various user groups and the Blur Foundation. This successful launch contrasts with other recent token debuts like zkSync and LayerZero, which have declined since launch.
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