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Global fintech Revolut revealed it prevented millions in potential losses in the last three months, using its crypto-specific measures and transaction monitoring to tackle criminal activity as malicious actors continue to target the industry.

Revolut Prevents $13 Million Losses In Q3

Revolut, the UK-based neobank with over 45 million customers worldwide, revealed it had prevented losses of over $10 million worth of crypto in three months. From June 1 to September 1, the global fintech stopped around $13.5 million in potential fraudulent transactions from its platform.

The company has pledged to prevent “crypto fraud at source,” aiming to stop funds from ever leaving customers’ accounts with its proactive approach. Revolut expanded its digital assets services earlier this year by launching its standalone trading platform for UK users.

The banking app explained that it enhanced its crypto-specific security measures to protect its customers from falling victim to fraud, which increased the potential for fraud detection. Revolut offers a Wealth Protection feature that, once enabled, requires users to do a selfie verification for every crypto withdrawal.

Two biometric assessments, like Face ID and fingerprint recognition, will also be required to approve these transactions. Moreover, the bank detailed that when customers initiate a crypto transfer, it is monitored by the app’s algorithm in real-time.

In 2024, 92% of these transactions were completed without requiring additional information from the user. Meanwhile, the remaining 8% required additional reviews to comply with fraud prevention and anti-money laundering regulations. Per Revolut’s data, only 1 in 5,000 transfers leads to account closure after further review, less than 0.02%.

Investors Remain Affected By Crypto Fraud

Emil Urmanshin, Revolut’s Director of Crypto & New Bets, highlighted the company’s efforts to improve its transfer process to follow regulations and prevent digital assets-related fraud:

Since first launching crypto withdrawals and deposits, we’ve been constantly fine-tuning our transfer process behind the scenes to improve things. We follow strict financial regulations to create a secure environment for all of our customers’ crypto transactions. This starts from the second they sign up — from monitoring patterns in suspicious activity to identity checks and using two-factor authentication.

Meanwhile, Woody Malouf, Revolut’s Group Head of Financial Crime and Fraud, noted that fraudulent transactions remain a problem for their customers, including those using digital assets, and warned users of the different tactics used by malicious actors to target investors:

More than 45 million people trust Revolut with their money and, in 2023, we estimate that we saved customers over $590 million in potentially fraudulent transactions across the board. We mean it when we say we take security seriously — and that absolutely includes crypto. Mindful of all of the celebrity endorsement scams, deepfakes, and AI-dupes circulating.

As reported by Bitcoinist, the industry saw $735 million in losses during 2024’s third quarter, a 9.5% increase from the second quarter. CertiK’s report revealed that phishing was the costliest type of scam during the past three months, sweeping over $343 million from July to October.

The report concluded that the industry remains vulnerable despite the progress in user awareness and improved security measures, suggesting better education and more sophisticated measures to protect investors’ funds and the trust in the sector.

Аналитики бразильской криптовалютной биржи Mercado Bitcoin заявили, что к 2030 году число инвесторов в цифровые активы в Бразилии может превысить половину населения страны.

Крупнейшая криптобиржа мира Binance провела для сотрудников правоохранительных органов в Мехико обучающий семинар по кибербезопасности и криптовалютам, чтобы полиции было проще расследовать криптовалютные преступления.

По мнению главы отделения банка Standard Chartered по исследованию рынка форекс и цифровых активов Джеффри Кендрика, Solana может превзойти первую криптовалюту по темпам роста уже в 2025 году.

The United Nations recently issued a surprising report stating that Telegram has emerged as a major platform for criminal networks in Southeast Asia. This encrypted chat software has become a hotspot for money laundering, fraud, and the exchange of stolen data, according to the UN. The findings show that organized crime groups are using Telegram’s features to carry out illegal activities with startling ease.

Telegram: A New Era In Crime

Based on the UN Office on Drugs and Crime (UNODC) report, these criminal enterprises generate between $27.4 billion and $36.5 billion each year. The research discusses how Telegram has changed the face of organized crime, allowing syndicates to operate with little control.

Criminals sell malware and deepfake software over the network and use it to commit fraud by trading passwords and sensitive information like credit card numbers. To give you an idea of how big these operations are, one advertisement stated that they move $3 million worth of stolen cryptocurrency daily.

The growing number of unregistered cryptocurrency exchanges on Telegram has complicated matters. These interactions provide tools that let crooks readily move dirty money. Among these networks, the UNODC has assigned Tether (USDT) as the stablecoin of choice based on its indispensable function in enabling transactions for illicit operations.

The Arrest Of Pavel Durov

The issue worsened when Telegram’s founder, Pavel Durov, was detained in Paris in August. He faces serious charges for facilitating different illicit activities on the platform, such as drug trafficking and child exploitation.

Durov said that the firm tries to increase user privacy alongside its obligations to honor legal orders by sharing user data with the authorities. Following Durov’s detention, discussions have begun on the role that tech companies should play in keeping tabs on illegal activity that takes place on their networks. The appropriate balance between user privacy and public safety is a topic of much debate.

The Broader Implications

The UN’s latest findings have significant consequences. According to the deputy representative for Southeast Asia and the Pacific of UNODC, Benedikt Hofmann, Telegram hosts the criminals in a friendly space. In other words, consumers’ data is more vulnerable than at any time in the past because it could easily be exploited for frauds or other forms of illicit activity.

Most importantly, the report indicated that the profits these crime syndicates gather through their activates thrust them to find ways to innovate even more. They now engage with the latest technologies like artificial intelligence and deepfakes in their crimes, making it very challenging to track them down. Over 10 deepfake software providers have been identified as specifically targeting criminal organizations involved in cyber-enabled fraud.

Featured image from Protos, chart from TradingView

Новый документальный фильм HBO «Электрические деньги: Тайна биткоина» (Electric Money: The Bitcoin Mystery) Каллена Хобака (Cullen Hoback) вышел в свет 8 октября. Режиссер предположил, что таинственным создателем Биткоина, использующим псевдоним Сатоси Накомото, является 39-летний разработчик Питер Тодд.

Canary Capital Group LLC подала заявку в Комиссию по ценным бумагам и биржам США (SEC) на запуск биржевого фонда (ETF), привязанного к криптовалюте Ripple — Canary XRP ETF.

Сооснователь Solana Анатолий Яковенко считает, что мемкоины приносят пользу для криптоотрасли ― они привлекают внимание и заставляют разработчиков более серьезных проектов доказывать свою полезность.

Правительство Палау представило прототип системы «государственных сберегательных облигаций на основе блокчейна» Palau Invest, которая позволит 18 000 жителям государства хранить свои деньги и получать доход.

Во вторник, 8 октября, криптовалютная биржа Crypto.com подала иск против Комиссии по ценным бумагам и биржам США (SEC) с претензией о необоснованном уведомлении Wells и возможном судебном преследовании за предполагаемые нарушения правил оборота ценных бумаг.

On-chain data shows the Ethereum whales have been participating in constant distribution for the last six months, a sign that’s not ideal for ETH.

Ethereum Accumulation Trend Score Has Been Red For Cohorts As A Whole

As analyst James Van Straten pointed out in a new post on X, the Accumulation Trend Score has been showing a grim picture for Ethereum recently. The “Accumulation Trend Score” here refers to an indicator from Glassnode that tells us whether the investors of a given asset are accumulating or not.

This metric takes into account for not just the net balance changes happening in the wallets of the investors, but also the size of the entities. This means that larger entities have a higher weight in the indicator. When the value of the score is close to 1, it means either the large investors are participating in strong accumulation or a large number of small holders are buying. On the other hand, it being close to 0 implies net distribution is going on in the network or at least, there is a lack of accumulation taking place.

In the context of the current topic, the version of the Accumulation Trend Score that’s of interest is the one for the individual cohorts. Addresses have been divided into these groups based on the balance that they are carrying.

Now, here is a chart that shows the trend in the Ethereum Accumulation Trend Score for the different cohorts over the past year:

As displayed in the above graph, the Ethereum Trend Accumulation Score showed a shade of blue across the cohorts during the early parts of the year, implying the investors as a whole were participating in some degree of accumulation.

Shortly after the Bitcoin all-time high (ATH) back in March, however, the investors started aggressively selling, with the indicator’s value taking a deep red color (that is, very close to the zero mark). Since the initial sharp distribution, selling has calmed down over the last few months, but the metric has still been tending towards being red. Of note, the 100 to 1,000 BTC, the 1,000 to 10,000 BTC, and the 10,000+ BTC groups are still in a phase of distribution.

These cohorts are popularly referred to as, in the same order, sharks, whales, and mega whales. Investors of this size can carry some degree of influence in the market, so their participation in consistent selling over the last six months or so is naturally not a good sign for Ethereum.

It’s possible that until the various cohorts return back to accumulation mode, ETH won’t be able to make any significant recovery.

ETH Price

At the time of writing, Ethereum is floating around $2,400, down more than 7% over the last seven days.

Согласно новому отчету MatrixPort, интерес институциональных инвесторов к цифровым активам и экономическая неопределенность могут привести к тому, что в 2025 году мировой уровень внедрения криптовалют превысит 8%.

Интернет-сообщество Эфириума возмущено тем, что старший аналитик по биржевым фондам в Bloomberg Эрик Балчунас позволил себе критические замечания в отношении устойчивости экосистемы второй криптовалюты.

A new Dogecoin price prediction has put it on another bullish path and this time, forecasting that the meme coin is destined for new all-time highs. In particular, crypto analyst @Kev_Capital_TA on X made a notable forecast regarding the meme coin that could see it finally cross the $1 market. This is entirely based on the past performance of the Dogecoin price, taking into account the average number of days it takes for each parabolic surge to materialize.

DOGE Is Due For A Surge

The crypto analyst explained that so far, the Dogecoin price has maintained an average of 1,095 days for each cycle before a parabolic surge. Naturally, with this trend holding so far, this year is expected to be no different and the Dogecoin price is expected to follow it.

Presently, though, the Dogecoin price has crossed the average number of days and the parabolic surge is yet to take place. This suggests a delay, but it does not necessarily mean that the surge will not happen soon. Rather, this could mean that the Dogecoin price is due for a surge.

DOGE has has now 1,246 days since the last parabolic surge with no bullish momentum in sight. This puts the surge more than 150 days behind schedule already. On a more bearish note, this delay could mean that the Dogecoin price is finally breaking away from this trend.

The crypto analyst points to the fact that DOGE is behind schedule and still trending down as a reason this might be the case. “Yes #DOGE is 151 days behind schedule. The four year cycle is showing clear evidence of potentially being broken. Don’t attack the messenger just be grateful I am hear for you to provide such info.”

However, the crypto analyst’s chart shows what could happen if the Dogecoin price were to complete the parabolic surge this time around. From the current low price of around $0.1, DOGE could rise as high as $2.2, which would be an over 2,100% increase from here.

The average amount of days it has taken in each #Dogecoin four year cycle is 1,095 days before a parabolic surge has occurred in price. We are currently sitting at 1,246 days and price is still trending down with no parabolic surge. Yes #DOGE is 151 days behind schedule. The four… pic.twitter.com/HPOE4IruLr

— Kevin (@Kev_Capital_TA) October 5, 2024

Whales Could Push Dogecoin Price Higher

Despite the Dogecoin price not following the 4-year parabolic trend, it has not eroded bullish sentiment, especially among whales. Another crypto analyst, Ali Martinez, noted that DOGE whales have been positioning themselves for a move to the upside.

This means that the DOGE whales are still expecting a move up for the Dogecoin price. This is further strengthened by the fact that Q4 2024 is expected to be bullish for the crypto market. If the Bitcoin price continues to rise, so will the Dogecoin price.

Ethereum is at a critical juncture after failing to break above the $2,500 mark yesterday, leaving investors uncertain about its next move. As the broader crypto market anticipates a rally, Ethereum traders closely monitor signs of strength within the network. Despite recent price struggles, there are promising signals from the blockchain.

Key data from IntoTheBlock suggests a growing demand for ETH staking, reflecting long-term confidence in the network’s future. This surge in staking activity indicates that investors are still optimistic about Ethereum’s potential, particularly with upcoming developments like staking rewards and network upgrades.

However, the recent price action has raised concerns, as many had expected ETH to climb higher by now, especially following a period of positive sentiment across the market.

With the crypto market poised for a possible rally, Ethereum’s next moves could set the tone for broader market performance. Investors are now watching closely to see if ETH can regain momentum or if it will continue to struggle at current resistance levels. The coming days will be pivotal in determining whether ETH can break through and initiate a sustained upward trend.

Ethereum Staking Signals Long-Term Confidence 

Ethereum is trading below a key resistance level as the broader crypto market prepares for a potential rally in the coming weeks. The market sentiment has been increasingly bullish, with investors expecting Ethereum to play a crucial role in the next upward move.

According to key data from IntoTheBlock, 28.9% of all ETH is now staked, a significant increase from the 23.8% recorded in January. This surge in staking activity is a clear indicator of growing long-term confidence in the Ethereum network.

Interestingly, over 15.3% of Ethereum has been staked for over three years, showing that many investors are committed to holding their ETH for the long haul. This strong staking activity reinforces the narrative that ETH is viewed as a valuable asset in the evolving crypto landscape and that many investors are betting on its long-term success.

The recent increase in staking and Ethereum’s upcoming network upgrades suggest that ETH is well-positioned for a potential surge. As market fundamentals continue to improve, the entire crypto market seems poised for a rally, and ETH could lead the charge. If ETH breaks past its resistance levels, the momentum could trigger a significant upward movement in the weeks ahead.

ETH Testing Supply Levels

Ethereum is trading at $2,434 after failing to break above the 4-hour 200 moving average (MA) at $2,458. This technical level has acted as a significant resistance point, and bulls need to reclaim it to maintain upward momentum.

A key target for Ethereum’s price action is surpassing the 4-hour 200 MA and breaking above the 200 exponential moving average (EMA) at $2,511. Doing so would strengthen the bullish case and open the door for a potential rally.

However, if ETH continues to struggle and fails to break past these critical resistance levels, a deeper retracement could be on the horizon. In such a scenario, the next significant demand zone lies around $2,150, which could provide a solid foundation for a potential rebound.

With Ethereum investors closely watching these levels, the price action in the coming days will be crucial in determining whether ETH can regain its bullish momentum or face further downside risks. Bulls must reclaim key technical indicators or risk losing control of the trend, leading to a retest of lower support zones.

Featured image from Dall-E, chart from TradingView

A Solana (SOL) trader who initially invested a mere $800 in the popular Solana-based meme coin, Moo Deng, has realized unreal gains, with profits soaring to approximately $10 million. However, despite the massive returns from unreal meme coin trade, the Solana trader is facing liquidity obstacles, leaving him stranded as Moo Deng’s value rapidly plummets. 

Solana Trader’s $800 Meme CoinBet Nets $10 Million

New reports from Arkham Intelligence have uncovered an anonymous Solana trader who hit the jackpot with a recent investment in the popular meme coin, Moo Deng. Based on a viral baby pygmy hippo in Thailand, Moo Deng signifies the epitome of a meme-based cryptocurrency with its play theme and community-driven hype. 

According to Solana blockchain explorer, Solscan, the Solana trader had invested a modest sum of $861.8 in Moo Deng, entering the market early when the meme coin was flying under the radar and priced significantly lower than its current value. As the crypto market showed signs of stability and the popularity of meme coins grew, Moo Deng followed suit, growing from a market capitalization of about $7 million two weeks ago to $315 million at some point last month. 

This massive surge in the meme coin’s market value reflects a 350% increase, during which the trader watched his $861.8 investment soar to over $10.7 million. The Solana trader had initially purchased a total of 30.19 million Moo Deng tokens just hours after it launched, ultimately securing millions in profit as the meme coin went viral on X (formerly Twitter). 

In just over a few weeks Moo Deng had rapidly ascended to become the 22nd meme coin by market capitalization, triggering a price increase to new all-time highs. Despite this substantial price increase, the Solana trader has yet to sell any of his Moo Deng tokens. Instead, he has spread his sizable investment across four different Solana addresses. 

Many in the crypto community have questioned the trader’s decision to hold off on cashing out, especially as the price and market capitalization of Moo Deng is plummeting drastically. His profit which sat at over $10 million has now reduced significantly to $4.4 million based on current exchange rates. 

Ultimately, this dilemma boils down to liquidity issues, as the market for Moo Deng is highly illiquid. With limited buying and selling activity in the Moo Deng market, investors like this Solana trader may have a hard time selling off large amounts of tokens without significantly impacting its market price. 

Update On Moo Deng’s Price

Following its massive rally in September, the price of Moo Deng took a negative turn, experiencing significant declines as market hype began to wane. At the time, the cryptocurrency had reached an all-time high of about $0.355, surpassing the current price of top meme coins like Dogecoin (DOGE), and Shiba Inu (SHIB). 

As of writing, the Market Capitalization of Moo Deng has fallen by a whopping 70% and now sits at a mere $147.2 million. The viral meme coin is also currently trading at $0.148, according to CoinMarketCap, marking a staggering 58.4% decrease from its ATH price. 

Ethereum bulls might struggle for momentum at press time, but other onchain data points to interesting developments. While ETH is trading above $2,400 but capped by determined sellers, IntoTheBlock data shows that nearly 30% of all circulating ETH has been staked.

Over 34.4 Million ETH Staked In 9 Months

As of October 8, IntoTheBlock analysts note that 28.9% of all ETH has been staked. At this level, more holders are committing to tie their stash. The figure is up, rising from 23.8% recorded in January 2024. More than 15.3% of ETH has been staked out of this amount for over three years.

Related Reading: Dogecoin Preparing For Another Monumental Surge, New All-Time High Incoming?

Ethereum switched the proof-of-work consensus algorithm in September 2022, officially transitioning to a proof-of-stake network like Cardano. The migration permitted the platform to do away with energy-intensive miners who were replaced by validators.

Parallel data from Ethereum shows that over 1 million network validators have cumulatively locked in more than 34.4 million ETH. Each validator earns an APR of 3.3%, a non-compounding annual yield that falls depending on the amount locked.

All network validators must lock at least 32 ETH and operate a node that ensures the network operates every day of the week without downtime. There are penalties for validators who collude to, for example, confirm invalid transactions or attempt to take over the chain in a majority attack.

That Ethereum is attracting more validators despite prices contracting from Q1 2024 highs of around $4,100 to as low as $2,100 in early August is an endorsement of the platform’s long-term prospects.

Presently, Ethereum remains the second largest platform after Bitcoin and the only other crypto project after Bitcoin to get the node for a spot ETF from the United States SEC. Even so, ETH remains under pressure below $2,800, dashing hope.

EIP 7781 Seeks To Boost Ethereum Scalability

Beyond this, Ethereum developers continue to build, looking to enhance user experience and improve scalability. After the Dencun upgrade in March 2024, a new Ethereum Improvement Proposal (EIP) 7781 was recently floated.

The proposer seeks to further boost Ethereum’s processing speeds by reducing slot times and increasing the blob capacity. Specifically, the goal is to eventually reduce the slot time from around 12 seconds to 8 seconds, which could increase the transaction throughput by over 30%.

If this proposal goes through, decentralized exchanges, including Curve or Uniswap, would benefit. Of note is that users, due to higher throughput, will see the cost of mainnet transactions shrink. Although the proposal is welcomed, solo stakers must acquire new gear and strengthen their internet connections.

ETFSwap (ETFS) is quickly emerging as the cryptocurrency to watch, with experts predicting that it will outclass popular tokens like Shiba Inu (SHIB), Dogecoin (DOGE), and PEPE combined. What’s driving this sudden excitement? Crypto whales are taking notice, rushing to grab a piece of ETFSwap (ETFS) before its price explodes, thanks to its advanced infrastructure, cutting-edge utilities, and groundbreaking features built on the Ethereum blockchain. 

ETFSwap (ETFS): A Trailblazer In Growth And Returns

The current buzz around ETFSwap suggests it’s a game-changer in the world of cryptocurrency, particularly in the upcoming crypto ETF boom. No wonder experts are predicting it will surpass the combined performance of Shiba Inu (SHIB), Dogecoin (DOGE), and PEPE. The driving force behind this forecast is ETFSwap’s superior technology infrastructure, which is rooted in the fast and scalable Ethereum blockchain.

The excitement is palpable as ETFSwap (ETFS) nears the conclusion of its ICO, with whales already scooping up tokens in anticipation of massive gains. These crypto elites are preparing for a profitable exit before the general public catches wind of this hidden gem. The platform’s appeal is backed by the advanced security measures stamped by Cyberscope’s audit and the team’s verified KYC status through SolidProof, ensuring investors’ confidence.

Beyond security, ETFSwap (ETFS) boasts an impressive array of features. Its ability to list highly priced tokenized assets, its staking mechanisms with an 87% APR yield, and its smooth participation in various liquidity pools make it an attractive investment. With these offerings showing up in phase 1 of its Beta launch soon, ETFSwap (ETFS) is not just competing with altcoins like SHIB, DOGE, and PEPE—it’s setting a new standard in the industry. Phase 2 of its Beta platform promises even more groundbreaking utilities – AI-powered ETF trading tools such as the ETF Screener and ETF Tracker, helping investors make more informed decisions.

As the crypto ETF market grows, ETFSwap ( ETFS) is perfectly positioned to take full advantage. Its anticipated ETF launch in 2025 is expected to draw in institutional investors, boost liquidity, and provide a new wave of investment opportunities. 

Why Experts Believe ETFSwap Will Outshine SHIB, DOGE, And PEPE

While Shiba Inu (SHIB), Dogecoin (DOGE), and PEPE have had their moments in the spotlight, many believe their best days are behind them. Shiba Inu (SHIB) and Dogecoin (DOGE) have seen remarkable growth due to strong community backing and media hype, but their value proposition has become stagnant. PEPE, a meme coin, also relies heavily on speculation, which could limit its long-term potential.

ETFSwap, on the other hand, offers far more than just hype. Its tokenized ETFs present a unique value proposition that Shiba Inu (SHIB), Dogecoin (DOGE), and PEPE simply cannot match. These ETFs provide exposure to a diverse range of assets, increasing the potential for higher returns. Moreover, ETFSwap’s infrastructure is built on the Ethereum blockchain, offering superior scalability and speed compared to its meme-coin counterparts.

The expert consensus is clear: ETFSwap (ETFS) has the technological edge and growth potential to deliver exponential returns. The price of $0.03846 in the ICO phase is strategically low, offering investors the chance to enter early before the inevitable surge. While Shiba Inu (SHIB), Dogecoin (DOGE), and PEPE may still hold some market appeal, they no longer have the power to guarantee the kind of profits that ETFSwap (ETFS) promises in the upcoming ETF bull run.

The crypto whales are well aware of this, shifting their portfolios from slow-moving tokens like Shiba Inu (SHIB), Dogecoin (DOGE), and PEPE to ETFSwap (ETFS). They understand that holding onto these older tokens could slow down their returns, while ETFSwap (ETFS) presents a more lucrative alternative with its innovative offerings and future-ready technology.

Conclusion

ETFSwap (ETFS) is the underdog that’s ready to dominate the crypto ETF market. As experts have predicted, ETFSwap (ETFS) is set to outperform Shiba Inu (SHIB), Dogecoin (DOGE), and PEPE, offering far superior growth potential and long-term returns. The ongoing ICO, priced at just $0.03846, is a rare opportunity for investors to get in before the masses.

Crypto whales are already making their moves—don’t miss out. Get in before the masses do.

 

For more information about the ETFS Presale:

Visit ETFSwap Presale

Join The ETFSwap Community

In a surprising move, investment funds based on other altcoins failed to follow in the footsteps of crypto giants, with Solana, XRP, Cardano, and Litecoin witnessing inflows during the week. The latest weekly report on digital asset investment funds by CoinShares depicts a trend of weaker investment sentiment among institutional investors. After witnessing three consecutive weeks of inflows, crypto investment funds recorded an outflow of $147 million last week. Unsurprisingly, the majority of these outflows were concentrated in Bitcoin, while Ethereum followed closely behind as the second-largest contributor to the losses. 

Bitcoin And Ethereum Products Bleed With Outflows

Last week proved to be quite eventful for the price action of many cryptocurrencies, and data shows this trend was echoed in their associated investment funds. Bitcoin and Ethereum, which ended September on a positive note, started October on a not-so-favorable one. This trend was also reflected among institutional investors, who dialed back on their investments.

Consequently, digital asset investment funds, which were coming from a $1.2 billion inflow the previous week, failed to attract much inflows last week. As such, their net flows reversed into a negative zone and ended the week at a negative $147 million. According to CoinShares, this was mostly due to higher-than-expected economic data last week, which reduced the possibilities of a further rate cut by the Fed. 

Bitcoin ended the week with an outflow of $159 million. Most of these outflows were recorded through Spot Bitcoin ETFs in the US, which ended the week at $301.5 million in outflows. Ethereum-based investment funds also witnessed a net outflow of $28.9 million last week, with the majority coming from Spot Ethereum ETFs in the US. 

Solana, XRP, And Cardano Record Surprising Inflows

Defying the prevailing trend, several altcoins experienced positive inflows from institutional investors, reflecting continued interest in these assets despite the broader downturn affecting Bitcoin and Ethereum. Solana, XRP, Cardano, and Litecoin witnessed $5.3 million, $0.3 million, $0.3 million, and $0.9 million in inflows, respectively. 

The most notable investment from institutional investors went into multi-asset products, which witnessed $29.4 million in net inflows last week. This is particularly notable because last week’s data marked the 16th consecutive week of inflows into multi-asset products. 

Another notable highlight was the inflow into Short Bitcoin products. Short Bitcoin products also ended the week at a net inflow of $2.8 million, further reflecting the reversal from a bullish Bitcoin sentiment. BNB was the only altcoin to follow Bitcoin and Ethereum, registering $1 million of net outflow. 

In terms of geographical location, the US, Germany and Hong Kong saw outflows of $209 million, $8.3 million and $7.3 million, respectively. On the other hand, Canada and Switzerland received inflows of $43 million and $35 million, respectively.

SBI Digital Community Co., Ltd., a subsidiary of Japan’s financial conglomerate SBI Holdings, has announced the public sale of its inaugural “Crypto Canvas Collection” NFTs on Polygon and the XRP Ledger. The sale is set to take place from October 12 to October 14, 2024, and will be conducted through “Bto3 ~ Web3 community ~,” a platform focused on Web3 initiatives operated by SBI Digital Community.

SBI Chooses Polygon And XRP Ledger

The “Crypto Canvas Collection” aims to foster collaborative storytelling among community participants on a digital canvas. According to SBI Digital Community, “Each piece is a one-of-a-kind, hand-drawn generative NFT.” The collection consists of 3,000 unique NFTs, each priced at 0.025 ETH.

Notably, credit card payments will be accepted during the public sale, lowering the barrier to entry for those new to cryptocurrency. The NFTs will be minted on the Polygon blockchain, and interested participants can access the sale via the Discord channel at https://discord.gg/bto3.

SBI Digital Community emphasizes user accessibility in this initiative. “Bto3 provides support so that even beginners to Web3 can purchase it. If you have any questions, please contact us via ‘support’ in Discord,” the company stated in the official press release.

Owners of the first collection NFTs are entitled to a range of exclusive benefits. Holders of one or more NFTs gain the right to participate in a lottery to win additional NFTs at any time and access to an NFT discount service usable at affiliated stores nationwide, scheduled to launch in the second quarter of 2025. For every two NFTs held, owners will receive an XRP Ledger (XRPL) version of the Crypto Canvas Collection, slated for issuance in November 2024, and automatic receipt of the second NFT collection upon its launch.

A standout feature of this initiative is the NFT discount service, which seeks to bridge digital assets with real-world applications. The service allows NFT holders to receive discounts at participating stores nationwide simply by holding eligible NFTs.

Authentication is performed by scanning a QR code displayed at the store and connecting to the user’s wallet. Customers then show the authentication screen to the store clerk to receive the discount. Importantly, this system requires no specialized Web3 knowledge from the store staff. SBI Digital Community explained, “Stores can implement this service without any knowledge of Web3, and it is free to use and can receive customers.”

The service leverages the membership card functionality inherent in NFTs. It addresses a common challenge in customer management by allowing stores to verify current NFT holders without the need to manage individual customer data. “Even if secondary circulation occurs due to the blockchain, there is no need to manage customers, and it is possible to check current NFT holders,” the company noted.

From a business model perspective, the NFT discount service diverges from traditional discount programs. There are no usage fees for stores, and users retain the ability to trade their NFTs, introducing a novel revenue structure that benefits both merchants and consumers.

“Web3 has had the challenge of slowing mass adoption due to the lack of opportunities for use in the real world. With this NFT discount service, we will promote mass adoption and build a win-win ecosystem for users, stores, and our company,” SBI stated.

By offering an XRPL version of the Crypto Canvas Collection to holders of two or more NFTs, SBI Digital Community is leveraging the capabilities of the XRP Ledger, known for its speed and efficiency in processing transactions. This move signifies SBI’s ongoing commitment to integrating XRP Ledger technology into its blockchain initiatives. Notably, SBI is one of Ripple’s most loyal partners.

At press time, XRP traded at $0.53.