Crypto & Blockchain Daily Brief Tuesday, January 30, 2024

China Asset Management, one of the largest fund managers in the country, has filed an application to launch a Bitcoin exchange-traded fund (ETF) in Hong Kong. The move comes after many failed attempts by other companies to launch a Bitcoin ETF in the US.The application was submitted to the Hong Kong Stock Exchange on Friday, according to Bloomberg. If approved, the China Asset Management Bitcoin ETF would become the first of its kind in Hong Kong.The Chinese fund giant hopes to benefit from the growing popularity of cryptocurrencies and the increasing demand for Bitcoin investment products. The ETF would provide investors with a way to gain exposure to Bitcoin without actually owning the digital currency.The launch of a Bitcoin ETF in Hong Kong could also have wider implications for the cryptocurrency market in China. While China has cracked down on cryptocurrency trading and initial coin offerings (ICOs), the government has been more open to blockchain technology. The approval of a Bitcoin ETF could signal a shift in the government's stance on cryptocurrencies.However, the road to launching a Bitcoin ETF has been challenging in other jurisdictions. In the US, the Securities and Exchange Commission (SEC) has rejected numerous applications for Bitcoin ETFs, citing concerns over market manipulation and investor protection.The approval of a Bitcoin ETF in Hong Kong would also provide a boost to the city's status as a global financial hub. Hong Kong has been looking to attract more fintech companies and blockchain startups, and the launch of a Bitcoin ETF could help solidify its position as a leader in the industry.Overall, the filing of an application for a Bitcoin ETF by China Asset Management in Hong Kong demonstrates the growing interest in cryptocurrencies and the potential for further adoption of blockchain technology in China.

Google is reportedly looking into the possibility of offering advertising space to cryptocurrency-related companies, following the recent approval of a Bitcoin exchange-traded fund (ETF) in the United States. The search engine giant has been in discussions with potential advertisers in the cryptocurrency industry, although it is unclear when the ads will be launched or which companies will be eligible to participate. The move comes as Google seeks to take advantage of the growing interest in cryptocurrencies and blockchain technology.Google's interest in the cryptocurrency industry is not new. The company has been exploring blockchain technology for several years and has filed multiple patents related to the technology. It has also invested in several blockchain startups and has partnered with various cryptocurrency exchanges to offer Google Pay integration.The recent approval of a Bitcoin ETF by the US Securities and Exchange Commission (SEC) has further increased Google's interest in the industry. The approval of a Bitcoin ETF is seen as a significant milestone for the cryptocurrency industry, as it opens the door for more institutional investors to enter the market. This could lead to increased demand for advertising services from cryptocurrency-related companies, which Google is looking to capitalize on.While Google's move into the cryptocurrency advertising space is welcome news for the industry, it also raises concerns about the potential for scams and fraudulent activities. The cryptocurrency industry has been plagued by scams and Ponzi schemes, and advertising platforms have been a popular tool for scammers to promote their fraudulent schemes. Google will need to implement strict guidelines and policies to ensure that only legitimate companies are allowed to advertise on its platform.Overall, Google's entry into the cryptocurrency advertising space is a positive development for the industry. It will provide a much-needed avenue for legitimate companies to advertise their products and services, while also helping to legitimize the cryptocurrency industry as a whole. However, it is important for Google to proceed with caution and implement robust measures to protect users from scams and fraudulent activities.

The Stellar Development Foundation (SDF) has postponed the upgrade of the Stellar blockchain to Protocol 20 after a bug was discovered during the final testing phase. The bug could have allowed attackers to mint unlimited amounts of the network's native cryptocurrency, XLM.The Protocol 20 upgrade is intended to improve the scalability and efficiency of the Stellar network. It introduces new features such as fee bump transactions, which allow users to increase the fee of a transaction to prioritize its inclusion in a block. The upgrade also includes changes to the way that assets are represented on the network.During the final testing phase of the upgrade, a bug was discovered that could have allowed attackers to create an unlimited number of XLM tokens. The bug was quickly fixed by the SDF, but the organization decided to delay the upgrade to Protocol 20 in order to conduct a thorough review and ensure the stability and security of the network.The SDF has stated that there is no evidence to suggest that the bug was exploited or that any XLM tokens were created fraudulently. However, the organization is taking the issue seriously and is working to implement additional security measures to prevent similar bugs from occurring in the future.The delay of the Protocol 20 upgrade is a setback for the Stellar network, which has been working to improve its scalability and attract more users and developers. However, the SDF's quick response to the bug and its commitment to ensuring the security of the network should help to maintain confidence in the platform.