Crypto & Blockchain Daily Brief Tuesday, April 29, 2025

ProShares, a well-known provider of exchange-traded funds (ETFs), is preparing to launch three new ETFs related to XRP futures on April 30, pending approval from the U.S. Securities and Exchange Commission (SEC). These ETFs will offer leveraged and short positions on XRP futures, allowing investors to take advantage of price movements in the popular cryptocurrency. The first ETF, ProShares UltraPro 3X Long XRP Futures ETF, will aim to provide three times the daily performance of XRP futures. The second ETF, ProShares UltraPro 3X Short XRP Futures ETF, will seek to achieve three times the inverse of the daily performance of XRP futures. The third ETF, ProShares UltraPro Short XRP Futures ETF, will aim to provide two times the inverse of the daily performance of XRP futures. These new ETFs are designed to cater to investors who wish to capitalize on XRP price movements with leveraged or short positions, providing them with more options to diversify their portfolios and manage risk. However, it is important to note that leveraged and inverse ETFs come with higher risks and may not be suitable for all investors due to their magnified exposure to market volatility. ProShares' decision to launch these XRP futures ETFs reflects the growing interest in cryptocurrencies among traditional financial institutions and investors. If approved by the SEC, these ETFs could provide a new way for investors to gain exposure to XRP futures and potentially benefit from the cryptocurrency's price fluctuations.

Coinbase, a leading cryptocurrency exchange, is set to launch a yield-bearing Bitcoin fund for institutional investors. The fund, called Coinbase Bitcoin Yield Fund, will enable clients to earn a return on their Bitcoin holdings. This move by Coinbase is part of a growing trend in the cryptocurrency industry where platforms are offering more products and services to cater to institutional investors. The fund will provide a way for institutions to earn yield on their Bitcoin without having to actively manage their holdings. Coinbase's new fund is seen as a way to attract more institutional investors to the cryptocurrency space by providing them with a secure and regulated way to earn returns on their digital assets. The fund is currently pending approval from the United States Securities and Exchange Commission (SEC) and is expected to launch in the coming months. Overall, the launch of the Coinbase Bitcoin Yield Fund represents a significant step towards mainstream adoption of cryptocurrency by providing institutional investors with more options to earn returns on their digital assets in a secure and regulated manner.

The Arizona state legislature is considering a bill that would allow residents to pay their taxes with Bitcoin or other cryptocurrencies. The bill has passed the Arizona Senate and is now awaiting a vote in the House of Representatives. If approved, Arizona would become the first state to accept cryptocurrency for tax payments. The bill would require the state to convert the cryptocurrency payments to U.S. dollars within 24 hours. Supporters of the bill argue that it would make it easier for people to pay their taxes and attract businesses involved in the cryptocurrency industry to the state. However, opponents are concerned about the volatility of cryptocurrencies and the potential for the state to lose money if the value of the digital assets drops significantly. Despite these concerns, the bill has received bipartisan support and is expected to pass the House of Representatives. Arizona has been at the forefront of cryptocurrency adoption, with the state passing a law in 2018 that allows residents to use blockchain technology to store their data securely. If the bill allowing tax payments with Bitcoin is successful, it could further solidify Arizona's position as a leader in cryptocurrency innovation.

Nexo, a digital asset-backed lending platform, has relaunched its services in the United States after a brief hiatus due to regulatory uncertainties. The company has now obtained a money services business license in the U.S., allowing it to resume operations in the country. Nexo provides users with the ability to borrow against their digital assets without the need to sell them, offering them flexibility and liquidity. The relaunch event was attended by various prominent figures including Donald Trump Jr., who expressed his support for Nexo and the opportunities it provides for individuals to access capital using their crypto holdings. Trump Jr. highlighted the benefits of Nexo's platform, emphasizing the importance of financial freedom and empowerment for users. Nexo's CEO, Antoni Trenchev, discussed the company's commitment to compliance and regulatory requirements, stating that they are dedicated to providing a secure and transparent platform for users to leverage their crypto assets. The relaunch in the U.S. marks a significant step for Nexo in expanding its presence in the American market and offering its services to a wider range of customers. Overall, Nexo's return to the U.S. market has been met with enthusiasm from both users and supporters, signaling a positive outlook for the company as it continues to grow and innovate in the digital asset lending space.

Trump World Liberty Financial, a U.S.-based financial services firm, has partnered with the Pakistan Crypto Council to provide blockchain and cryptocurrency services in Pakistan. The collaboration aims to promote financial inclusion and introduce blockchain technology to various sectors in the country. The partnership also aims to support Pakistan's economic growth and provide access to global financial markets through the use of digital assets. The Pakistan Crypto Council is a non-profit organization working to educate the public about digital currencies and blockchain technology. They are focused on promoting the adoption of cryptocurrencies in Pakistan and helping the country become a hub for blockchain innovation. Through this partnership, Trump World Liberty Financial will offer a range of services, including blockchain-based financial products and services, to the Pakistani market. The firm aims to facilitate secure and transparent transactions, promote financial literacy, and create new opportunities for businesses and individuals in the region. This collaboration comes at a time when Pakistan is exploring the potential of blockchain technology and digital currencies to address financial challenges and drive economic growth. By working together, Trump World Liberty Financial and the Pakistan Crypto Council aim to leverage blockchain technology to bring positive changes to the financial landscape in Pakistan, ultimately benefiting the country's economy and its people.