BlockchainReporter Weekly Crypto News Review: Ethereum ETFs in Spotlight

In this week’s crypto roundup, we dive into some significant developments shaping the blockchain and cryptocurrency landscape. From the highly anticipated launch of Ethereum ETFs, bringing new investment opportunities to the forefront, to strategic partnerships like Avalanche’s integration with Stripe for seamless AVAX purchases, the industry continues to evolve rapidly. The Tron Network celebrates a milestone of surpassing 8.1B transactions, reflecting its growing influence in the space. Meanwhile, Alchemy Pay’s new Web3 Digital Bank aims to revolutionize cross-border financial operations for Web3 enterprises. Finally, Bitget Wallet’s support for TON chain token swaps opens new avenues for users, highlighting a trend towards more diverse blockchain network integrations. These updates underscore the dynamic nature of the crypto world.

Awaited Ethereum ETFs Trading Goes Live

On July 23, the most important news of this week came to highlights. The SEC approved several spot Ethereum (ETH) ETFs, allowing Americans to trade them through regular brokerage accounts. This approval concludes a lengthy process following the SEC’s approval of spot Bitcoin (BTC) ETFs earlier this year. Grayscale, a major asset manager, transferred $1 billion worth of Ethereum to Coinbase on July 22, suggesting preparations for launching its own spot Ethereum ETF. This transfer included 10% of the 292,000 ETH moved from Coinbase’s hot wallet, indicating that Grayscale is pre-seeding funds for the ETF.

All approved ETFs share similar structures: managed by reputable fund managers, backed by spot Ethereum held with a trusted custodian, and supported by experienced market-makers. They also offer standard investor protections, including insurance against brokerage failures and cybersecurity risks. Grayscale’s ETF stands out for its proposed 2.5% fees, the lowest among competitors like Fidelity, BlackRock, and Invesco Galaxy, which offer similar services at 0.25% fees.

Avalanche Partners with Stripe to Simplify AVAX Purchases

This week, Avalanche has teamed up with Stripe to make it easier for users to purchase AVAX, integrating Stripe’s fiat-to-crypto onramps directly into Avalanche’s C-Chain. This partnership allows retail users to buy AVAX without using traditional cryptocurrency exchanges. The Stripe onramp will be available as a widget in various Avalanche dApps, such as decentralized exchanges, NFT platforms, and wallets.

This integration will be featured in Core, Avalanche’s native ecosystem wallet, enabling users to fund their wallets using payment methods like ACH, debit, and credit cards. Accessible via Core’s web app and browser extension, this feature lowers the entry barrier for new users. This collaboration aims to enhance digital asset transactions and foster Web3 adoption. By merging traditional finance with blockchain, the partnership is set to boost consumer adoption and strengthen Avalanche’s role in the blockchain industry.

Tron Network Exceeds 8.1 Billion Transactions

On 24th of July, Tron Network achieved a major milestone by surpassing 8.1B total transactions, showcasing its rapid development and expansion in the blockchain space. This achievement highlights Tron’s growing adoption and its efforts toward web decentralization.

In comparison, Ethereum has also seen significant growth, with over 2.45B transactions, reflecting its widespread use across various applications. Tron Network has expanded its user base to over 246 million accounts, further solidifying its position in the blockchain industry. Both Tron and Ethereum’s impressive transaction volumes underscore the increasing adoption of blockchain technology, promoting a decentralized web vision.

Alchemy Pay Launches Web3 Digital Bank for Multi-Fiat Crypto Accounts

In another important news of this week, Alchemy Pay has introduced a new Web3 Digital Bank. With this, it is allowing Web3 firms to open multi-fiat accounts with support for cryptocurrencies. This initiative aims to streamline transactions between fiat and crypto, offering businesses better control over cash flows, especially in cross-border operations. The Web3 Digital Bank’s multi-fiat accounts help reduce traditional banking fees and simplify cash management, enhancing operational efficiency.

The bank supports direct fiat-to-crypto conversions, including USDT and USDC, with transactions in EUR and USD. Alchemy Pay’s innovative solution provides Web3 businesses with an accessible and competitive banking option in the digital economy.

Bitget Wallet Expands with TON Chain Token Swaps

Bitget Wallet, operated by the Bitget exchange, expanded its services to support token swaps on the TON blockchain. This update simplifies the process for users, providing easy access to a range of new assets within the TON ecosystem. The integration offers a streamlined, user-friendly experience, allowing Bitget Wallet users to engage with new tokens and investment opportunities. This move aligns with a broader trend of wallets and exchanges supporting various blockchain networks to cater to the needs of an expanding crypto user base.

Bitget’s addition of TON chain tokens is expected to attract new users and increase the platform’s functionality, solidifying its position in the market. The integration enhances Bitget Wallet’s ecosystem and boosts TON blockchain visibility and adoption, potentially increasing liquidity and activity within the TON community.

As we wrap up this week’s crypto news, it’s clear that the blockchain industry continues to innovate and expand at an impressive pace. The launch of Ethereum ETFs marks a significant milestone, providing new investment avenues and increasing accessibility for traders. Avalanche’s partnership with Stripe and Tron Network’s achievement of surpassing 8.1 billion transactions underscore the ongoing growth and adoption within the sector. Alchemy Pay’s introduction of a Web3 Digital Bank offers a promising solution for streamlined cross-border transactions. These developments highlight the dynamic and ever-evolving nature of the cryptocurrency landscape, promising exciting times ahead.