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The Daily: DBS introduces tokenized banking services, BlackRock's Bitcoin ETF attracts $1 billion in less than a week and more

The Daily: DBS introduces tokenized banking services, BlackRock's Bitcoin ETF attracts $1 billion in less than a week and more

The BlockThe Block2024/10/18 18:24
By:James Hunt

DBS, Singapore’s largest bank, has launched “DBS Token Services,” a new suite of blockchain-based products designed to enhance liquidity management and streamline operations for institutional clients.BlackRock’s spot Bitcoin ETF added another $309 million in net inflows on Thursday, contributing to more than $1 billion worth of positive inflows for its IBIT product this week alone.The SEC filed a “Civil Appeal Pre-Argument Statement” late Thursday, seeking to challenge the U.S. District Court for the South

The Daily: DBS introduces tokenized banking services, BlackRock's Bitcoin ETF attracts $1 billion in less than a week and more image 0

It's Friday! In today's Daily, Singapore's largest bank, DBS, integrates tokenization and smart contract-based banking services, BlackRock's spot Bitcoin ETF attracts over $1 billion in less than a week, the SEC proceeds with an appeal against an earlier ruling in its case against Ripple and more.

Meanwhile, restaking protocol EigenLayer's official X account was hacked to promote a fake airdrop.

Let's get started.

DBS introduces tokenized banking services

DBS, Singapore's largest bank, has launched "DBS Token Services," a new suite of blockchain-based products designed to enhance liquidity management and streamline operations for institutional clients.

  • DBS Token Services introduces additional tokenization and smart contract-enabled capabilities into DBS' existing banking systems.
  • The services are integrated with the bank's Ethereum Virtual Machine-compatible permissioned blockchain, its core payment engine and multiple industry payment infrastructures.
  • They provide programmability for institutions to govern the use of funds, including treasury tokens, conditional payments and programmable rewards.
  • "Using a permissioned blockchain provides DBS full control over these services, enabling the bank to harness the benefits of blockchain technology while adhering to compliance standards," the bank said.

BlackRock's spot Bitcoin ETF attracts over $1 billion in less than a week

BlackRock's spot Bitcoin ETF added another $309 million in net inflows on Thursday, contributing to more than $1 billion worth of positive inflows for its IBIT product this week alone .

  • Overall, the U.S. spot Bitcoin ETFs registered $470 million in net inflows for the day, taking this week's total inflows to over $1.85 billion.
  • On Wednesday, cumulative inflows crossed the $20 billion mark, which Bloomberg senior ETF analyst Eric Balchunas described as the "most difficult metric" to grow in the ETF world. "For context, it took gold ETFs about five years to reach [the] same number," he said.
  • Meanwhile, spot Ethereum ETFs saw net inflows of $48.4 million on Thursday — their largest daily flow this month — led by Fidelity's FETH with $31.1 million.

SEC proceeds with appeal against earlier Ripple ruling

The SEC filed a "Civil Appeal Pre-Argument Statement" late Thursday, seeking to challenge the U.S. District Court for the Southern District of New York's prior judgment in its ongoing case against Ripple .

  • The SEC is asking for a "de novo" review of Ripple's XRP sales and the roles of CEO Brad Garlinghouse and co-founder Chris Larsen in these transactions.
  • In response, Ripple's Chief Legal Officer Stuart Alderoty said "The Court's ruling that 'XRP is not a security' is NOT being appealed. That decision stands as the law of the land."
  • The SEC initially appealed on Oct. 2, citing Supreme Court precedent.
  • Ripple subsequently filed a cross-appeal to address unresolved issues, arguing there cannot be an investment contract without essential rights and obligations.

US sentences man to 5 years for $20 million crypto fraud involving fake Coinbase website

Indian national Chirag Tomar, 31, was sentenced to 60 months in prison by a U.S. judge for charges related to stealing more than $20 million via a fake Coinbase crypto exchange, the DOJ announced Thursday.

  • Tomar and his co-conspirators used a spoofed Coinbase Pro website with a similar URL and posed as customer service representatives to trick victims into providing login credentials and authentication codes to access their real crypto accounts.
  • The stolen funds were used to finance Tomar's lavish lifestyle, including luxury watches, sports cars and trips to Dubai and Thailand.
  • The U.S. Secret Service and FBI assisted in the investigation, leading to Tomar's arrest at Atlanta International Airport in December 2023 and his subsequent guilty plea to wire fraud conspiracy in May.

EthOS introduces dGEN1 hardware device for Ethereum onchain interactions

EthOS has introduced dGEN1, a hardware device specifically designed for onchain interactions with Ethereum dapps , following the widely popular Solana blockchain-focused devices from Solana Mobile.

  • dGEN1 includes a built-in ethOS browser and wallet that supports IPFS and .eth domains, a transaction notification screen and a native Nimbus light client to verify user data without relying on third-party RPCs.
  • The device is available for preorder by minting an NFT on the Ethereum Layer 2 network Base for 0.2 ETH ($520), with shipments expected by Q2 2025 and an airdrop reward for owners upon delivery.

Looking ahead to next week

  • U.S. jobless claims data are due on Thursday.
  • Bank of England Governor Andrew Bailey and ECB President Christine Lagarde will speak on Tuesday and Wednesday.
  • The AIM Summit, Blockchain Life, NFT Show Europe and Plan ₿ Forum all get underway over the next seven days.

Never miss a beat with  The Block's daily digest of the most influential events happening across the digital asset ecosystem.


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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