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Hong Kong has made a groundbreaking move by officially accepting Bitcoin (BTC) and Ethereum (ETH) as valid proof of wealth for its Capital Investment Entrant Scheme (CIES) . This program allows high-net-worth individuals to apply for residency by providing a net worth of at least HK$30 million (approximately US$3.8 million) . While cryptocurrencies are now accepted for asset verification, they are not considered "permitted assets" for actual investment under the scheme. Applicants must convert their BTC or ETH holdings into qualifying investments within six months. This policy aligns with Hong Kong's broader push to establish itself as a global digital finance hub. To qualify under the CIES using Bitcoin or Ethereum, applicants must meet specific criteria: Two successful applications from mainland China have already been approved under this policy—one in October 2024 using Bitcoin and another in February 2025 using Ethereum. The inclusion of Bitcoin and Ethereum as recognized assets in Hong Kong's investment visa program could drive institutional and high-net-worth investor demand. This decision strengthens Bitcoin and Ethereum's credibility as legitimate financial assets, potentially influencing other jurisdictions to follow suit. Increased adoption of cryptocurrencies by regulatory frameworks typically leads to higher demand, reducing available supply on exchanges. Given the liquidity constraints in the Bitcoin and Ethereum markets, this shift could exert upward pressure on prices over time. Hong Kong has positioned itself as a leading digital finance hub by integrating crypto-friendly policies. With over 750 applications already submitted under the CIES program, a significant portion of new investors may consider utilizing Bitcoin or Ethereum, further embedding these assets within traditional financial systems. If other regions adopt similar policies, Bitcoin and Ethereum could see increased mainstream acceptance, reinforcing their long-term bullish outlook. Despite the positive outlook, several factors could limit the immediate impact of this decision: Market Volatility: Crypto’s price swings could deter investors who prefer stable assets for residency or investment programs. Conversion Requirement: Since applicants must convert their crypto into traditional financial assets, direct price impact on BTC and ETH may be limited in the short term. Regulatory Risks: Other financial hubs, such as Singapore, have taken a more cautious stance on crypto adoption. Future regulatory shifts could impact Hong Kong's position as a crypto-friendly jurisdiction. Hong Kong’s decision to allow Bitcoin and Ethereum as proof of wealth for its investment visa marks a milestone in the integration of digital assets into the financial system . While the short-term price impact remains uncertain due to conversion requirements, the long-term outlook remains bullish. Increased institutional adoption and mainstream recognition could solidify Bitcoin and Ethereum’s role in global finance, setting the stage for further price appreciation in the years ahead.

On Feb. 10, crypto asset manager Grayscale officially filed for a Cardano exchange-traded fund with the New York Stock Exchange, expanding its push into regulated crypto investments. The firm has never previously offered a standalone investment vehicle for ADA despite making past moves to do so. Asset managers have been emboldened by President Donald Trump’s embrace of crypto with ETF applications for altcoins, including XRP, Solana, and Litecoin, in recent weeks from the likes of Canary Capital, WisdomTree, 21Shares, Bitwise, and VanEck. Grayscale filed 19b-4 for a spot Cardano ETF. First one in US and ballpark 60th crypto ETF filed this year so far pic.twitter.com/alj7EjtfIS — Eric Balchunas (@EricBalchunas) February 11, 2025 Cardano ETF Inbound Grayscale has filed to convert its existing SOL and XRP trusts into a spot ETF but the ADA fund would be a new product. On Jan. 30, NYSE Arca filed to convert Grayscale’s XRP trust into a spot ETF, and on Feb. 6, it did the same for its SOL trust. According to the 19b-4 filing, the Trust will hold only ADA, with each share representing a proportional interest in the fund’s holdings. Coinbase Custody would be the custodian of the assets, and BNY Mellon Asset Servicing would serve as administrator. “Institutional interest in Cardano is heating up,” commented IBC Group founder Mario Nawfal who added that the move comes just a week after Virtune AB launched a Cardano ETP on Nasdaq Helsinki. The Cardano native token has surged 14% on the day, with most of the gains coming in the past couple of hours after the news broke. ADA hit an intraday high of $0.8 but still remains down 17% over the past fortnight as altcoins have been battered recently. ADA hit a 2025 high of $1.16 on Jan. 18 but has been down-trending since. Nevertheless, analysts remain hopeful that ADA will continue its bullish momentum, which has seen the asset gain 140% over the past six months, especially if a spot ETF is approved in the US by the SEC. Spot Crypto ETF Outlook Spot Bitcoin ETFs in the United States have had a mixed month in February, which has seen $578 million in inflows and $561 million in outflows, according to Farside Investors. Monday was another outflow day, with $186.4 million leaving the funds on aggregate. Fidelity’s FBTC saw the largest outflow with $136 million, followed by Grayscale’s GBTC, losing $46.3 million. BlackRock’s IBIT saw $55.3 million in inflows, but it wasn’t enough to turn the daily flow positive. Spot Ethereum ETFs have been positive, with just one outflow day so far in February, which was Monday. Feb. 10, when $22.5 million left the products. The post ADA Pumps 14% as Grayscale Files For Spot Cardano ETF appeared first on CryptoPotato.

Pi Network search Menu Pi’s Open Network Set to Launch February 20, 2025! Share19117 Home » Blog » Pi’s Open Network Set to Launch February 20, 2025! Pioneers, Pi Network will officially transition to the Open Network period of Mainnet at 8:00AM UTC on February 20, 2025! As a result of the hard work and commitment from the entire Pi community over the last six years, the Pi community is taking the enormous next step in achieving the Pi vision of the world’s most inclusive peer-to-peer ecosystem and online experience, fueled by Pi, the native token of Pi Network We’ve reached 10.14 million Mainnet migrations, exceeding the original 10 million goal, due to upgrades announced in the last timeline update, and Pi is ready to open its utilities-driven ecosystem where our now over 19 million identity-verified Pioneers can use Pi—a cryptocurrency with real-world functions and applications backing it. On launch day, stay tuned for more information about Open Network! For now, let’s take a look back at Pi’s journey, what to expect at Open Network launch, updates on Open Network conditions, and how you can prepare in the meantime! Our Journey Here Pi Network’s over six-year journey to Open Network has been built on milestones and deliberate phases driven by Pioneers, the ecosystem, and community. The current Mainnet Phase 3 began in December 2021 with the launch of the Enclosed Network period, which meant Mainnet was live but with a firewall that prevents any external connectivity. This period set the stage for Open Network, allowing time for: Pioneers to complete KYC and obtain Pi on Mainnet; Developers to build real apps and utilities for the Pi ecosystem; and The Core Team to release and improve various Pi features and utilities. A new mining rewards issuance formula was also released in March 2022 early on in the Enclosed Network, following a declining exponential model that balances the network’s need for growth, accessibility, longevity, and scarcity while right-sizing the Pioneers’ rewards for contribution to the network.

Mike Novogratz, founder and CEO of Galaxy Digital, brimmed with enthusiasm at the recent Ondo Summit, where he delivered an unexpected remark that stirred the crypto community. Novogratz predicted that Bitcoin could soon be a part of the U.S. government’s balance sheet, possibly within the next six months. He confidently stated, “I think Bitcoin will be on the government’s balance sheet in six months. There’s a lot of people trying to figure out how to do it gracefully, but it’s coming.“ He also addressed the U.S. Securities and Exchange Commission (SEC), and venting his frustration over the lengthy waiting period for crypto regulations, while offering a hopeful outlook for the future. Related: Crypto Recovery in Full Swing: $6 Billion Inflow Reverses Early February Selloff “We’ve been waiting for four and a half years,” Novogratz said, referring to the drawn-out regulatory process. “But with the new SEC in place, I think we’ll see a wave of companies listing on the New York Stock Exchange or NASDAQ by May or June.“ The crypto industry, he said, has endured a “four years in the desert“; years marked by neglect and punitive measures from traditional banks. Now, with a new regulatory climate, Novogratz believes the industry is entering a period where companies can enjoy greater operational freedom. Novogratz described the energy at a recent crypto ball event in Washington, D.C., as “the hottest ticket in town.” He said that, despite only 300 people being there, 20 crypto CEOs attended, showing how much crypto is gaining influence in the financial world. The billionaire is bullish on the future of Bitcoin, stressing its position as a store of value and its increasing global presence. Bitcoin began 2024 at $44,000 and surged to over $100,000 by December. Related: Japan’s Pro-Bitcoin Company’s Stock Soars 4,000% in the Past One Year President Trump has promised to make the U.S. “the crypto capital of the planet” and create a national Bitcoin reserve. David Sacks, the White House crypto czar, also shared he is exploring the practical steps needed to bring this vision to life. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

LayerZero Labs, founded in 2021 and headquartered in Vancouver, Canada, is a leading developer of blockchain interoperability protocols. The company's mission is to enable decentralized applications (dApps) to seamlessly operate across multiple blockchains, fostering a more interconnected and efficient decentralized ecosystem. Technology and Innovation At the core of LayerZero's offerings is its omnichain interoperability protocol, which facilitates secure and efficient cross-chain communication. This technology allows dApps to send tokens and data across different blockchains in a single transaction, enhancing the functionality and user experience of decentralized platforms. By utilizing on-chain Ultra Light Nodes, LayerZero achieves the security of a light node with the cost-effectiveness of a middle chain, enabling clients to build cross-chain applications with low-level communication primitives. Funding and Valuation LayerZero Labs has attracted significant investment, raising a total of $263.3 million over six funding rounds. The latest, a Series B round, secured $120 million on April 4, 2023. This funding underscores investor confidence in LayerZero's technology and its potential to drive innovation in the blockchain space. Market Presence As of February 12, 2025, LayerZero's native token, ZRO, is trading at approximately $2.90 USD, with a 24-hour trading volume of around $39.24 million. The token has a circulating supply of 110 million ZRO coins and a market capitalization of approximately $319.35 million. Strategic Partnerships and Competitors LayerZero Labs has formed strategic partnerships with prominent investors, including Sequoia Capital, Circle Ventures, and Samsung NEXT. These collaborations are instrumental in advancing LayerZero's mission to enhance blockchain interoperability. In the competitive landscape, LayerZero faces competition from companies like Axelar, Parity Technologies, and AVA Labs, all of which are also focused on improving cross-chain communication and interoperability. Conclusion LayerZero Labs stands at the forefront of blockchain interoperability, providing innovative solutions that enable decentralized applications to operate seamlessly across multiple blockchains. With substantial funding, strategic partnerships, and a robust technological framework, LayerZero is well-positioned to drive the future of decentralized finance and applications. $LAYER