Fidelity plans to add staking to its Ether fund, with 85% of rewards retained by FETH and quarterly cash distributions planned for investors. Fidelity Investments plans to add staking to its spot Ether exchange-traded product, the Fidelity Ethereum Fund (FETH), according to its Tuesday filing with the US Securities and Exchange Commission (SEC). The asset manager said FETH could stake up to 100% of its Ether under normal conditions, excluding ETH reserved for redemptions, expenses and liquidity needs. The fund would retain 85% of staking rewards, with 15% going toward staking fees, and plans quarterly cash distributions, although payouts are not guaranteed. Fidelity expects staking to begin “as soon as practicable” after the prospectus date. The preliminary prospectus remains subject to change before the registration statement becomes effective. Read more
Amid a $473 million legal dispute, RedotPay says it expects Binance to end its Singapore case, while Binance says its claims remain active. Binance and RedotPay are disputing whether a Singapore case related to their nearly $473 million Hong Kong legal battle is coming to an end. The stablecoin payments card issuer told Cointelegraph on Tuesday that it expects Binance to discontinue the Singapore proceedings following a hearing on Aug. 7. “RedotPay will be seeking legal costs arising from the discontinuance of the matter from the claimant,” a spokesperson for RedotPay said, adding that the parties would try to agree on costs. However, Binance said it has no plans to abandon its claims. “Reports that Binance will be withdrawing its Singapore claims are false,” a Binance spokesperson told Cointelegraph, adding that the company “is not abandoning its claims and has informed both the court and RedotPay accordingly.” Read more