A new digital verification platform aims to reduce forged certificates by allowing employers and universities to authenticate academic records onchain. Kenya has launched a blockchain-based system for verifying academic credentials through the Kenya National Examinations Council (KNEC), placing more than 30 million records on the Avalanche network in an effort to combat certificate fraud and make credentials easier to verify. KNEC and Avalanche announced the initiative on Monday, saying the platform is designed to address the thousands of forged academic certificates reported in the country each year. The system allows employers, universities and other institutions to verify academic credentials onchain, making records more difficult to tamper with. While the verification platform is now live, neither KNEC nor Avalanche disclosed how widely it has been adopted by students, employers or educational institutions. Read more
The asset manager introduced two blockchain-based money market funds designed to qualify as stablecoin reserve assets under the US GENIUS Act. BlackRock, the world’s largest asset manager, has launched two tokenized money market products designed to serve as reserve assets for stablecoins, marking another step in bringing regulated financial products onto blockchain infrastructure. The first product, BlackRock Select Treasury Based Liquidity Fund OnChain Shares (BSTBL), is a tokenized share class of the asset manager’s existing Select Treasury Based Liquidity Fund on Ethereum. Eligible investors can transfer tokenized fund shares between approved wallets while the fund continues investing in cash, short-term US Treasurys and Treasury-backed overnight repurchase agreements. BNY serves as the transfer agent and tokenization provider for the fund’s onchain shares. The second product, BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), is a newly created tokenized money market fund available to insti...
The spot price Bitcoin exchange-traded fund, which was never able to attract more than $18 million in net assets, will pay out investors and sell its 225 BTC in the coming weeks. Hashdex said it will liquidate its eponymous spot-price Bitcoin exchange-traded fund this month, distributing the cash to all remaining shareholders and selling the fund’s roughly 225 BTC holdings. In a filing on Monday, the fund issuer said the decision was made after evaluating factors including trading liquidity, operating costs and investor interest. The 200,000 shares, which have traded on NYSE ARCA under the DEFI ticker since March 2024, have net assets of $14.25 million, according to the fund’s website. Late to the game, which saw the first of 10 other competing BTC ETFs debut months ahead of it, analysts saw opportunity at a time when BTC was trading for the then-all-time high of more than $73,000. Read more
The US and Japan coordinate on the yen for the first time since 2011 as Bitcoin traders brace for a historically rough August. Bitcoin (BTC) starts the first full week of August circling $63,000 as traders weigh the impact of the ongoing Coldcard wallet hack. Read more