Uniswap Foundation Targets $62M In Additional Funding; Binance Urges Users To Convert Euros To USDT

Here are some major crypto developments over the past few days
Uniswap Foundation Targets $62M In Additional Funding; Binance Urges Users To Convert Euros To USDT
Uniswap Foundation Targets $62M In Additional Funding; Binance Urges Users To Convert Euros To USDT

Decentralised exchange (DEX) Uniswap is asking for an on-chain vote to approve the second installment of the $74 million investment for its developer Uniswap Foundation. The second tranche of around $62 million will be decided by an on-chain vote on October 4, Uniswap said in a statement on September 27.  

The money will be used for operations and research, and incentives for DEX stakeholders. Developers stated that they have already secured $17.3 million in the first tranche for this goal and that they intend to produce a software development kit for Uniswap v4 and support its subsequent migration over the course of the upcoming year.  

Binance Urges Users To Convert Euros To USDT  

Binance’s European de-banking woes continue as it urges Paysafe users to convert their Euros to digital dollars. After losing the support of its banking partner, cryptocurrency exchange Binance has asked users to switch their Euros to Tether by the end of October.

On September 28, Binance asked European Paysafe users to exchange their EUR balances to USDT by October 31. They did this because Paysafe has “unilaterally decided to stop processing EUR deposits for Binance users.”

However, according to Binance, users can still transfer their EUR amounts from their Binance accounts to their bank accounts. “Paysafe users are advised to take appropriate actions in advance.”

SEC Pushes Deadline For ARK 21Shares, Vaneck Spot Ether ETF Applications  

The application for a spot ether exchange-traded fund (ETF) from ARK 21Shares and VanEck has been postponed by the Securities and Exchange Commission (SEC) of the United States.

A proposed rule change that would permit listings of spot ETH ETFs from VanEck and ARK 21Shares on the Cboe BZX Exchange was given a lengthier review period by the SEC, according to separate notices issued on September 27.  

The dates for another postponement or decision will be in December, according to the commission, which stated that it had not received any public comments on either option.

"The Commission finds it appropriate to designate a longer period of time within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein," the SEC stated.

The postponement occurred on the same day that the Nasdaq submitted to the SEC a proposed rule change for listing its mixed ETH ETF, which combines ownership of spot Ethereum and futures contracts. On September 27, proposed regulation modifications for the Grayscale Ethereum Futures Trust, Hashdex Bitcoin Futures ETF, and Cboe BZX Exchange's Franklin Bitcoin ETF were filed with the New York Stock Exchange.

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