Binance Labs Invests In Memeland (MEME) Project – BSC NEWS
Memeland, associated with the popular meme platform 9GAG, aims to empower communities worldwide through ownership and decentralized governance.
Binance Labs has invested in the ecosystem token of Memeland, an innovative project at the intersection of SocialFi and meme culture. While the exact size of the investment remains undisclosed, the partnership marks a significant step for Binance, further diversifying its investment portfolio.
We’ve invested in @memecoin (MEME), the native token of @Memeland!
Memeland focuses on building and investing in SocialFi and creator economies to connect creators and communities.
Read more👇https://t.co/LIpo30DoNL
Memeland, introduced as the 39th new launch pool project on October 27, 2023, has quickly garnered attention within the crypto community.
Rooted in SocialFi and creator collaboration, Memeland leverages MEME tokens and NFTs to unite communities. The project draws inspiration from internet meme culture and operates as a creative hub connected to 9GAG, a massive meme platform boasting 200 million monthly users.
Users were provided with a opportunity to stake various crypto assets, including Binance Coin (BNB), TUSD, and FDUSD, in distinct pools for a 30-day farming adventure, earning MEME tokens in return.
The launchpool initiative aimed to distribute 1,380,000,000 MEME tokens, constituting 2% of the total token supply, as rewards for participants. This initiative not only attracted crypto enthusiasts but also contributed to the growth of Memeland's ecosystem.
Beyond NFTs and MEME tokens, Memeland is expanding its offerings with MEME Farming and upcoming features. These include unique NFT staking, collaborative social networks, and liquid ETH staking.
The ultimate goal for Memeland is to evolve into a fully decentralized, community-led platform. NFT holders are expected to play a pivotal role in governing the Memeland DAO, aligning with broader trends in decentralized governance.
Amidst uncertainties regarding the approval of spot Bitcoin ETFs by the Securities and Exchange Commission (SEC) in Q1 2024, the broader cryptocurrency market has experienced a decline.
However, the meme coin market cap specifically faced a 25% decrease, contributing to about a 25% drop in the total market capitalization in a few minutes, according to CoinMarketCap.
Fidelity initiated the momentum with its filing on January 3, swiftly followed by Grayscale, which aims to convert its flagship Grayscale Bitcoin Trust (GBTC) into a Spot Bitcoin ETF.
Grayscale, Fidelity, and VanEck have submitted their Form 8-A filings to the U.S. Securities and Exchange Commission (SEC). This filing is a critical step, signaling the necessary registration for issuers to engage in trading on an exchange, contingent on regulatory approval.
My understanding here is that this is just a securities registration. In order to list the ETF still needs a 19b-4 approval and they need an effective/approved/completed S-1 document. No 19b-4 yet. And S-1 is still preliminary (seen below). I'm still looking towards next week https://t.co/VsgbpJHMVp pic.twitter.com/Iu31AkUswP
Fidelity initiated this latest wave of filings on January 3, setting the stage for Grayscale's subsequent submission. Grayscale, in its filing, confirms its commitment to convert the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.
These submissions precede a crucial deadline for the SEC to either approve or reject at least one bid for spot Bitcoin ETFs by January 10. Analysts from Bloomberg, Eric Balchunas, and James Seyffart, express optimism, estimating a 90% likelihood of the SEC green-lighting multiple filings by this deadline.
An August court victory compelled the SEC to re-review Grayscale's bid, leading to the current pursuit. Other industry heavyweights, including BlackRock and Fidelity, have also entered the fray, expressing interest in spot Bitcoin ETFs over the past year.
The SEC received amended registration forms from ETF issuers including BlackRock and Fidelity in December, which were seen as a final push to create a bitcoin spot ETF. JP Morgan Securities LLC and Jane Street Capital are named as authorized participants of BlackRock.
With the SEC's deadline looming for the ARK 21Shares Bitcoin ETF on January 10, industry experts anticipate a flurry of approvals. Speculation is rife that the SEC might green-light multiple listings, further advancing the prospects of a spot Bitcoin ETF offering. There is a pivotal week ahead for the cryptocurrency community, as the SEC's verdict on these transformative ETF applications looms large.
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Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
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Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
Sponsored
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.