The head of the international block chain infrastructure platform Blockdaemon, Andrew Vranjes, revealed at the Singapore TOKEN 2049 that the Hong Kong Ethereum spot ETF will introduce Ethereum staking functionality at the earliest by the end of 2024. He said that his team is working closely with the Hong Kong issuer and discussing feasible staking solutions with regulatory agencies. #链上风云#
Vranjes said that the team has made progress and the regulatory authorities in Hong Kong may approve Ethereum staking functionality within certain structures and boundaries.
(Source: The Block)
Ethereum staking will bring more profits to investors, in addition to the increase in the value of Ethereum itself, they can also obtain a return on staked assets. If the United States does not follow this function, it means that the Hong Kong cryptocurrency spot ETF will have the opportunity to take the lead.
"Let's see how the market develops. There may be a pattern, perhaps qualified and higher-level investors will have this option first. Perhaps it will develop like this and gradually be realized over time," Vranjes added.
He emphasized: "We are positive about this because the level of dialogue is high."
Vranjes explained that the Blockdaemon team has had very in-depth communication with their clients and regulatory agencies, exchanging multiple-page documents.
"This level of rigor is continuing," Vranjes said. "We are in the midst of this meticulous action, and I think we are closer to announcing the results now rather than further away."
Despite the initial popularity of the cryptocurrency spot ETF in Hong Kong, its performance is relatively flat compared to its counterparts in the USA. Many industry insiders believe that the potential pledge function of the Ethereum spot ETF could bring competitive advantages to these products.
Compared to their counterparts in the USA, the flow of cryptocurrency spot ETFs in Hong Kong is relatively low. #SpotBitcoinETF#
For example, according to SosoValue data, the total trading volume of 3 Ethereum spot ETFs in Hong Kong at the beginning of this week was 0.39 million USD, with zero daily flow, while 9 ETFs in the USA had a trading volume of 0.129 billion USD at the beginning of this week, with a daily net outflow of 9.5 million USD.
"For example, if we were to see an announcement about the launch of an Ethereum pledge ETF in Hong Kong before the USA, I wouldn't be surprised, this wouldn't surprise me," Vranjes said.
After the SEC approved multiple Bitcoin spot ETFs on January 11th of this year, the SFC in Hong Kong also approved the applications for 6 Bitcoin and Ethereum spot ETFs from Bosera, Huaxia, and CSOP fund houses in mid-April.
The biggest difference from the USA is that Hong Kong allows the purchase of cryptocurrency spot ETFs with "physical" assets, enabling investors to directly purchase spot ETFs with Bitcoin and Ethereum, while in the USA, purchases can only be made with assets like USD and not directly through Bitcoin or Ethereum trades.