Top Crypto News of the Day: Abra Settles with Regulators, Zeta Markets Launches ZEX Token Airdrop, and More

Abra, a cryptocurrency company, has reached a settlement with 25 state financial regulators over operating without proper licenses. The firm must

Top Crypto News of the Day: Abra Settles, ZEX Airdrop, State Street-Galaxy Tie-Up

Here is the top crypto news of theday curated by CoinChapter.com.

Abra, a cryptocurrency company, has reached a settlement with 25 state financial regulators over operating without proper licenses. The firm must stop crypto-related activities for U.S. customers on its platform and return $82 million in virtual assets to users.

The investigation, led by several states, found that Abra’s mobile app for crypto trading lacked necessary licenses. To help reimburse customers, the states involved waived potential penalties of $250,000 each.

Crypto News: Zeta Markets Launches ZEX Token Airdrop

A Solana-based decentralized exchange, Zeta Markets, has started an airdrop for its new ZEX token. The token will be used for governance, staking, and as the native gas token for Zeta’s upcoming Layer 2 network, called Zeta X.

The airdrop distributes 10% of the total ZEX supply, with 70% available for immediate claim by active traders on the exchange. Notably, Zeta Markets has processed $10 billion in volume since 2021. Through this token distribution, the DEX aims to reward long-term users and boost engagement. Claims will remain open until September 25, 2024.

State Street and Galaxy Digital Partner on Crypto Products

State Street Global Advisors and Galaxy Asset Management are teaming up to create new cryptocurrency investment products. These will include exposure to crypto companies and both spot and futures-based ETFs.

State Street has applied to register a crypto-based fund called SSGA Active Trust, which Galaxy will manage day-to-day. This partnership aims to provide investors access to the $2.4 trillion digital asset ecosystem through actively managed strategies.

Crypto News: South Korean Crypto Firm Expands to Abu Dhabi

Major South Korean crypto investment firm Hashed Ventures is expanding to Abu Dhabi. The company has partnered with Hub71, the city’s tech ecosystem group, and plans to open an office there.

This move is part of Abu Dhabi’s efforts to attract crypto talent and become a digital asset hub. Hashed, which is also in talks with other South Korean crypto firms about entering the UAE market, is making its presence felt in the region.

Blast Token Surges After Airdrop

The Blast (BLAST) token, native to the Ethereum layer-2 network Blast, has seen a 40% price increase following its launch. Starting at $0.02 per token with a $2 billion fully diluted value, it has climbed to $0.0281.

The airdrop saw 17% of BLAST’s total supply being distributed to various user groups and the Blur Foundation. Notably, the token launch has been successful, contrasting with recent debuts like zkSync and LayerZero, which have declined since launch.

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