GizmoLab Report: Cutting-Edge Developments in Web3📈

A Quick TL;DR:

- Spot Bitcoin ETFs Net $1.7B Weekly Inflows, Tally $95.4B in Assets

- BlackRock Secures Abu Dhabi License After Saudi Expansion

- Uniswap Leads DEX Traffic with 4M Monthly Visits

- Metaplanet Issues $11.3M Bond for Bitcoin Acquisition

- Quantoz Introduces MiCAR-Compliant Stablecoins EURQ and USDQ

- OKX launches zero-fee SGD transfers via PayNow, FAST.

Spot Bitcoin ETFs See $1.7 Billion Weekly Inflows, Total Assets Reach $95.4 Billion Amid Historic Rally  

Spot Bitcoin exchange-traded funds (ETFs) marked their sixth consecutive week of positive inflows, adding $1.67 billion between Nov. 11–15. This consistent streak has brought total inflows since October to $9 billion, according to crypto tracker SoSoValue. The assets under management (AUM) for spot Bitcoin ETFs now stand at $95.4 billion, accounting for 5.27% of Bitcoin’s $1.8 trillion market cap. BlackRock’s iShares Bitcoin Trust (IBIT) leads the ETF market with $29.3 billion in cumulative inflows, while Grayscale Bitcoin Trust has seen $20.3 billion in outflows since January. Parallel growth in spot Ether (ETH) ETFs was also recorded, with $515 million in weekly inflows, contributing to a three-week net total of $682 million.

The rally coincided with Bitcoin reaching new milestones, surpassing $90,000 on Nov. 12 and peaking at $92,400 on Nov. 13. Billionaire investor Paul Tudor Jones emerged as a top 10 holder of BlackRock’s IBIT, holding $160 million in shares after adding $130 million in Q3. Other institutional players, including Goldman Sachs, also boosted their Bitcoin ETF holdings, with Goldman increasing its exposure by 71% to $710 million.Globally, crypto exchange-traded products attracted $2.2 billion in inflows last week, although Bitcoin’s record highs prompted $866 million in outflows later in the week. Despite fluctuations, the continued growth of Bitcoin ETFs signals robust institutional interest amid the ongoing market rally.

BlackRock Expands Middle Eastern Presence with Abu Dhabi Commercial License Following Saudi Approval

BlackRock has obtained a commercial license to operate in Abu Dhabi, further cementing its expansion into the Middle East following regulatory approval in Saudi Arabia last month. The investment giant plans to establish operations in the Abu Dhabi Global Market, a financial hub in the UAE’s capital, focusing on partnerships with regional sovereign wealth funds, wealth managers, and investment entities. This move follows BlackRock’s strategic growth in the region, including a $5 billion investment commitment from Saudi Arabia's Public Investment Fund and the establishment of a Riyadh headquarters. Additionally, the firm has partnered with Sheikh Tahnoon bin Zayed Al Nahyan to develop regional data warehouses and energy infrastructure.

Charles Hatami, BlackRock’s Middle East Head, cited Abu Dhabi’s emergence as a global financial center, proactive government policies, and a commitment to sustainability as key factors influencing the decision. The firm intends to prioritize private market investments, particularly in artificial intelligence infrastructure, within Abu Dhabi. BlackRock CEO Larry Fink noted that expanding into both Abu Dhabi and Riyadh aligns with the competitive dynamics between these cities and Dubai as they vie for the title of the Middle East’s premier business hub. Combined, the region’s sovereign wealth funds exceed $1 trillion, offering significant investment opportunities for the firm.

Polter Finance Begins Recovery Efforts After $12M Flash Loan Exploit on SpookySwap

DeFi lending platform Polter Finance is actively working to recover $12 million lost in a flash loan attack that exploited a faulty price oracle on its new SpookySwap market. The protocol has enlisted the Security Alliance, a coalition of white-hat hackers and security experts, to identify the attacker and accelerate fund recovery efforts. Polter Finance’s founder, Whichghost, reported the exploit to Singapore police, detailing losses of approximately 16.1 million Singapore dollars, including personal damages exceeding $223,000. The attacker manipulated the spot price of the BOO token using a flash loan to drain reserves from the WFTM-BOO liquidity pair, inflating the token’s price to borrow far more than the collateral’s true value.

The protocol has traced the stolen funds to wallets on Binance and reached out to the exploiter through an on-chain message, offering a bounty and immunity from legal action if the funds are returned. However, Polter Finance’s native token, POLTER, has plummeted over 85% since the exploit, with its total value locked dropping from $9.77 million to just $61,603, according to DefiLlama. This incident is the third major DeFi exploit in November. Earlier, Aptos-based Thala protocol lost $25 million to a vulnerability but recovered most funds after negotiating a $300,000 bounty. Similarly, DeltaPrime lost $4.8 million and is also pursuing asset recovery through on-chain communication with the hacker. Polter Finance has yet to release an official post-mortem report on the attack.

Metaplanet Issues $11.3M in Bonds Backed by Real Estate to Expand Its Bitcoin Holdings and Strengthen Its Cryptocurrency Portfolio

Japanese investment firm Metaplanet has announced plans to issue ¥1.75 billion ($11.3 million) in one-year bonds at an annual interest rate of 0.36% to fund additional Bitcoin acquisitions. This marks the company’s third series of ordinary bonds, allocated exclusively to EVO FUND, with repayment secured through a first-priority mortgage on the Hotel Royal Oak Gotanda, owned by Metaplanet’s subsidiary, Wen Tokyo Inc. Metaplanet shares rose 5% on the Tokyo Stock Exchange following the announcement, signaling investor confidence in the company's strategic commitment to cryptocurrency. The firm recently added 156.7 BTC to its portfolio for approximately ¥1.6 billion, bringing its total Bitcoin holdings to 1,018 BTC.

The company emphasized that the financial impact of the bond issuance on its fiscal year results is expected to be minimal, while leaving open the possibility of further updates if material changes occur. Metaplanet also introduced a new shareholder benefits program in partnership with SBI VC Trade, The Bitcoin Conference, and Bitcoin Magazine. Shareholders will gain access to Bitcoin-related perks, discounts, and experiences, aiming to enhance engagement and promote long-term investment. This bond issuance reinforces Metaplanet’s position as a leading Bitcoin-focused investment firm in Japan, as it continues integrating cryptocurrency into its broader portfolio.

Kraken-Backed Quantoz to Launch Euro and U.S. Dollar Stablecoins Under MiCAR Compliance to Streamline Digital Payments

Quantoz Payments, a Dutch fintech firm backed by Kraken, is set to launch two MiCAR-compliant stablecoins, EURQ and USDQ, pegged to the euro and U.S. dollar. These tokens aim to facilitate faster, cheaper cross-border payments and settlements using Ethereum blockchain technology. Fully backed by fiat reserves, the stablecoins will be supervised by De Nederlandsche Bank (DNB) and managed by an independent foundation. The reserves, comprising highly liquid financial instruments like government bonds, will be held in segregated accounts with banks for enhanced security. Quantoz will also maintain an additional 2% reserve on its balance sheet under MiCAR requirements. To drive adoption, crypto exchanges Bitfinex and Kraken will list EURQ and USDQ for trading starting November 21, giving eligible clients access to these stablecoins.

Transfers using EURQ and USDQ are expected to be significantly cheaper than traditional payment systems, aligning with MiCAR's goals of increasing efficiency and transparency in digital assets. Quantoz CEO Arnoud Star Busmann highlighted the role of stablecoins in modernizing payments, stating that MiCAR regulations establish trust through strict prudential requirements. Investors, including Kraken, Tether, and Fabric Ventures, have shown confidence in Quantoz's vision, though the funding amount remains undisclosed. With MiCAR implementation on the horizon, Quantoz’s initiative represents a milestone in integrating blockchain technology into mainstream finance, offering innovative solutions for Europe’s growing digital economy.

OKX introduces zero-fee Singapore dollar transfers via PayNow and FAST, enhancing seamless crypto-to-fiat services for Singapore customers

OKX, a leading cryptocurrency exchange, has announced the launch of zero-fee Singapore dollar (SGD) deposits and withdrawals for its customers in Singapore. This service is enabled through PayNow and Fast and Secure Transfers (FAST), two widely-used payment systems in the country. The new feature is facilitated by DBS, Singapore’s largest bank, ensuring secure and efficient access to digital assets. According to OKX SG CEO Gracie Lin, this collaboration enhances user convenience and security while the platform continues to explore additional features for its customers. DBS’ Evy Theunis highlighted the partnership as a step towards deeper involvement in the evolving digital asset ecosystem.

This initiative follows OKX’s recent acquisition of a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The license authorizes the exchange to offer cryptocurrency services and cross-border money transfers in the region. Gracie Lin, who joined as CEO of OKX Singapore in September 2024, brings extensive experience from her prior roles. She previously led regional strategy at Grab, a multinational technology company, and held positions at MAS and GIC, Singapore’s sovereign wealth fund. The zero-fee transfer service aligns with Singapore’s fintech and crypto innovation goals, offering a cost-effective solution for crypto-to-fiat transactions. It marks OKX’s commitment to providing advanced financial solutions and strengthening its foothold in the Singaporean market.

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