Binance Research's Mid-Week Update

Happy Wednesday from Binance Research! Check out our mid-week update🧵: 

1/ Key stories:

@LayerZero_Labs is partnering with @Conflux_Network on a blockchain-based SIM card, BSIM, which will enable cross-chain messaging using LayerZero’s tech. Co-developed by Conflux and China Telecom, BSIM will be piloted in Hong Kong before broader release in China.

2/ Initial trading volumes for the first $ETH futures ETFs were lower than expected, especially compared to when ProShare’s #bitcoin futures ETF, $BITO, launched. The $ETH ETFs had a combined volume of ~US$7M on Monday, compared to ~US$200M for $BITO in its first 15m. 

3/ UBS, one of the world’s largest banks, has launched its first tokenized money market fund on the @ethereum blockchain to explore various on-chain activities, including subscriptions and redemptions. 

4/ Notable raise: Deus X Capital, a family office backed investment firm, launches with US$1B of assets. The firm will look to deploy into digital asset, blockchain, and fintech companies.

5/ We hope that was helpful. Drop us a follow @BinanceResearch on X (or Twitter) for more regular updates, analysis, and comprehensive research reports!