In October, the total assets under management (AUM) for digital asset products experienced a significant surge of 6.74%, reaching $31.7 billion. This growth marked the first increase since July 2023, according to data from CCData’s Digital Asset Management Review. The average daily aggregate volumes of digital asset investment products also saw a substantial increase, rising by 44.3% to $230 million. This increase can be attributed to the positive sentiment surrounding the approval of exchange-traded funds (ETFs). There was a particular focus on ProShares’ BITO, which dominated volumes with a 30.0% increase to $104 million in average daily volumes. Grayscale’s GBTC followed closely behind with an average daily volume of $62.0 million, a significant 73.7% increase from September.
Aera, an autonomous treasury management protocol for decentralized autonomous organizations (DAOs), announced its official general availability launch following an $8 million token sale led by Bain Capital Crypto. The funds generated from the token purchase will be used exclusively for developing and maintaining the Aera protocol. Currently, protocols and institutions manage over $4.3 million of their treasuries using Aera.
Binance, one of the world’s largest cryptocurrency exchanges, receives hundreds of feature requests and suggestions every month. In September alone, the exchange validated over 300 suggested features from its users. The Binance team works diligently to process these requests and feed them to the product teams for implementation. Many of these suggested features have already been shipped, and the exchange’s CEO Changpeng Zhao promises to share more information on this in the near future.
Bitget, a leading cryptocurrency exchange, announced the success of its inaugural Bitget Builders Program and unveiled its second phase. The program aims to engage and support young individuals globally by offering them education, training, and hands-on industry exposure in the realms of crypto, blockchain, and Web3. The initiative, which launched in May 2023, has committed $10 million in funds over the next five years to support the development of young talents in the industry.
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Solana Labs, a company that builds products and tools on the Solana blockchain, launched the Solana Incubator program. This program is designed to attract technical teams who want to leverage the benefits of the Solana network while receiving support, knowledge, resources, and connections from Solana Labs. The incubator aims to ease the engineering and go-to-market challenges often faced by startups in the Web3 space.
Binance also made leadership changes, promoting Kyrylo Khomiakov, its Central and Eastern Europe (CEE) General Manager, to Regional Head for both CEE and Central Asia. In this expanded role, Khomiakov will work towards enhancing the exchange’s product delivery, growth, education initiatives, fiat channels development, and user experience. With his deep understanding of local markets, Khomiakov is expected to guide development across 14 countries.
In conclusion, October witnessed positive developments in the cryptocurrency industry, with a significant increase in digital asset products’ AUM and average daily volumes. Aera’s successful token sale and launch of its autonomous treasury management protocol for DAOs showcased the growing interest in decentralized finance. Additionally, Binance’s commitment to user feedback and Bitget’s efforts to support young talents in the industry demonstrate the importance of community engagement and talent development. The launch of the Solana Incubator program and Binance’s leadership changes further highlight the industry’s focus on innovation and growth.
