This Week in Crypto: Tokenized Treasuries, Cross-Chain Partnerships, and Bitcoin-Based DeFi Take Center Stage
In Brief
Major players are pouring funds into tokenized assets, solar-powered DeFi, and traditional-to-digital finance platforms, while excitement builds around cross-chain partnerships and Bitcoin-based DeFi, all pointing toward a seamless, blockchain-powered investment future.
This week’s news in blockchain and finance is packed with big shifts and bold moves, showing just how fast the lines between digital and traditional assets are blurring. Major players are investing heavily in tokenized funds, solar-powered DeFi projects, and platforms that bridge traditional finance with digital assets, signaling a future where everything from T-bills to clean energy investments can be accessed with a click.
There’s also growing excitement around the potential of cross-chain partnerships and Bitcoin-based DeFi as financial giants take aim at simplifying and expanding access to blockchain markets. Here are some of the past week’s hottest funding rounds, acquisitions, and user milestones that are setting the stage for new investment opportunities.
Franklin Templeton’s Tokenized Money Fund Lands on Base Network
Franklin Templeton has rolled out its tokenized Franklin OnChain US Government Money Fund (FOBXX) on Coinbase’s Base network, adding to its presence on Stellar, Polygon, and Arbitrum. With around $435 million in assets and annual returns of 4.7%, FOBXX’s move onto Base makes it the first tokenized fund on this layer-2 network, solidifying Base’s role in blockchain-based financial record-keeping.
FOBXX taps into a growing appetite for tokenized real-world assets (RWAs) like T-bills, an emerging $30-trillion market for high-liquidity, yield-generating investments. By outsourcing transaction records to blockchain’s public ledgers, FOBXX seeks to maximize transparency, going head-to-head with BlackRock’s BUIDL fund, which manages $530 million. Through Franklin Templeton’s Benji platform, investors now have expanded access to low-risk, tokenized yield as RWAs become a hot topic in institutional finance.
Glow Raises $30M to Expand Decentralized Solar Network in India
With real-world assets (RWAs) gaining traction in institutional finance, Glow is seizing the moment. This Ethereum-based solar energy project has raised $30 million from Framework Ventures and Union Square Ventures to supercharge its decentralized solar network in India. The capital injection will allow Glow to expand its solar grid, aiming to supply clean energy to 34,000 Indian households and offset more than 85,000 tons of CO2 emissions over the grid’s lifespan.
Originally launched as a rooftop solar initiative in the U.S., Glow has scaled up to a network of multimillion-dollar solar farms. Operating under the DePIN (Decentralized Physical Infrastructure Networks) model, Glow enables joint ownership of solar infrastructure, allowing contributors to earn digital tokens like GLW and stablecoins for carbon credits by adding energy nodes to the network. This unique setup has propelled Glow to the top of DePIN charts, pulling in $5 million in revenue recently, thanks in large part to its expansion in Rajasthan.
Crypto.com Snaps Up SEC-Registered Broker to Bring U.S. Equities to the Table!
Crypto.com just bagged Watchdog Capital, an SEC-registered broker-dealer, to roll out stocks and equity options for U.S. traders. This move marks a major leap from just crypto to offering full-on traditional equities through the familiar Crypto.com interface.
The news comes hot off the heels of Crypto.com’s recent tussle with the SEC, but CEO Kris Marszalek says the exchange is full steam ahead, blending traditional finance with digital assets under a fully compliant setup. Watchdog Capital, founded by digital assets champion Bruce Fenton, is also a FINRA and SIPC member, so we’re talking solid credentials here.
After nabbing 100 million users globally, Crypto.com has also recently joined forces with Standard Chartered to offer fiat deposits and withdrawals across 90+ countries. So, the next wave of integrated finance is right round the corner.
Bitget Wallet Draws 6 Million Users on Telegram in Just 3 Days
Bitget Wallet’s Lite app on Telegram has pulled in six million users within three days of its soft launch on Oct. 28. This self-custodial wallet from Bitget lets users buy, store, and send crypto directly on Telegram, accelerating Bitget’s footprint in the messaging app’s crypto landscape.
The rapid growth is fueled by early user rewards, targeted campaigns in Telegram groups, and partnerships with other Mini Apps like Tomarket. Incentivizing the first million users with exclusive gifts drove strong early adoption, said Bitget COO Alvin Kan, pointing to a clear push to capture Telegram’s crypto-savvy base.
With more wallets now operating in Telegram, Bitget also highlights the rise of phishing threats, advising users to verify apps with Telegram’s official blue check. Although Bitget Wallet Lite hasn’t yet secured this tag, it plans to add it shortly to further assure users.
Flow Traders and Wormhole Partner to Power Cross-Chain Liquidity
Institutional market maker Flow Traders has teamed up with Wormhole, an interoperability protocol, to bolster cross-chain liquidity and streamline crypto swaps. Announced on Oct. 30, the partnership involves Flow Traders purchasing a stake in Wormhole’s native token and providing liquidity as part of Wormhole’s “solver” network, enabling smoother multi-blockchain transactions.
According to Flow Traders’ Global Head of Digital Assets, Michael Lie, this partnership targets one of the crypto industry’s core challenges – ecosystem fragmentation. By integrating Wormhole’s network, Flow Traders aims to simplify the multi-chain experience and unify blockchain interoperability.
This collaboration aligns with Wormhole’s broader push to attract institutional players, following recent integrations like Securitize’s tokenization platform for cross-chain asset capabilities.
Libeara and FundBridge Bring US Treasurys On-Chain with the Ultra Fund
Libeara, a leader in tokenizing real-world assets, is teaming up with FundBridge Capital to bring US Treasurys onto the blockchain with the launch of the Delta Wellington Ultra Short Treasury On-Chain Fund, or Ultra Fund. This fund opens up digital access to US Treasurys via Libeara’s Delta platform, combining traditional assets with the speed and transparency of blockchain transactions.
Kicking off on Ethereum, the Ultra Fund is set to expand its reach to other networks, including Arbitrum, Solana, and Avalanche. Backing the fund’s operations, global asset management heavyweight Wellington Management steps in as sub-manager, while Standard Chartered Bank handles custodial duties, ensuring secure access for investors diving into digital assets.
Stacks Asia and Hex Trust Team Up to Unlock $180B Bitcoin DeFi Potential
Hex Trust, a licensed digital asset custodian, has joined forces with the Stacks Asia Foundation to tap into the emerging $180 billion Bitcoin DeFi market. This partnership will see Hex Trust integrate support for the Stacks layer, enabling custody and transactions for Stacks-related digital assets while laying the groundwork for future DeFi integrations on Bitcoin.
The move signals a surge in institutional interest in Asia for Bitcoin DeFi products. “This could elevate Bitcoin’s financial utility for institutional clients,” remarked Calvin Shen, Hex Trust’s chief commercial officer. In support of this, the integration will initially include SIP-010, the fungible token standard on Stacks, allowing tokens to be easily transferred and tracked within the ecosystem.
Growing demand for DeFi on Bitcoin is evident as firms build new functionality around the network. Hermetica, for instance, launched the Bitcoin-backed synthetic dollar USDh, offering a 25% yield to investors, while Zest Protocol introduced a Bitcoin-based staking token. Jakob Schillinger, CEO of Hermetica, emphasized that Bitcoin DeFi could rival Ethereum’s DeFi ecosystem within five years, pointing to massive latent BTC capital waiting to enter DeFi markets.
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About The Author
Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
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Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
