Crypto Markets and Fundraising: Polymarket, Kalshi Seek Funding, Gemini Goes Public, Tether Unveils USAT, and More

Crypto markets witnessed significant events last week, including Polymarket and Kalshi's billion-dollar fundraising pushes, Gemini's IPO exceeding market expectations, Tether's US-regulated stablecoin USAT, Coinbase's pushback against regulators, Binance's partnership with Franklin Templeton, and Avalanche's $1 billion treasury plan. OpenSea edged closer to its long-awaited token, while Michael Saylor's firm continued to invest in Bitcoin amid scrutiny over a missed multibillion-dollar BTC haul.

Crypto markets experienced a significant milestone last week when Binance Coin (BNB) surpassed the market value of Union Bank of Switzerland (UBS). This achievement highlights the growing influence of digital assets in global finance. Binance founder Changpeng ‘CZ’ Zhao used this occasion to urge traditional banks to adopt BNB, emphasizing its potential beyond speculation Binance Founder Urges Banks to Embrace BNB as Token Surpasses UBS in Value^[1].

BNB's market value reached $130.64 billion, overtaking UBS's market capitalization of $129.08 billion. This development underscores the growing momentum of BNB, which has been steadily increasing in value. At the time of writing, BNB traded at $941.87 after a 1.85% daily jump, according to CoinMarketCap data Binance Coin hits record $907 after Franklin Templeton digital asset partnership^[2].

Market analysts have noted BNB’s strong upward trajectory. Ali, a market analyst, believes that BNB could reach $1,300, driven by buyers and new partnerships. The partnership with Franklin Templeton, a global investment firm with $1.6 trillion in assets under management, has further bolstered BNB's credibility Binance Coin hits record $907 after Franklin Templeton digital asset partnership^[2].

The collaboration between Binance and Franklin Templeton aims to create innovative, compliant digital asset products. This partnership signifies a shift towards integrating blockchain technology into traditional finance, potentially reimagining capital markets. The announcement of this partnership led to BNB hitting a new all-time high of $907, demonstrating the market's confidence in the token's potential Binance Coin hits record $907 after Franklin Templeton digital asset partnership^[2].

Additionally, the viral story claiming a significant return on investment in BNB was later debunked. While the story suggested a $300 investment in 2017 could now be worth over $25 million, no concrete evidence was provided, and users concluded the story was exaggerated or false Binance Founder Urges Banks to Embrace BNB as Token Surpasses UBS in Value^[1].

The increasing institutional interest in BNB is a significant driver of its price movements. The partnership with Franklin Templeton and other developments, such as the $500 million private placement by CEA Industries, 10X Capital, and YZi Labs, further underscore BNB's potential as a key asset in global finance Binance Founder Urges Banks to Embrace BNB as Token Surpasses UBS in Value^[1].

In summary, Binance Coin's market value surpassing that of UBS is a significant milestone in the crypto world. This achievement not only reflects the growing acceptance of digital assets but also highlights the potential for blockchain technology to transform traditional finance. As more institutions embrace cryptocurrencies, the market is likely to witness further growth and innovation.

References
Binance Founder Urges Banks to Embrace BNB as Token Surpasses UBS in Value^[1] https://thecoinrise.com/binance-founder-urges-banks-to-embrace-bnb-as-it-flips-ubs/
Binance Coin hits record $907 after Franklin Templeton digital asset partnership^[2] https://economictimes.indiatimes.com/markets/cryptocurrency/crypto-news/binance-coin-hits-record-907-after-franklin-templeton-digital-asset-partnership/articleshow/123846010.cms