The crypto market sees major developments with the Ethereum Foundation allocating $32.6M in grants, Coinbase launching 24/7 Bitcoin and Ethereum futures trading, and German authorities seizing $38M linked to the Bybit hack. These events highlight the industry's growth and increasing regulatory scrutiny.
The crypto market is witnessing major developments, with growth and regulatory milestones unfolding simultaneously. The Ethereum Foundation's strategic grant allocation underscores its commitment to nurturing community and educational initiatives, while Coinbase's launch of a 24/7 futures trading platform expands access to crypto derivatives.
Meanwhile, German authorities' recent crackdown on the eXch exchange highlights the increasing scrutiny of illicit crypto activities. These events signal a pivotal moment for the cryptocurrency industry, which is navigating the dual forces of innovation and regulation as it continues to evolve.
The Ethereum Foundation has announced the distribution of $32.6 million in grants during the first quarter of 2025. These grants form part of the organization’s Ecosystem Support Program (ESP), which is designed to support a range of initiatives within the Ethereum ecosystem. The funding spans a vast array of projects, from community to technical, with the intent of generating development and innovation across a blockchain.
Out of the 101 grants, 32 involved community building and education. These grants were distributed to educational content creators, conference organizers, and hackathons, including significant events like ETHPrague and ETHiopia. The goal is to offer materials to Ethereum enthusiasts to pursue learning and networking opportunities. Additionally, 16 grants were allocated to projects for the enhancement of developer tools, with focus on software development kits (SDKs) and validator tooling.
In the cryptography space, 14 projects received funding to develop zero-knowledge proofs (ZK-proofs) and research security protocols. Meanwhile, seven grants were aimed at enhancing Ethereum’s execution layer and consensus mechanisms. The funding reflects the Ethereum Foundation’s commitment to advancing the blockchain’s scalability, security, and developer experience.
Coinbase has finally launched its highly anticipated 24/7 futures service for trading coins like Bitcoin and Ethereum, a massive move for the crypto space. The new service, initiated via Coinbase Derivatives, will enable retail and institutional traders to trade futures contracts at any time, including weekends. This move aims to give traders constant access to Bitcoin and Ethereum futures so they can react quickly when price changes and market events occur outside regular market hours.
This 24/7 trading is a big milestone for Coinbase, which collaborated with the U.S Commodity Futures Trading Commission (CFTC) to ensure this service was done within standards. Key financial institutions, like Virtu Financial and ABN AMRO, have partnered with Coinbase Derivatives for execution and risk management.
This development comes after Coinbase announced a deal to acquire Deribit exchange for $2.9 billion to strengthen its position in derivatives. The emergence of around-the-clock futures trading is likely to attract more institutional and retail investors into the crypto derivatives market thereby expanding the market.
In a major development, German authorities seized roughly $38 million worth of cryptocurrency from the eXch exchange on May 9. The cryptocurrency was allegedly used to launder funds stolen from the Bybit hack earlier this year. The seizure marks one of the largest cryptocurrency confiscations in German history.
The BKA (Federal Criminal Police Office) and Frankfurt’s prosecutor’s office reported that the seizure included multiple crypto assets such as Bitcoin, Ether, Litecoin, and Dash. These funds were associated with the February 2025 $1.4 billion hack on a cryptocurrency exchange, Bybit. The eXch platform, which has been in business since 2014, allegedly enabled individuals to exchange currencies without adhering to anti-money laundering (AML) regulations, thus making illicit dealings possible.
Authorities also confiscated the platform’s server infrastructure, which contained over eight terabytes of data, and shut down eXch’s operations. The platform had transacted approximately $1.9 billion, some of which was related to criminal activities. This seizure underscores continuous efforts by the world’s regulators to bring cryptocurrencies used for illegal acts under their regulatory control.