In recent developments, the London Stock Exchange (LSE) has declared its intent to commence accepting applications for Bitcoin and Ether crypto exchange-traded notes (ETNs) during the second quarter of 2024. The Financial Conduct Authority (FCA) in the United Kingdom has also conveyed its non-objection to Recognized Investment Exchanges (RIEs) creating a market segment for crypto-backed ETNs, although these products are directed solely towards professional investors and are considered unsuitable for retail investors due to their inherent risks. Additionally, on the AI front, Elon Musk's xAI company is making significant strides by open-sourcing its AI chatbot, Grok, in a move that challenges OpenAI’s ChatGPT model, amidst an ongoing lawsuit against OpenAI.
The London Stock Exchange accepts Bitcoin and Ethereum ETNs.
The London Stock Exchange has announced that it will consider applications for Bitcoin and Ether ETNs in line with specified guidelines outlined in its Crypto ETN Admission Factsheet. The ETNs must be physically backed, non-leveraged, and have a public market price or value measure of the underlying asset, predominantly secured in cold wallets and subject to anti-money laundering laws in certain jurisdictions. These ETNs enable investors to trade securities, tracking the performance of crypto assets during the exchange’s trading hours. The FCA, while permitting the introduction of such products for professional investors, has emphasized the high risks associated with crypto-backed ETNs and continues to caution against their suitability for retail investors.
Elon Musk Makes Grok AI Open Source Amid Ongoing OpenAI Lawsuit:
In a bold move, Elon Musk announced that xAI would open-source its AI chatbot, Grok, as part of the ongoing legal proceedings against OpenAI. Musk's decision to make Grok open source aligns with his requests in the lawsuit against OpenAI to advance open-source AGI for the benefit of humanity. Grok, powered by the Grok-1 large language model, is capable of accessing real-time information via the X social media platform and possesses the capability to address more contentious inquiries that are often disregarded by other AI systems. Notably, the move to open-source Grok AI is viewed as a direct challenge to OpenAI’s closed ChatGPT model, further intensifying the competition in the AI chatbot domain.
Both of these developments possess significant implications for the crypto and AI spaces, and the market is rife with anticipation over their potential impact. Keep an eye on this space for further updates and insights.
This comprehensive coverage aims to provide a succinct yet detailed overview of the groundbreaking developments involving the London Stock Exchange and Elon Musk's xAI company. Stay informed as we continue to bring you the latest cryptocurrency and AI-related news and updates.
(SAVANNAH FORTIS, COINTELEGRAPH, 2024)