By Syscoin (SYS) plans to move ahead with its ETF Application with 21 Shares, one of the world’s largest ETF managers according to the marketmakers involved in the transaction. This reveal comes after a series of new futures markets for Syscoin launched by Binance, Binance US, Bybit, Bitget and Kucoin. SYS, the native token of Syscoin also reached record daily trading volumes.
Syscoin, the world’s 5th oldest cryptocurrency in existence, launched in 2013, before the likes of Ethereum, XRP and Dogecoin. It is the world’s first EVM-compatible layer for Bitcoin and still the only one that is natively built into Bitcoin’s Proof of Work security model through the process of merged mining that permits Bitcoin miners to provide the same hashrate to mine Syscoin, increasing their profit margins. Currently, over 75% of all Bitcoin miners in the world also mine Syscoin, giving the blockchain the second highest hashrate (level of security) in the world. Syscoin is licensed in the UAE and the Netherlands and has received regulatory approval to list on Binance US to be traded by US citizens and residents.
As governments and major corporations worldwide are integrating Bitcoin as their sovereign wealth and corporate treasuries, usability and programmability of Bitcoin remains a vast untapped opportunity for a 2 trillion dollar asset BTC. Ethereum and other Layer1 chains do not permit to make any use of native Bitcoin. They are also completely outside the Bitcoin security model of Proof of Work, secured by the massive global energy output. Syscoin offers native smart contracts directly within the Bitcoin protocol and permits unlocking Bitcoin DeFi without having to leave Bitcoin blockchain. It makes Bitcoin scalable and programmable natively, making every other chain literally obsolete for Bitcoin users.
Syscoin team is currently in negotiations with several US publicly traded corporations to add SYS to their treasuries, potentially expanding access to institutional players to invest in Syscoin. This opens up Syscoin to a similar use-case as Bitcoin has with Microstrategy. Syscoin hopes to replicate the success of Ripple Labs Inc, the issuer of XRP, which experienced a strong rally following its own ETF announcement with Wisdom Tree Inc.
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