Backpack rebuilds its on/off-ramp system and adds Arbitrum support to enhance multi-chain interoperability and reduce user friction.
Truth Social files with the SEC to launch a 75/25 Bitcoin-Ethereum ETF, highlighting rising political interest in crypto.
Infini shuts down its crypto card products due to high compliance costs, focusing instead on core services like deposits and Earn.
BACKPACK REBUILDS ON/OFF-RAMP SYSTEM, ADDS ARBITRUM SUPPORT
Backpack founder Armani Ferrante announced that the team has rebuilt the platform’s deposit and withdrawal system to support more blockchains. The first upgrade includes support for USDC and ETH on Arbitrum, with more chains to be added in the coming days and weeks.
This marks a key step toward multi-chain expansion. Backpack aims to reduce user friction, lower gas fees, and enhance interoperability. The team is actively collecting user feedback to optimize support for upcoming networks.
Analysis:
Backpack is clearly positioning itself for the multi-chain future. Starting with Arbitrum — a growing L2 ecosystem — reflects strong strategic alignment. Smooth implementation and strong UX will be critical.
If successful, Backpack could capture more liquidity from users seeking flexible and low-cost cross-chain trading options.
TRUTH SOCIAL FILES FOR BTC + ETH ETF
On June 16, Trump’s Truth Social filed an S-1 with the SEC to launch a dual-asset crypto ETF, allocating 75% to Bitcoin and 25% to Ethereum. Yorkville will be the issuer, Crypto.com the custodian, and the ETF is planned for listing on NYSE Arca.
This filing follows an earlier single-BTC ETF application and aligns with Trump Media’s growing interest in crypto. It comes after the firm raised $250 million to build its Bitcoin reserves.
Analysis:
With Trump’s brand power and rising pro-crypto rhetoric, this ETF could attract wide attention—if it gains SEC approval. But approval is far from guaranteed, and political ties could bring both exposure and added scrutiny.
Still, the move highlights how crypto is becoming a key pillar in political and financial narratives heading into the 2024 election cycle.
INFINI SHUTS DOWN ITS CRYPTO CARD BUSINESS
On June 17, crypto platform Infini announced it is discontinuing all Infini Card products—including Global, Lite, and Tech cards—effective immediately. Users can no longer apply or use existing cards. Refunds for activation fees will be processed automatically within 10 working days.
The shutdown comes amid rising compliance costs and limited profitability in crypto card operations. Infini’s core services—such as deposits, withdrawals, and Earn products—remain unaffected.
Analysis:
Infini’s decision shows the challenge of sustaining consumer-facing crypto cards under heavy regulatory burdens.
The shutdown may shake user confidence short term, but if Infini handles refunds efficiently and refocuses on core services like wealth management, it could rebuild trust. More broadly, the move underscores structural hurdles in merging crypto with traditional payment rails.
〈CoinRank Crypto Digest (6/17)｜Truth Social Files for Bitcoin-Ethereum ETF with 75/25 Allocation〉這篇文章最早發佈於《CoinRank》。
