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Lorenzo Protocol’s BANK Token Surges 150% After Binance Futures Listing
Lorenzo Protocol’s native token, BANK, has recorded a 150% price surge within six hours of its official launch.
The token’s rapid climb follows its listing on multiple platforms, including Binance’s Alpha Market and the launch of a BANKUSDT perpetual contract on Binance Futures with up to 50x leverage.
What is the New BANK Token on Binance Futures?
The Token Generation Event (TGE) for BANK took place today, April 18, via Binance Wallet, in partnership with PancakeSwap. Lorenzo Protocol raised $200,000 through the sale of 42 million BANK tokens—2% of the total supply—priced at $0.0048 each.
The token is now trading on PancakeSwap, Bitget, and CoinEx. Following its debut, BANK reached a market cap of approximately $22 million.
$BANK IDO successfully concluded
A massive thank you to everyone who participated and supported Lorenzo’s launch!
Final Results:
• 62,117 $BNB committed
• 18329% oversubscribed
• Funding target filled in under 1 minWe’re grateful to all community members, and… https://t.co/OXZ1G6bzS1 pic.twitter.com/NzRzWTC5QN
— Lorenzo Protocol (@LorenzoProtocol) April 18, 2025
BANK is the governance and utility token for Lorenzo Protocol, a DeFi platform focused on enhancing Bitcoin liquidity.
The protocol allows users to earn yield on BTC without giving up custody. It uses financial primitives like Liquid Principal Tokens (LPTs) and Yield-Accruing Tokens (YATs).
According to its claims, BANK holders can stake their tokens to receive veBANK, which provides governance rights and a share of future emissions.
Also, Lorenzo Protocol is built on a Cosmos-based Ethermint appchain. It enables BTC restaking and interoperability with Bitcoin’s Layer 1. The design supports on-chain issuance and settlement of BTC-backed assets.
The listing of the BANK/USDT perpetual contract on Binance Futures adds further momentum to the token. Binance Futures is a derivatives platform that allows users to trade perpetual contracts with high leverage.
Binance has historically preferred new tokens on the BNB chain for early futures trading. BANK’s sharp price increase and rapid market integration highlight strong early interest in Lorenzo Protocol’s approach to BTC-based DeFi infrastructure.
Currently, it’s far-fetched to project whether the exchange will list this newly launched token. However, Binance’s new community voting on token listing has offered positive hopes for small market cap projects.
The post Lorenzo Protocol’s BANK Token Surges 150% After Binance Futures Listing appeared first on BeInCrypto.
PLUME Holders Continue to Dump Tokens After Co-Founder’s Death
In a sad occurrence, Eugene Shen, co-founder of the RWA project Plume, reportedly passed away this week. However, this announcement prompted a major PLUME token dump, splitting the community with acrimonious accusations.
Some skeptics wondered if Plume was a scam or if this death announcement was some sort of hoax. Others deplored these accusations and token dumps, professing support for the company. Regardless, it has been a bizarre market reaction to an unfortunate, tragic event.
Massive PLUME Token Dumps
Plume, an RWA onboarding blockchain firm, has attracted considerable attention since YZi Labs invested in it this March. Over the last week, the company’s PLUME asset fell by 18%, and users began reporting a token dump today.
The firm announced the death of Plume co-founder Eugene Shen, presumably establishing a reason for this price action:
Plume’s announcement didn’t specify a date or cause of Shen’s death, only that it took place last week. Still, this immediately clarified the PLUME token dump for some users, many of whom strongly condemned investors’ behavior.
Although PLUME had already been falling for several days, it experienced an additional 7.4% crash and a 145% increase in trading volume today. Presumably, Shen’s death caused today’s price actions.
However, alternate narratives also began circulating, even if they remained a minority position. Why did the price drop begin days ago?
It appears that several token holders are calling PLUME a scam token and the co-founder’s death a hoax. Yet, these claims have no evidence and show a rather unsettling display of public empathy.
Even if this was not a popular position, this jarring cynicism still shocked the crypto community. Sure, crypto scams are rampant right now, but would PLUME really fake someone’s death to dump tokens?
Defenders immediately began noting all Plume’s major investors, claiming that the company has a clear history and market presence.
This bizarre incident only highlights a rather hidden ugliness in the crypto community. Perhaps MANTRA’s fall damaged investor confidence for the entire RWA market, or maybe users are just growing tired of scams.
It’s bad enough that PLUME users dumped their tokens after a team member’s death, but it’s far more concerning that some people think it’s all a scam.
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Japan Crypto ETF Not Officially Filed, Plans Still in Development Phase
Japanese Bitcoin spot ETF may not arrive as early as once expected this week.
SBI Holdings denied earlier reports that it has formally filed for crypto-related exchange-traded funds (ETFs) in Japan, clarifying that the plans remain in the development phase.
Regulatory Clarity Still Pending
“Contrary to some media reports, we have not filed any applications with the authority to form an ETF related to crypto assets,” the SBI spokesperson told Cointelegraph on Friday. “It is only at the planning stage.”
The spokesperson said SBI will not submit any ETF applications until Japan’s Financial Services Agency (FSA) finalizes its approach to classifying crypto assets.
“In Japan, ETFs that incorporate crypto assets are expected to be approved in a way that aligns with the responses of the financial authorities and tax authorities,” the SBI representative said. “Therefore, the filing will be done after these legal revisions have been made.”
In its Q2 results announcement a week ago, SBI introduced the plan for two new ETFs: a hybrid product combining gold and digital assets, and another holding spot Bitcoin and XRP. The reports pointed to language in the company’s latest earnings presentation as evidence.
However, the presentation material did not explicitly confirm any regulatory filings, and SBI has moved to set the record straight.
In June, FSA proposed recognizing certain digital assets as financial products under the Financial Instruments and Exchange Act (FIEA), the framework that governs traditional securities.
First Publicly Listed Crypto ETF in Japan, If Approved
If approved, the change could enable the first publicly listed crypto ETFs in Japan. While clarifying it has yet to file applications, SBI has already taken steps to position itself for Japan’s anticipated ETF market. As BeInCrypto previously reported, the company has partnered with US investment firm Franklin Templeton to create a new digital asset management joint venture in Japan.
Nikkei reported that SBI will hold a 51% majority stake in the new firm, while Franklin Templeton will own the remaining shares. The partnership is designed to launch Bitcoin ETFs as soon as the FSA grants approval. The joint venture also intends to leverage Franklin Templeton’s expertise in asset tokenization to expand future product offerings.
This move runs parallel to SBI’s plans for two ETF concepts under its subsidiary SBI Global Asset Management: a pure-play spot ETF for Bitcoin and XRP, and a hybrid fund with at least 51% allocated to gold and the remainder to digital assets. The company aims to offer these products to individual investors first, aligning with its mission to “promote the democratization of alternative investments.”
SBI’s inclusion of XRP reflects its longstanding relationship with Ripple, where it remains a major shareholder. The firm has actively promoted XRP in cross-border payments throughout Asia. Analysts say a regulated ETF with direct XRP exposure could help legitimize the token for institutional adoption in Japan.
The hybrid gold-crypto ETF concept is aimed at appealing to both digital asset enthusiasts and risk-averse investors, merging the growth potential of crypto with the perceived stability of gold.
Strategic Expansion in Web3
SBI’s ETF ambitions are part of a broader Web3 strategy. The firm is expanding stablecoin initiatives, including USDC, Ripple’s RLUSD, and a planned yen-denominated stablecoin, to integrate securities, banking, and digital assets into a single financial infrastructure.
Industry observers see these steps as positioning ahead of a likely market shift once ETF approval arrives. The introduction of regulated crypto ETFs could unlock new institutional capital, especially from pension funds and asset managers who have avoided direct crypto exposure due to regulatory and tax hurdles.
While optimism is building—especially within the XRP community—industry experts warn that regulatory review and product vetting will take time. SBI has reiterated that all publicly available information on its ETF plans is contained within its earnings presentation and related statements, with no further details released on fees, custody, or launch dates.
If Japan’s FSA finalizes the proposed legal revisions, the country could join the United States and Canada in offering spot crypto ETFs. For SBI, early entry could cement its leadership in Japan’s evolving financial landscape, while partnerships like the Franklin Templeton venture underscore its intent to be ready the moment regulators open the door.
The post Japan Crypto ETF Not Officially Filed, Plans Still in Development Phase appeared first on BeInCrypto.