Ripple is on a winning spree. Scoring a clear licensing in Singapore within four months is commendable. Ripple’s interest outside the US is clear that they won’t allow the SEC to suppress this growing industry. Ripple got the in-principle approval in June, and its subsidiary, Ripple Markets APAC Pte Ltd, has now received formal licensing as a significant payments institution from the Monetary Authority of Singapore. This marks a crucial step forward for Ripple’s operations in the dynamic Asia Pacific region.
We have seen how effectively and collaboratively Singapore is dealing with crypto. One of the robust fintech ecosystems is a global hub for digital innovation in finance. It strikes a commendable balance between fostering innovative technology, protecting user interest, and ensuring sustainable growth.
“We have hired exceptional talent and local leadership, doubling headcount over the past year and plan to continue growing our presence in a progressive jurisdiction like Singapore,” CEO Brad Garlinghouse said.”
Looking at Ripple’s business activities, approximately 90% occur outside the United States. This underlines the global nature of Ripple’s operations and the importance of securing licenses and approvals in key international financial centers.
The second most exciting thing with Ripple was that a federal judge ruled against the SEC’s attempt to appeal certain aspects of the case. This development sets the stage for a crucial trial in April, which will play a decisive role in determining Ripple’s operational status within the U.S.
Others Chips In To Revolt SEC’s Crypto-Killing Attitude in The US
Ripple’s newly acquired license in Singapore enables the company to offer digital payment token services. This license aligns Ripple with 14 other entities that have received a similar authorization from the Monetary Authority of Singapore (MAS). Notable among these are the local branches of prominent cryptocurrency exchanges like Coinbase, Independent Reserve, and Blockchain.com. Singapore’s commitment to fostering fintech and digital asset growth has attracted these industry leaders to its shores.
Crypto firms like Coinbase and Ripple have objected to the U.S. for unclear crypto regulations and threatened to go to the Supreme Court, or they may leave the U.S. Joining the wagon, Coinbase got its license in Singapore after in-principle-approval a year ago.
With licenses in strategic jurisdictions like Singapore and continued legal progress in the U.S., Ripple is positioning itself for further growth and influence in digital payments.
Nomura’s crypto unit, Laser Digital, has opened an office in Tokyo, with Hideaki Kudo named as the new office’s representative director and head. Kudo was previously an executive director at Nomura’s Digital Company, where he was responsible for developing security tokens for the financial services group and launching Japan’s first real estate security token offering. Laser Digital, which was launched last year, focuses on venture capital, asset management, and trading and has already invested in over ten crypto start-ups. It recently launched a bitcoin exposure fund and acquired Elysium Technology Group to provide post-trade solutions for digital assets.
One name has emerged to challenge the industry’s established giants – Everlodge (ELDG). Despite being in its presale phase, Everlodge has managed to capture the attention of the DeFi sector, stealing the spotlight from long-established platforms such as Algorand (ALGO) and Aave (AAVE). This sudden surge in interest has many in the community eager to see what this new contender brings.
Everlodge (ELDG): Redefining Digital Real Estate
Imagine owning a portion of a luxurious $6 million penthouse in the heart of New York – a dream once considered too extravagant to pursue. Does it sound unlikely? Not in the world of Everlodge, where a mere $100 investment can turn such ambitious dreams into reality.
Everlodge has a unique approach to slicing elite properties into manageable digital chunks using NFTs. This creates tangible tokens that reflect the property’s nuances and make it easier for investors or traders to invest in prestigious residences. Moreover, multiple layers of security execute every deal promptly and secure.
Everlodge’s Launchpad serves as a hub that bridges the gap between real estate industry leaders and a vast pool of enthusiastic investors. Real estate developers can launch high-quality projects by receiving funding from groups of investors, offering early participants a unique opportunity to invest.
Join Everlodge’s Rewards Club and gain exclusive access to property investments, tantalizing offers, and hefty discounts. Additionally, by acquiring the ELDG token, you’ll gain entry into an elite circle overflowing with enticing perks, such as attractive staking rewards and reduced rates for property acquisition.
Fresh off its initial pricing at $0.010, the ELDG token is now priced at $0.018 as FOMO intensifies. Financial aficionados forecast a bullish trajectory, with whispers of a staggering 30X surge when ELDG makes its grand entrance on major exchanges.
Algorand (ALGO)’s TVL and the Shift to Everlodge (ELDG)
Algorand is a layer-1 blockchain founded by Silvio Micali, a luminary of MIT, to become the foundation for global digital commerce. It has made remarkable progress in paving the way for a Web3 technology renaissance in India, home to the world’s second-largest population.
Despite its ambitions, Algorand has only achieved modest adoption, evident in its TVL of around $44 million. It which pales compared to Ethereum’s staggering TVL of $21 billion.
The trajectory of Algorand’s native cryptocurrency, ALGO, has been less than stellar. From a 2021 peak of $3.28, it has nosedived to just $0.0964. This slide below the critical $0.10 threshold raises red flags about Algorand’s viability in the long run.
Unsurprisingly, this state of affairs has led Algorand enthusiasts to pivot towards Everlodge. With the buzz around a potential 50-fold price escalation for Everlodge. And many ALGO holders are now rushing to sell their holdings and join the ELDG token bonanza.
Aave (AAVE): A DeFi Pioneer Facing Stiff Competition
Aave has established a unique position in the DeFi industry with its diverse services. It includes lending, borrowing, and seamless access to liquidity pools. One of its standout features is the flash loan service, which sets Aave apart by allowing users to obtain loans instantly without needing collateral.
During the bullish wave 2021, Aave witnessed its value soar from $50 to an impressive $666.86 in just five months. However, the initial euphoria was short-lived, with the Aave price plummeting by 92% to its present price of $61.21.
As a descending triangle has emerged, financial analysts closely monitor Aave’s trading graphs. The support level to watch is at $46. The main question is whether Aave will rise to the $113 mark or fall back to the $45-47 support zone. Which has been a reliable safety net for nearly three years.
With more DeFi lending protocols emerging, Aave faces serious competition. The Aave V3 upgrade is a great start, but can it be enough to keep Aave in the race?
Find out more about the Everlodge (ELDG) Presale
Nomura’s digital assets subordinate, Laser Digital, has founded a long-only mutual fund targeting institutional investors with an interest in Bitcoin. The Bitcoin Adoption Fund offers institutional investors exposure to the cryptocurrency, with custody delivered by Komainu, a regulated custodian cofounded by Nomura, tech security firm Ledger and asset manager Coinshares. Sebastien Guglietta, who formerly held senior roles at Nomura and Brevan Howard, will lead the fund. Laser Digital also has a venture capital fund which invests in DeFi across web3, and is planning a digital asset trading arm.
The post Boerse Stuttgart Digital to Launch Cryptocurrency Staking Service! appeared first on Coinpedia Fintech News
Boerse Stuttgart Digital, the crypto-focused subsidiary of the Stuttgart Stock Exchange, is set to introduce a new cryptocurrency staking service. The fully insured service will allow investors to earn rewards for holding cryptocurrencies and comes after the company obtained a digital asset custody license in Germany. Boerse Stuttgart Digital is already a leading provider of trading and investment solutions for cryptocurrencies, and the new staking service is expected to enhance its position in the market.
Digital asset financial firm, Genesis, has announced it will halt its digital asset derivatives trading services with GGC International, effective from September 21. The decision was reportedly made voluntarily and for business reasons. Genesis also recently closed its over-the-counter platform Genesis Global Trading on September 5. The company has confirmed that derivatives positions with GGCI will be honored through expiry, and any open positions will be managed.
The post Emmer Limits SEC’s Digital Asset Enforcement Funds! appeared first on Coinpedia Fintech News
Congressman Tom Emmer is planning to introduce an appropriations amendment that would restrict the SEC’s utilization of funds for digital asset enforcement unless comprehensive regulations are established. Emmer believes that digital asset regulations should be implemented before the SEC can carry out its enforcement actions. The amendment intends to prevent the SEC from overstepping its bounds and damaging the burgeoning digital asset industry. This move may help provide more clear guidelines for long-term digital asset industry growth in the United States.
Legend Trading, a licensed U.S. OTC trading service provider, has partnered with Circle to launch digital dollar services in the Asia-Pacific and Latin American markets. The transaction settlement system is integrated with the bank network, enabling easy conversion between USDC and legal currency. Legend Trading’s foray into digital dollars will offer fast, secure, and cost-effective cross-border payments to promote financial inclusion and growth. The move aligns with the growing trend of crypto adoption in emerging markets and the need for digital financial solutions.
SOMA Finance announced its plans to launch the first legally issued and structured digital security, called the SOMA token. The token will offer token utility, including the right to receive a 10% dividend on SOMA profits. The company aims to sell $5 million, with pricing set at $2.50 per token. The tokens will be sold to global and US retail investors later this month. This marks a significant milestone in the world of digital securities, as SOMA Finance continues to innovate and lead in this emerging market.
The post Australian Senate Rejects Proposed Bill for Digital Asset Regulation! appeared first on Coinpedia Fintech News
The Australian Senate has rejected a proposed bill, the “Digital Assets (Market Regulation) Bill 2023” that aimed to create a regulatory framework for digital assets. The Senate Economics Legislation Committee cited a lack of detail and potential conflicts with the government’s existing approach. The bill introduced by Senator Andrew Bragg sought to establish licensing rules and custody requirements for crypto service providers in Australia, but the committee report argued it was incongruent with international standards and could enable regulatory arbitrage. Prime Minister Anthony Albanese had already initiated a separate consultation process on crypto regulations.
In the context of international governments’ careful and regulatory stance on crypto, Australian regulators have turned down the crypto bill. The committee has instead recommended that the government “continue to consult with industry on the development of fit-for-purpose digital assets regulation in Australia.”
Australia Is Bearish On Crypto’s Future
Australia’s Senate Economics Legislation Committee has made a cold decision to reject “The Digital Assets (Market Regulation) Bill 2023,” a much-discussed proposal introduced by opposition Senator Andrew Bragg.
Instead of backing the bill, the committee has recommended that the Australian government “continue to consult with industry on the development of fit-for-purpose digital assets regulation.” The recommendation has thrown the future of Australia’s crypto industry into a state of uncertainty and a slow lane.
Senator Andrew Bragg, representing New South Wales, left no words in criticizing the committee’s decision, accusing the ruling Labor government of “putting regulating crypto in the slow lane.”
Going beyond the usual party theory, the committee spotted specific concerns with the proposed legislation. They found the bill lacked the level of detail and certainty that would be required for a clear regulatory framework.
Moreover, the committee pointed out that Bragg’s bill was “not congruent with international regimes.” Such incongruence “causes genuine concern for regulatory arbitrage and adverse outcomes to the industry,” said the committee’s report.
As nations around the world begin to formulate and implement digital asset regulations, any misalignment between Australia’s approach and global norms could put the country at a disadvantage. Experts argue that such regulatory incongruence could deter international fintech firms from entering the Australian market, thereby hampering the country’s ability to become a global hub for crypto innovation.
Last week, Indian Prime Minister Narendra Modi pointed out the need for international cooperation on cryptocurrency regulations at the annual G20 summit. As the current G20 president, India is pushing for a unified global framework for cryptocurrency governance. Modi argued in a local interview that emerging technologies like blockchain and cryptocurrency have global implications and should not be regulated solely by individual nations or regional blocs.
Albanese’s Token Mapping Consultation Stalls
Prime Minister Anthony Albanese’s office has yet to make good on its earlier promise to introduce a consultation paper detailing a licensing and custody framework for crypto asset service providers.
Initially announced in February, this consultation paper was expected to build upon a prior token mapping consultation released through the Treasury. Although slated for a mid-2023 release, the anticipated paper has yet to materialize.
Michael Bacina, Blockchain Australia Chair, said,
“The Senate Committee was expected to report on this Bill over a month ago and the industry has been eagerly awaiting Treasury consultation on crypto-custody and licensing. That consultation should be able to build on the industry submissions published as part of the Senate Committee’s review of this Bill.”
Most people realize it is an absolutely massive industry. But far fewer are aware that it is one of the most prominent sectors in the world to embrace cryptocurrency. In the last few years, countless crypto betting platforms have emerged, enabling punters to gamble on everything from casino games and lotteries to sports such as soccer, tennis, NFL and everything else.
Crypto gambling platforms have become more visible as some of the industry’s biggest platforms have entered into sponsorships with some of the best-known sports teams and athletes in the world. Sportsbet.io, is famously affiliated with the English soccer teams Newcastle United and Southampton, as well as Brazil’s São Paulo FC and the Japanese baseball legend Akifumi Takahashi. Another well-known platform, Duelbits, has forged partnerships with Aston Villa FC and the Argentina Football Association, boosting its visibility with millions of sports fans.
The Undeniable Appeal Of Crypto Betting
These high-profile sponsorships clearly help crypto betting platforms to grow, but there are many other reasons why an increasing number of punters are attracted to gambling with digital currencies. For one thing, many crypto betting sites offer gamblers full anonymity, in stark contrast to traditional websites that require players to provide proof of identity, age and address before they can start playing. Many crypto platforms, including Stake.com, don’t ask for any ID at all, making them a compelling option for those who are concerned about privacy.
Another advantage of crypto betting is transparency, as transactions are easily traceable across public blockchains. With this, it is virtually impossible for websites to misappropriate user’s funds, as each transaction is publicly verified and visible for everyone to see.
Crypto betting sites also have the appeal of very fast deposits and withdrawals. While traditional online casinos and sportsbooks can take hours or even days to process payments, crypto sites will process these transactions in a matter of minutes, or even seconds, depending on the type of cryptocurrency used. So gamblers don’t have to wait to access their winnings, and any funds they deposit can be used almost immediately with lower fees too.
Perhaps another reason for the appeal of crypto betting is the often unpredictable nature of crypto itself. Anyone who has traded or held Bitcoin or other tokens will testify to the ridiculous level of volatility of these assets. The price of cryptocurrencies can swing wildly, gaining or losing massive amounts of value in a matter of hours or even minutes. While many people are unable to tolerate this, it can be said that the erratic nature of crypto appeals to gambling enthusiasts, who by their very nature, have a high tolerance for risk taking.
Driving Crypto Adoption
Given crypto’s appeal to the sports betting industry, gambling could emerge as a major driving force behind the ongoing growth of cryptocurrency, propelling it closer to mainstream adoption.
Gamblers tend to be highly motivated people constantly looking for superior platforms with better odds, more betting markets and new casino games. Many crypto sites offer extremely competitive odds that cannot be found on traditional platforms, for example, as well as access to different kinds of games.
Gambling is a risky business in other ways too, and not all online platforms can be trusted. There are a great many traditional gambling websites that have become somewhat notorious for their strict rules, and many complaints have been leveled against sites that refuse to pay out punters’ winnings or suspend their accounts without good reason. As a result, punters are attracted to crypto betting sites often perceived as fairer.
Add to that, even the most trusted gambling sites, such as Bet365, have earned a somewhat dubious reputation for limiting the accounts of winning players, making it harder for them to profit from their bets.
Punters therefore have more motivation than most to learn how crypto works in order to access the best Web3 betting sites. What’s more, many crypto betting platforms go above and beyond to simplify the user journey for new players.
Duelbits is a prime example of this. It offers a streamlined user interface that experienced bettors will feel right at home in, with easy navigation to their favorite markets and games. Deposits and withdrawals are a breeze, with full support for major cryptocurrencies as well as fiat. Users who are unfamiliar with crypto can make a deposit using their bank card or credit card. Their account will immediately be credited with the corresponding amount in crypto, instantly onboarding them to the world of digital money. It also supports direct crypto deposits for those who’re already familiar with it.
With studies showing that as much as 26% of the world’s population enjoys the occasional bet, the potential for crypto gambling is sky high. Betting platforms have perhaps the biggest captive audience of any crypto industry, and it’s likely they have already introduced many thousands of people to digital assets for the first time. As the popularity of gambling endures, the betting world will remain a driving force behind crypto adoption for years to come.
Crypto assets are having a hard time fighting with big institutions on cyber crimes, and currency theft. The fall down of FTX, last year, and this year there is news of Illicit activities done by US exchanges like Binance, and Coinbase for mishandling customer funds. On the line, the FBI has issued a warning to cryptocurrency companies regarding recent blockchain activities linked to the theft of hundreds of millions of dollars by the Democratic People’s Republic of Korea (DPRK).
6 Illicit Accounts Tracked, $40M at Stake?
The news reveals, that the Lazarus Group and APT38, which are widely associated with hacker groups, were accused of siphoning funds from various crypto projects last year. In the past 24 hours, the FBI has tracked around 1,580 bitcoins (BTC) – valued at over $40 million – stolen by the DPRK and held in six Bitcoin addresses. Notably, the FBI also believes there’s a possibility that the DPRK might try to liquidate these digital assets.
On this Private sector entities are advised to examine the blockchain data linked to the provided addresses and to be cautious against transactions related to them.
In response, the FBI stated that it will continue to combat the DPRK’s use of illicit activities, including cybercrime and virtual currency theft, to generate revenue.
Under the lens, there are several high-profile crypto heists directly or indirectly linked to the DPRK have been reported, including thefts from payment providers like Alphapo and CoinsPaid, as well as Atomic Wallet. Interestingly, the Lazarus Group’s previous attempts to move $63M funds related to Harmony’s Horizon Bridge were blocked by industry efforts, including exchanges. However, the US Treasury’s Office of Foreign Assets Control has previously sanctioned individuals allegedly connected to the group.
Not only that Lazarus was also linked to the 2022 Ronin Network attack, known as the biggest cryptocurrency heist to date. In this attack, the hackers managed to steal $625 million, and the FBI has established a connection between this incident and the Lazarus group.
The greatest rug pull ever raises the question of whether crypto assets can handle this expanding cyber threat.
The post Chamber of Digital Commerce Backs Coinbase in SEC Legal Battle! appeared first on Coinpedia Fintech News
The Chamber of Digital Commerce has intervened in the ongoing legal battle between Coinbase and the US Securities and Exchange Commission (SEC). The organization filed an amicus curiae appearance through attorney Brianna A. Perez of McDermott Will & Emery on August 22. The move by the Chamber of Digital Commerce shows its support for Coinbase, which is currently facing a lawsuit from the SEC over its planned cryptocurrency lending platform. The Chamber of Digital Commerce is a trade association focusing on the promotion of digital assets and blockchain technology.
Amidst increasing scrutiny from key regulatory bodies like OFAC, FinCen, DFS, DOJ, SEC, and CFTC, the imperative for collaboration across the industry has grown exponentially. Acknowledging these evolving dynamics, ACI proudly presents the 2nd Annual Forum on Digital Assets Compliance: AML, Sanctions, and Regulatory Oversight. This event will be scheduled for October 17-18 at the esteemed New York Bar Association in New York, NY.
Digital Assets Compliance: AML, Sanctions and Regulatory Benefits
The forthcoming 2023 conference is poised to address the pressing challenges faced by the industry. While offering comprehensive insights into compliance best practices. Participants can anticipate an immersive exploration of pivotal subjects enriched by the invaluable expertise of prominent thought leaders. This year’s gathering will feature senior executives from influential firms such as Affirm, Arival Bank, Ava Labs, BitGo, Circle, Coinbase, Crypto.com, Google, Flexa, Horizon Blockchain Gaming, Kraken, Mastercard, Meta, PayPal, Paxos, Ripple, Robinhood, and WisdomTree.
In tandem with distinguished speakers hailing from industry giants like Paypal, BDO, Mastercard, Google, and Crypto.com, the event will incorporate insights from a revered government faculty, including:
- David Hirsch (Chief, Crypto Asset and Cyber Unit, Division of Enforcement, U.S. Securities and Exchange Commission)
- Jessica Houghton (Sanctions Compliance Officer, U.S. Office of Foreign Assets Control, U.S. Department of the Treasury)
- Tara La Morte (Co-Chief, Money Laundering & Transnational Criminal Enterprises Unit, Asset Forfeiture Coordinator, U.S. Attorney’s Office, Southern District of NY)
- Kevin Puvalowski (Senior Deputy Superintendent – Consumer Protection and Financial Enforcement, New York State Department of Financial Services)
Comprehensive information about the forum can be accessed at AmericanConference.com/DigitalAssets. To secure your spot, register today and use the code D10-999-COINPEDIA24 to avail of an exclusive 10% discount.
As a distinctive institution, the American Conference Institute is devoted to equipping senior decision-makers with the intelligence essential to address domestic and global challenges. Staffed by experts in various fields, including law and industry specialists, ACI functions as a think-tank, diligently tracking trends, developments, and public policies across major industry sectors. The aim is to furnish insights at the cutting edge, shaping informed and forward-thinking decisions.
In this rapidly evolving landscape, the 2nd Forum on Digital Assets Compliance: AML, Sanctions, and Regulatory Oversight stands as an indispensable platform for industry professionals to converge, exchange insights, and collectively advance the realm of digital assets compliance.
The post Canadians Increasingly Use Digital Assets for Everyday Transactions! appeared first on Coinpedia Fintech News
Canadians are increasingly seeing digital assets as legitimate for everyday transactions, according to Coinbase Canada Director Lucas Matheson. He said he expects more use cases to emerge that are “digital asset-backed” and that “everyone in our industry is excited for”. Matheson cited the growth of non-fungible tokens (NFTs) and e-commerce as areas that will be “significantly changed” by NFTs. The comments come after a Bank of Canada study showed Bitcoin ownership had declined in 2022 following regulatory hurdles. However, a report from the Ontario Securities Commission claimed over 30% of Canadians plan to purchase crypto by 2024.
Three Arrows Capital Co-Founders Slapped with a Hefty $2.7M Fine by VARA Over New Digital Asset Exchange, OPNX!
According to a recent notice, the co-founders of the once-prominent crypto hedge fund, Three Arrows Capital, have been hit with a massive $2.7 million fine by Dubai’s regulatory authorities. The fine is a result of their involvement in the new digital asset exchange, OPNX.
VARA Makes The Biggest Fine Since Inception
Dubai’s Virtual Assets Regulatory Authority (VARA) has imposed a fine of close to $2.8 million on the cryptocurrency exchange OPNX and its founders, as revealed in a recent Wednesday announcement.
OPNX, established by Kyle Davies and Su Zhu — people behind the unsuccessful hedge fund Three Arrows Capital (3AC) — had previously faced VARA’s censure in May. Following the decline of 3AC, Davies and Zhu faced criticism for launching OPNX, a platform that enables investors to trade bankruptcy claims of firms including FTX and CoinFLEX.
The Virtual Assets Regulatory Authority (VARA) announced that they had levied a fine of 10 million dirhams ($2.7 million) against the company in May, which remains unsettled. The authority confirmed that Su Zhu, Kyle Davies, OPNX co-founder Mark Lamb, and CEO Leslie Lamb have each settled penalties of 200,000 dirhams ($54,451) due to non-compliance with marketing, advertising, and promotional regulations.
Given the outstanding fine, VARA stated, “Based on the company’s failure to clear the fine, VARA will decide on the subsequent measures to be taken against OPNX. This could encompass additional fines, penalties, or any necessary steps to ensure payment and decisively address the misconduct.”
In its initial 24 hours of operation, the exchange conducted trades valued at less than $2. Meanwhile, trading entities that were claimed to be significant investors in the OPNX project refuted any association.
Dubai’s Crypto Initiatives So Far
This year, Dubai has intensified its regulatory scrutiny on crypto, introducing a new framework that mandates firms serving retail investors to obtain a license from VARA. This move follows the plan of the United Arab Emirates to be removed from the Financial Action Task Force’s “gray list” – a list of regions deemed inadequate in detecting illicit financial activities.
Zhu and Davies were main in establishing OPNX this year, promoting it as a platform for trading cryptocurrency claims. The co-founders of Three Arrows, who have been in disputes with liquidators aiming to retrieve funds for the creditors of their collapsed fund, have chosen Dubai as one of their main operational hubs following its downfall last summer.
The penalty imposed on OPNX is the highest fine disclosed by VARA since its inception the previous year. In February, VARA noted that the company was actively seeking customers for its platform and gathering personal information.
By early May, the regulator had publicly admonished Zhu, Davies, Mark Lamb, Leslie Lamb, and another individual for running OPNX without the necessary authorization. In May, Leslie Lamb informed that the company had not made any marketing efforts towards Dubai or in the UAE. She mentioned that OPNX was collaborating with VARA’s inquiry and was confident that they hadn’t breached any regulations.
Since the 2022 crypto bear market began, investments in digital assets have struggled to attract money like before. Problems faced by TerraLunaUST, FTX, and Alameda Research last year made big investors wary. However, long-term investors have been buying more Bitcoins during this tough market, mainly due to rising global inflation. Furthermore, the EU and the UK have set clear rules for crypto, which more places are following.
A closer look at a weekly report by European digital assets manager CoinShares reveals interesting facts. The recent US inflation data, a bit lower than predicted, caused a small rise in investments in digital assets last week. This suggests that there might not be a hike in interest rates in September.
In the past week, about $29 million flowed into digital asset investments. Most of this money went into Bitcoin. A noteworthy change happened with Bitcoin, which turned around from losing about $144 million in the past three weeks to gaining $27 million last week.
In the world of alternative cryptocurrencies (altcoins), Ethereum led the way with around $2.5 million coming in. Other altcoins also got attention, like Uniswap (UNI) getting $0.7 million, Solana (SOL) getting about $0.4 million, and XRP having around $0.5 million. Canada was the top region for money flowing in, with about $24 million.
Despite challenges from the 2022 crypto bear market and new regulations, this weekly report shows that digital asset investments are changing. Positive trends, especially with Bitcoin and some altcoins, suggest that investors can adapt and the digital asset market can keep growing.
Prime Trust, a Nevada-based financial company, has filed for bankruptcy after the state’s business regulator issued a cease-and-desist order earlier in June. The order cited the firm’s “critically deficient” financial condition and inability to honour customer withdrawals. This has raised concerns about the safety of digital asset custody held by Prime Trust, a crucial service in the growing digital asset industry. The company, which has been providing services like payment processing, compliance, and custody for security tokens, has seen rapid growth due to the boom in cryptocurrencies in recent years.
The post Microsoft Ventures into Digital Payments and Explores Central Bank Digital Currencies appeared first on Coinpedia Fintech News
Microsoft, which is a big player in the field of AI, has unveiled a strategic partnership with Aptos Labs, a layer-1 blockchain entity. This partnership represents a significant moment where advanced AI meets the emerging realms of web3 and blockchain technology.
Aptos Labs, established by former Facebook employees, was initially on a mission to revive the dormant Diem project, formerly known as Libra. However, now backed by Microsoft’s AI expertise, Aptos Labs is setting its sights on more ambitious endeavors.
In a recent press release, Aptos disclosed its plans to utilize Microsoft’s infrastructure to introduce innovative ventures that merge AI and blockchain technologies. Notably, they unveiled a new chatbot named Aptos Assistant.
This AI-powered chatbot serves as a resource within the Aptos ecosystem, offering users information and aiding developers in crafting smart contracts and decentralized applications. The chatbot’s capabilities are harnessed through Microsoft’s Azure OpenAI Service. This collaboration exemplifies the fusion of AI and blockchain in shaping the future of technology.
Imagine a world where the dollar doesn’t dominate every international transaction. Seems far-fetched? Enter China’s mBridge and digital yuan. With fast-track development, they’re posing an interesting game-changer for the world of global finance.
The Rise of mBridge
mBridge isn’t just a fancy tech term. It’s the manifestation of a dream shared by China, Thailand, Hong Kong, and the UAE. Their collective vision? Revolutionize cross-border payments using Central Bank Digital Currencies (CBDC), sidestepping the traditional dollar-dependent channels. And they’re not alone in this venture; the Bank for International Settlements (BIS) – the central banking superhub from Switzerland – is on board.
Challenging Dollar-Denominated Payments
Let’s drop some numbers:
- Daily dollar-involved foreign exchanges? A staggering $6.6 trillion.
- Annual global trade in dollars? Roughly $32 trillion.
If mBridge gets a slice of this pie, the implications are immense.
However, some officials in the United States and Europe are expressing concerns about the implications of mBridge. They worry that the project could provide China with an advantage in using digital currencies to reshape cross-border payments, potentially enabling the evasion of sanctions, taxes, and anti-money laundering regulations. Critics also fear that the emergence of alternative payment systems could fragment the global financial landscape and exacerbate geopolitical tensions.
The Complex Landscape
The rise of mBridge highlights the ongoing push by various central banks, including China, to develop digital currencies and enhance cross-border payment systems. While mBridge has been under development since 2017, its association with the BIS has raised eyebrows and prompted discussions about China’s intentions to reduce reliance on dollar-dominated settlements. However, experts emphasize that the collaboration with BIS is driven by the organization’s role as a hub for advanced research in the field.
Ross Leckow, deputy head of the BIS Innovation Hub, acknowledges that there is no set timeline for an operational system after the current development phase. He explains that the focus is on transforming the prototype into a minimum-viable product.
Global Impact and Uncertain Future
The potential of mBridge to revolutionize cross-border payments is evident from its goals, with the project aiming to address pain points in the current system. Thailand sees the sunny side – envisioning a world where cross-border payments shift from snail-paced days to lightning-fast seconds. Yet, while many concur mBridge might ding the dollar’s armor a bit, the consensus is clear – it’s not toppling the dollar from its status as – World’s Leading Reserve Currency.
As mBridge continues to evolve, questions remain about its long-term implications and impact on the global financial order. The collaboration between central banks, the BIS, and emerging technologies underscores the ongoing transformation of the financial landscape. While the future of mBridge remains uncertain, its development and potential applications offer a glimpse into the evolving dynamics of international payments.
In an unprecedented move, Nation X has leaped into the uncharted financial territory. You’re about to witness a pivotal moment in economic history as this nation becomes the first to adopt cryptocurrency as legal tender officially. This bold decision signifies not only a shift from traditional banking and cash transactions but also an embrace of blockchain technology’s unparalleled potential.
As you know, cryptocurrencies are digital or virtual currencies that use cryptography for security – a feature that makes them extremely difficult to counterfeit or double-spend. The implications of this groundbreaking initiative could be profound, both domestically and internationally. And while it leaves some analysts apprehensive about the potential risks involved, others are excited about the possibilities of creating a fully digital economy. So let’s delve deeper into what this could mean for us all: financially, technologically, and societally in this rapidly evolving digital world.
The Journey Towards Financial Revolution
You’re now embarking on a journey towards a financial revolution, where physical cash is replaced by digital currency, transforming your pockets from bulging wallets to sleek smartphones. This isn’t just any change; it’s a pioneering shift in how we perceive and use money. However, the path of this revolution is laced with challenges that are as exciting as they are daunting.
Revolution Challenges meet head-on with Financial Innovations; it’s like watching an epic clash between tradition and technology. Cryptocurrency brings about unparalleled transparency, efficiency, and flexibility. Yet the volatility of digital currencies can be unnerving, leading to unpredictable market trends.
Staying updated on the latest trends in digital finance is crucial for staying ahead. As Nation X leads this transformation, you’re not just witnessing but participating in shaping the future of economy.
Understanding Blockchain Technology
Diving headfirst into the world of blockchain technology, it’s like you’re cracking open a futuristic novel filled with complex codes and transparent transactions. This is where the heart of cryptocurrency lies – within these intricate chains of digital blocks. Each block contains data about transactions, offering unparalleled transparency. But what might pique your interest most is blockchain security.
Blockchain’s decentralized nature means there’s no central authority to hack, hence enhancing its security. The public ledger system allows you to track each transaction, reducing fraud risks substantially. Decentralization benefits also include reduced costs and speedy transactions as intermediaries are eliminated from the process.
Staying current on these trends in digital finance can give you an advantage in understanding how Nation X’s pioneering move towards adopting cryptocurrency could reshape their economy and potentially create a global ripple effect.
Implications for Domestic Economy
Embracing this new form of currency could have profound implications for a country’s domestic economy, potentially revolutionizing the way transactions are conducted and assets are exchanged. By adopting Shark Crypto Casino cryptocurrency as legal tender, nation X is pioneering a path that promises economic stability and fosters consumer trust in digital finance.
Such transformation integrates blockchain technology seamlessly into everyday commerce, amplifying transparency and efficiency. This move can also eliminate the volatility often associated with traditional currencies while fostering an environment conducive to financial innovation.
However, it’s crucial to understand that this shift won’t happen overnight. It requires meticulous planning, sturdy infrastructures, and most importantly – a well-informed public ready to embrace the future of finance. The rewards though? A robust digital economy ripe for growth and prosperity.
International Response and Impact
Let’s now turn our attention to the global stage and examine how this bold move is being perceived by other countries, and what ripple effects it might have on international economies. The adoption of cryptocurrency as legal tender has stirred a pot of mixed reactions globally. Some nations applaud Nation X for its innovative approach to digital finance, seeing it as an opportunity to rethink their own regulatory frameworks.
However, others voice concerns about potential risks such as money laundering or volatility in value. This uncertainty may lead to stricter regulations around crypto-assets globally. These global ramifications could influence the path of digital economy transformation worldwide. As we watch these dynamics unfold, it’s clear that Nation X’s pioneering move is shaping new discussions around the future of digital currency and economy.
Future Prospects of a Digital Currency System
Moving forward, it’s truly exciting to imagine the possibilities that a system based on digital currencies could bring. Embracing cryptocurrency comes with the promise of enhanced digital inclusion, allowing every citizen access to financial services. With blockchain technology at its core, transactions can be faster and more secure, fostering an environment for economic growth.
Moreover, digital currencies offer incredible potential for currency sustainability. Unlike traditional systems prone to inflation or deflation due to human factors such as political instability or poor policy decisions, cryptocurrencies are largely immune from these issues thanks to their decentralized nature.
However, this transformation is not without challenges. Regulations need to evolve and cybersecurity measures must be ramped up to realize this vision of a pioneering digital economy fully.
The post Hex Trust Gains Digital Asset Custody Registration in France and Italy! appeared first on Coinpedia Fintech News
Hex Trust, a cryptocurrency custodian, has expanded its presence in Europe by registering in France. The move is in line with Hex Trust’s strategy to cover all major European markets and provide institutional-grade custody services for digital assets. The registration in France will give Hex Trust access to the country’s highly regulated economy, which is known for its strict financial laws and regulations. The company plans to leverage this to attract clients who prioritize security and compliance with its advanced security features. Hex Trust is well-positioned to meet the needs of institutional investors seeking to invest in digital assets.
In a groundbreaking move, the UK government announced that it could leverage blockchain technology to digitize trade documents, a step that could revolutionize the way global trade operates. This comes as part of the Electronic Trade Documents Act 2023, which officially became law on July 20 and is set to take effect this autumn.
The Act, which is technology-neutral, paves the way for the use of blockchain technology if it meets the reliability test. This could potentially reverse centuries-old merchant laws, allowing trade documents to be stored and distributed digitally. The Law Commission for England and Wales, the independent statutory body that drafted the bill, estimates that billions of papers are passed around annually with global shipments, a practice that could be significantly reduced with this new law.
The Act’s significance lies in its potential to treat electronic documents as legally analogous to paper if they meet certain criteria. Law Commissioner Sarah Green stated that blockchain technology happens to be one of the means by which such documents can meet those criteria.
The government also highlighted that electronic trade documents could increase security and compliance by making it easier to trace records, particularly through the use of blockchain and distributed ledger technology.
The Move Is Considered a Step Forward for the UK
James Butterfill, head of research at CoinShares, hailed this as a “step forward” for the UK. He emphasized that using blockchain technology to distribute trade documents digitally could improve workflow and efficiency. In the long run, this could reduce costs and ensure compliance.
This move by the UK government is a testament to the growing recognition of blockchain technology’s potential to transform various sectors, including global trade. It sets a precedent for other countries to follow suit, potentially leading to a more efficient, secure, and cost-effective global trade ecosystem.
Binance, a Crypto exchange giant has added FDUSD to its list of trading pairs, effective from July 26, 2023. The trading pairs include FDUSD/BNB, FDUSD/USDT, and FDUSD/BUSD. To celebrate the launch, Binance has introduced a zero-maker fee promotion for a limited time. This addition is expected to help the platform gain more customers and create more liquidity, thus encouraging more users to engage in trading on Binance. With this move, Binance aims to boost trading volumes and attract more traders to its platform.
The post Russia approves digital ruble bill, with a pilot set for August 2023! appeared first on Coinpedia Fintech News
Russia has officially approved the digital ruble bill, with the law set to take effect in August 2023. The legislation enables the central bank to launch the first central bank digital currency (CBDC) pilot with real consumers in August. The digital ruble is developed to serve as a payment and money transfer method and will act as the third form of money alongside cash and non-cash rubles. Russian citizens will not be forced to use the CBDC, and it will be a voluntary choice left up to individuals to decide. The digital ruble is not expected to see widespread use in Russia until 2025-2027.
The post Warren Davidson calls for a ban on central bank digital currencies appeared first on Coinpedia Fintech News
US Congressman Warren Davidson is calling for central bank digital currencies (CBDCs) to be banned and their development made a criminal offense. He claims CBDCs will corrupt money into a tool for coercion and control. The call comes in response to a job advert by San Francisco’s Federal Reserve Bank for a senior crypto architect to work on a CBDC project. Other US politicians including presidential candidate Ron DeSantis have also spoken out against CBDCs.
Worldcoin, created by DeepAI CEO Sam Altman, will launch a token on Monday. OKX has already opened the Worldcoin recharge page, supporting ERC20 and Optimism. The project raised $115 million in Series C funding from investors such as Blockchain Capital. Boasting 2 million users, the technology company, Tools for Humanity, aims to create a universal basic income (UBI) and digital identity system using its decentralized global network.
A virtual world ZTX has just announced a special, one of a kind wearables collection in collaboration with Dust Labs – an innovative startup that was behind the launch of DeGods and y00ts. With the launched collection, ZTX plans to offer exclusive, branded wearables that users can access through the ZTX Avatar Builder – a web app where users can create customizable 3D avatars as their “online persona” and use it throughout the ZTX 3D virtual world.
Through the announced partnership with Dust Labs, ZTX will allow DeGods holders to claim DeGods-branded items such as hoodies and sweatpants that they can use in the Avatar Builder. The function will be featured in the ZTX virtual world and will incentivize users – it will reward community members with a number of 3D virtual assets.
Commenting on the partnership and the launch, ZTX Co-CEO Chris Jang said that it signifies the first of many community initiatives that the company will be taking to enhance opportunities and “build advanced functionalities for creators and users over the months and years to come.”
Dust Labs CEO Kevin Henrikson added that this collaboration is a testament to Dust Labs’ global ambitions. “We are enhancing the utility of the DeGods collection and opening new doors of opportunity and innovation for collectibles and digital assets of all kinds by offering our community members unique digital assets such as partner wearables and are creating immersive experiences for token holders that truly set our offerings apart,” he said.
By customizing wearables through seamless applications and by building community traction ZTX allows digital collections to expand their digital footprints without the need to build their own apps. After this first partner wearables collection launch ZTX says it will announce the private beta of its 3D open-world application and Genesis Home Mint – a collection of “4,000 bespoke 3D homes” that have many unique features for users – including earning income, access to future drops, games and many other.
The post Russia to Launch Digital Ruble as it Faces Economic Challenges in the Face of Sanctions appeared first on Coinpedia Fintech News
Russia plans to introduce a digital ruble, aiming to boost trade in national currencies, particularly with China and India, amidst US sanctions. The legislation, awaiting President Putin’s signature, is set for testing in August. Fifteen Russian banks have already committed to the program, offering digital wallets through their platforms. Individuals can enjoy free transactions, while businesses will incur a 0.3% fee. The digital ruble aims to address economic challenges and enhance accessibility and convenience for users.