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Showing posts from June 29, 2021

Coinbase Launches High Yield USDC Accounts With 4% APY

Coinbase, the largest exchange in terms of crypto reserves held, has announced the introduction of a savings program tied to usd coin. The company’s high yield USDC savings program allows customers to gain 4% APY interest on stablecoin accounts. Coinbase Reveals USDC Savings Program With Interest Rates Eight-Times Higher the national average The cryptocurrency exchange Coinbase announced pre-enrollment for its usd coin (USDC) savings program that allows clients to earn a 4% APY interest rate on USDC held on the platform. Coinbase joins firms like Blockfi and Crypto.com that already offer interest on USDC stablecoin holdings. Still, Coinbase highlights in its announcement on Tuesday, that 4% APY on USDC is “more than 8x the national average of high-yield savings accounts.” “Everyone wants to get the best interest rate available for the assets they hold,” Coinbase explained in a statement. “But interest rates have decreased steadily over the past few decades, making it difficult to...

CoinMarketCap launches Ethereum token swaps powered by Uniswap

CoinMarketCap has launched a token swap feature via integration with Uniswap, and has hinted at supporting additional DEXs and networks in the future. CoinMarketCap (CMC) has launched a token swap feature on its website through an integration with decentralized exchange Uniswap. CMC is one of the most well known crypto market data aggregators in the industry and has been owned by Binance since April 2020. The site’s Ethereum-based token pages now include a swap icon, enabling users to connect a wallet and swap between ERC-20 tokens. The platform supports wallets from MetaMask, Coinbase, Fortmatic, Portis, and WalletConnect. We're incredibly excited to see Uniswap integrated natively into @CoinMarketCap Token pages now have a "Swap" icon allowing users to connect to an Ethereum wallet and instantly trade that token through the Uniswap protocol awesome work on the integration!!! https://t.co/qm4SbcTTCA pic.twitter.com/PwO3mEWJU4 — Uniswap Labs (@Uniswap) June 3...

Dvision Network Open Beta Test (OBT) Goes Live Ahead of Dvision World Launch

PRESS RELEASE. One of the leading blockchain-based NFT & Metaverse platforms, Dvision Network, has revealed that its long-awaited “Open Beta Test” (OBT) is going live on June 30th 2021. According to Dvision Network, the Open Beta Test launch will be divided into several phases, with the following stages to be announced after the successful completion of the 1st phase. The countdown has already started on their official website: https://dvision.network/ . Open Beta Test to incorporate new NFT features The Open Beta Test is the test phase that will precede the launch of Dvision World, an ultimate metaverse that will be a major platform of the Dvision Network’s Ecosystem. Dvision Network has integrated new features into the OBT, including My Space, Character Customization, and a community Leaderboard system. During the OBT, users will be able to fully customize their characters with options like selecting preferred nicknames and desired costumes for their characters, and will fur...

HSBC becomes first foreign entity onboarded to Dubai’s KYC blockchain

HSBC plans to improve the KYC process for local investors and corporate clients by leveraging blockchain technology. Global banking giant HSBC has announced that it has been successfully onboarded to the regional Know-Your-Customer (KYC)-focused private blockchain backed by Dubai’s government. HSBC is the first overseas, and fourth founding member, to go live on the “UAE KYC Blockchain Platform,” which was developed by the Dubai-based Department of Economic Development, dubbed “Dubai Economy.” The UAE KYC Blockchain Platform is a national ecosystem for the exchange of verified know-your-customer data between licensing authorities and financial institutions in the United Arab Emirates. According to the Gulf News , HSBC’s addition to the platform provides investors with the option of digitally opening an account with the international bank using data that has already been verified by another bank via the blockchain. Dubai Economy’s director of development, Omar Al Mehairi, praised ...

Senator Cynthia Lummis backs crypto for US retirement plans

Senator Cynthia Lummis wants to see crypto-assets become a normal part of the diversified asset allocations in U.S. citizens’ retirement plans. U.S. Senator and Bitcoin proponent , Cynthia Lummis, would like to see U.S. residents turn to Bitcoin as part of a diversified strategy for their retirement plans. Speaking during the CNBC Financial Advisor Summit on June 29, Senator Lummis stated she would like to see Bitcoin and other crypto-assets become a normal part of diversified asset allocations used for retirement funds in order to protect the from inflation. “I’d also like to see individuals be able to use Bitcoin and cryptocurrencies of their preference that are safe, that have met the hurdles of anti-money laundering and Bank Secrecy Act,” she added. Lummis emphasized the importance of maintaining a “diverse asset allocation” — warning of the inflation risks caused by government spending and money printing: “The Congress spends trillions and trillions of dollars, and is flood...

FTX Partners With Tom Brady and Gisele Bündchen in Long Term Deal

FTX Trading Limited has announced the company has partnered with seven-time Super Bowl Champion Tom Brady and Brazilian model Gisele Bündchen in a long-term deal. Both celebrities will have an equity stake in FTX and receive payments in crypto, the announcement explains. The NFL star Brady will serve as the ambassador for FTX, while the activist Bündchen will fill the role of FTX’s environmental and social initiatives advisor. NFL Star Tom Brady and Brazilian Model Gisele Bündchen Join FTX FTX continues to enter the realm of mainstream sports and celebrity partnerships and in 2021, the company has made numerous partnerships and acquisitions. For example, FTX was able to purchase the naming rights to the NBA’s Miami Heat arena, and the company also just partnered with MLB . The announcement on Tuesday is considered a historic deal made by West Realm Shires Services Inc., FTX Trading Limited, and Blockfolio Inc., the companies behind FTX. According to the press release sent to Bitco...

Coinbase reveals plans for crypto app store amid global refocus

Coinbase is looking to bolster its global presence, announcing it will focus on launching new products “in most countries by default” moving forward, including a crypto app store. Top U.S.-based centralized crypto exchange, Coinbase, has announced plans to launch a crypto app store offering third-party developed products. A June 30 blog post penned by Coinbase CEO Brian Armstrong revealed its plans for an app store, stating that while “the crypto economy is still in its early stages, [...] it is clear that every year more and more economic activity will take place on crypto rails.” “Apple didn’t attempt to build every app for the iPhone, it empowered developers and gave mobile users an easy way to access new innovative apps. We need to do the same in crypto.” Armstrong estimated there is now “[tens] of billions of dollars of economic activity running on DApps." The post also emphasized Coinbase’s commitment to expanding the number of crypto assets it supports and increasing...

UK’s NatWest bank limits transactions to crypto exchanges

NatWest and other U.K. high street banks have ramped crypto curbs amid recent regulatory pressure on the sector. As the crypto crackdown continues in Britain, another high street bank has intensified its efforts to curtail its customers' use of digital assets. The Natwest Group has reportedly capped the daily amount its customers can send to cryptocurrency exchanges due to concerns over investment scams and fraud, according to a June 29 report from Reuters . However, it was not revealed what those new limits were in terms of fiat currency transfers. The temporary cap was imposed on June 24. The restriction targets several cryptocurrency exchanges, including Binance. The high street bank claims to serve 19 million customers in the U.K. The spokesperson for NatWest stated that it has recently seen a high level of cryptocurrency investment scams targeting its customers, particularly through social media sites, addi: “To protect our customers from the criminals ...

64 Cryptocurrency Firms Have Withdrawn Applications to Operate in UK, FCA Says

A growing number of crypto firms in the U.K. are withdrawing their applications to register with the Financial Conduct Authority (FCA). Around 64 firms have already withdrawn their applications and will not be able to operate in the U.K. The list of cryptocurrency companies abandoning their attempts to register with the U.K.’s financial regulator is growing, Reuters reported Monday. Under the current crypto regulation, the Financial Conduct Authority (FCA) is responsible for ensuring crypto companies’ compliance with laws on the prevention of money laundering and terrorist financing. Companies wanting to provide crypto-related services in the U.K. must register with the FCA before conducting business. An FCA spokesperson said Monday that registration data shows the number of companies that have ditched their applications jumped by 25% in less than a month. Around 64 companies have withdrawn their applications, the spokesperson said, up from 51 in early June. Only six f...

Driving ‘purists beserk’: Co-chair of blockchain caucus wants to 'reverse' crypto transactions

Democratic Representative Bill Foster has called for legal power to identify wallet holders and reverse crypto transactions in instances of criminal behavior such as ransomware attacks. Bill Foster, Democratic Representative and co-chair of the Congressional blockchain caucus, has called for a regulatory framework that would enable third parties to reverse fraudulent or criminal transactions. Foster is a physicist and a Democratic Rep for Illinois. The blockchain caucus is co-chaired by Democratic Rep Darren Soto , and Republican Reps Tom Emmer and David Schweikert. Speaking during an online event for news outlet Axios, Foster asserted that unless the Congress or the public can come up with a different solution to ransomware , U.S. regulators need to introduce a legal framework that can “unmask” crypto wallet holders’ identities and reverse crime-related transactions. The Democrat described the legality of reversing transactions as one of “most fundamental decisions about crypto a...

Mexico’s Finance Minister: Cryptocurrencies Are Prohibited From Being Used in Financial System

Mexico’s central bank, finance ministry, and banking regulator have jointly issued a warning about cryptocurrency. Finance Minister Arturo Herrera emphasized that cryptocurrencies are prohibited from being used in Mexico’s financial system. The central bank of Mexico, the finance secretary, and the National Banking and Securities Commission (CNBV) said in a joint statement Monday that crypto assets are not legal tender in Mexico and are not considered currencies under current laws. The regulators warned that financial institutions operating with them are subject to sanctions. Their statement reads: “The financial authorities reiterate their warnings … on the risks inherent in the use of so-called ‘virtual assets’ as a means of exchange, as a store of value or as another form of investment.” It adds: The country’s financial institutions are not authorized to carry out and offer to the public operations with virtual assets, such as bitcoin, ether, XRP and others in order to main...

Korean Crypto Exchanges Consider Suing Government Over Banking Requirements

All cryptocurrency exchanges in South Korea except the largest four may be unable to meet the bank account requirements needed to stay in business. A number of Korean crypto exchanges are considering suing the government and financial authorities, claiming that the country’s crypto law is unconstitutional. A number of exchanges are currently considering filing a lawsuit against the government and the financial authorities alleging the country’s crypto law is unconstitutional, Business Korea reported Monday. The revised Act on Reporting and Use of Certain Financial Transaction Information requires cryptocurrency exchanges to submit a document by Sept. 24 showing that they have a real-name account issued by a bank. However, banks in South Korea are reluctant to provide a real-name service to cryptocurrency exchanges due to money-laundering concerns. Several banks, including NH Bank and Shinhan Bank, are conducting risk assessments on the country’s largest cryptocurrency exchanges: ...

China crackdown shows industrial Bitcoin mining a problem for decentralization

The great hash rate plunge caused by an exodus of miners from China shows large scale Proof-of-Work mining facilities are vulnerable to regulation. Bitcoin’s reliance on large-scale mining infrastructure and geographic concentration has been thrown into sharp relief by China’s recent mining crackdown. In May, China announced that it would be getting tough on crypto mining and trading as a response to financial risks. The nation’s crackdown on crypto is not new, rather it's a reiteration of previous standings on the risks of digital currency to economic stability, in response to recent price fluctuations. For the first time, cryptocurrency miners are being targeted to enforce the existing guidelines. Mining hardware still presents a potential risk, even if mining moves to other locations. This could prove that the Ethereum blockchain’s switch to proof-of-stake (PoS), which can run on consumer-grade equipment, is a more reliable path to decentralization and offers greater resilie...

Indians Hold $40 Billion in Cryptocurrency, Report Suggests

Crypto investments in India have been gaining significant traction over the past year, blockchain data indicates. Despite the ambiguous regulatory situation in the country, more than 15 million Indians have bought or sold digital currencies. Indian Crypto Investments Increase Amid Regulatory Uncertainty A growing number of Indians have put money into cryptocurrencies in the past year, which saw major coins hitting all-time market highs. Investments in crypto assets have increased from around $200 million to almost $40 billion, Bloomberg reported, quoting blockchain forensics firm Chainalysis. The massive growth has been registered despite an unclear future for decentralized digital money in the world’s second-most populous country. The spike in investment interest happens against the backdrop of a generally hostile, but also ambiguous, attitude of the Indian central bank towards crypto. Over 15 million Indians have been buying and selling cryptos, the publication added, in disreg...

'We don't have much time left' to regulate crypto, says Bank of France governor

"We in Europe need to move as quickly as possible or risk an erosion of our monetary sovereignty," said Francois Villeroy de Galhau. Bank of France governor Francois Villeroy de Galhau said that Europe should make crypto regulation a priority or risk digital assets challenging its monetary sovereignty. At a Paris Europlace financial conference today, Villeroy said he believed the European Union only had “one or two years” left in which to establish a regulatory framework for cryptocurrencies. To not act, according to the central bank governor, would “risk of an erosion of our monetary sovereignty” and potentially weaken the euro. "I must stress here the urgency: we do not have much time left, one or two years," said Villeroy. “On both [digital] currencies and payments, we in Europe need to move as quickly as possible.” Villeroy called on the EU “to adopt a regulatory framework in the coming months,” given the growing role cryptocurrencies are playing in region...

Coinbase will pay users 4% interest on USDC holdings

The announced yields represent the exchange increasing interest for USDC holders by more than 2,500% since it was lowered significantly last June. Major cryptocurrency exchange Coinbase has announced users will be able to earn 4% interest on USD Coin through a product the company compared to an alternative to a fiat savings account. In a Tuesday blog post, Coinbase said its users could earn 4% annual percentage yield, or APY, by lending out their holdings for the U.S. dollar-pegged stablecoin USD Coin ( USDC ). The crypto exchange seemed to be targeting banks with the offering, claiming it has a better return than a typical savings account in the United States. However, Coinbase said the loaned USDC is not protected by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation — unlike typical savings accounts in the U.S. — nor is the exchange offering a crypto interest account that provides “attractive rates on customers’ assets.” While most savin...

Binance faces regulatory upheaval as lawmakers target ‘global’ exchanges

Regulators in Japan, the United Kingdom and the Canadian province of Ontario have all tightened their grip on cryptocurrency exchanges. Binance has been caught in the crosshairs. The world’s largest cryptocurrency trading platform, Binance , has faced regulatory upheaval over the past week as jurisdictions clamped down on the use of unauthorized exchanges and warned citizens against accessing them. For Binance, adopting the moniker of “global exchange” has done very little to appease regulators that require specific licenses to offer financial services to their citizens. Below is a brief recap of recent regulatory actions surrounding Binance. Japan On June 25, Japan’s Financial Services Agency, or FSA, accused Binance of operating in the country without proper registration – potentially setting the stage for a protracted legal battle with regulators. That’s because, unlike other jurisdictions, Japan has carved out specific registration and operating rules for cryptocu...

Bulls are back, but regulatory fears hamper the DeFi and altcoin recovery

Bitcoin is staging a comeback, but the lingering threat of regulation continues to weigh on DeFi tokens and select altcoins. On May 19, the total cryptocurrency market capitalization nosedived by 19% and has since failed to recover to the $1.8 trillion mark. More than 40 days have passed, and investors have begun to question what could happen to altcoins if the current bear market takes longer than expected to recover. Before digging into that, analysts first need to understand whether specific sectors held out better than most, and more importantly, they should distinguish which cryptocurrencies have managed to stay afloat over the past 30 days. Cryptocurrency total market capitalization (in billions). Source: TradingView Although the total crypto market cap is down 5% in 30 days, nearly 44 of the top 100 coins are down 19% or more during this period. This data is a strong indicator that investors have been cutting losses on some altcoins. Worst performers among the top 100 i...

Ark Invest Files for a Bitcoin ETF

Ark Invest, the investment company founded by Cathie Wood, filed for approval to offer a Bitcoin ETF yesterday. 21Shares, an investment firm with experience launching related products in Europe, will help Ark to launch the product. Ark Invest is the latest of several funds showing interest in launching a Bitcoin ETF this year. Cathie Wood’s Ark Invest Jumps on the Bitcoin ETF Bandwagon Ark Invest, the famous asset management firm, filed for approval to launch a Bitcoin ETF yesterday. The firm, founded and managed by Cathie Wood, will partner with 21Shares, a firm with experience in this field. The proposed instrument will be called ARK 21Shares Bitcoin ETF. It will track the performance and price of Bitcoin providing exposure for regulated markets. While the price of Bitcoin has stagnated over the last month, tech and crypto-oriented funds expect demand to pick up again. Cathie Wood is a big bitcoin proponent and much of Ark’s holdings are based in cryptocurrency companies like Co...

Deutsche Börse Group Acquires Major Stake in Swiss Firm Crypto Finance AG

On Tuesday, Deutsche Börse Group, marketplace manager for the trading of shares and other securities, explained the company has acquired a major stake in Crypto Finance AG. The move adds to Deutsche Börse’s extension into the cryptocurrency industry in order to provide custody solutions and a “direct entry point for investments.” Deutsche Börse Group to Expand Further Into Digital　Currency Ecosystem Deutsche Börse Group’s latest announcement explains that the company wants to build a trusted and regulated cryptocurrency ecosystem in Europe. The financial institution that rakes in €2.936 billion ($3.5 billion) in revenue annually explained it has obtained a majority stake in Crypto Finance AG . The Switzerland-based Crypto Finance AG is a digital currency-focused finance organization that offers the storage, investment, and trading of crypto assets to professional clients. As a member of Deutsche Börse Group, the company will scale while also assisting Deutsche Börse’s expansion int...