Bullets

2022-06-10 01:11:48 Coinbase, an American cryptocurrency exchange, has opted to place strategic investment in Singapore-headquartered cryptocurrency exchange, Zipmex, instead of full acquisition, The Block reports. The investment will be part of the Series B+ fundraising round the Southeast Asian exchange is currently working on. The round, through which it reportedly has plans to raise $40 million, could value the exchange at $400 million. Coinbase has previously discussed full acquisition with Zipmex.  Zipmex, which also has strong footing in Thailand, previously raised $52 million from its Series B funding round.  The exchange raised $41 million in September 2021 and $11 million six months later. Some of its investors in the rounds included B Capital, V Ventures, MindWorks Capital and Master Ad, among others.  Recent Coinbase Moves  Coinbase recently committed $1 million for digital public goods in partnership with Gitcoin, a community of builders, creators and protocols at the center of open web ecosystems. Digital public goods are open-source software that support open-source protocols. Coinbase said the monetary support is “one of the largest single donations to the public goods treasury in Gitcoin history.” Coinbase last month also launched the Coinbase Institute, a global crypto-native think tank. The exchange selected Hermine Wong as the Director of the Institute. Wong is a former US government official who worked with the Executive Office of the President’s Office of Information and Regulatory Affairs (OIRA). Meanwhile,  a Bitcoin address recently transferred 2,457 BTC from Coinbase as selling pressure pushed the price of the crypto asset to its lowest level in more than 12 months.  On-chain analytics platform, Whale Alert, said the BTCs were moved to an unknown wallet on 20 May at 16:49 UTC.  Whale Alert further disclosed that the coins were worth more than $70 million. The BTC balance on the cryptocurrency exchange took a major hit as a result. This article was written by Solomon Oladipupo at www.financemagnates.com.

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2022-06-09 19:11:07 Binance, the world’s largest cryptocurrency exchange by trading volume, says it is trying to get two licenses in the Philippines.  These are the virtual asset service provider (VASP) and the electronic money issuer (EMI) licenses. The VASP license is to enable the exchange to legally facilitate the trading of cryptocurrencies in the Philippine as well as power the conversion of cryptocurrencies to the Philippine peso, the country’s official currency.   On the other hand, the EMI license will enable Binance to issue electronic money in the country. The exchange’s founder and Chief Executive Officer, Changpeng Zhao, disclosed these during a press briefing in Manila, the Philippines capital. Binance in a statement issued on Wednesday said Zhao has met with Philippine officials to discuss regulatory and banking support for the exchange’s expansion into the country. “He (Zhao) believes regulations promote crypto adoption as the government, companies, and investors can better explore cryptocurrencies and other digital assets,” Binance said in the statement. The exchange further said that Zhao believes that Binance’s expansion into the country is important due to the country’s high cryptocurrency adoption. During the press briefing in Milan, Zhao discussed plans to expand into the Philippines. He also said Binance was seeking to enter into collaborations and invest in banks that operate in the country. Another Brewing Scandal?  Finance Magnates reported earlier this week that Binance is facing an investigation by the US Securities and Exchange Commission (SEC) for possible violations of the United Securities markets law with the sale of Binance Coins (BNB) in 2016.  The US securities market regulator is primarily investigating whether BNB tokens can be categorized under securities, and if Binance violated the laws with the sale of unregistered securities. Also, in a report published on Monday, Reuters wrote that for five years Binance served as a conduit for the laundering of at least $2.35 billion in illicit funds.  In a blog post published on the same day, however, Binance slammed the report, noting that it is “rife with falsehoods, massive leaps to conclusions, and relies on poor data”.  Zhao in a Twitter post on Tuesday also described the report as “ a huge waste of time and resources.” The facts are clear. According to Chainalysis, just 0.15% of ALL crypto transactions in 2021 were associated with some type of illicit activity. The UN estimates 2-5% of fiat (cash), worth $800B to $2T, was associated with some type of illicit activity. Let’s be real.— CZ Binance (@cz_binance) June 7, 2022Zhao noted that as policymakers continue to debate how the cryptocurrency industry should be regulated, the exchange will do its part "by responding to every inquiry, supporting law enforcement wherever possible, and owning up to our mistakes."This article was written by Solomon Oladipupo at www.financemagnates.com.

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2022-06-09 16:11:34 Some people say yes, it has arrived; some others say no, it has not happened yet. The fact is that the term ‘crypto winter’ has been widely discussed during these times when the cryptocurrency market has been suffering a bloodbath in its price action across the board.Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and the rest of the crypto sphere have been heavily hit by a strong selling wave as a result of a loss of steam in the market capitalization.One of the most significant losers amongst the top cryptocurrencies by market cap is Cardano (ADA), which is currently hovering around $0.54. Its price action stood above $3.20 last year when it peaked.Cardano (ADAUSD) - Weekly ChartSince then, the price has been losing ground in an unstoppable fall that is far from being blocked by demand in the near term. Then, around March this year, the altcoin suffered another sell-off due to the bearish momentum that the cryptocurrency market had.Now, eyes are on the floor established by Cardano around the zero area, with the first hurdle at around $0.20, which is ahead of such a critical psychological zone, with fears of more selling pressure coming in the near term.According to the weekly chart, the RSI indicator is nearing the oversold territory, implying that a possible floor is coming. Still, questions about the crypto winter remain unanswered: has it already started? And if so, when will it end?Likely a 'Crypto Fall' Neil Bergquist, CEO and Co-Founder of CoinmeNeil Bergquist, the CEO and Co-Founder of Coinme, told Finance Magnates that we are likely in a ‘crypto fall’ rather than a crypto winter. “With that said, the flowers will bloom again, and there should be higher valuations in the future, and everyone will wish they had purchased more when fear was heightened. It’s important to remember that we’re still in the early days of crypto adoption, and billions of dollars are being poured into building crypto-based experiences that will substantially increase global utilization,” he commented.Additionally, Bergquist talked about transitioning to a bear market as, according to him, we are currently witnessing a sideways stage across the crypto sphere. “As we transition to a bear market, I believe that BTC, which currently represents about 45% of the total crypto market cap, will help lead the crypto recovery, along with Ethereum as ETH2.0 gains public favor this summer. The general public will become more aware of the difference between proof-of-work and proof-of-stake, and many will see proof-of-stake as the future. Generally, altcoins tend to be more volatile than the large-cap cryptos, and during this recent sell-off, we saw them take the biggest percentage [in] losses. In all market conditions, it’s always best to take a balanced, long-term approach and dollar cost average of your purchases.”It's Here... Daniel Polotsky, Founder and Chairman at CoinFlipHowever, speaking with Finance Magnates, Daniel Polotsky, the Founder and Chairman at CoinFlip, believes that the crypto winter is already here after Bitcoin dropped over 50% in its price from its all-time high of nearly $70,000 in November.“However, it is important to keep in mind that large traditional finance institutions are also down 70-80%+ from their all-time highs. Historically, when we’ve seen cryptocurrency dip the economy has been strong. Now, in an economy that faces uncertainty, it’s actually showing resilience by comparison,” Polotsky said.He added: “As of now, cryptocurrency bull and bear markets are indeed cyclical. They have typically revolved around the Bitcoin Halving, an event that takes place roughly every four years. During each halving, the block reward for mining a block of Bitcoin gets cut in half, meaning that the supply of new Bitcoin emissions is lowered, while demand remains the same.”Moreover, Polotsky talked about projects like Uniswap, and how they were born during the crypto winter, as he argues that such a stage of the cryptocurrency market provides a ‘great opportunity for investors’ to accumulate… Open / Comment

2022-06-09 15:11:26 The crypto ecosystem is not ‘just’ about crypto anymore. The leading companies in the digital asset industry are now planning to enter the traditional financial world. Coinbase is a recent example of the IPO ambitions of prominent crypto players. Ripple, a leading enterprise blockchain and crypto solutions provider, has now joined the list of the companies who are aiming for a public listing or at least planning to do so.The biggest issue in Ripple’s IPO journey is the lawsuit from the US Securities and Exchange Commission (SEC). Speaking to CNBC at the World Economic Forum, Brad Garlinghouse, the Chief Executive Officer of Ripple, said that the company will ‘look’ at IPO possibilities after the end of the lawsuit. Additionally, Garlinghouse is expecting an outcome of the lawsuit by the end of this year.Ilman Shazhaev, Founder & CEO at FarcanaThe growing adoption of XRP Ledger (XRPL) and RippleNet among institutions to facilitate global payments has contributed a lot to Ripple’s growth in the past few years. “Several state banks have announced interest in Ripple’s services,” Ilman Shazhaev, the CEO & Founder of Farcana, told Finance Magnates.Ripple’s Q1 2022 XRP Markets report published in May shows that RippleNet started this year with record numbers. Last year, Ripple launched RippleNet’s ODL deployment in the Middle East. Several companies in the region, including LuLu Exchange and Bank Alfalah, started boosting cross-border payments through RippleNet.But, is it only the performance that guarantees a successful IPO launch? Perhaps not. The stock of digital exchange Coinbase (COIN) made a debut in April last year with an opening price of over $340. COIN is now trading at $70. Clearly, this is not a very ‘promising’ start.Google FinanceBut, analysts believe that Ripple’s scenario is different as strong fundamentals, growing adoption and optimism, in case of a positive outcome for the company in the lawsuit, will make a strong case for a successful IPO launch.Interest in XRPXRP has been around for several years in the crypto market. With a market cap of more than $18 billion, XRP is the 7th largest cryptocurrency in the world. Despite a price dip of almost 50% in the last 3 months, XRP whales have kept accumulating the digital asset in large amounts.SantimentShazhaev believes that investors will be eager to grab Ripple stock because of their interest in XRP. “Investors will definitely be interested in investment products based on XRP, and it does not matter whether it will be stocks or ETF on the coin itself. Ripple has every chance to complete this IPO if it settles the matters with the SEC,” he said.“To facilitate cross-border payments. Ripple's XRP network cryptocurrency is among the top 10 cryptocurrencies in the world and is compliant with the new ISO20022 payment standard, which will replace the outdated SWIFT system by 2025. The company is focused on optimizing its primarily interbank payment systems but has been in a long-running court dispute with the U.S. Securities and Exchange Commission (SEC). Recently, news has been coming out that could ease supply pressure and reverse sentiment,” Farah Mourad, the Senior Market Analyst at XTB MENA, said.Acquisitions and PartnershipsMourad said that Ripple may accelerate its acquisition strategy to expand its global presence. Which eventually will play an important role in the company’s IPO plan. According to her, Ripple’s partnerships across Asia have made a strong case for the company’s successful initial public offering.“In the future, Ripple will consider a number of acquisitions in the fintech and blockchain industries. RippleNet made the case that Asian fintech startup, Nium has recently financially connected the Americas with countries in Southeast Asia and Australia allowing payments to be settled there faster with small fees in XRP tokens. Ripple also discussed a potential partnership with the Prime Minister of Georgia, where tokens could make everyday life easier for citizens and make investments in Georgia more attractive… Open / Comment

2022-06-09 13:11:03 Crypto correction is not hampering its adoption by any means. According to a recent report published by Deloitte, in which the company highlighted the results of a survey conducted between 3 December and 16 December 2021, most US retailers are planning to accept crypto assets for payments in the next few years.Around 85% of the surveyed retailers said that the crypto payments will be ubiquitous among suppliers in their industry in five years. Approximately 46% of merchants are planning to adopt cryptocurrencies to expand their customer base. 40% believe that their brand will be perceived as cutting edge after the crypto adoption.“Retailers hold an increasingly optimistic view of digital currency as a form of payment and are quick to recognize this as a business imperative. Current spendings are still on the smaller side but growing significantly. Not surprisingly, the larger companies are more likely to be making significant investments in their digital currency adoption plans. Over half (54%) of large retailers (with revenues of $500 million and up) have invested more than $1 million in enabling digital currency payments, while only 6% of small retailers (with revenues of under $10 million) did so,” the report noted.Initially, merchants accepted digital currencies for marketing purposes. However, the speed and cost of the transaction have now become the primary reason for crypto adoption among US retailers.Education and Regulatory ClarityIn addition, Deloitte highlighted the importance of crypto education and a clear regulatory framework for the acceptance of digital assets among retailers across the US.“We expect continued education and broader learning to underpin further regulatory clarity to allow for wider mainstream adoption across a broader set of financial service offerings and products and feel specifically encouraged by the current engagement from different orbits of the US government,” the report concluded.This article was written by Bilal Jafar at www.financemagnates.com.

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2022-06-09 00:11:03 FlyCoin, a cryptocurrency-based travel rewards company, announced on Wednesday that it signed a partnership with BitGo, a digital asset financial services provider. According to the press release, with BitGo's US Qualified Custody Solution, FlyCoin will hold a significant portion of its minted cryptocurrency token, FLY. Earlier this year, FlyCoin raised $33M in seed funding.As part of their advisory team, the company announced major crypto heavyweights Lisa Nector and Rena Shah. Flycoin's other partners include ThanksAgain, Foley Wines, and Ravn Alaska Airlines."As we continue to grow Flycoin's ecosystem of partners and end-users, it is critical that we properly safeguard these digital assets. BitGo's reputation and credibility as a global leader in digital asset cryptocurrency are unmatched, and a key factor in our decision to partner with them in this capacity," Lenny Moon, FlyCoin's CEO, commented.Kai Kono, Managing Director of Global Head of Digital Asset Sales at BitGo, added: "I am very pleased to work closely with the FlyCoin team and for BitGo to be a trusted partner in their journey to revolutionize the travel rewards industry through the use of blockchain technology."BitGo's Trust Charter LicenseLast year, the New York Department of Financial Services granted BitGo a limited liability trust company license. With the trust company charter from the New York State Department of Financial Services, BitGo can offer cryptocurrency trading and custody services to companies based in the state.BitGo is now on even stronger ground with the SEC's approval as a qualified custodian. Additionally, the NY approval reduces reliance on third-party financial institutions. It enables the exchange to offer deposit-taking, custody, and fiduciary services for digital assets, which are usually only available from banks and registered brokers. The firm noted that it now can provide New York's investment advisers with the technical and regulatory clarity they require as a result of the approval of its banking bid.This article was written by Felipe Erazo at www.financemagnates.com.

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2022-06-08 23:11:06 The Japan Virtual and Crypto Assets Exchange Association (JVCEA) is in talks to decide whether to jettison its current cryptocurrency token screening procedures, Bloomberg reports.  JVCEA currently requires local cryptocurrency exchanges that want to list new tokens to undergo a screening process.  However, this could change soon, private sources told the outlet. According to the sources, JVCEA could begin to focus instead on policing cryptocurrencies and tokens after they are listed.  However, this new approach will not apply to initial coin offerings, the sources further told the outlet. The self-regulatory body is looking to make a definite decision with regards to the change before the end of 2022, the anonymous sources also said. However, a source within Japan's Financial Service Agency told the outlet that it was not clear whether the financial industry watchdog will approve JVCEA’s recommendations. The new development comes after Japanese Prime Minister Fumio Kishida’s administration expressed dissatisfaction with the current system of listing digital assets in the country.  Kishida last month criticized JVCEA for taking too long in its pre-screening procedures.  The news also comes on the heels of Japan’s recent passage into law a bill that defines stablecoins as digital money and sought to entrench investor protection.  Crypto Regulation in Japan  In March, Japan announced that it was introducing a green list of cryptocurrencies that could be listed in a-go on exchange.The goal was to simplify the process of listing new cryptocurrencies on exchanges in the country. Also, Huobi, one of Japan’s most popular cryptocurrency exchanges and part of the Huobi Group, last month disclosed that Japanese will be able to start trading Bitcoin Satoshi's Vision (BSV) this month.  With the move, BSV, the native cryptocurrency of Bitcoin Satoshi's Vision (BSV) will become the 15th cryptocurrency on Huobi Japan. In 2021, Japan’s Financial Services Agency (FSA) established a new unit to oversee digital currency regulatory frameworks. Citing three anonymous officials, Reuters had reported at the time that the move followed the country’s concern over the influence of private money on the existing financial system. Japan has always been a progressive country when it comes to crypto adoption and regulation. Some of the earliest cryptocurrency exchanges were established in the East Asian country and have led the market in Bitcoin trading for many years. However, crypto regulations in the country underwent a major overhaul in 2019 after a massive attack on the country’s leading crypto exchange, Coincheck, which resulted in the theft of more than $500 million worth of digital currencies.This article was written by Solomon Oladipupo at www.financemagnates.com.

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2022-06-08 21:11:41 StoneX Group Inc. (Nasdaq: SNEX), which owns major retail FX trading brands like Forex.com and City Index, announced on Wednesday that it launched StoneX Digital LLC, a subsidiary dedicated to providing institutional clients access to products and services related to digital assets.According to the press release, Brian Mulcahy will lead the subsidiary. He previously served as Managing Director of Multi-Asset Business Development at StoneX in 2021.“StoneX is committed to providing our clients access to a wide array of markets, diverse asset classes, and the tools necessary to interact with those markets effectively. We are thrilled that StoneX Digital will give institutional investors the ability to execute and custody cryptocurrencies just as they would any other asset class, with a company that has the resources and a client-first approach to help them achieve their goals. As our clients’ needs change in this developing market, StoneX Digital will continue to strive to meet those needs with innovative products and services,” Mulcahy commented.StoneX Digital enables clients to interact with markets on their terms and trade and custody cryptocurrencies on their terms. StoneX Digital’s path to growth involves a range of products and services, including multi-asset coverage, staking, margin, and cross-asset lending.“StoneX has worked hard to create an environment where our clients have stable and reliable access to a wide variety of asset classes. We will bring that same ethos to the digital asset space as we work to provide our customers with the tools they need to thrive in today’s markets,” Mulcahy added.First Cash-Settled BTC/USD SwapStoneX Markets LLC executed and settled its first cash-settled BTC/USD swap last month. One of StoneX’s institutional FX clients, Liquidity Solutions Global, a London-based subsidiary of DriveWealth Holdings that provides liquidity to multiple cryptocurrency exchanges, was the counterparty to the transaction.The firm’s institutional FX division also began offering USD cash-settled crypto swaps to institutional FX clients.This article was written by Felipe Erazo at www.financemagnates.com.

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2022-02-26 09:27:40 Starting in 2 minutes:

https://www.linkedin.com/events/understandingzometaverse-wdhara6902610470948151296 Open / Comment

2022-02-24 17:49:01 We will discuss how Dharamveer (CEO/ Zostel & Zo World) intends to revolutionise the travel space (again) - this time in the Metaverse.

With their experience of hosting over a million travellers from 150 + countries (Zostel the world’s largest backpacker chain), the team is now building a new era of travel.

RSVP: https://www.linkedin.com/events/understandingzometaverse-wdhara6902610470948151296/ Open / Comment