teamcrypto

[teamcrypto]

Robinhood Markets is testing new crypto features for its app

The American financial service company, Robinhood market has grown so much this year owing to the increased interest in Dogecoin. The trading platform recently said that crypto trading made up to 50% of its revenue for the second quarter of this year.

With this, Robinhood’s focus on crypto has further increased, indicating the likelihood of the numbers expected to grow. The most recent feature that Robinhood is testing is very important for the firm.

[teamcrypto]

Robinhood Markets is testing new crypto features for its app

The American financial service company, Robinhood market has grown so much this year owing to the increased interest in Dogecoin. The trading platform recently said that crypto trading made up to 50% of its revenue for the second quarter of this year.

With this, Robinhood’s focus on crypto has further increased, indicating the likelihood of the numbers expected to grow. The most recent feature that Robinhood is testing is very important for the firm.

[teamcrypto]

State Bank of India blocked crypto exchange fund transfers using its UPI platform

According to sources in the payment industry, the State Bank of India (SBI), India's largest lender, has barred digital currency exchanges from using its Unified Payments Interface (UPI) platform.Payment processors have been instructed to stop providing services to cryptocurrency merchants using the bank's UPI. The Economic Times reported on Wednesday that SBI has “blocked the receipt of funds by crypto bourses on its UPI platform.”

[teamcrypto]

Australian digital asset manager valued at $15M following Series A funding

Australian digital asset manager Monochrome has concluded a $1.8 million Series A fundraiser last week that was led by some of the most influential entrepreneurs of Crypto such as Samson Mow, Charlie Lee, Wei Zhou, and Kain Warwick.

The funding amount will be used by Monochrome to develop some new products that specialize in Bitcoin (BTC) and other digital assets as stated by the company. Monochrome Asset Management gives investors access to bitcoin through a regulated and familiar investment vehicle without using any new technologies.

[teamcrypto]

Someone paid $1.3 million for a picture of rock

Late Monday afternoon, on the Ethereum blockchain, a pixelated picture of a rock got sold for 400 ether or about $1.3 million as per ETH value at press time.

The new price floor for an EtherRock NFT went to $1.02 million due to the sale of this Clipart of a rock. The cheapest rock went for $305,294 two days ago. Two weeks ago, it was $97,716. In 2019, the NFT total market cap was a few tens of millions of dollars showing itself heated up in a big way. NFT marketplace OpenSea surpassed $1 billion in monthly trading volume in August 2021 which is up 286% from July.

Some people are buying digital images of apes and changing their Twitter images to highlight membership in the Bored Ape Yacht Club. Last week Tron founder Justin Sun got one of these JPEGs for over $500,000, one he fashioned with ‘laser eyes’ for displaying on Twitter.

[teamcrypto]

Report- Over half of the world’s top banks have invested in crypto and blockchain

According to a survey by Blockdata, more than half of the world’s top 100 banks have majorly invested in crypto, digital assets and blockchain technology platforms.

Over the last few years the popularity of Bitcoin has skyrocketed in value and new cryptocurrencies are entering the space almost each and every day. Governments and central banks may not have made up their minds yet about cryptocurrencies but private banks are growing on rapidly in crypto and blockchain technology.

A blockchain market analysist, Blockdata found in a research that among the most active backers of crypto and blockchain platforms, Citi group, Goldman Sachs, Barclays, JP Morgan and BNP Paribas are the top investors in the blockchain market’s relay race. Standard Chartered has invested $380M so far, followed by BNY Mellon at $321M, and Citi bank at $279M.

The report also suggested, 55% among the 100 high ranked banks (mostly private) by AUM (Assets Under Management) are taking interest in the crypto market.

Where the banks are investing the most?

The research also denotes crypto custody as a main focus point for banks betting high on the crypto universe. Nearly, 23 of the top 100 banks are either developing crypto custody solutions or backing start-ups that provide custodial services for digital assets.

Banking institutions have offered custodial services for a long time including gold or cash deposits, DEMAT accounts, and management of other securities. Custodian solutions provide financial services to look after their clients’ funds, for a fee. They either build their own technology to provide this service, or use a technology provider whose solutions they can integrate into their own systems.

Why the top banks have started providing cryptocurrency and Bitcoin related services?

Witnessing the bigger cryptocurrency exchanges with a section of their staff become considerably more lucrative or valuable than other banks. This started in 2018 when the leading exchange at the time, Binance recorded $54 million more profit than Deutsche Bank, with just 200 vs 100k employees. And recently, Coinbase’s valuation was higher than Goldman Sachs, with just 4% of their employees.

Among the other two developments that convinced the top banks to invest is, in 2020 a change in regulations took place, allowing banks to provide crypto custody solutions. There have been countless requests from their clients to offer Bitcoin solutions.

For more opportunity in near future, these banks globally have doubled down on their investments to further help adopting blockchain technology. Though it has to be acknowledged that more people would own digital assets if they could do so through their existing banks.

[teamcrypto]

Bitcoin payment service provider Bitpay is adding support of Google Pay for spending crypto

On 11th August world’s biggest Bitcoin and cryptocurrency payment service provider, BitPay has announced that their Prepaid Master cardholders of U.S can now convert cryptocurrencies into Dollars for purchasing online & in-stores using Google Pay Wallet.

With the support of Google Pay, secure payment of contactless purchases in-app, online, and in-person with their Android phones, tablets or watches, will be piece of a cake for BitPay cardholders. Support of Apple Pay and Samsung Pay is also expected in near future.

[teamcrypto]

Binance CEO CZ:-" Binance US is looking at the IPO route"

On Friday, a blockchain virtual summit event “REDeFiNE Tomorrow” 2021 was organized by Thailand's oldest Siam Commercial Bank SCB 10X. In the event, Binance CEO Changpeng “CZ” Zhao said that their partner, United States-based cryptocurrency exchange Binance US is planning and seeking ways to hit the market with its Initial public offering (IPO).

As per CEO Zhao, Binance is looking forward to shifting from a technology startup into a financial service company. For that, it is even ready to accept the heavy regulation pressure. Binance is focussing aggressively to increase its compliance effort. To improve communications with regulators it is hiring many traditional compliance people and ex regulators. As per CEO Zhao there is an urgent need for a new Binance CEO who has a strong regulatory background. Zhao said, “Most regulators are familiar with a certain pattern, or having headquarters, having corporate structure. But we are setting up those structures to make it easier for an IPO to happen.”Binance is currently looking to fulfil the urgent requirement to localize compliance communications.

Investigations into Binance-

Binance recently is facing a lot of scrutiny from the global regulator including United States. As per previous report, alleged illegal trading activity, involving Binance user in the United States had led States Department of Justice and the Internal Revenue Service to investigate Binance. In March, alleged trades done by U.S. customers, led Binance go through investigation by U.S. Commodity Futures Trading Commission. Binance received many warnings and various actions have been taken against the exchange by government agencies from different country including U.S., U.K., Japan, Italy, Thailand, Poland, and the Cayman Islands.

About Binance and Binance U.S-

In 2019 Binance US was launched. It operates as a separate entity from Binance. It receives licensing technology and branding support from the global exchange Binance entity.

Other Crypto firms going public-

Earlier this year crypto exchange Coinbase started trading on the Nasdaq exchange. Currently, many U.S based crypto firms including Gemini, Kraken and Circle are planning to initiate their IPO.

[teamcrypto]

Amazon may accept payments in crypto

Amazon may soon add a payment to be made in Bitcoin this year. As Bitcoinist concurring, Amazon needs someone with the ability to "develop among the installments and money related framework". On 26th July, this announcement was made so clients of Amazon can pay in cryptographic forms of money like Bitcoin. This can be the best as the web-based business is employing an advanced cash and blockchain item lead for its installments group.

Foster Amazon's Digital Currency Strategy And Merchandise Roadmap

In a joint effort with elective divisions, the crypto Product Lead would wish to utilize their aptitude with Bitcoin, Blockchain, and Distributed Ledger innovation, monetary establishment, and computerized monetary standards (CBDCs) to shape a strategy and vision. Thus, Amazon would acquire "initiative purchase in" for these capacities. the work post reference administrations, customer skill, and a whole specialized procedure to help the venture.

As per the news site town A.M., an "insider" has affirmed that Amazon is "unquestionably" needing to dispatch Bitcoin and crypto installments by the highest point of this current year. Also, the web-based business may dispatch its token by 2022. Notwithstanding acceptive Bitcoin installments, Amazon is professed to investigate the making of its cryptographic money, probably as right on time as 2022.

Online business Big Is About To Settle For Bitcoin (BTC) Payments

Theory concerning Amazon's entrance into the cryptographic money market has been seething for quite a long time once a shiny new posting for "Computerized Currency and Blockchain Product Lead" showed up on the organization's workload up last week.

According to the work portrayal, the new lease can work to foster Amazon's computerized cash technique and product guide. The position needs powerful space insight in blockchain, circulated records, monetary establishment, computerized monetary forms, and crypto extra commonly.

This isn't the essential crypto-centered occupation posting at Amazon. As Cointelegraph concurs, the internet business in February selected for a specialized outcome in working with foster its new "Computerized and rising Payments" stage.

An unknown stockpile among Amazon has disclosed to London business paper town A.M. that the internet business giant is going to agree to Bitcoin (BTC) installments by the highest point of 2021, apparently making way for more extensive considered acknowledgment crypto exchanges.

[teamcrypto]

Stone Ridge Asset Management to add bitcoin to its open-end mutual fund

Stone Ridge Asset Management has documented a new plan with US Securities and Exchange Commission, or SEC, to include Bitcoin (BTC) in its open-end mutual fund. On June 22, Stone Ridge's open-end speculation organization unveiled a new Bitcoin-centered venture methodology. The documenting was made underneath SEC kind N-1A, which is required for building up open-end board partnerships, just as common assets.

The Investment Portfolio Of Stone Ridge Trust:

The outline for Stone Ridge Bitcoin Strategy Fund showed up on the SEC site on Friday, though the specific recording is dated July 26, 2021. As per the plan, the principal venture objective of the Stone Ridge Bitcoin Strategy Fund is "capital appreciation." The Fund seeks after its speculation methodology essentially by interest in bitcoin prospects contracts.

The Fund doesn't put resources into bitcoin or distinctive computerized resources straightforwardly. Stone Ridge in addition to Management, the parent organization of the new Newyork Digital Investment bunch, or NYDIG, has been effectively following new speculation vehicles for Bitcoin.

Estimate In Bitcoin-related Investments:

It is also clarified inside the outline that the Fund "hopes to possess the significant property of cash, U.S. government protections, contract supported protections" and various resources. The Fund has been trying out so entire worth of the bitcoin has financial openness between 100% and 120 fifths of data expressway resources of the Fund.

Extra-institutional financial backers have acquired openness to Bitcoin over the previous year, intelligent more extensive idea acknowledgment, and a developing appetency for advanced resources. For financial counselors, interest in Bitcoin not conveys the consistent shame it did numerous years past.

The Bitcoin worth is in an extremely clear upturn this end of the week; however, investigators caution of overhead opposition near $35,000. At the hour of composing, BTC was up 6.5% to $34,230.

[teamcrypto]

Mastercard is simplifying its payment card offering for crypto companies

On Tuesday, the global technology company Mastercard announced its plan to revised crypto card programme with crypto businesses to offer cards that will enable users to spend their crypto assets holdings anywhere within Mastercard payment networks.

Like traditional fiat currency, U.S dollar, this Mastercard’s crypto card programme will enable the cryptocurrency holding like Bitcoin, Bitcoin cash, Either or Litecoin to enter and settle in Mastercard’s network, when holders spend their crypto holdings using the card. Crypto providers will also be benefited by this enhancement, as for them, until now it was operationally challenging to go for conversion from cryptocurrency to U.S dollar every time when payment is done in cryptocurrency. Raj Dhamodharan, executive vice president of digital asset and blockchain products & partnerships at Mastercard said “Today not all crypto companies have the foundational infrastructure to convert cryptocurrency to traditional fiat currency, and we’re making it easier”.

To reduce the friction between fiat and crypto, the New York-based financial institution Mastercard along with their associated partners are planning to enable the traditional banks and crypto companies to offer the card option to their users through which crypto holdings can be spend where Mastercard is accepted. As per the report, the American fintech company is discussing and demonstrating for this innovative product with Evolve Bank & Trust and Metropolitan Commercial Bank to issue cards, as well as with Uphold and BitPay to provide real-time crypto wallet technology. Mastercard is also connecting with i2c Inc., Apto Payments and Galileo Financial Technologies to support processing and program management. “BitPay believes the future of payments is on the blockchain because it transforms how consumers send, receive, and store money around the world,” said Stephen Pair, co-founder, and CEO of BitPay. “Working with Mastercard’s pilot to turn digital assets into dollars for everyday spending will accelerate consumers’ use of crypto as a means of commerce.”

Along with that Paxos Trust Company, the leading blockchain infrastructure and regulated stablecoin issuance platform, and Circle, a global financial technology firm and the principal operator of the USD Coin (USDC) will use their platform for instant conversion when payment transfer initiated.

Earlier plans made my Mastercard

Mastercard already shared its plan in February this year, to enable its merchants receive and settle transactions in cryptocurrency by the end of 2021.

#Bitcoins #crypto #currecy #coins

[teamcrypto]

Fed Chair Jerome Powell: You wouldn’t need cryptocurrencies if you had a digital US currency

Federal Reserve Chairman Jerome Powell stated that there has been a strong argument in the US digital dollar favour. It basically is the CBCD’s ability for undermining the stable coins and cryptocurrencies. On July 14, the announcement of undermining the stablecoin came right after the European Central Bank came up with the plan for looking in the development of a digital euro.

As per the Federal Reserve Chairman Jerome Powell who appeared before the House financial services committee came up with a huge statement after clarifying on the two-dated mandated monetary policy update.

There were many questions that were raising on him with regards to the increasing inflation or when the bond purchase tampering shall begin and the regulations surrounding the central bank digital currencies and cryptocurrencies.

While being on the discussions, parallelly the European Central Bank got elected to move ahead with the research and creating a digital Euro which indicated the interest in exploring the benefits of CBDC to the American financial system.

It was then the Powell made a statement “You wouldn’t need stable coins, you wouldn’t need cryptocurrencies if you had a digital US currency,”. Further the president of ProcChain Capital David Tawil added “I believe there’s absolutely no validity to the opinion that other cryptocurrencies is irrelevant.”

The enthusiast of crypto have already long questioned the role that a digital US dollar shall be playing in the board landscape of the blockchain. People have even made an argument that CBDC shall be functioning well enough but not differently as compared to the physical fiat currency.

Before this statement that Powell made, he had even spoke on the Fed releasing the discussion paper.

#cryptocurrency #bitcoin

[teamcrypto]

In a recent statement that was released, Visa has now announced that customers with cards that are crypto enabled have spent more than $1 billion using its crypto-linked cards. Visa however shall be continuing its connection with the crypto economy. On July 8, the announcement was made to support the addition and development of the cryptocurrency industry.

The emphasis on the support:

After the official statement was released, there has been quite many partners and investors who got alerted. Visa is one huge payment giant that shall be continuing its crypto connection to maintain the network. This digital transformation is quite a broad part of the financial services and the company seems to be completely in support of it as part of its business.

The company also stated that “it’s clear that the crypto community sees value in linking digital currencies to Visa’s global network.” Besides, Visa has also partnered with more than 50 companies that are quite major in the industry of crypto and the programs that are associated with the crypto cards. This has let the customers to make the best use of digital currency at more than 70 million merchants across the world.

The opinion of the firm:

The firm stated that cryptocurrencies and stable coins have some great value as compared to other fiat currencies like the United States dollar. Further, the firm added that “stable coins are on track to become an important part of the broader digital transformation of financial services, and Visa is excited to help shape and support that development.”

The company has already partnered with Circle, Coinbase and BlockFir due which its cards have accessibility to crypto wallets. Visa clearly stated that the cryptocurrency has the potentiality of disrupting the $18 trillion customers' annual spending with checks and cash.

[teamcrypto]

Deutsche Boerse has managed to acquire a major stake in the Swiss digital company. Upon revelation, Deutsche Boerse stated that the acquisition is a crucial step on Deutsche Börse’s course of implementing the whole new digital asset ecosystem on June 29, that shall be regulated in Europe.

Further, this agreement of stock purchase is likely to get finalized in the 4th quarter once parties get approval from the regulators

Upon the news the announcement, Deutsche Boerse stated that the whole purchase was the addition in the “moderate three-digit CHF million range.”

It is one effort that has been put into upscaling the digital offerings and of crypto offerings.  Of course, a platform of the stock market has been leveraging the expertise of Crypto Finance AG to deal with institutional crypto investors.

With a majority stake in Crypto Finance AG, Deutsche Börse Group will have its group of finance that shall be under the FINMA supervision consolidation.

With the financial group that shall be actively supervising, Deutsche Börse shall offer storage, trading, and investment at the digital assets’ platform not just to the intuitional clients but to professional ones too. Such offering further will work as a direct entry point to invest. Now this includes the services of post-trading like custody.

Crypto Finance Group is one completely licensed securities firm that is known to offer trading and brokerage 24/7. Since the institutional and professional clients shall be investing in digital assets there will not be any setup required to be made for operational frameworks.

Further Deutsche Börse Group is placing to scale up the business while making the offerings of the Crypto Finance much easy to access for participants with some settled platforms and thus create a transparent ecosystem of digital assets under European regulation.

[teamcrypto]

Jack Dorsey, CEO of Twitter and Square, wants to integrate Bitcoin's Lightning Network sidechain in either twitter or BlueSky

Recently, Dorsey uncovered that Square plans to foster an open-source non-custodial Bitcoin equipment wallet.