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Crypto Exchange Regulation Check

MicroStrategy bought close to 9000 BTC in Q3, stash now worth $7 billion

MicroStrategy has revealed that it bought additional 9,000 units of Bitcoin during the third quarter of the year, bringing the worth of its holdings to around $7 billion.Microstrategy now holds 114,042 Bitcoin　　According to the companys Q3 report released on October 28, the intelligence firm holds a total of 114,042 Bitcoin at an average purchase price of $27,713, which roughly translates to over $3 billion.　　However, if its holdings are converted to the current price of the crypto king, which as of press time is above $60k, it means the worth of its BTC holding would be around $7 billion, meaning the company would make a profit of close to $4 billion if it chooses to sell its BTC.　　But despite the lure of the gains, MicroStrategy will not be selling any of its Bitcoin, at least for any time soon as its CEO Michael Saylor reaffirmed that the firm would continue to look for ways to continue its Bitcoin purchase dream.　　In his words:　　“We will continue to evaluate opportunities to raise additional capital to execute on our bitcoin strategy.”　　It should be noted that the firm posed an impairment loss of $754.7 million on its BTC acquisition, but this is only a loss mandated

2021-10-30Deep Dive

Floki Inu Pumps 223% as the Dogecoin and SHIB Rival Plasters Ads Across London

Shiba Inu was yesterday‘s big meme crypto winner, continuing its recent pump and overtaking rival Dogecoin in terms of total market cap. But today, it’s newer upstart rival Floki Inu that is commanding the biggest buzz, rising more than 200% over the past day.　　Floki Inu—named after Elon Musks Shiba Inu puppy—is currently valued at $0.00019519 per coin, according to CoinGecko. The cross-chain Ethereum and Binance Smart Chain token, which launched in July, hit an all-time high of $0.00021552 earlier today. The token began its considerable rise yesterday and has spiked even more sharply today, currently up 223% over the last 24 hours.　　While it can sometimes be difficult to pinpoint the reason why a meme coin pumps—particularly since theyre so susceptible to shifting social media sentiment—there have been a couple of key developments around Floki Inu of late.　　First, the crypto tokens creators recently launched a marketing blitz in London across its public transit systems, including advertisements on buses and in subway stations. The ads suggest that investors that missed the early hype around Dogecoin should buy Floki Inu instead.　　While the ads began rolling out earlier in October, a wave of press articles covering the campaign just rolled out this week, including

2021-10-30Deep Dive

AUSTRALIA'S TOP SECURITIES REGULATOR SAYS IT WILL APPROVE BITCOIN ETFS

The Australian Securities And Investments Commission (ASIC) has given early approval to fund managers seeking to launch Bitcoin spot exchange traded funds (ETFs), according to Business Insider.　　Many Australian funds have already begun the application process after ASIC green lit the spot ETFs. After months of consulting with experts in the Bitcoin and crypto industry, the corporate regulators issued new guidance for the space, and detailed a draft of regulatory requirements for funds eager to offer Bitcoin spot ETFs.　　In a statement on Friday, ASIC wrote, “We recognise the interest in, and demand for, ETPs and other investment products that hold crypto-assets in Australia.” One requirement for fund managers is they will need to appoint a Bitcoin custodial expert who is “required to ensure crypto-assets are held in safe and secure custody”.　　Safe and secure custody includes storing Bitcoin private keys in air-gapped cold storage, through wallets which are subject to “robust physical security practices.” Redundant backups of seed phrases stored in geographically separate locations are also required, according to the Sydney Morning Herald.　　Funds must also front a minimum of $10 million in net tangible assets to launch a Bitcoin ETF, along with adhering to other pricing and risk management obligations.　　ASIC commented on

2021-10-29Deep Dive

What’s powering Ethereum’s (ETH) new all-time high of $4,400?

Ethereum temporarily traded above $4,400 this morning, breaching its previous all-time high of $4,390 before resistance saw it fall to the $4,313 level.　　ETH trades above its 34-period exponential moving average at press time and forms higher lows and higher highs, showing a bullish trend from the $3,000 level remains intact.Technicals and fundamentals power the Ethereum ascent　　The network is valued at over $511 billion at press time, with several fundamental and technical developments preceding todays milestone. 　　On the technical side are the deflationary EIP-1559 proposal and ETH 2.0 staking feature, which went live in the past two years. The former burns a portion of network fees each time an Ethereum transaction is done, while the latter is part of the networks shift to a proof-of-stake consensus design.　　Reports from earlier this year suggested Ethereum found favor among the institutional class. Some strategists expect Ethereum to touch the $5,000 mark before 2022, while some even peg a $25,000 price target for the asset in 2025.　　Custodian and clearing service Copper said last month that the increasing use of DeFi applications and non-fungible tokens (NFTs) were helping propel Ethereum ahead of Bitcoin among institutional classes.　　“Rather than just being a pure commodity, ETH becomes something of

2021-10-29Deep Dive

Permissionless staking and farming comes to Solana (SOL) with Step Finance

Step Finance, the so-termed front page of Solana, has launched the industry‘s first farm creator where projects can seamlessly create emissions pools from Step’s website, creating a level playing field for big and small projects and bringing high DeFi yield and earning opportunities to all Solana projects.Easier DeFi on Solana　　DeFi opens up opportunities to remove the middleman from financial transactions, but many crypto projects are still fraught with barriers of entry like a review process and high fees, which prevent projects from having their own emissions pools.　　With the Step Finance farm creator, projects can create their own emissions pools via Steps webpage, and seamlessly create an entirely new revenue stream for themselves and token holders to deposit into, showing how it has never been easier to be your own bank and use high yield earning strategies to grow your treasury.　　“We‘re trying to build tools that are accessible by anyone and easy to use. Projects shouldn’t have to jump through hoops to be able to create emissions pools, so we create a seamless process where anyone can list via Steps homepage,” said George Harrap, co-founder of Step Finance, in a statement.　　“Step is not just for Developers, but any user can now

2021-10-29Deep Dive

How NFTs Help Musicians Reconnect With Fans in the Post-Pandemic Space

The Covid-19 pandemic was an unexpected, world-shaking threat to all of us. Suddenly we were forced to stay inside for weeks and ordered to cease all social interactions for the foreseeable future. While the pandemic was no fun for any of us, it certainly made the careers of artists a little more complicated.　　As we know, music halls, venues and shows stopped. Tours were rescheduled for years later, and artists lost a significant revenue stream in the blink of an eye. Essentially, the pandemic pushed artists into finding new ways to build an income. Fortunately for them, NFTs or non-fungible tokens are a good opportunity.　　NFTs are unique digital assets that can represent anything and enable new ways for fans and artists to interact in meaningful ways. These unique digital assets allow fans to show their dedication and ensure artists can offer one-of-a-kind experiences such as one-on-one live streams or exclusive events. Whats most important here is that artists are finding a way to reconnect with their fans despite the pandemic. Here are a few ways NFTs provide this luxury.　　Direct support for independent artists　　Aside from the other benefits, fans will be more willing to invest in independent artist NFTs because all funds

2021-10-29Deep Dive

El Salvador buys 420 Bitcoin as asset regains $60,000

Many might have seen Bitcoin‘s recent price crash as an indication of its volatility but El Salvador’s President saw this as an opportunity to increase the countrys stash of the digital asset.El Salvador buys the dip　　President Nayib Bukele, in a tweet yesterday, revealed that the Central American country bought 420 additional BTC, which is worth around $25 million, thereby taking their total holdings to 1120 units of the asset.　　Interestingly, some social media commentators have begun attaching the recent purchase to the popular marijuana slang with one Reddit user writing “Nice! Blaze it!.”　　The President shortly after revealing that the country has bought the Bitcoin dip also revealed that they were beginning to profit from their recent BTC acquisition.　　According to him, profits were being made through the rebalancing of the countrys Bitcoin trust and this allows them to cash out their profits when the price of the asset rises.　　It should however be noted that the wallet of the country remains unknown and as such it is almost impossible to verify the claims of the president.　　Already, some Twitter users are already arguing against the opacity plaguing the countrys BTC holding. One Twitter user asked who was holding the private keys to the BTC

2021-10-29Deep Dive

Singapore TradFi bank DBS joins Hedera Hashgraph as a council member

DBS Bank, Singapores oldest bank, has joined the Hedera governing blockchain council alongside 39 other leading technology, corporate and nonprofit leaders such as Google, IBM, Deutsche Telekom, Boeing, Dentons, and LG Electronics.　　The bank may acquire significant value from Hedera‘s innovative enterprise blockchain by influencing the direction of public nodes on the Hedera platform’s codebase. DBS will also provide useful input on real word businesses and their needs through this association.Exploring emerging technologies　　DBS bank will run a network node and will explore use cases to leverage blockchain and distributed ledger technologies for banking purposes.　　The council members are usually allotted three years to serve, which can be extended up to two years. Members also get equal voting rights on network upgrades. The council also encourages its members to participate in Hedera Testnet, a testing environment that allows development teams to test network capacities and offer valuable input on the same.　　In a statement issued by DBS group chief information officer and head of technology & operations Jimmy Ng, the bank said it was looking forward to exploring new blockchain innovations that may prove beneficial for their stakeholders and customers in near future.　　The Singaporean bank has long been involved in leveraging blockchain for its

2021-10-29Deep Dive

LinkedIn reports 600% surge in crypto-based job listings in the past year

Employment-oriented online service platform, LinkedIn has now reported that there is an incredibly high demand for employees with experience in crypto.　　According to an October 27 report from the platforms editor Devin Banerjee, data from the Economic Graph team of LinkedIn shows that job postings in the United States which included keywords like “crypto” and “blockchain” went 615% up from what it was in August 2020. The data also indicates that although, many jobs of those jobs came from companies who are already crypto-oriented, or blockchain-related, however, traditional financial institution JPMorgan was one of the top employers for job postings within the digital asset world.　　In addition, LinkedIn team said that theres an expectation for financial services firms to hire even more than three times as many staff who have digital assets exposure, than in 2015.　　As at July, job postings by JPMorgan included positions focusing on its efforts in global blockchain development, blockchain-focused software developers, engineers, auditors, as well as marketers. At a time, LinkedIn posted over 30 vacancies for its operations in the U.S. within a single week.　　According to Roman Regelman of the Bank of New York Mellon (BNY Mellon), opportunities in digital assets are quite vast, and now, talents can

2021-10-29Deep Dive

Facebook Changes Company Name to Meta, Plans NFT Support

Key Takeaways　　Facebook is rebranding to Meta, changing its company name but retaining the name Facebook for its flagship social media platform.　　Zuckerberg has said that the company is moving towards becoming “metaverse first” instead of “Facebook first.”　　The companys metaverse plans include features such as NFTs, augmented reality, and more.　　Mark Zuckerberg has announced that Facebook will change its company name to Meta, though the company‘s signature social media platform will retain the name Facebook. The company’s shares are set to begin trading under the new ticker, MVRS, on Dec. 1.　　 Facebook Becomes Meta　　In today‘s Facebook Connect event, Mark Zuckerberg announced that Facebook would change its company name to Meta—reflecting Zuckerberg’s focus on the metaverse, which can be thought of as a virtual world that is a “successor to the mobile internet.” Zuckerberg has said he wants the metaverse to feel “like youre right there with another person.”　　In addition to a new ticker symbol, Facebook has replaced the thumbs-up sign at its headquarters with a blue infinity sign. On the name change, Zuckerberg said: “Right now, our brand is so tightly linked to one product that it can‘t possibly represent everything that we’re doing today, let alone in the future.”　　At Facebooks virtual

2021-10-29Deep Dive
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