Crypto Guides, Knowledge & Insights

UK’s NatWest bank limits transactions to crypto exchanges

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 exploiting these platforms, were temporarily reducing the maximum daily amount that a customer can send to cryptocurrency exchanges as well as blocking payments to a small number of cryptocurrency asset firms where we have seen particularly significant levels of fraud-related harm for our customers.”　　The restrictions imposed by NatWest come at a time when the U.K. financial watchdog, the Financial Conduct Authority (FCA), is tightening its grip on unregulated cryptocurrency trading

2021-06-30Deep Dive

World’s Biggest Interdealer Broker Set to Launch Crypto Trading Platform

TP ICAP Group LLC, the world‘s biggest Interdealer broker is all set to set foot in the crypto market with its crypto trading platform, as per a report in Reuters. The financial broker would launch the platform in association with Fidelity Investments and Standard Chartered’s custody unit Zodia, who will act as custodians for the trading platform. Amsterdam-based Flow Traders will provide liquidity to the platform.　　The upcoming crypto trading platform is set to launch in the second half of the year. The platform would offer Bitcoin trading to start with and later add Ether trading as well. It would also offer post-trade infrastructure of various custodians for ease of investment and security.　　Duncan Trenholme, co-head of digital assets at TP ICAP said,　　“Investor interest in this new asset class has exploded dramatically in the last six to eight months. In most of our conversations with clients, they want a separation of custodial roles from execution capabilities which is opposite to the models that exist currently.”　　This wont be the first crypto venture for the members of the consortium as TP ICAP launched Bitcoin Futures and Options contract on CME in 2019. Fidelity has filed for a Bitcoin ETF in the US while Standard

2021-06-30Deep Dive

Is the Latin American Bitcoin revolution exaggerated? Mexico, Paraguay backtrack statements

Mexicos central bank (Banxico) and financial regulator (CNBV) issued a joint statement confirming that banks are not authorized to use Bitcoin as a payment method.　　At the same time, Banxico said they are currently studying the implications of digital currencies. But so far, they remain somewhat unconvinced on the touted benefits of using them.　　This comes in direct response to Ricardo Salinas Pliego, Mexicos third wealthiest man, who recently said his banking business might soon start using Bitcoin.　　This latest incident shows the path to national adoption is far from won.　　Mexico says no to Bitcoin　　Salinas, a long-time advocate of Bitcoin, is chairman of Grupo Salinas – a group of companies with interests in telecommunications, media, retail, and financial services.　　It includes one of Mexicos largest retail banks, Banco Azteca, which operates in Mexico, Panama, Guatemala, Honduras, and Peru.　　Salinas recently said that Banco Azteca is working on becoming the first bank in Mexico to accept Bitcoin.　　“Sure, I recommend the use of #Bitcoin, and I and my bank are working to be the first bank in Mexico to accept #Bitcoin,” he said.　　However, in direct contravention to this, the countrys central bank and financial regulator poured cold water on this idea.　　The authorities warned that cryptocurrencies do not

2021-06-30Deep Dive

How NFT Tech Is Aiding Mainstrification of Non-Fungible Artwork

The NFT industry has been popping off globally, which is remarkable considering some of its flaws and shortcomings. Overcoming the current market challenges is a lot more complex than one may think, and an infrastructure overhaul is imminent. NFT Tech is one of the projects aiming to provide the tools for the broader usage and adoption of non-fungible tokens.　　The current state of NFTs　　After a somewhat rocky start, it would appear that non-fungible tokens are staking their claim in the cryptocurrency and blockchain industry. Several successful mainstream auctions have granted more legitimacy to this industry. Furthermore, many NFTs are being created in collaboration with renowned individuals, athletes, and other celebrities to make this technology seem more appealing to mainstream users.　　Although the sales and sales volume may not necessarily represent the overall interest in non-fungible tokens, it is a healthy metric to determine overall market activity. Per the data by NonFungible, it is safe to say the NFT industry is growing slowly but surely. Noting nearly 27,000 sales in seven days is impressive and a sign of continual growth. The sales volume has decreased slightly in recent days, but that is native to nearly anything related to cryptocurrencies lately.　　One also has to

2021-06-30Deep Dive

French Central Banker Calls for Urgent Crypto Regulation: “We Don’t Have Much Time Left”

Governor of the Bank of France Francois Villeroy de Galhau has called for urgently introducing a regulatory framework around cryptocurrencies, BFM Business reports.　　Otherwise, Europes monetary sovereignty would be at risk of erosion, according to the central banker:　　“I must stress here the urgency: we do not have much time left, one or two years.”　　Villeroy encouraged the EU to speed up its plans to issue a digital euro:　　“On both digital currency and payments, we in Europe must be ready to move as quickly as needed or risk an erosion of our monetary sovereignty — something we cannot tolerate.”　　He also took note of the increasingly important role that digital currencies play in financial markets.　　As reported by U.Today, Fabio Panetta, a member of the Executive Board, claimed that a digital euro would protect the EUs monetary system from other cryptocurrencies.

2021-06-30Deep Dive

Former Japanese Regulatory Chief: Digital Yuan Progress ‘Hard to Ignore’

Toshihide Endo, the former commissioner of Japans top financial and crypto regulator, the Financial Services Agency (FSA), has claimed that the forthcoming digital yuan will have a “huge impact” on the speed at which “advanced economies” roll out their own central bank digital currency (CBDC) projects.　　Endo, who joined the Japanese crypto exchange DeCurret as a special advisor back in March this year, told Reuters that China “will be armed with huge social infrastructure” once it debuts the token. Beijing is intent on rolling out at or ahead of the Winter Olympic Games, to be held in Beijing in February next year.　　Endo, also a Sony advisor, said:　　“It would be a move hard to ignore for other nations. Japan and other advanced nations will face the tough question of how quickly they should follow.”　　The chiefs of the central Bank of Japan, like their counterparts in the European Union, Russia, and South Korea, are still yet to launch their own pilots, and have shied away from committing to issuance. But all four are widely reported to be worried that Beijings progress in the CBDCs sector has left the rest of the field for dead.　　China‘s digital yuan pilots now encompass much of the nation,

2021-06-30Deep Dive

According To The SEC, Morgan Stanley Owns 28,200 Shares Of Grayscale Bitcoin Trust

Morgan Stanley, a Wall Street investment bank, has gotten exposure to Bitcoin (BTC) through Grayscale, indicating that institutional adoption of digital assets is growing.　　Morgan Stanley Owns 28k Shares　　According to a June 28 filing with the US Securities and Exchange Commission, the Morgan Stanley Europe Opportunity Fund, which invests in established and growing firms across Europe, owned 28,298 shares of the Grayscale Bitcoin Trust, or GBTC, as of April 30. Morgan Stanleys exposure is worth about $840,000 at the current GBTC price of $29.68.　　The exposure was worth over $1.3 million at the end of April, according to the filing.　　Morgan Stanleys Europe Opportunity Fund is designed to seek maximum capital appreciation by investing in assets that “the investment team believes are undervalued at the time of purchase.”　　Grayscale is by far the world‘s largest crypto asset manager, with $29 billion in assets under management. The Grayscale Bitcoin Trust accounts for the lion’s share of assets at over $21.7 billion.　　Despite a history of disparaging the flagship cryptocurrency, the investment banking behemoth has changed its tune and become one of its most vocal Wall Street advocates. It confirmed that its institutional funds may be given a 25% stake in the bitcoin markets. The investments will

2021-06-29Deep Dive

Institutional Demand for Bitcoin and Ethereum Runs Out of Steam on Grayscale: Analysis

Research by crypto analytics firm Glassnode has revealed that institutional demand remains slow as the Bitcoin market continues to fight for support while mining selling pressure increases.　　The report stated that one of the largest factors in the institutional narrative had been the one-way flow of crypto assets into Grayscales GBTC trust fund. Traders sought to arbitrage the high premium observed in 2020 and early 2021, it added.　　#Bitcoin has held onto support this week, absorbing yet another capitulation, and likely sell-side pressure from miners　　It continued to report that since February, the GBTC product has reversed to trade at a persistent discount to net asset value (NAV). It dropped to the deepest discount of -21.23% in mid-May. This discount has continued to close up following the market selloff and is currently around -5%.　　Glassnode also observed outflows from two large Canadian BTC funds and a flattened net change in coin balances held on Coinbase, concluding:　　“Between observations of the GBTC premium, net outflows from the combined Purpose and QBTC ETFs, and a stagnant Coinbase balance, institutional demand appears to remain somewhat lackluster.”　　ETH Outflows Hit Record Highs　　In a related report by institutional asset manager CoinShares, it was reported that Bitcoin outflows had actually slowed down

2021-06-29Deep Dive

Banco Azteca Bank Pertama Rancang Iktiraf BTC

Menurut kenyataan Salinas dalam sebuah temu bual, saya menyatakan sokongan penuh terhadap penggunaan bitcoin. Saya dan bank kepunyaan saya tengah berusaha untuk merealisasikan sebuah impian untuk menjadikan bank pertama di Mexico yang menerima Bitcoin.　　Pemilik Banco Azteca dan orang terkaya ketiga di Meksiko ini melontarkan pernyataan tersebut melalui akaun Twitter @RicardoBSalinas.　　Ahli perniagaan, pengasas, dan pengurus Grupo Salinas dari Mexico, telah menunjukkan sokongan untuk kripto selama bertahun-tahun. Pembelian pertamanya berharga $8.000, dan baru-baru ini, beliau menggesa setiap pelabur untuk mempertimbangkan membeli sekurang-kurangnya sebahagian kecil BTC untuk portfolio masing-masing.　　Dalam wawancara, Beliau juga menegaskan bahawa kehadiran beliau kembali di dunia kripto secara terbuka. Secara peribadi, Salinas Pliego menyatakan wang fiat adalah sebuah ‘penipuan’ dengan membawa contoh bahawa matawang Venezuela, Argentina, dan Zimbabwe, telah kehilangan lebih banyak nilainya berbanding dolar.　　Kenyataan ini Salinas telah mendapat perhatian Micheal Saylor. Saylor secara peribadi telah mengkongsikan video pandangan Salinas mengenai pelaburan BTC.

2021-06-29Deep Dive

Iron Finance bank run stings investors — A lesson for all stablecoins?

The cryptoverse has been overrun with negative events lately. One of the most recent ones was the Iron Finance bank run that occurred on June 16. Iron Finance is a multi-chain, partially collateralized stablecoin protocol with the main goal of providing a dollar-pegged stablecoin to be used for DeFi applications. It was the first large-scale bank run in the cryptocurrency market.　　Iron Finance‘s stablecoin, IRON, is a partially collateralized token soft pegged to the United States dollar and is available both on the Polygon network and the Binance Smart Chain (BSC). The collateralization of the coin is supported by two different tokens on each of these networks. On the Polygon network, it’s the USD Coin (USDC) and the TITAN token, while on the BSC, its collateralized by Binance USD (BUSD) and the STEEL token. The Polygon network and Iron Finance are both protocols supported by billionaire investor Mark Cuban.　　TITAN is the internal collateral token for the stablecoin, IRON, and it was at the forefront of this bank run along with IRON. TITAN is distributed to liquidity providers (LPs) for staking in various liquidity pools. LPs earn profits on transactions and enabling liquidity so that other investors can purchase the TITAN token.　　As

2021-06-29Deep Dive

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