Day: May 17, 2023

Crypto.com adds Pay support for MATIC, USDC and DAI

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Singaporean cryptocurrency exchange Crypto.com recently launched an update to its DeFi wallet service enabling support for fiat-to-crypto purchases in more countries and three new tokens.  In a blog post published on May 16, the company announced the addition of Polygon (MATIC), USD Coin (USDC), and Dai (DAI) to Crypto.com Pay, a fiat-to-crypto on-ramp service enabling the purchase of cryptocurrency via credit or debit card. The trio of new tokens joins Bitcoin (BTC), Ether (ETH), and Crypto.com’s native CRO as the only tokens currently available for Pay purchase. CRO can now…

Stablecoin Issuer Tether Reveals Plan to Allocate Profits Into Bitcoin

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Tether, the stablecoin enterprise, has revealed its intention to devote 15% of its profits to bitcoin. The firm’s announcement comes on the heels of Tether’s recent attestation report, which emphasized the company’s possession of bitcoin reserves worth $1.5 billion. Tether’s Strategic Shift: Profits to Fuel Bitcoin Acquisition Tether, the company behind the crypto economy’s largest stablecoin asset, has unveiled its strategic vision to acquire bitcoin (BTC) using its profits. “Starting this month, Tether will regularly allocate up to 15% of its net realized operating profits towards purchasing bitcoin (BTC),” the…

DeFi Must Get Easier to Use to Win Over Retail Customers

The survey indicates permissionless DeFi trading still has a ways to go if it is to succeed in mass adoption. In order to trade on a service such as Uniswap, crypto users must have a wallet, sufficient ether (ETH) to execute and a willingness to pay sometimes-exorbitant gas fees. And that’s if they understand what they’re doing to begin with. Source

UK panel proposes treating crypto trading as gambling

The treasury select committee, a prominent cross-party group of U.K. lawmakers, has released a report suggesting that retail investing in unbacked cryptocurrencies, such as bitcoin, should be regulated similarly to gambling. In their findings published on May 17, the committee “strongly recommended” the adoption of regulations akin to those governing gambling activities for the trading of digital tokens. A misleading perception of safety Expressing their concerns, the recently published report by the treasury committee (appointed by the House of Commons) stated that regulating retail trading and investment in unbacked crypto assets as…

Ripple Acquires Swiss Crypto Custody Platform Metaco for $250M as Part of Push toward Tokenization

US remittance system Ripple acquired Metaco to leverage the company’s resources and entrench itself in the emerging crypto custody market. Ripple has acquired Swiss-based Metaco for $250 million as part of the remittance network’s expansion into institutional crypto custody. The acquisition also comes amid a favorable ruling for Ripple in its ongoing lawsuit with the Securities and Exchange Commission (SEC). Ripple’s acquisition of Metaco underpins the US-based tech platform’s faith in the tokenization space. Speaking to Decrypt, Ripple’s head of custody Sagar Shah predicts that the institutional crypto custody market will hit $10 trillion by 2030.…

Ripple acquires Swiss blockchain custody firm Metaco for $250M

On May 17, Ripple, creator of the namesake payments network and XRP token, announced it had acquired Swiss digital asset custodian and tokenization provider Metaco for $250 million. With the acquisition, Ripple says it will expand its enterprise offering to custody, issue, and settle tokenized assets. The firm’s developers wrote:  “Metaco will dramatically accelerate its growth trajectory through access to Ripple’s established base of hundreds of customers, capital to address new demand, and resources to continue delivering on its commitment to banking and institutional clients.” Ripple estimates the institutional crypto custody…

Bitcoin price capitulation below $26K increases as Friday’s BTC options expiry looms

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Bitcoin (BTC) price lost steam after a failed rupture of the $27,500 resistance on May 15, putting bears in a better position for the May 19 expiry. The regulatory newsflow likely played a key role in trimming investors’ risk appetite as governments seek more control over the sector. In a memo circulated among committee members, Democrats in the United States legislature sought to cement the SEC’s authority over crypto. The document was made public on May 10, including the argument that nearly all digital assets constitute securities. Moreover, according to…

Celsius posts positive results as Bitcoin market stabilizes

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Compared to the previous month, the number of bitcoin mining rigs that were operating as a part of the Celsius Network climbed by 18% in April.  As of April 30, 2023, the insolvent cryptocurrency lender controlled 53,000 active mining machines. The company achieved positive financial results from its mining activities as revenue hit a new level not seen in the previous six months. #Celsius received $283m – $63m from loans & investments, $74m selling mined #Bitcoin,…

China state-owned Greenland to apply for Hong Kong virtual asset trading license

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A Greenland Holdings subsidiary is applying for a virtual asset trading license in Hong Kong, the South China Morning Post reported. It is the first state-owned Chinese company to do so.  Greenland Financial Technology Group CEO James Geng Jing told the Hong Kong newspaper that a new company dedicated to virtual asset trading would be set up and apply for licensing in Hong Kong. Virtual asset trading platforms will need a license to operate or market themselves in that region under Securities and Futures Commission (SFC) rules that go into…