Month: May 2023

Coinbase Says UAE Is Important Strategic Hub for Crypto Exchange’s Global Operations

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US crypto exchange giant Coinbase is calling the United Arab Emirates (UAE) a possible key location for its planned expansion of global operations. According to a new blog post, Coinbase CEO Brian Armstrong and other executives are meeting with UAE policymakers in Dubai as they consider expanding to the crypto-friendly region. Says Coinbase, “Crypto and Web3 serve as enormous opportunities for economic and technological diversification for the UAE, and the region has the potential to be a strategic hub for Coinbase, amplifying our efforts across the world.” The visit comes…

Economist Peter Schiff Says ‘Nobody’s Money Is Safe in Any Bank’ — Warns of Financial Crises, Depressions – Economics Bitcoin News

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Economist Peter Schiff expects a lot more banks to fail, warning that “nobody’s money is safe in any bank.” He stressed: “When the Fed sets interest rates too low and prints a lot of money … it unleashes massive inflation, creates tremendous economic imbalances that result in financial crises and depressions when the bubbles burst.” Peter Schiff on Inflation Tsunami, Financial Crises, Depressions, and Bank Failures Economist and gold bug Peter Schiff discussed the U.S. banking crisis and where the U.S. economy is headed in an interview last week on…

Robinhood’s Q1 crypto revenue drops 30% from the previous year

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First quarter results are in for cryptocurrency and stock trading app Robinhood, with the company reporting a 30% year-on-year revenue drop for its crypto trading business. Released May 10, Robinhood’s Q1 2023 earnings revealed $38 million in crypto trading revenues over the period, dropping from $54 million in Q1 2022. Robinhood’s total net revenues, however, increased year-on-year with Q1 2023 bringing in $441 million compared to 2022’s first quarter net revenues of $299 million — an increase of around 47.5%. Crypto transaction revenues (dark green) for Robinhood  Source: Robinhood Its…

Crypto Conferences Scale Back | Blockchain News

The crypto winter has been long and harsh, and as a result, crypto conferences are toning down the lavishness. Attendees are no longer interested in DJs and parties; they want to focus on discussing regulation and tax issues. Tiffany Fong, a popular crypto vlogger, attended her first crypto conference this year and observed that attendees were more interested in asking intelligent questions and discussing regulatory issues, rather than enjoying the extravagances of past events. While the XRP Las Vegas conference for XRP enthusiasts and the “XRP Army” took place in…

3 takeaways from the European Union’s MiCA regulations

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The European Union has become the first major jurisdiction to pass a comprehensive crypto law, the Markets in Crypto-Assets (MiCA) regulation, which aims to provide legal certainty for the crypto industry and investors by establishing standard regulations and harmonized rules at the EU level.  MiCA may ultimately stifle innovation, impose a one-size-fits-all approach to regulation for decentralized finance (DeFi), increase compliance costs for decentralized exchanges (DEXs) and DeFi platforms, raise privacy concerns, and necessitate collaboration between the crypto industry and regulators to strike a balance between regulation and innovation. Detering…

Kenya partners with Abu Dhabi’s Venom Foundation to build blockchain, Web3 hub

The partnership will attempt to contribute to driving blockchain innovation in the continent’s key sectors, including finance, supply chain, agriculture, business and cross-border trade, the May 10 announcement said. The planned blockchain and Web3 hub will serve as a central platform for African technology companies and government entities, fostering knowledge exchange and stakeholder collaboration. Under the deal, Venom will provide tools and resources to support Kenya and other African countries in their digital transformation, including blockchain-based solutions for supply chain management, land registry, voting systems and asset tokenization. Moses Kuria,…

Iran Shuts Down Over 8,000 Illegal Crypto Mining Farms in 3 Years – Mining Bitcoin News

Authorities in Iran have closed down more than 8,000 underground facilities for cryptocurrency mining in the past three years, local media reported. Despite the government’s crackdown, illegal crypto mining continues to account for a serious amount of energy consumption, official figures suggest. Illegal Crypto Miners in Iran Steal 1.8 Billion kWh of Electricity, Official Says Enterprises minting digital currencies outside the law in Iran have stolen 1.8 billion kilowatt hours (KWh) of electricity, according to a spokesperson for the electric power industry, quoted by the English-language Iranian daily Financial Tribune…

S&P Global attempts to assess crypto assets’ susceptibility to macroeconomics

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Rating provider S&P Global has examined the relationship between crypto assets and macroeconomics in a new report. Its conclusion is a firm “maybe” and the details are complex, mainly due to “idiosyncratic events” such as the crypto winter , geography and the industry’s short history.  Crypto assets have a different value proposition from traditional assets and different performance drivers, the S&P report noted in its introductory paragraphs, but the interconnectedness of the crypto ecosystem and macroeconomics is inescapable. The S&P analysts compared the S&P Cryptocurrency Broad Digital Market Index (BDMI)…

DCG settlement with Genesis still undecided as 30-day mediation period proceeds

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Digital Currency Group (DCG), the parent company of crypto firm Genesis Capital, has reported no solution to its “outstanding intercompany obligations” that could help reimburse creditors. In a May 9 announcement, DCG said it was in the middle of a 30-day mediation period with Genesis in response to creditor demands. The firm proposed a settlement plan in February in which Genesis creditors had been expected to receive 80% recovery of funds after the firm filed for Chapter 11 bankruptcy.  However, in April Genesis creditors raised their demands, disrupting the bankruptcy proceedings…