Month: May 2023

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…

Tether shifts investment focus to Bitcoin

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Tether International Limited (Tether), the manager of the popular stablecoin, has unveiled a new investment strategy for its reserves portfolio. The company will allocate a portion of its net realized operating profits, up to 15%, towards acquiring bitcoin (BTC) on a regular basis. Holding steady at third In a statement released on May 17, Tether outlined its investment approach, emphasizing its focus on utilizing realized profits.  The company made it clear that any unrealized capital gains…

Harvard Business Review: Alchemy Pay, Crypto Payment Ecosystem Pioneer

Introduction. When we discuss the future of the digital economy and real life in the next generation of the Internet, we are inevitably talking about Web 3.0. The future is unknown, but we have seen some tech companies already exploring and deepening on their tracks, such as Alchemy Pay, mentioned in this article. We will analyze the targeted strategies and measures it has taken in the crypto payment space, taking into account the company’s sustainable long-term goals while building a rich crypto payment ecosystem that is prepared for the Web…

What Does the Debt Limit Showdown Mean for Bitcoin?

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A default is, again, a remote possibility. But its potential impact is so huge, even that slim chance is already being reflected in markets. The yield on 10-year and 30-year U.S. Treasury bonds is already inching up, reflecting increased risk of holding them. The Dow Jones Industrial Average and bitcoin have both limped downwards over the past two weeks, though other uncertainties in the market make it hard to connect those moves directly to the debt showdown. Original

Calls for Restoring UPI Access for Crypto Exchanges Reach Indian Authorities

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The Indian government and central bank have gotten proposals requesting the restoration of access to the Unified Payments Interface (UPI) for the cryptocurrency industry, CoinDesk reports, citing sources familiar with the matter. The proposals have been made independently, with two already submitted and a third expected in the coming weeks from the newly formed crypto policy advocacy group, the Bharat Web3 Association (BWA). These proposals mark the first major effort by India’s crypto stakeholders to seek policy changes governing the industry since it faced challenges such as harsh taxes, a…