Day: June 27, 2023

Web3 firms are spending up to $25M on HK crypto licenses: Report

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According to a June 27 report by local news outlet Foresight News, Web3 firms in Hong Kong are spending anywhere between 20 million and 200 million Hong Kong dollars ($2.55 million and $25.5 million) for the acquisition of a Virtual Asset Service Provider (VASP) licenses. Sources explained: “Since traditional financial institutions have no relevant prior infrastructure, and have gone from zero to one in various aspects such as products and teams, the cost [associated with VASPs] has been very high. However, even for an experienced cryptocurrency institution, the cost of…

The Second FTX Asset Recovery Report Is Packed With Bombshells

Two notes before diving in: First, all of the following are allegations made by the FTX liquidators. The claims may or may not surface or be confirmed in the separate criminal trial against Sam Bankman-Fried, currently scheduled to begin in October. And second, for clarity, I’ll be referring throughout to “customer funds” interchangeably with “commingled funds,” because by their nature, the vast majority of commingled funds would likely have been customer funds. Source

Wise Stock Jumps 18% on Customer Deposits and Higher Interest Rates

Despite a few headwinds Wise has recently faced, the company’s stock jumped after revealing a spike in profits and revenue. British fintech online money transfer firm Wise’s (LON: WISE) stock jumped almost 18% on Tuesday in reaction to a rise in company profits. In a recent statement, the London-based fintech noted that its profit before tax tripled to £146.5 million ($186.5 million). The company also reported that its earnings per share tripled to 11.53 pence. According to data from MarketWatch, Wise stock has gained 6.58% in the last five days and…

13 DeFi leading practices CeFi companies would be wise to emulate

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While there are inherent strengths to be found in both centralized finance and decentralized finance companies, there are certain areas in which DeFi shines, including user empowerment, transparency and reach. While customers may be drawn to CeFi’s perceived security and strength advantages, in an increasingly digital, global economy, if CeFi companies can’t keep up with the user expectations being set by DeFi technologies and protocols, their advantages may come to count for less among younger users and markets (or even disappear altogether). To avoid a slow slide into irrelevance —…

Don’t Overlook Tokyo, Japan, and Hong Kong as Global Crypto Hot Spots

Let’s start with Japan, which is actively trying to position itself as a Web3 powerhouse. To be clear, Japan is hardly a newcomer. But after the cryptocurrency exchange Coincheck was hacked in early 2018, the country went into something like hibernation. Regulators tightened the reins, and the mood in the crypto community was not particularly upbeat. Source

Bitcoin bulls grill $31K as Fidelity ETF move fuels BTC price strength

Bitcoin (BTC) challenged $31,000 again after the June 27 Wall Street open as traders hoped for upside continuation. BTC/USD 1-hour chart. Source: TradingView $31,000 returns amid Fidelity Bitcoin ETF rumor Data from Cointelegraph Markets Pro and TradingView showed BTC price action edging higher after holding $30,000 support. The start of U.S. trading saw fresh positive news as asset manager Fidelity Investments reportedly prepared a filing to launch its Bitcoin spot-based exchange-traded fund (ETF). “First it happens slowly, then all at once,” financial commentator Tedtalksmacro wrote in part of a reaction,…

Could The Digital Pound Be Non-Blockchain? Bank Of England Explores Options

While cryptocurrencies are widely known for running on blockchain technology, the Bank of England’s upcoming digital pound, colloquially known as ‘Britcoin’, could end up operating on non-blockchain software. The bank is considering all alternatives as it moves forward with researching the viability and implications of creating a digital pound. Tom Mutton, who is spearheading the bank’s Central Bank Digital Currency (CBDC) project, highlighted the uncertainty around the choice of technology in a recent podcast interview with Bloomberg. During a meeting that brought together numerous technologists to discuss potential designs for…

Mythical Games raises $37M for in-game marketplace in Series C round

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Game publisher Mythical Games has secured $37 million in Series C1 funding, with plans to launch a new marketplace and pursue other revenue-generating initiatives. With this funding, Mythical will continue to hold the unicorn status with a valuation of over $1 billion. “Our focus is optimizing our business to get to profitability by year’s end, and the funds will primarily be used in our efforts to achieve that,” told John Linden, co-founder and CEO of Mythical Games speaking to Cointelegraph. The round was led by Scytale Digital with ARK Invest,…

BoE Reassures Britons Digital Pound Will Be Privacy-Centric CBDC

The Bank of England (BoE) has made extensive research on the best format for developing a digital pound to supplement the fiat system. The Bank of England (BoE) is working on re-establishing the pound as the preferred global reserve currency through a Central Bank Digital Currency (CBDC). The rise of the digital economy post-Covid-19 global pandemic through the cryptocurrency market has most governments thinking about moving to decentralized ledger technologies (DLTs). Moreover, the use of the digital economy is not only sustainable but also scalable to international markets. Consequently, the…

ByBit’s MVP license in Dubai ‘very restricted,’ CEO says

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Dubai-headquartered cryptocurrency exchange Bybit already operates out of Dubai, but its current licensing doesn’t allow the firm to serve all customers, according to Bybit CEO. Bybit FinTech FZE, a subsidiary of the global exchange Bybit, on June 27 announced it received the Minimum Viable Product (MVP) preparatory license by Dubai’s Virtual Assets Regulatory Authority (VARA). According to the CEO, Bybit is currently working hard to gain a full market product (FMP) license in Dubai, which will allow the exchange to operate for a full spectrum of customers in the United…