Month: November 2023

Swiss Asset Manager Pando Asset Files for Bitcoin Spot ETF with SEC

Pando has named the Bank of New York Mellon as the official administrator of the ETF.  Swiss asset management company Pando Asset has joined the race for a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States. On November 29, the company filed with the country’s Securities and Exchange Commission (SEC), becoming the 13th financial services firm to submit an application with the agency for a BTC trust without directly investing in the crypto asset. Pando Names Coinbase as Custodian for Its Spot Bitcoin ETF Like many spot Bitcoin…

Paxos Obtains Regulatory Approval in UAE to Offer Fiat-backed Stablecoins to Web3 Users

Paxos received the in-principle approvals (IPAs) of the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM) to offer USD-backed stablecoins among other crypto services. In a bid to expand its crypto-related services in the Middle East, Paxos Trust Company LLC has announced that it has received the necessary regulatory approval to offer fiat-backed stablecoins in the United Arab Emirates (UAE). According to the announcement, Paxos will continue with its asset tokenization plan in Abu Dhabi after securing in-principle approvals (IPAs) from the country’s Financial Services Regulatory…

SHIB holds steady above $0.000008, burn rate spikes 913% in 24 hours

Shiba Inu (SHIB) has held firm above the $0.000008 psychological threshold amid sustained consolidation, with the protocol’s burn rate recently witnessing a massive 913% spike in 24 hours. SHIB’s current position demonstrates the dull but steady trend within the broader crypto market. Notably, the market has remained in an elaborate consolidation pattern since Nov. 27, due to a lack of pivotal developments surrounding the crypto space. SHIB price – Nov. 30 | Source: Trading View Before this range-bound price structure, SHIB had recorded a discouraging 8.19% slump on Nov. 21,…

Crypto investment platform Fasset granted operational license in Dubai

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Digital asset investment platform Fasset was granted an operational license on Nov. 29, according to a listing on the Dubai Virtual Asset Regulatory Authority (VARA) website. The Virtual Asset Service Provider (VASP) license granted to Fasset allows it to perform broker-dealer services legally in Dubai. The conditions of the license say that the platform is authorized to serve local institutional investors, “qualified investors” and retail investors. The company was initially based in London, though it now operates in Indonesia and Dubai. Fasset’s website also offers services in Indonesia, Malaysia, Bangladesh,…

Grayscale to Make Changes to Accomodate Bitcoin ETF Approval

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Grayscale is hoping that the proposed changes to GBTC’s Trust Agreement would help both the company and GBTC to achieve operational efficiencies. Manager of the Grayscale Bitcoin Trust (GBTC), Grayscale is currently updating its trust agreement as the wait for spot Bitcoin exchange-traded funds (ETFs) enters top gear. That is according to a Wednesday filing by the company. However, the move is Grayscale’s first such in as long as five years, signalling a significant moment in the company’s history. Per the filing, Grayscale is looking to update the structure of…

Bitcoin Price Stalls Below $38,000 Amid BlackRock-SEC Talks

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The Bitcoin price rose to $38.475 yesterday, marking a marginally higher high for the year. Nevertheless, the price did not manage to close the day above the important $38,000 mark. Shortly before the end of the day, the bears managed to push the price down again. As crypto analyst Daan Crypto Trades remarked, “Market does its best to shake out everyone trying to pre-position for a possible Bitcoin ETF approval. It’s just free liquidity for the MMs/Whales. Sweep highs, trap longs, squeeze out longs, bait shorts, front run lows and…

IOTA reaches 10-month highs following $100m foundation launch

The native token of the IOTA distributed ledger ecosystem, also called IOTA, witnessed a sudden rally following the announcement of the new IOTA Foundation in the United Arab Emirates (UAE). IOTA is up by 35% in the past 24 hours and is trading at $0.236 at the time of writing. The asset reached a 10-month high of $0.285 shortly after the big announcement. IOTA’s market cap is currently standing at around $720 million with a daily trading volume of $773 million. IOTA price, social volume and total open interest –…

DeFi could solve Africa’s foreign exchange problems, neobank CEO says

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Forex liquidity and currency swaps are hard to access for many in Africa, which limits the use of United States dollar-based services in the continent’s import-dependent economies. This creates a vacuum that decentralized finance (DeFi) could solve, leveraging cryptocurrencies, blockchain networks and services, according to the CEO of Canza Finance, Pascal Ntsama IV. Ntsama said the neobank’s new DeFi technology, Baki, aims to address this challenge by providing a decentralized foreign exchange (FX) for African currencies, enabling slippage-free swaps at central bank rates. Speaking with Cointelegraph, the CEO and co-founder of…

Digital Canadian dollar fails to impress despite high awareness

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A recent public consultation on Canada’s central bank digital currency (CBDC) initiative revealed an overall negative sentiment from Canadians, confirming the Bank of Canada’s concerns around its country-wide adoption. Through the ‘digital Canadian dollar public consultation,’ the Canadian central bank intended to identify a place for CBDCs in a world currently dominated by digital fiat payments such as credit cards. However, in a survey that amassed 89,423 responses, Canadians demanded regulations that would require merchants to accept cash as a form of payment. Awareness of a digital Canadian dollar. Source:…

Bitcoin To Hit $100,000 By End Of 2024, Standard Chartered Says

In a bold projection, Standard Chartered, the British multinational bank, envisions a substantial surge in the value of Bitcoin, anticipating it to reach $100,000 by the conclusion of 2024. Observing Bitcoin’s impressive resurgence throughout the current year, the bank identifies the onset of what they refer to as the ‘crypto spring.’ This period of renewed vitality in the cryptocurrency market has sparked optimism, leading Standard Chartered to set an ambitious target for Bitcoin’s future valuation. Bitcoin Surpasses $38,200, StanChart Predicts $100K By 2024 The world’s largest cryptocurrency, Bitcoin, attracted interest…