Category: Exchanges

Top US Crypto Exchange Coinbase Acquires Digital Asset Manager With Goal of ‘Bridging the Gap’ to Institutions

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Top US crypto exchange Coinbase has acquired a digital asset manager in an effort to expand further into the institutional investor space. Coinbase purchased One River Digital Asset Management (ORDAM), a subsidiary of One River Asset Management, according to a new press release. ORDAM will now operate as Coinbase Asset Management (CBAM), an independent subsidiary of the US-based crypto exchange. Greg Tusar, Coinbase’s head of institutional product, tells Bloomberg that the acquisition is about strengthening ties with institutions. “This is about wanting to bring more institutional capital into the world…

Under-the-Radar Exchange Token Defies Crypto Market Downtrend, Surges Over 40% in One Week

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A crypto exchange token that’s flying under the radar is on the up and up this week even amid the market-wide corrective move. The native token of the MEXC exchange platform (MX) rallied from this week’s open at $1.23 to a high of $1.74 on Friday, representing an ascent of over 41%. The 215th-ranked crypto asset by market cap is also up more than 80% in the past month and over 101% since the start of 2023. MX has retraced from the high since and is trading for $1.65. Founded…

Coinbase Acquires One River Digital to Expand Institutional Access to Crypto Assets – Exchanges Bitcoin News

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Cryptocurrency exchange Coinbase has acquired One River Digital Asset Management, an institutional digital asset manager and registered investment adviser with the Securities and Exchange Commission (SEC). This acquisition allows Coinbase “to expand institutional access to digital assets,” the crypto exchange said. Coinbase Expanding Institutional Access to Crypto Coinbase (Nasdaq: COIN) announced Friday that it has acquired One River Digital Asset Management (ORDAM), a subsidiary of One River Asset Management. ORDAM is an institutional digital asset manager and registered investment adviser with the Securities and Exchange Commission (SEC). One River Digital…

HSBC, Nationwide Impose New Restrictions on Cryptocurrency Purchases in UK – Featured Bitcoin News

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HSBC and Nationwide have imposed new restrictions on cryptocurrency purchases in the U.K. The two financial institutions cited a warning from the Financial Conduct Authority (FCA), the British regulator overseeing the financial services industry, regarding the risks involved in purchasing cryptocurrencies. Nationwide’s Crypto Purchase Restrictions British financial institution Nationwide Building Society allegedly sent an email to its customers on Thursday to inform them of restrictions on cryptocurrency purchases. According to the email shared by several people on Twitter, Nationwide wrote, “We will be introducing restrictions on purchasing crypto currency from…

SEC chair implies crypto exchanges may be ‘qualified custodians’ as new rule is drafted

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United States Securities and Exchange Commission (SEC) chair Gary Gensler spoke at a meeting of the commission’s Investor Advisory Committee on March 2 on the topic of asset custody. The committee has a proposed rule for investment advisers on safeguarding investor assets. It was the second statement Gensler has made on the proposed rule. The first was in mid-February when the rule was first proposed. The current custody rule, dating to 2009, covers “a significant amount of crypto assets” and was designed to reduce the risk of advisers embarking on…

Crypto Exchange OKX Seizes 2,000,000 in USDT From Five Accounts Allegedly Involved in Price Manipulation

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Crypto exchange OKX says it has taken action against five accounts involved in the market manipulation of Celestial (CELT). CELT is the native token of the Celestial metaverse project, which recently announced the creation of a new blockchain game. Celestial developers promoted the game on social media using the OKX brand, causing the price of CELT to surge by nearly 200% before dropping by over 50% in the past 24 hours. Amid allegations of insider trading, OKX says it did not authorize the promotion and denies having a business relationship…

SEC Chair Gensler Says Crypto Exchanges May Not Be ‘Qualified Custodians’

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“The proposal takes up Congress’s 2010 provision for us to expand the custody rule to cover all of an investor’s assets, not just their funds or securities. Congress granted us new authorities to expand the custody rule in response to the financial crisis and Bernie Madoff’s frauds. The expanded custody rule would help ensure that advisers don’t inappropriately use, abuse, or lose investors’ assets,” Gensler said in his remarks. Source

Mastercard and Other Industry Leaders Join RBA in Testing Digital Dollar Use Cases in Australia Australia’s central bank is taking steps towards a more digitized economy by partnering with industry representatives to test the use cases for a digital dollar, the eAUD. The Reserve Bank of Australia (RBA) is currently conducting a pilot project which will explore various areas of use for a central bank digital currency (CBDC). The projects range from bond settlement and securities trading to offline payments. The RBA’s Assistant Governor, Mr. Brad Jones, stated that the people who participated in the pilot projects involve a diverse range of field representatives, including small fintech and large financial institutions. Several entities, including the Commonwealth Bank, Australia and New Zealand Banking Group Limited (ANZ), Monoova, the Australian Bond Exchange, Mastercard, DigiCash, and others, are collaborating with the RBA on various pilot projects. One of the pilot projects aims to test whether smart cards preloaded with money could activate offline payments. This project will aim to work on a consumer-to-merchant system, enabling users to conduct transactions even without an internet connection. A separate initiative explores the potential of utilizing the USDC coin to simplify all foreign exchange trades and cross-border money transfers.The objective is to experiment with carrying out global remittances around the clock, every day of the year, with an emphasis on minimizing counterparty risks. Central banks worldwide are pursuing digital currency experiments, and the RBA’s initiative is among them. The RBA expects to complete its CBDC pilot by mid-2023. The pilot, along with the broader research study, will serve two purposes. It will contribute to hands-on learning by the industry and policymakers’ understanding of how a CBDC could benefit the Australian financial system and economy. The RBA’s CBDC pilot has the potential to revolutionize the Australian financial system and open up new opportunities for businesses and individuals. As the world moves towards a more digitized economy, central bank digital currencies will play an increasingly significant role in financial systems worldwide.

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Australia’s central bank is taking steps towards a more digitized economy by partnering with industry representatives to test the use cases for a digital dollar, the eAUD. The Reserve Bank of Australia (RBA) is currently conducting a pilot project which will explore various areas of use for a central bank digital currency (CBDC). The projects range from bond settlement and securities trading to offline payments. The RBA’s Assistant Governor, Mr. Brad Jones, stated that the people who participated in the pilot projects involve a diverse range of field representatives, including…

24 Exchange Sets New FX NDF Trading Record in February

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24 Exchange processed $1.49 billion in average daily forex non-deliverable forward (NDF) for its global institutional customers in February 2023, thereby setting a new ADV record. The FX NDF platform also hit a record single-day volume of $1.9 billion last month. 24 Exhange’s new result comes one month after the trading venue, which was launched in 2019, crossed the $1 billion mark in its FX NDF ADV. In other words, the platform’s average daily volume in forex NDF surged approximately 50% higher last month. Earlier in October, 24 Exchange reported…

Ethereum DeFi Altcoin Explodes 140% After Surprise Support From Crypto Exchange Binance

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A decentralized Ethereum (ETH)-based lending protocol is leading the altcoin markets with explosive gains following surprise support from Binance, the world’s largest crypto trading platform by volume. In an announcement yesterday, Binance revealed it would be listing Liquity (LQTY) in its “Innovation Zone”, where newer tokens with higher volatility are designated. Liquity is a borrowing and lending protocol powered by its stablecoin LUSD, and uses ETH as collateral. LQTY, its native token, can be used for liquidity mining and staking. LQTY stakers can earn LUSD from fees on loan issuance,…