Tag: Digital

Altcoin Diversification Is Aim of HashKey Capital’s $100M Digital Asset Fund

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IBM Consulting Provides Guidance for Implementing Digital Euro CBDC

IBM said that simplicity will play a crucial role in the initial adoption of Digital Euro, emphasizing that familiarity strengthens this process. As we know, the European Union has been working on its own central bank digital currency (CBDC) aka Digital Euro, and has been receiving consultations from global tech players. Tech giant IBM has recently shared a few ideas to make the Digital Euro a success. It proposed a list of five recommendations for designers to assist the European Central Bank (ECB) in successfully integrating its digital currency into…

IBM offers guidance for successful implementation of digital euro

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IBM has some ideas about what it will take to make the digital euro a success, which it shared in a recent blog post. It suggested five items for designers to help the European Central Bank (ECB) digital currency “enter the highly competitive, multifaceted, and heterogeneous payments landscape in the Eurozone.” Some of IBM’s points are already found in the European Commission (EC) legislative proposal. “Build on existing rails,” the first point, is already foreseen in the EC plan, although it can be extended, the five authors said. Simplicity will be…

Spain’s central bank expects digital euro to enhance financial services 

The deputy governor of the Spanish national central bank, Margarita Delgado, has spoken about the future of the digital euro and how private payment solutions will interact with it. Speaking in line with the recently proposed digital euro legislative plan, Delgado reveals that it is expected that the digital euro will help the private sector’s development of pan-European payment and financial services.  She believes these developments will make the continent’s financial system easier to compete with non-European solutions. Central bank digital currencies (CBDCs) are becoming increasingly popular. Currently, about 130…

Spanish central bank official talks about private payment services in era of digital euro

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Deputy Governor of the Bank of Spain Margarita Delgado spoke to university students and others about the introduction of the digital euro in Pamplona on Aug. 25. Looking into a future through the lens of the European Commission’s recently proposed digital euro legislative plan, she spoke at length about how private payment solutions will interact with the digital euro and its infrastructure. The digital euro can help the European Union overcome challenges such as cross-border payment barriers, the costs to businesses of using private payment service providers (PSPs) and the…

IRS releases draft of proposed reporting rules for digital asset brokers

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The Internal Revenue Service (IRS), the agency responsible for tax collection in the United States, released proposed regulations on the sale and exchange of digital assets by brokers. Under the rules, brokers would be required to use a new form to report to simplify tax filing and cut down on tax cheating. The proposed Form 1099-DA would “help taxpayers determine if they owe taxes, and […] avoid having to make complicated calculations or pay digital asset tax preparation services in order to file their tax returns,” according to a Treasury…

Crypto Exchange Backed by Fidelity, Citadel and Charles Schwab Set To Use Anchorage Digital As Custodian

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A new crypto exchange supported by the world’s biggest financial institutions is tapping into the digital asset management services of the crypto platform Anchorage Digital. In a statement, EDX Markets (EDX) says Anchorage Digital will be the custody provider of its clearinghouse arm, EDX Clearing, which is set to launch later this year. EDX CEO Jamil Nazarali says the decision to partner with the San Francisco-headquartered digital custodian takes into account that Anchorage Digital’s crypto-native bank has a banking charter from the Office of the Comptroller of the Currency (OCC),…

Embattled Crypto Exchange FTX Hires Billionaire Mike Novogratz’s Galaxy Digital To Manage Recovered Crypto

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Troubled crypto exchange FTX is hiring a prominent crypto asset management firm to handle its recovered digital assets. In a new court filing, the bankrupt crypto exchange is seeking authorization for billionaire Mike Novogratz’s Galaxy Digital to take over the management of its recovered virtual currencies as a part of its restructuring process. “The Debtors seek authorization for FTX Trading Ltd. to enter into an Investment Services Agreement with Galaxy Digital Capital Management and to perform its obligations thereunder. The Debtors selected Galaxy Asset Management as an investment adviser based…

FTX engages Galaxy Digital to oversee, sell, and hedge its crypto assets

Bankrupt exchange FTX wants to hire Mike Novogratz’s Galaxy to assist with selling, staking, and hedging its crypto assets. The proposed agreement would see Galaxy managing and trading certain digital assets owned by FTX to convert them into fiat currency or stablecoins. Additionally, Galaxy would be responsible for hedging FTX’s exposure to volatile cryptocurrencies such as Bitcoin (BTC) and Ether (ETH). Galaxy’s compensation would consist of a monthly management fee divided into a hedging fee based on the average net asset value of the assets being hedged and a liquidation fee calculated…

FTX files motion for Galaxy Digital to manage recovered crypto holdings

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Mike Novogratz’s digital asset management firm Galaxy Digital looks set to manage the remaining cryptocurrency holdings of bankrupt cryptocurrency exchange FTX. On Aug. 24, the company filed a motion with the United States District Court for the District of Delaware seeking authorization and approval of guidelines for the sale of digital assets recovered during ongoing bankruptcy proceedings. The filing outlines FTX’s requests and plans to transfer some $7 billion worth of recovered cryptocurrency tokens under Galaxy Digital’s management following the exchange’s collapse in 2022. Related: FTX​ releases restructuring plan, hints at rebooted offshore exchange FTX…