Tag: Digital

Digital asset market shrinks as fund outflows reach $200M: CoinShares

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On May 15, European cryptocurrency investment firm CoinShares published its latest “Digital Asset Fund Flows Report,” which revealed that digital asset investment products experienced another week of consecutive outflows, with a total of $54 million exiting the market. This brings “the total outflow to US$200m, representing 0.6% of total assets under management (AuM),” CoinShares reported.  Weekly crypto asset flows. Source: CoinShares According to the report, Bitcoin (BTC) funds witnessed outflows of $38 million. Over the past four weeks, total BTC outflows amounted to $160 million, accounting for 80% of all…

Reserve Bank of Zimbabwe Defies IMF’s Warning, Sells $39M Worth of Gold-backed Digital Tokens

Zimbabwe seeks to use gold-backed crypto tokens to salvage the country’s economic situation. The Reserve Bank of Zimbabwe has dammed any potential consequences by selling 14 billion Zimbabwean dollars ($39 million) worth of gold-backed digital tokens. That is despite an earlier warning it received from the International Monetary Fund (IMF) not to go ahead with the plans. At the time, the International body cautioned about the potential risks of the plan, suggesting that Zimbabwe would be better off liberalizing its foreign exchange market. As of May 12, the apex bank…

‘The Future of Digital Payments Lies in Web3 Payment Services’ Says Robert Miller of Fuse – Bitcoin News

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Despite not being mainstream payment solutions yet, cryptocurrency-based payments (also known as Web3 payments) already bring benefits such as lower transaction fees, Robert Miller, the vice president of growth at Fuse, a layer 1, EVM-compatible blockchain for launching dapps, has asserted. For merchants, Web3 payments come with the added benefit of what Miller called protection from “fraudulent chargebacks.” Crypto Payments Trump Traditional Payment Methods To back his assertions, Miller claimed many of the merchants that are presently experimenting with or encouraging their customers to use Web3 payments are doing so…

Governor Ron DeSantis Signs Bill Prohibiting Use of Central Bank Digital Currencies in Florida – Bitcoin News

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On Friday Florida’s governor Ron DeSantis signed legislation that bans the use of a central bank digital currency (CBDC) in the state. Following the bill SB 7054 being signed into law, Florida’s Uniform Commercial Code (UCC) now explicitly forbids the use of a federally adopted CBDC as money. Florida Puts the Brakes on CBDCs The Sunshine State has officially outlawed the use of a central bank digital currency (CBDC) following the approval of SB 7054 or HB 7049 by the Florida House of Representatives and Senate. Governor Ron DeSantis put…

Bitcoin (BTC) Miner Marathon Digital (MARA) Shares Underperform Peers on New SEC Subpoena

Despite disappointing earnings and its fair share of operational difficulties, the CEO of Canadian Hut 8 Mining (HUT) Jaime Leverton reassured investors. The miner’s gigantic stack of bitcoin, at 9,133 BTC at the end of Q1, as well as its diversification into high-performance computing hosting, “positively” distinguish the firm “from pureplay digital asset miners” who will have greater exposure to increased competition in the space after the halving, Leverton said. Source

GAO cites exposure to digital assets in exploring collapse of Signature Bank

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The United States Government Accountability Office, or GAO, has released its preliminary review of the failures of Silicon Valley Bank and Signature Bank — and included exposure to deposits from the cryptocurrency industry. In a report released on May 11, the GAO said “poor governance and unsatisfactory risk-management practices” led to the collapse of Signature Bank in March. The GAO did not explicitly report that digital assets were the cause of the bank’s failure but mentioned exposure to the crypto industry alongside potential reasons. “Signature Bank had exposure to the…

Marathon Digital Subpoenaed by SEC Over Securities Law Violations

Marathon said it is cooperating with the SEC to provide the requested information, highlighting that it was dedicated to abiding by all relevant laws and rules. Bitcoin mining firm Marathon Digital Holdings Inc (NASDAQ: MARA) has gotten a subpoena from the United States Securities and Exchange Commission (SEC) in connection with suspected violations of Federal securities laws. According to reports from Bloomberg, the subpoena requests the production of certain documents related to the company’s recent public offering of securities. Specifically, the SEC is investigating whether the company violated the registration…

Standard Chartered Signs MoU with DIFC to Launch Digital Asset Custody Services in Dubai

Both parties look forward to partnering on opportunities that support their visions and promote a thriving digital asset ecosystem. Banking corporation Standard Chartered plans to launch digital asset custody services in the Dubai International Financial Centre (DIFC). While the plans are still subject to regulatory approval, Standard Chartered said the new digital asset custody services in Dubai will focus on institutional investors. Also, one of the banking corporation subsidiaries, Zodia Custody, will power the new custody services. The institutional-grade crypto asset custodial platform recently secured approximately $36 billion in a funding round.…

IMF Says Zimbabwe Gold-Backed Digital Currency a Potential Threat to Financial Stability – Africa Bitcoin News

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The International Monetary Fund has urged Zimbabwean authorities to weigh the benefits versus risks of issuing a gold-backed digital currency. Instead of using gold-backed digital currency to limit the demand for the greenback, the global lender said monetary authorities should consider liberalizing the foreign exchange market. Risks to Macroeconomic and Financial Stability The International Monetary Fund (IMF) has called on Zimbabwean monetary authorities to carefully consider the benefits of issuing a gold-backed digital currency versus the potential risks to the economy. Instead of rushing to issue the gold tokens, the…

Bitcoin miner Marathon Digital hit with another SEC subpoena

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Bitcoin (BTC) miner Marathon Digital has disclosed that it received another subpoena from the United States Securities and Exchange Commission (SEC) relating to its 100-megawatt data center in Hardin, Montana. According to Marathon’s quarterly report filed May 10, it received the subpoena on April 10 “relating to, among other things, transactions with related parties” that occurred while it was creating the facility in Montana, adding: “We understand that the SEC may be investigating whether or not there may have been any violations of the federal securities law. We are cooperating…