“Interdealer broker TP ICAP is launching a crypto-trading platform alongside Fidelity Investments and Standard Chartered. The venture’s aim is to make trading of crypto more like that of stocks, bonds and foreign exchange for institutional investors.
The platform, which is awaiting approval by the U.K.’s financial regulator, will launch later this year, offering bitcoin trading initially with ether to be added later.”
“Deutsche Börse Group said it has agreed to buy a two-thirds stake in Crypto Finance AG for more than US$108.6 million, moving the Germany-based exchange deeper into the cryptocurrency asset class by allowing it to now offer custody and other crypto-related services to institutional and professional clients.
Switzerland-based Crypto Finance offers 24/7 trading and brokerage of more than 200 digital assets in combination with in-house custody. Deutsche Börse said its goal is to create a neutral, transparent, and highly scalable digital asset ecosystem under European regulation.
Digital assets will transform the financial industry. There is increasing demand from established financial institutions who are looking to become active in this new asset class and want a trusted partner.”
“Coinbase appears to be aiming squarely for banks with its new product, touting rates “more than 50x the national average of a traditional savings account.”
The account isn’t FDIC- or SIPC-insured and functions much like other products at crypto lenders and other exchanges that regularly offer yields around 8%. The reason why Coinbase is offering a comparatively lower yield is because it doesn’t lend to “unidentified third parties.”
It’s the second USDC savings product advertising 4% APY in as many days. On Monday, Compound Labs announced the creation of Compound Treasury. That USDC-powered vehicle is aimed at fintechs and neobanks.”
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“The big question: Should the U.S. undertake a massive public project to digitize cash – through an alternative consumer deposit infrastructure at the Federal Reserve – or should that be left to the private sector?
According to Quarles, CDBCs could put more stress on the U.S. banking system and pose cybersecurity risks. They might also limit competition between banks that benefits consumers. On a practical level, there may be a host of legislative roadblocks and administrative costs to setting one up. These are just a few of his concerns. Crypto pundits have become anxious about CBDC privacy, with some calling them state-mandated spyware.
The Federal Reserve has traditionally supported responsible private-sector innovation. Our existing system involves – indeed depends on – private firms creating money every day.
Although the analogy isn’t perfect, the rise of stablecoins may end up resembling the explosion of consumer credit cards. Those cash equivalents rapidly entered the market and reshaped the economy.”
“The number of companies abandoning their efforts to register with the financial watchdog has increased by a quarter in less than a month. Fifty-one had dropped their bids in early June, a number that has now increased to 64. Just six companies have successfully completed registration.
Crypto firms have until March 31 to register with the FCA for the regulator to determine whether they are meeting anti-money laundering and counter-terrorist financing standards.”
“Crypto.com’s branding will be present trackside at all F1 races for the remainder of the 2021 season starting with British Grand Prix at Silverstone on July 17.
The partnership furthers Crypto.com’s presence at major sporting events; the exchange sponsored Italian soccer’s Coppa Italia final in May. It also signed a deal with the National Hockey League team Montreal Canadiens in March.”
“Currently, the DeFi Agent tool provides “stop-loss agents,” which can automatically withdraw user funds from liquidity pools. These kick in if the exchange rate between the two tokens falls to a predetermined level. At launch, users will be able to create up to five agents with stop-loss triggers for all liquidity pools on Uniswap and PancakeSwap.
The Fetch.ai team plans to extend the functionality of the DeFi Agent tool to enable automatic liquidity withdrawal and deposit when token sentiment goes below a certain threshold; to move liquidity of ERC-20s or BEP-20s to a defined range if the price is breached (in Uniswap v3); and to remove liquidity if ETH fees are becoming too high in a given period of time.
Intelligent automation has the potential to transform the end-to-end experience of the DeFi applications we use today.”
“Advertisements for small-scale hydro plants with 50-megawatt capacity have surged on Chinese secondhand e-commerce platforms such as Xianyu, as crypto miners go abroad amid a nationwide crackdown on mining activity. One seller reportedly said that small dams rely on crypto miners for a customer base because they have not obtained approval from state authorities and environmental protection agencies to connect to the power grid.
You can secretly mine cryptocurrency if you buy a hydropower station.
Meanwhile, the price of GPUs in the mainland has dropped dramatically. Asus’ RTX 3060 card was reportedly selling for $730 earlier this month, down from its peak price of $2,100 in May on JD.com-operated online retail site Tmall.”
“The company has designed an orb-shaped unit that can produce a unique personal identifier from an iris scan.
Altman, former president of startup accelerator Y Combinator, devised the concept in 2019 around experimentation on universal basic income and how money could be distributed to people in a way that circumvents the role of government.
Aspirations of financial inclusion are nothing new in crypto, though the concept of scanning eyeballs may be seen as a controversial way of achieving it.”