Tag: Digital Asset

Critic of Bitcoin’s ‘one-percenters’ still positive about future of digital assets
Blockchain News

Critic of Bitcoin’s ‘one-percenters’ still positive about future of digital assets

A future without digital assets is hardly imaginable but Bitcoin (BTC) is far from being perfect by design, according to a finance professor at the London School of Economics (LSE).LSE financial professor Igor Makarov believes that digital money and digassets will undoubtedly be part of the future of finance and their efficiency will depend much on their design.In an interview with Cointelegraph, Makarov said that there has not been much evidence that Bitcoin can become a store of value as it has been extremely volatile over the past 10 years.Since Bitcoin’s volatility remains high despite its massive rise in value and increased liquidity, there is no guarantee that its price will become more stable one day, he said.“Without any government backing Bitcoin, the cryptocurrency’s value depend...
Andorra green lights Bitcoin and Blockchain with Digital Assets Act
Bitcoin

Andorra green lights Bitcoin and Blockchain with Digital Assets Act

A small light of progress shines from Andorra, a tiny European country nestled between France and Spain. The country’s government, the General Council of Andorra, recently approved the Digital Assets Act, a regulatory framework for digital currencies and blockchain technology. The act is split into two parts. The first regards the creation of digital money, or “programmable digital sovereign money,” which can be exchanged in a closed system. In effect, this would allow the Andorran state to create its own token.The second half of the act refers to digital assets as financial instruments and intends to create an environment in which blockchain and distributed ledger technologies can be regulated. For Paul (who withheld his surname), CEO of local Bitcoin business 21Million, the new law ...
Dutch bank ING sells digital asset tool Pyctor to GMEX
Blockchain News

Dutch bank ING sells digital asset tool Pyctor to GMEX

ING Group, a Dutch multinational banking and financial services corporation, has spun out its digital asset business Pyctor to multi-asset trading infrastructure firm GMEX.GMEX has acquired ING’s institutional-grade digital asset custody solution Pyctor in a multi-million dollar deal, the companies said in a joint announcement on Monday.The Pyctor offering compliments GMEX’s MultiHub service, an institutional cross-platform business launched last year with the mission to bridge the gap between centralized finance (CeFi) and decentralized finance (DeFi), GMEX CEO Hirander Misra told Cointelegraph.Pyctor expands MultiHub with a number of digital asset-focused capabilities, including smart contract features, post-trade custodial and institutional network capabilities like the fragmentation of...
Survey shows 55% of crypto investors chose to HODL as Bitcoin and altcoin prices collapsed
Bitcoin

Survey shows 55% of crypto investors chose to HODL as Bitcoin and altcoin prices collapsed

Crypto and equities markets are down and aside from the positive news of Celsius repaying all of their debt and avoiding a massive liquidation, there are few on the spot reasons that are prompting investors to buy Bitcoin and altcoins.The collapse of  numerous decentralized finance (DeFi) protocols, crypto investment funds and BTC trading 60% below its all-time high continue to weigh on sentiment but a few positive tidbits of data could be a sign that the market is ready to enter a consolidation phase.expect people will shift from a comatose state of fear to the realization that tens of billions of $ in forced spot selling (LFG, 3AC, lenders, miners) were a capitulation/risk transfer rivaled only by the Covid crash https://t.co/vAj7HfTKxf— light (@lightcrypto) July 7, 2022Crypto ...
Crisis in crypto lending shines light on industry vulnerabilities
Analysis

Crisis in crypto lending shines light on industry vulnerabilities

The crypto market has entered a bearish phase as prices of major cryptocurrencies have fallen to a four-year low. The current downturn in the crypto market has driven several crypto firms to go out of business, while many have made severe job cuts to remain afloat.The crypto market crisis began with the Terra debacle that saw $40 billion in investors’ money vanish from the market. At the time, the crypto market showed good resistance against such a massive collapse. However, the after-effects of the collapse had a greater impact on the crypto market, especially crypto lending firms, which many believe are responsible for the current bearish phase.The lending crisis began in the second week of June when top lending firms started to move their funds to avoid liquidations on overleveraged pos...
Wire Network’s new protocol aims to end Web3 interoperability woes
Blockchain News

Wire Network’s new protocol aims to end Web3 interoperability woes

Layer-1 blockchain platform Wire Network announced the launch of its blockchain interoperability protocol called Universal Polymorphic Address Protocol (UPAP).In the Web3 ecosystem, which is comparatively nascent to the larger crypto market, the primary interaction occurs over digital goods and NFTs. However, the growing number of Web3 platforms lack interoperability which could be a huge roadblock to a seamless Web3 experience. Wire Network aims to change that with its universal wallet address protocol.Blockchain interoperability is the ability to share information across different blockchain networks without restrictions. With the evolution of the blockchain industry, hundreds of new protocols and blockchain standards have emerged. Thus, the interactions among different blockchains ...
Crypto funds under management drop to a low not seen since July 2021
Altcoins

Crypto funds under management drop to a low not seen since July 2021

Digital asset investment products saw $141 million in outflows during the week ending on May 20, a move that reduced the total assets under management (AUM) by institutional funds down to $38 billion, the lowest level since July 2021. According to the latest edition of CoinShare’s weekly Digital Asset Fund Flows report, Bitcoin (BTC) was the primary focus of outflows after experiencing a decline of $154 million for the week. The removal of funds coincided with a choppy week of trading that saw the price of BTC oscillate between $28,600 and $31,430. BTC/USDT 1-day chart. Source: TradingViewDespite the sizable outflow, the month-to-date BTC flow for May remain positive at $187.1 million, while the year-to-date figure stands at $307 million.On a more positive note, the multi-asset catego...
Nifty News: OpenSea acquires Gem, and Chess.com makes a move into NFTs
Blockchain News

Nifty News: OpenSea acquires Gem, and Chess.com makes a move into NFTs

OpenSea buys NFT market aggregator Gem In a Monday Twitter post, OpenSea announced it had acquired nonfungible token (NFT) marketplace aggregator Gem for an undisclosed price. A blog post by OpenSea chief executive officer Devin Finzer stated that the company made this move to improve the experience of its more seasoned “pro” users. Gem lets traders buy NFTs across various collections and multiple marketplaces in a single transaction that saves on gas fees. For now, OpenSea is adding popular Gem features such as its collection floor price sweeping tool and rarity-based rankings to its platform. Gem will continue operating independently from OpenSea as a stand-alone product, but OpenSea intends to continually integrate more Gem features into its NFT marketplace in the fu...
Russian central bank needs to ease up digital asset projects, governor says
Bitcoin

Russian central bank needs to ease up digital asset projects, governor says

Elvira Nabiullina, governor of the Bank of Russia, has admitted that Russia’s central bank might have taken a bit too tough a stance on digital assets and should look to reconsider that.On Thursday, the Russian State Duma reappointed Nabiullina as Bank of Russia governor, marking the third time for her to take the post since she started serving in the position back in 2013.At the official Duma session, Nabiullina talked about many measures that Russia has been taking and is planning to adopt in order to help the government mitigate the impact of massive Western sanctions against the Russian economy.As part of the government’s measures to maintain the economy, the Bank of Russia is working to bring the topic of digital financial assets to a “working state,” Nabiullina stated.She emphasized ...
Philippines’ fintech achieves unicorn status after embracing crypto payments
Altcoins

Philippines’ fintech achieves unicorn status after embracing crypto payments

Voyager Innovations, the firm behind the Philippines' top digital payments app Paymaya, has announced it has achieved unicorn status after a recent round of funding, surpassing a $1 billion valuation. Voyager Innovation announced Tuesday that the new $210 million capital boosted its valuation to $1.4 billion. The company highlighted that the new funds will be used to develop the crypto offerings, which it recently added to its flagship digital payments app PayMaya. According to the news release, the recent financing round was led by SIG Venture Capital. It included well-known firms such as KKR, First Pacific Co., Tencent Holdings Limited and PLDT Inc., the Philippines' largest telecom provider.As reported by Cointelegraph, PayMaya recently introduced crypto services into the app, allo...