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Bank of England Governor asks G20 countries to set up stablecoins regulatory consensus

Governor of the Bank of England has charged the G20 countries to work together and come up with stablecoins regulatory consensus that would check its activities in the market Giving his speech at an event that was held in Brookings Institution, Andrew Bailey said the G20 countries need to work together to achieve the common […]

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Governor of the Bank of England has charged the G20 countries to work together and come up with stablecoins regulatory consensus that would check its activities in the market

Giving his speech at an event that was held in Brookings Institution, Andrew Bailey said the G20 countries need to work together to achieve the common aim of coming up with stablecoins regulatory consensus and Central Bank digital currency. 

Stablecoins are the present talk of the town as it has been in the news owing to the rapid rise that has been enjoyed by the growth of DeFi in the past few months. Over the months, the DeFi sector witnessed nothing less than a $100 million increase every day. The stablecoins has been the best source of liquidity in the digital assets market.

A standard needs to be achieved, Bank of England Governor says

In his speech, Andrew Bailey said that the governments of the G20 nations need to come together to draw up a regulatory framework that would keep the affairs of stablecoins in order.

If any country decided to use stablecoins as a means of payment, then the stablecoins regulation would follow the regulations that other payment systems follow.

Furthermore, the Governor stressed the fact that the loopholes in the current regulations need to be fixed while making it up to date with regulatory standards of innovations.

Stablecoins regulatory consensus would check illegal activities in the market

Even though the Governor supported the activities of stablecoins, he said that he was against decentralized digital assets like Bitcoin and the likes. He said the reason he is against Bitcoin is that the value holds no certainty and he feels they are unsuited to make payments

This is not the first time that a high ranking official has shown displeasure in the activities of Bitcoin and others. Experts say that Central Banks are against decentralized assets because they challenge the autonomy it possesses. If the stablecoins regulatory consensus is finally drawn up, it would check fraud and other illegal activities in the crypto sector.

Source: https://www.cryptopolitan.com/stablecoins-regulatory-consensus-in-england/

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Cryptocurrency Asset Management Provider NYDIG Raises $100M From a Single Investor

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NYDIG, the cryptocurrency asset management company, has raised $100 million from a single investor. The firm collected the amount during its newly-announced fund Digital Assets Fund II, after the previous fundraising project, named Digital Assets Fund I.

$150M In Just Two Crypto Investment Funds

According to officially published documents filed with the U.S. Securities and Exchange Commission, the New York-based digital asset firm revealed that it raised $100 million from only one investor on their recently announced project Digital Assets Fund II.

The operation follows its forerunner Digital Assets Fund I, which raised $50 million from investors in November. The amount has been reportedly collected from just two investors and was to invest mainly in Bitcoin.

The $50 million fundraise in November came after a quadrupling in NYDIG clients. The firm offers investment, brokerage, treasury, and technology solutions for Bitcoin to its institutional allocators, corporations, investment advisors, etc.

Another Publicly-Owned Company to Own a Big Pile of Bitcoin

As CryptoPotato recently reported, less than two months ago, asset manager Stone Ridge bought 10,000 bitcoins worth about $115 million through its subsidiary NYDIG. The new digital assets-oriented investment was reportedly to serve as a primary treasury reserve asset for the company.

Co-Founder and CEO of NYDIG, Robert Gutmann, said that considering that Bitcoin switches to a mainly institutionally-owned asset, “the company has a better position than ever” to be the leading provider of BTC solutions to a variety of banks, corporations, and institutions.

Speaking on the Bitcoin investment, Gutmann also said that the NYDIG is proud to facilitate one of the largest commitments of treasury assets to the cryptocurrency to that date. He added that he sees demand for the company’s full suite of corporate treasury and investment solutions accelerating.

In another significant recent Bitcoin purchase in October, Jack Dorsey’s Square reportedly bought $50 million worth of the most influential and valuable digital asset right now. Thus, it became the second publicly-traded company to do so in recent months after MicroStrategy.

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Source: https://cryptopotato.com/cryptocurrency-asset-management-provider-nydig-raises-100m-from-a-single-investor/

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TrustToken and Syscoin Partner on a Stablecoin Bridge

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Decentralized marketplace and e-commerce protocol Syscoin has partnered with the stablecoin platform TrustToken.

The goal of the collaboration is to speed up payments and to provide further solutions to Ethereum’s blockchain. It also means that the five stablecoins of TrustToken, namely TUSD, TGBP, THKD, TCAD, and TAUD, will run on Syscoin’s blockchain and be available for users.

A Collaboration Between Syscoin and TrustToken

According to a release shared with CryptoPotato, the popular decentralized marketplace and e-commerce protocol Syscoin has teamed up with stablecoin platform TrustToken.

Right off the bat, this means that the stablecoins provided by the platform will now run on Syscoin’s blockchain as well. These are TUSD, TGBP, THKD, TCAD, and TAUD.

Stablecoins have grown in popularity over the past few months, mainly because of the DeFi boom, where they are used to enable staking, liquidity provision, and so forth. However, there was also an obvious challenge with all of it – scaling. Supposedly, Syscoin is intended to help with that. Using Z-DAG (Zero Confirmation Directed Acyclic Graph), the protocol claims to be able to settle transactions in less than 10 seconds with comparatively low fees.

The partnership will also enable users to mine two cryptocurrencies at the same time – SYS and BTC.

Distribution of the Roles

While Syscoin’s task would be scalability, TrustToken comes in for the stablecoin part. It’s a platform that aims at an open financial system through a selection of stablecoins.

The stablecoins it offers are collateralized, and it has also partnered with Chainlink, as well as other protocols.

The overall partnership is aimed at creating a solution for scalable and secure token payments at a lower risk interoperability with Ethereum’s network. It should make TrustToken’s stablecoins function quicker and cheaper following the enabling of the bridge.

Speaking on the matter was Syscoin’s Foundation Chairman Jag Sidhu, who said:

“Digital assets have growing needs for better usability, robust decentralized security, and a scalable way of ensuring every transaction complies with regulations. Syscoin uniquely aligns with all of these requirements. We look forward to TrustToken’s family of stablecoins becoming future-proof and gaining significant advantage with Syscoin.”

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Source: https://cryptopotato.com/trusttoken-and-syscoin-partner-on-a-stablecoin-bridge/

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Visa And BlockFi Partner To Release A Bitcoin Rewards Credit Card

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  • The US-based cryptocurrency lending company BlockFi has partnered with the American multinational financial services corporation Visa to bring Bitcoin to the masses.
  • Bloomberg reported that the two US companies will offer a credit card that rewards clients’ purchases with the primary cryptocurrency, instead of traditional options such as cash and airline miles.
  • Dubbed the Bitcoin Rewards Credit Card, it will allow customers to receive 1.5% of their purchases back in BTC. 
  • Should the user spend more than $3,000 in the first three months after receiving the card, he will be entitled to a bonus of $250 in bitcoin. However, the innovative card will come with a $200 annual fee.
  • Evolve Bank & Trust, a subsidiary of Evolve Bancorp Inc, will be the card’s issuer. All three parties involved plan to launch the card in early 2021.
  • Founder and Chief Executive Officer (CEO) of BlockFi, Zac Prince, commented that his company is “excited to add credit cards to our suite of products and expand Bitcoin’s accessibility to a broader set of customers.”
  • With the BlockFi partnership, Visa has doubled-down on its endeavors with bitcoin-related collaborations. Earlier this year, the US giant and the BTC-friendly shopping app Fold launched a Visa co-branded debit card that rewards users with up to 10% of BTC back for every dollar purchase on retailers like Hotels.com, Nike, Starbucks, and Uber. 
  • BlockFi raised $50 million in Series C funding earlier this year, and Morgan Creek Capital’s Anthony ‘Pomp’ Pompliano joined its board of directors.
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Source: https://cryptopotato.com/visa-and-blockfi-partner-to-release-a-bitcoin-rewards-credit-card/

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