Connect with us
[crypto-donation-box]

Uncategorized

Standard Chartered Unit To Launch Crypto Services For Its Rich Clients

Avatar

Published

on

Standard Chartered, a major European bank, recently announced its plans to open a cryptocurrency exchange and brokerage platform in the United Kingdom and Europe.

The Unit Will Target Institutional Investors

According to a Reuters report from June 2, a StanChart PLC entity is planning to launch a crypto trading and exchange platform in the United Kingdom and Europe. The crypto platform will be created under a joint venture between BC Technology Group, which runs the Hong Kong-licensed crypto exchange OSL, and SC Ventures (StanChart’s innovation arm).

The exchange and brokerage platform, according to the news report, would focus on the European market, linking rich clients with counterparties trading BTC, ETH, and other major digital assets.

StanChart’s plan to make crypto available to institutional traders is the latest endorsement for the new asset class from a major bank.

According to Alex Manson, Head of SC Ventures, the firm’s innovation arm, the plans for a crypto exchange and brokerage will be targeted at institutional clients.

“We have a strong conviction that digital assets are here to stay and will be adopted by the institutional market as a highly relevant asset class. We are constructing the building blocks for a safe and reliable investment infrastructure,” Manson stated.

The platform is expected to launch in the fourth quarter of this year, with BC Group Chief Information Officer Usman Ahmad serving as CEO and SC Ventures’ Nick Philpott serving as COO.

Standard Chartered’s move toward the establishment of a crypto exchange and brokerage platform comes at a critical time, as global adoption and institutional demand for access and exposure to crypto continues to grow despite negative media attention and tightening regulations from countries such as China.

Related article | How Cryptocurrency Wallets Could Replace Banks

Wall Street Continues Crypto Embrace

The recent climb in the price of bitcoin and other cryptocurrencies, together with the listing of the Coinbase exchange on the Nasdaq stock exchange, has helped legitimize the asset class and put many critics to rest.

Despite the recent drop in cryptocurrency markets, a number of Wall Street banks have taken efforts to offer bitcoin services to its clients in the last month.

NYDIG, a crypto custody provider, announced a service on May 5 that will bring bitcoin to hundreds of institutions across the United States. Clients of participating U.S. banks will be able to purchase, hold, and trade BTC using their existing accounts, thanks to a cooperation with fintech firm Fidelity National Information Services.

Following that revelation, numerous major banking institutions began to embrace cryptocurrency after years of widespread opposition. Citibank announced on May 7 that it was considering entering the lucrative cryptocurrency markets, citing a surge in interest among its clientele.

Then, on May 10, UBS Group, a Swiss banking conglomerate, revealed that it was looking at numerous options for supplying cryptocurrency to its high-net-worth clientele.

This move from Standard Chartered marks a renewed interest in crypto from major banks.

BTC/USD yet to break $40,000 since it tumbled over 50%. Source: TradingView

Related article | Bank Of England Bashes Cryptocurrencies… While Considering A CBDC

Featured image from PixaBay, charts from TradingView.

Source: https://bitcoinist.com/standard-chartered-unit-to-launch-crypto-services/?utm_source=rss&utm_medium=rss&utm_campaign=standard-chartered-unit-to-launch-crypto-services

Uncategorized

Saylor Compares BTC to Early Apple: ‘No One Can Stop, and Few Understand’

Avatar

Published

on

By

MicroStrategy CEO Michael Saylor has compared his early backing of Apple to that of bitcoin, calling the crypto “a dominant monetary network that everyone needs.”

Sponsored
Sponsored

The bitcoin maximalist recently tweeted about an old video that surfaced. The video features Saylor talking about Apple and how bullish he was on the company back during the iPhone 5. Saylor commented in the video, saying “I would be very long on that company, whoever is selling that stock must be a moron.”

Saylor commented on the old video, this time relating his opinion to BTC. The founder of MicroStrategy, a company that provides business intelligence, mobile software, and cloud-based services, made references to early Apple growth and bitcoin. 

Sponsored
Sponsored

In a tweet, he said “Apple was a dominant mobile network that everyone needed, no one could stop, and few understood. Bitcoin is a dominant monetary network that everyone needs, no one can stop, and few understand.”

MicroStrategy bullish on BTC 

Saylor and his company have been extremely bullish on BTC in recent months. Earlier this week, MicroStrategy announced that it would be selling $1 billion in stock to purchase more bitcoin. Saylor also joined the newly launched Bitcoin Mining Council which will look at how to make bitcoin mining more energy efficient in the future. 

The company has also recently sold $500 million in secured notes to raise funds to purchase more bitcoin. The company currently holds well over 90,000 BTC in its reserves, totaling more than $3 billion with no plans on slowing down anytime soon. However Saylor has previously stated that the entities he controls hold 111,000 bitcoin. 

The bitcoin maximalist has no plans on selling any bitcoin anytime soon. 

Speaking at the Parallel Summit 2021 earlier this week, Saylor also commented further on bitcoin, saying “I don’t think there’s any other asset where every intelligent person who understands it, decides to do everything they can to make it more valuable.” 

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. A keen trader and investor in the market since 2016, he enjoys keeping up to date with the latest developments within the industry while finding the next 100x altcoin.

Follow Author

Source: https://beincrypto.com/saylor-compares-btc-to-early-apple-no-one-can-stop-and-few-understand/

Continue Reading

Uncategorized

Bitcoin Price Showing Bearish Downtrend Despite On-chain Metrics Indicating Favorable Network Conditions

Avatar

Published

on

By

The price of Bitcoin (BTC) has continued to drop as the premier cryptocurrency stays afloat a price well below its 7-day high of $41,295.27. At present, BTC is down 5.21% to $35,952.61 according to CoinMarketCap, a bearish positioning that negates the current favorable conditions of the Bitcoin blockchain. Since the price of Bitcoin began retracing from its All-Time High price above $64,000, the market trend has witnessed a more passive engagement from retail investors across the board.

This low activity rate is made more evident as Glassnode data showed that the cumulative or total fees paid on transactions in the network have attained their lowest level of 1.390 BTC in the past one year per a 7-Day Moving Average estimate. Based on a similar trend, the lower fees indicate a lack of congestion by users in the blockchain. 

This trend has its inherent impacts which are both negative and positive. On the negative end, the overall price of Bitcoin is kept low as inconsistent transactions and lack of buy-ups that stir a bullish run is absent. The positivity is best targeted at users as sending funds is now relatively cheaper, and more attractive.

advertisement

Investors Back US Traditional Markets: Impact on Bitcoin

Traditional market investors have pumped more than $756 billion in the daily reverse repurchase operation, a move that came after the Federal Reserve boosted interest rates for the traditional market offering. 

Following the meeting of the Financial Open Market Committee (FOMC) held last Wednesday, the interest rate for overnight repurchase agreement was adjusted to 0.05%, better than the 0% it has been, and the interest rate it pays banks on reserves held at the U.S. central bank was also boosted to 0.15%. These increments influenced the recorded inflows.

In tandem, the United States Dollar appreciated against other currencies on Friday, rising 92.70 against top fiat currencies. This may also account for the unrelenting sell-offs in the Bitcoin markets, as an appreciated Dollar is a cogent advantage for the market bears.

Economic policies from market watchdogs have an overbearing impact on Bitcoin and the cryptocurrency ecosystem as a whole. While many market proponents and bulls anticipate a resurgence in price amidst growing fundamentals, the current performance of Bitcoin does not discount the favorable nature of the network at present.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

Subscribe to our newsletter for free

Handpicked Stories

Source: https://coingape.com/86870-2/

Continue Reading

Uncategorized

Decentral Games Announces $5M Capital Raise With New Partners

Avatar

Published

on

By

Metaverse casino Decentral Games has announced its latest multimillion-dollar capital raise, owing to some brand-new partnerships

Sponsored
Sponsored

The decentralized app (dApp) ecosystem revealed in a post, published on their website on June 18, that they had completed a $5 million capital raise. With their statement, they welcomed new partners across the globe. More specifically, they have forged official partnerships with crypto investment firms and networks such as Collab+Currency, Genesis Block Ventures, Cluster Capital, and AU21 Capital. ID Theory, a crypto-asset investment firm based in London, have also partnered with them.

In addition, Swiss venture capital firm Bitscale Capital, as well as Metaverse Ventures, a subsidiary of Digital Currency Group, are also on the list.

Sponsored
Sponsored

The company stated that the additional capital will go towards bolstering its team in the product development and marketing departments. They noted that, to keep up with community demand, Decentral Games’ team had already increased from 10 to 43 employees.

Decentral Games also revealed they will use some of the money to accelerate development of additional features and future crypto-enabled games. The company named DG Poker, DG multi-table Tournament Poker, and DG CyberSakura Slots as examples.

The company also took to its official Twitter to release a 10-tweet thread, summarizing the highlights of this latest investment. They also elaborated on their growth, in line with that of their community. One tweet read:

“Since launching the $DG token and games on mainnet in December 2020, betting volumes have increased quarter over quarter and recently eclipsed a landmark $70 million. The DG DAO [decentralized autonomous organization] treasury remains well capitalized with over $8 million in assets.”

They noted their revenue, to date, was primarily made up of gameplay proceeds. Plus Polygon node staking rewards and sales of wearable non-fungible tokens (NFTs).

Existing partner send congratulations

One of Decentral Games’ biggest moves this year is their partnership with video game giant Atari. They announced their collaboration back in March, which was to launch a cryptocurrency casino. 

Atari sent Decentral Games a congratulatory message via the Atari Token (ATRI) official Twitter account.

The Atari Casino takes up a 20-parcel estate in the casino quarter of Vegas City on Decentraland. It launched with a virtual party at the end of April, featuring DJ Dillon Francis. The musician also collaborated with a visual artist to create three special NFTs, all inspired by Gerald the Piñata. They were auctioned off as part of the casino’s launch.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Dale Hurst is a journalist, presenter, and novelist. Before joining the Be In Crypto team, he was an editor and senior journalist at a news, lifestyle and human-interest magazine in the UK. Cryptocurrency was one of the first subjects he specialized in when first going freelance in 2018, reviewing exchanges and analysing lawsuits.

Follow Author

Source: https://beincrypto.com/decentral-games-announces-5m-capital-raise-with-new-partners/

Continue Reading
5 days ago

Valorant Ep. 2 FORMATION Player Card: How to Claim

News5 days ago

The World Economic Forum’s Cryptocurrency Guide Lists Its Choice Of “Winning” Projects

Blockchain2 days ago

GSA To Add Litecoin For The First Time In Upcoming Cryptocurrency Auction

Uncategorized2 days ago

The World Bank wants no part in El Salvador’s Bitcoin revolution

Blockchain3 days ago

Survey: Hedge Funds Intend To Hold $300 Billion In Crypto Within 5 Years

Uncategorized4 days ago

Banks Should be Scared of DeFi Warns Mark Cuban

Uncategorized2 days ago

Healthcare: A trillion dollar opportunity for blockchain?

Blockchain5 days ago

Grayscale to Unlock 16,000 Bitcoin Shares on July 19

Blockchain4 days ago

Coinbase Pro to List Dogecoin Rival Shiba Inu, Token Gains 33% in Price

Blockchain5 days ago

Edgewater Markets Taps Michael Cleary as Its New Director of Sales

Blockchain5 days ago

Deadpool Soundtrack Composer Tom Holkenborg To Auction ‘Soundtrack Of Your Life’ NFT

Blockchain5 days ago

Bitcoin derivatives data shows pro traders ignored today’s $41K pump

Blockchain2 days ago

Maiar, The Money App Powered By The Elrond Blockchain, Adds Bitcoin

Blockchain4 days ago

PARSIQ Raises $3M in Strategic Venture Round Joined by Solana, and Others

Blockchain5 days ago

All About Solana And Why It’s The Game-Changer Crypto Of The Year

Blockchain2 days ago

Decentral Games: Next gen blockchain entertainment platform

Blockchain1 day ago

Paraguayan Official Confirms: In July We Legislate Bitcoin

Blockchain5 days ago

Ethereum Follows BTC And Rallies Above $2500: Price Analysis

Blockchain3 days ago

Cardano’s buyers have this role to play in the near term

Blockchain1 day ago

Global Financial Indexes Provider MSCI Plans to Launch Crypto Indexes

Trending