Facebook Launches USD 50M Investment In Metaverse Research, Partnerships.
Facebook has unveiled a two-year USD 50m investment in global research and program partners to ensure a "responsible development" of the metaverse.
The development is part of the social media giant’s strategy to become “a metaverse company,” functioning in an “embodied internet” that blends real and virtual worlds to an unprecedented extent.
Facebook stated that its investment will allow the firm to collaborate with experts across the board to analyze the underlying issues and opportunities within the metaverse, such as building the necessary interoperability across services, and various challenges related to human rights, civil rights communities, and inclusiveness.
“Through this fund, we’ll collaborate with industry partners, civil rights groups, governments, nonprofits and academic institutions to determine how to build these technologies responsibly,” according to the company.
Earlier this year, Facebook founder Mark Zuckerberg went public with his metaverse-related ambitions, claiming that “a good vision for the metaverse is not one that a specific company builds,” but rather one that has a “sense of interoperability and portability.”
The development could potentially have a major impact on the firm’s Diem stablecoin plans.
“Just like the internet, the metaverse exists whether Facebook is there or not," the company said.
It added that many of these products will not be fully realized for another 10-15 years, “While that’s frustrating for those of us eager to dive right in, it gives us time to ask the difficult questions about how they should be built,” they said.
Facebook has unveiled a two-year USD 50m investment in global research and program partners to ensure a "responsible development" of the metaverse.
The development is part of the social media giant’s strategy to become “a metaverse company,” functioning in an “embodied internet” that blends real and virtual worlds to an unprecedented extent.
Facebook stated that its investment will allow the firm to collaborate with experts across the board to analyze the underlying issues and opportunities within the metaverse, such as building the necessary interoperability across services, and various challenges related to human rights, civil rights communities, and inclusiveness.
“Through this fund, we’ll collaborate with industry partners, civil rights groups, governments, nonprofits and academic institutions to determine how to build these technologies responsibly,” according to the company.
Earlier this year, Facebook founder Mark Zuckerberg went public with his metaverse-related ambitions, claiming that “a good vision for the metaverse is not one that a specific company builds,” but rather one that has a “sense of interoperability and portability.”
The development could potentially have a major impact on the firm’s Diem stablecoin plans.
“Just like the internet, the metaverse exists whether Facebook is there or not," the company said.
It added that many of these products will not be fully realized for another 10-15 years, “While that’s frustrating for those of us eager to dive right in, it gives us time to ask the difficult questions about how they should be built,” they said.
‘DeFi or DoxFi’ Asks Community After Compound Founder’s Statement.
Following questions of legality and ethics surrounding the ongoing issue faced by decentralized finance (DeFi) protocol Compound Finance, whose users claimed millions in COMP coin due to an error - the founder is now backpedaling a controversial statement, while the community is once again questioning how decentralized DeFi really is.
As reported, Compound Finance passed and executed a proposal on Wednesday, but soon reported “unusual activity.” Due to a bug in a smart contract, users were able to claim millions in COMP – with some USD 82m impacted in the process.
But then, in the night between Thursday and Friday (UTC time), Robert Leshner, Founder of Compound Labs, tweeted a request that didn't sit well with the crypto community.
“If you received a large, incorrect amount of COMP from the Compound protocol error: Please return it to the Compound Timelock. Keep 10% as a white-hat,“ he said, adding: “Otherwise, it's being reported as income to the Internal Revenue Service (IRS), and most of you are doxxed.”
It was already being heavily debated if anybody should be returning this money, or is it fair game, or if the team should be asking for it to be sent back at all – but now, the community argued that the act of doxing is being used against these individuals, an act in itself highly questionable ethics-wise even if not illegal, in addition to the threats of reports to the US IRS.
Hours later, Leshner said that he’s trying to do anything he can to “help the community get some of its COMP back, and this was a bone-headed tweet / approach,” adding:
“That's on me. Luckily, the community is much bigger, and smarter, than just me. I appreciate your ridicule and support.”
Nonetheless, many again questioned the decentralization of DeFi. “Is it still "DeFi" if the founders dox you to the IRS,” asked ‘Dan Darkpill’, with a commenter simply replying “DoxFi.”
More users argued that it can’t be claimed a project is DeFi if its creators can give orders, dox, threaten the community members. “Leshner is not setting a good example here. In code we trust also means we eat our own shit when shit happened,” said another.
Following questions of legality and ethics surrounding the ongoing issue faced by decentralized finance (DeFi) protocol Compound Finance, whose users claimed millions in COMP coin due to an error - the founder is now backpedaling a controversial statement, while the community is once again questioning how decentralized DeFi really is.
As reported, Compound Finance passed and executed a proposal on Wednesday, but soon reported “unusual activity.” Due to a bug in a smart contract, users were able to claim millions in COMP – with some USD 82m impacted in the process.
But then, in the night between Thursday and Friday (UTC time), Robert Leshner, Founder of Compound Labs, tweeted a request that didn't sit well with the crypto community.
“If you received a large, incorrect amount of COMP from the Compound protocol error: Please return it to the Compound Timelock. Keep 10% as a white-hat,“ he said, adding: “Otherwise, it's being reported as income to the Internal Revenue Service (IRS), and most of you are doxxed.”
It was already being heavily debated if anybody should be returning this money, or is it fair game, or if the team should be asking for it to be sent back at all – but now, the community argued that the act of doxing is being used against these individuals, an act in itself highly questionable ethics-wise even if not illegal, in addition to the threats of reports to the US IRS.
Hours later, Leshner said that he’s trying to do anything he can to “help the community get some of its COMP back, and this was a bone-headed tweet / approach,” adding:
“That's on me. Luckily, the community is much bigger, and smarter, than just me. I appreciate your ridicule and support.”
Nonetheless, many again questioned the decentralization of DeFi. “Is it still "DeFi" if the founders dox you to the IRS,” asked ‘Dan Darkpill’, with a commenter simply replying “DoxFi.”
More users argued that it can’t be claimed a project is DeFi if its creators can give orders, dox, threaten the community members. “Leshner is not setting a good example here. In code we trust also means we eat our own shit when shit happened,” said another.
CoinTickr: Real-Time Crypto Ticker Powered by CoinStats 📺
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Each CoinTickr is designed to be a dedicated device for single crypto. However, with the magnets on both sides, users can go further and create a combination of several CoinTickrs to provide price fluctuations for multiple cryptocurrencies simultaneously.
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20,000+ coins and 300 exchanges real-time tracking. Live price alerts. Free CoinStats Pro or Premium Membership.
The CoinTickr strikes the perfect balance between minimalism and enhanced functionality. Every data point of CoinTickr is powered directly by CoinStats’ live database of 20,000+ coins and 300+ exchanges. Users can easily set up to 5 alerts based on their preferred price points. The screen will flash, and the alarm will go off, letting you know that it’s time to react.
Every CoinTickr is tested waterproof (IP67) and ensures long-range Wi-Fi connectivity. It houses an energy-saving OLED screen that has lower power consumption, no backlit, true black background, anti-glare, and zero latency response time. Even the most negligible deflections will be displayed on CoinTickr’s 1,3-inch screen. The up to 10 hours of rechargeable batteries make sure users will never miss out on the opportunity.
Each CoinTickr is designed to be a dedicated device for single crypto. However, with the magnets on both sides, users can go further and create a combination of several CoinTickrs to provide price fluctuations for multiple cryptocurrencies simultaneously.
CoinTickr is available on Kickstarter. Get yours with a super early bird discount only today: Link 👉 https://bit.ly/3uzn4JT
Biden admin weighing bank-like regulation for stablecoin issuers.
The United States government appears keen to tame the rapidly growing stablecoin market, according to reports.
The Biden administration is reportedly considering a new legal framework for stablecoin issuers that would put them in the same category as banks, raising questions about the future of crypto regulation in the country.
Citing people familiar with the matter, The Wall Street Journal reported Friday that the administration is looking to convince Congress to create a new “special-purpose charter” for stablecoin issuers and other companies that fall within the same category. Although it’s not entirely clear how the legislation will look, it’s expected to be tailored specifically to these types of business models.
Policymakers have been sounding the alarm over stablecoins in recent months because they believe these dollar-pegged assets aren’t properly regulated. Earlier this week, Federal Reserve Chairman Jerome Powell told the Financial Services Committee that stablecoins like Tether (USDT) and USDC Coin (USDC) should be regulated within the same parameters as money market funds like bank deposits. Nevertheless, he remained steadfast in stating that no blanket ban on Bitcoin (BTC) or other digital assets was in the cards.
As Cointelegraph reported in July, joint research by the Fed and Yale University outlined two regulatory frameworks for stablecoins in a 49-page paper called, “Taming Wildcat Stablecoins.” In that paper, the authors argued that policymakers have only two choices with respect to stablecoin regulations: make them equivalent to public money or tax them out of existence via central bank digital currency.
Stablecoins — digital currencies that are wholly or in part pegged to a form of fiat money like the U.S. dollar — have swelled to become a $128 billion market, according to the latest market capitalization figures. Tether accounts for over half of the total market, though competitors such as USDC and Binance USD (BUSD) have made significant headway this year. As these markets have grown, concerns over the liquidity and reserve status of stablecoin issuers have made eye-grabbing headlines.
The United States government appears keen to tame the rapidly growing stablecoin market, according to reports.
The Biden administration is reportedly considering a new legal framework for stablecoin issuers that would put them in the same category as banks, raising questions about the future of crypto regulation in the country.
Citing people familiar with the matter, The Wall Street Journal reported Friday that the administration is looking to convince Congress to create a new “special-purpose charter” for stablecoin issuers and other companies that fall within the same category. Although it’s not entirely clear how the legislation will look, it’s expected to be tailored specifically to these types of business models.
Policymakers have been sounding the alarm over stablecoins in recent months because they believe these dollar-pegged assets aren’t properly regulated. Earlier this week, Federal Reserve Chairman Jerome Powell told the Financial Services Committee that stablecoins like Tether (USDT) and USDC Coin (USDC) should be regulated within the same parameters as money market funds like bank deposits. Nevertheless, he remained steadfast in stating that no blanket ban on Bitcoin (BTC) or other digital assets was in the cards.
As Cointelegraph reported in July, joint research by the Fed and Yale University outlined two regulatory frameworks for stablecoins in a 49-page paper called, “Taming Wildcat Stablecoins.” In that paper, the authors argued that policymakers have only two choices with respect to stablecoin regulations: make them equivalent to public money or tax them out of existence via central bank digital currency.
Stablecoins — digital currencies that are wholly or in part pegged to a form of fiat money like the U.S. dollar — have swelled to become a $128 billion market, according to the latest market capitalization figures. Tether accounts for over half of the total market, though competitors such as USDC and Binance USD (BUSD) have made significant headway this year. As these markets have grown, concerns over the liquidity and reserve status of stablecoin issuers have made eye-grabbing headlines.
A cool opportunity to get a token at a price of $ 0.1 before entering the exchange!
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iCryptoWorld is already a successful company in the global digital technology market. It has been operating since 2017 and provides services for renting equipment for turnkey cryptocurrency mining and cloud mining.
Participating in IDO is easy:
Visit app.zelwin.finance/ido
Add any number of ZLW tokens to the iCryptoWorld betting package.
Connect your wallet on the IDO page and register to participate.
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Learn more at app.zelwin.finance/ido
If you have questions or a promising project for IDO - write @zelwinchat. The first Zelwin.Finance project was AMC Fight Nights - × 14 ATH.
Go ahead!
❗️ Right now, IDO is taking place on the Zelwin.Finance site of the iCW token - iCryptoWorld.
iCryptoWorld is already a successful company in the global digital technology market. It has been operating since 2017 and provides services for renting equipment for turnkey cryptocurrency mining and cloud mining.
Participating in IDO is easy:
Visit app.zelwin.finance/ido
Add any number of ZLW tokens to the iCryptoWorld betting package.
Connect your wallet on the IDO page and register to participate.
If you become the winner of the drawing, you will have the opportunity to redeem the project tokens, if you do not win, you will still have ZLW tokens that can be sold or left as an investment.
Learn more at app.zelwin.finance/ido
If you have questions or a promising project for IDO - write @zelwinchat. The first Zelwin.Finance project was AMC Fight Nights - × 14 ATH.
Go ahead!
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Holdex Finance will be one of the most powerful Decentralized Fin-Tech Platforms in the market! Holdex is already listed on 4 exchanges: HOTBIT, PROBIT, INDOEX, and P2PB2B. The token is on a pumping period, and most of the investors have already earned x4-x5 profit.
The team will make massive announcements today, and the price would be a minimum of $1 in 2 days. Certik Report is onboarding and expected to be published this week. CMC listed Holdex during the day. That means that Holdex can hit x20 very soon.
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Top10 exchange listings are coming soon with an x20-x30 potential!
https://t.me/holdexfinance
https://twitter.com/holdexfinance
The team will make massive announcements today, and the price would be a minimum of $1 in 2 days. Certik Report is onboarding and expected to be published this week. CMC listed Holdex during the day. That means that Holdex can hit x20 very soon.
Don't miss it! #Holdextothemoon
Top10 exchange listings are coming soon with an x20-x30 potential!
https://t.me/holdexfinance
https://twitter.com/holdexfinance
Bakkt Users Will be Able to Spend Bitcoin via Google Pay.
Digital asset marketplace Bakkt said that their clients will be able to add their Bakkt Visa Debit Cards into Google Pay for everyday purchases.
“Digital assets such as bitcoin will be converted to fiat currency for these payments to occur,” said the company.
Bakkt also said that they’ve chosen Google Cloud as a preferred cloud provider. That said, they plan to market their solutions that will be powered by Google Cloud to “leading retailers and merchants in the United States.”
The company plans to further leverage Google Cloud’s tools by building new analytics on its platform, along with artificial intelligence (AI), machine learning (ML), and geolocation functionality, in order “to draw out deep, location-aware business insights.” These insights will then provide expanded loyalty redemption options for Bakkt consumers, as well as consumer behavior patterns for Bakkt partners, they said.
Per Bakkt CEO Gavin Michael, “partnering with Google Cloud will enable us to continue to build a best-in-class, innovative platform that can undoubtedly scale to meet the needs of millions of users.”
Meanwhile, in late September, the crypto platform owned by the Intercontinental Exchange Inc., partnered with Choice Hotels International to expand the utility of the company’s rewards program, Choice Privileges, through the Bakkt App – which they launched back in March.
Prior to that, in early August, they partnered with quick-service restaurant Quiznos to launch its first physical location pilot enabling Quiznos customers to pay with BTC.
Digital asset marketplace Bakkt said that their clients will be able to add their Bakkt Visa Debit Cards into Google Pay for everyday purchases.
“Digital assets such as bitcoin will be converted to fiat currency for these payments to occur,” said the company.
Bakkt also said that they’ve chosen Google Cloud as a preferred cloud provider. That said, they plan to market their solutions that will be powered by Google Cloud to “leading retailers and merchants in the United States.”
The company plans to further leverage Google Cloud’s tools by building new analytics on its platform, along with artificial intelligence (AI), machine learning (ML), and geolocation functionality, in order “to draw out deep, location-aware business insights.” These insights will then provide expanded loyalty redemption options for Bakkt consumers, as well as consumer behavior patterns for Bakkt partners, they said.
Per Bakkt CEO Gavin Michael, “partnering with Google Cloud will enable us to continue to build a best-in-class, innovative platform that can undoubtedly scale to meet the needs of millions of users.”
Meanwhile, in late September, the crypto platform owned by the Intercontinental Exchange Inc., partnered with Choice Hotels International to expand the utility of the company’s rewards program, Choice Privileges, through the Bakkt App – which they launched back in March.
Prior to that, in early August, they partnered with quick-service restaurant Quiznos to launch its first physical location pilot enabling Quiznos customers to pay with BTC.
McDonald's China to give away 188 NFTs on 31st anniversary.
The "Big Mac Rubik's Cube" NFTs will be distributed to Chinese employees and customers by McDonald's China as a part of a giveaway.
Fast-food giant McDonald's China released a set of 188 nonfungible tokens (NFT) on Oct. 8 to celebrate its 31st anniversary in the Chinese market. Branded as "Big Mac Rubik's Cube," the NFTs will be distributed among employees and consumers as a part of the giveaway.
The Big Mac Rubik's Cube NFTs are designed based on the three-dimensional structure of McDonald's China’s new office headquarters, which was inaugurated along with the launch of the NFTs.
The NFTs are built on the Confluux public blockchain and are created in partnership with Cocafe, a digital asset creation agency, ensuring that “each work is unique, indivisible and can not be tampered with.”
It is also important to note that a majority stake of McDonald’s China is owned by CITIC Group, a state-owned investment company of the People's Republic of China.
McDonald's China did not immediately respond to Cointelegraph's request for comment.
McDonald’s China’s move to introduce NFTs in the market seemingly goes against the authority's intent to ban all crypto operations completely. More recently, the ban forced Bitmain, a crypto mining equipment manufacturer, to stop shipping Antminer mining rigs into China.
Huobi, a crypto exchange from China, stopped new customer registrations after the China ban and will close down all business by the end of the year. Despite China's resistance, the global crypto ecosystem continues to witness consistent growth. A Cointelegraph report shows that Bitcoin (BTC) mining difficulty has fully recovered after Chinese miners migrated to safer jurisdictions.
The "Big Mac Rubik's Cube" NFTs will be distributed to Chinese employees and customers by McDonald's China as a part of a giveaway.
Fast-food giant McDonald's China released a set of 188 nonfungible tokens (NFT) on Oct. 8 to celebrate its 31st anniversary in the Chinese market. Branded as "Big Mac Rubik's Cube," the NFTs will be distributed among employees and consumers as a part of the giveaway.
The Big Mac Rubik's Cube NFTs are designed based on the three-dimensional structure of McDonald's China’s new office headquarters, which was inaugurated along with the launch of the NFTs.
The NFTs are built on the Confluux public blockchain and are created in partnership with Cocafe, a digital asset creation agency, ensuring that “each work is unique, indivisible and can not be tampered with.”
It is also important to note that a majority stake of McDonald’s China is owned by CITIC Group, a state-owned investment company of the People's Republic of China.
McDonald's China did not immediately respond to Cointelegraph's request for comment.
McDonald’s China’s move to introduce NFTs in the market seemingly goes against the authority's intent to ban all crypto operations completely. More recently, the ban forced Bitmain, a crypto mining equipment manufacturer, to stop shipping Antminer mining rigs into China.
Huobi, a crypto exchange from China, stopped new customer registrations after the China ban and will close down all business by the end of the year. Despite China's resistance, the global crypto ecosystem continues to witness consistent growth. A Cointelegraph report shows that Bitcoin (BTC) mining difficulty has fully recovered after Chinese miners migrated to safer jurisdictions.
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I'm sure you also dream to make daily payments in any store around the world with instant cryptocurrency exchange
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Driven by DeFi, North America’s crypto volume increased 1,000% year-over-year.
Chainalysis said North America’s DeFi transactions were led by retail investors in the last year, with many transactions under $10,000.
Digital analytics firm Chainalysis reported that the growth in North America’s crypto market has been driven by the rise in popularity of decentralized finance.
In its 2021 Geography of Cryptocurrency Report, Chainalysis said the monthly crypto transaction volume across North America grew by more than 1,000% from July 2020 to June 2021. The monthly volume reached a peak of $164 billion in May 2021 before dipping to just over $100 billion in June.
According to Chainalysis’ report, decentralized finance, or DeFi, was largely responsible for North America continuing to maintain its position as one of the largest crypto markets worldwide. DeFi transactions represented 37% of North America’s overall transaction volume from July 2020 to June 2021, with residents sending roughly $276 billion in crypto to platforms in the DeFi space.
The Central, Northern and Western Europe region sent the most in crypto overall — $389 billion, roughly 40% of its overall transaction volume during the same time period. Chainalysis said “DeFi whales” were responsible for turning the region into the world’s biggest cryptocurrency economy, with the majority of institutional-sized transfers going towards platforms in decentralized finance.
However, the report said North America’s DeFi transactions were led by retail investors in the last year, with many transactions under $10,000. Uniswap was the most popular DeFi platform in North America, with users having sent more than $100 billion in transaction volume between July 2020 and June 2021.
“Right now, DeFi is targeted towards crypto insiders,” said dYdX growth lead David Gogel. “It’s people who have been in the industry for a while and have enough funds to experiment with new assets.”
Chainalysis said North America’s DeFi transactions were led by retail investors in the last year, with many transactions under $10,000.
Digital analytics firm Chainalysis reported that the growth in North America’s crypto market has been driven by the rise in popularity of decentralized finance.
In its 2021 Geography of Cryptocurrency Report, Chainalysis said the monthly crypto transaction volume across North America grew by more than 1,000% from July 2020 to June 2021. The monthly volume reached a peak of $164 billion in May 2021 before dipping to just over $100 billion in June.
According to Chainalysis’ report, decentralized finance, or DeFi, was largely responsible for North America continuing to maintain its position as one of the largest crypto markets worldwide. DeFi transactions represented 37% of North America’s overall transaction volume from July 2020 to June 2021, with residents sending roughly $276 billion in crypto to platforms in the DeFi space.
The Central, Northern and Western Europe region sent the most in crypto overall — $389 billion, roughly 40% of its overall transaction volume during the same time period. Chainalysis said “DeFi whales” were responsible for turning the region into the world’s biggest cryptocurrency economy, with the majority of institutional-sized transfers going towards platforms in decentralized finance.
However, the report said North America’s DeFi transactions were led by retail investors in the last year, with many transactions under $10,000. Uniswap was the most popular DeFi platform in North America, with users having sent more than $100 billion in transaction volume between July 2020 and June 2021.
“Right now, DeFi is targeted towards crypto insiders,” said dYdX growth lead David Gogel. “It’s people who have been in the industry for a while and have enough funds to experiment with new assets.”
Bitcoin Rallies Above USD 60,000 on ETF Hopes.
The most popular cryptocurrency, bitcoin (BTC), rallied and hit the USD 60,000 mark for the first time since April 2021, as Bloomberg reported that the US Securities and Exchange Commission is poised to allow the first US BTC futures exchange-traded fund to begin trading.
On a volatile Friday morning (UTC time), BTC moved from USD 57,300 to above USD 60,000 in a matter of hours, before correcting lower. However, in the last minutes of Friday (UTC time), BTC was already above USD 62,000. On Saturday, 06:25 UTC, BTC was trading at USD 62,334 and was up by almost 5% in a day and 16% in a week. The price jumped by 30% in a month and is now less than 4% from its all-time high of USD 64,805 (per Coingecko), reached in April this year.
The regulator isn’t likely to block the products from starting to trade next week, the report said, citing people, who asked not to be named while discussing the decision. Four futures-backed Bitcoin ETFs could begin trading on US exchanges this month, with deadlines for applications from VanEck and Valkyrie also approaching, it added.
Meanwhile, on Thursday, SEC's Office of Investor Education and Advocacy, urged investors to make sure they "carefully weigh the potential risks and benefits" "before investing in a fund that holds Bitcoin futures contracts."
As reported, a futures-backed ETF – known as “paper bitcoin”– would be very unlikely to have much impact in terms of the available supply of actual bitcoins. However, such an ETF could still be useful, especially because it simplifies a lot of things for institutional investors from a regulatory standpoint and it also makes buying bitcoin as part of an existing investment portfolio “totally straightforward.”
However, some analysts warn the crypto community that it may be overestimating how much demand there is for such an ETF. For example, Bloomberg expects only about USD 4bn of demand in the first 12 months for the exchange-traded fund. The figure represents just around 1% of bitcoin’s market capitalization and around 3% of all bitcoin futures traded.
"All-time highs of nearly USD 65,000 will be the next resistance level before a potential price discovery phase. While the BTC price has fiercely rallied over the past few weeks, bitcoin balance on exchanges remains at the lowest levels in nine months, indicating investors are holding bitcoin in wallets rather than readying themselves to sell," Will Morris, Sales Trader at the UK based digital asset broker GlobalBlock, said in an emailed comment.
The most popular cryptocurrency, bitcoin (BTC), rallied and hit the USD 60,000 mark for the first time since April 2021, as Bloomberg reported that the US Securities and Exchange Commission is poised to allow the first US BTC futures exchange-traded fund to begin trading.
On a volatile Friday morning (UTC time), BTC moved from USD 57,300 to above USD 60,000 in a matter of hours, before correcting lower. However, in the last minutes of Friday (UTC time), BTC was already above USD 62,000. On Saturday, 06:25 UTC, BTC was trading at USD 62,334 and was up by almost 5% in a day and 16% in a week. The price jumped by 30% in a month and is now less than 4% from its all-time high of USD 64,805 (per Coingecko), reached in April this year.
The regulator isn’t likely to block the products from starting to trade next week, the report said, citing people, who asked not to be named while discussing the decision. Four futures-backed Bitcoin ETFs could begin trading on US exchanges this month, with deadlines for applications from VanEck and Valkyrie also approaching, it added.
Meanwhile, on Thursday, SEC's Office of Investor Education and Advocacy, urged investors to make sure they "carefully weigh the potential risks and benefits" "before investing in a fund that holds Bitcoin futures contracts."
As reported, a futures-backed ETF – known as “paper bitcoin”– would be very unlikely to have much impact in terms of the available supply of actual bitcoins. However, such an ETF could still be useful, especially because it simplifies a lot of things for institutional investors from a regulatory standpoint and it also makes buying bitcoin as part of an existing investment portfolio “totally straightforward.”
However, some analysts warn the crypto community that it may be overestimating how much demand there is for such an ETF. For example, Bloomberg expects only about USD 4bn of demand in the first 12 months for the exchange-traded fund. The figure represents just around 1% of bitcoin’s market capitalization and around 3% of all bitcoin futures traded.
"All-time highs of nearly USD 65,000 will be the next resistance level before a potential price discovery phase. While the BTC price has fiercely rallied over the past few weeks, bitcoin balance on exchanges remains at the lowest levels in nine months, indicating investors are holding bitcoin in wallets rather than readying themselves to sell," Will Morris, Sales Trader at the UK based digital asset broker GlobalBlock, said in an emailed comment.
Crypto Exchange of Tokenized Assets Currency.com announced the launch of the Currency com Prime OTC market
Currency.com announced the launch of the direction of over-the-counter cryptocurrency trading (OTC market) Currency.com Prime for premium customers. The launch of the over-the-counter trading department will allow institutional and wealthy clients to independently conclude transactions.
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Currency.com announced the launch of the direction of over-the-counter cryptocurrency trading (OTC market) Currency.com Prime for premium customers. The launch of the over-the-counter trading department will allow institutional and wealthy clients to independently conclude transactions.
They will also have 24/7 access to a personal manager and premium consulting services. Currency.com Prime will support clients with market liquidity to enable them to transact with over 200 assets in multiple currencies.
Clients will have access to:
- to exclusive innovative products;
- lending;
- Staking;
- NFT;
- Private tokens;
- Structured products.
For customers looking for digital asset storage solutions, Currency.com provides customized hot and cold wallets.
Sign up to Currency.com and trade on a regulated crypto exchange!
‘Boom’ in Big South Korean Firms Investing in Crypto Startups.
Large South Korean companies are pouring money into crypto and blockchain startups, media outlets have noted – while the nation’s market-leading crypto exchange is set to make a sports investment of its own.
Per a report from Fn News, there has been a “boom” in crypto and decentralized finance (DeFi) investment – with mega-rich companies like Samsung, GS Retail, CJ, and Nexon leading the way.
The media outlet quoted an unnamed industry insider as noting that South Korean companies are more likely to avoid investing “directly” in cryptoassets, but rather look to foster promising businesses in the crypto field. “We are increasing our investment,” the insider was quoted as saying.
The electronics giant Samsung has made its investments through its Samsung Next arm, a subsidiary that funds promising tech startups. The media outlet noted that Samsung Next has thus far invested in the likes of SuperLayer, which describes itself as a “crypto venture studio,” as well as Nifty’s, a non-fungible token (NFT)-powered social media platform based in the United States, the Vancouver’s blockchain gaming firm Dapper Labs and Alchemy, a domestic crypto and NFT firm.
The gaming behemoth Nexon’s holding company NXC, meanwhile, already owns the Korbit and Bitstamp exchanges, and has made other crypto moves in the past. But in recent months, it has also invested in BitOasis, an exchange headquartered in Dubai, UAE. It has also put money into a Belgian crypto startup accelerator.
GS Retail, which operates the GS supermarkets and GS25 convenience store chains, has backed a blockchain firm named Guhada. It has teamed up with the company to co-create a blockchain-powered quality and management solution.
And CJ, a conglomerate with interests in the entertainment, food, and pharmaceutical industries, has also dipped its oar in through its CJ OliveNetworks IT services arm. The company has backed Blocko, one of the nation’s “first-generation” blockchain companies, to develop an NFT-based ticketing solution that will be able to eliminate counterfeiting. The firm is hopeful that its efforts will help it see NFT technology “applied to the entertainment business in the future.”
Large South Korean companies are pouring money into crypto and blockchain startups, media outlets have noted – while the nation’s market-leading crypto exchange is set to make a sports investment of its own.
Per a report from Fn News, there has been a “boom” in crypto and decentralized finance (DeFi) investment – with mega-rich companies like Samsung, GS Retail, CJ, and Nexon leading the way.
The media outlet quoted an unnamed industry insider as noting that South Korean companies are more likely to avoid investing “directly” in cryptoassets, but rather look to foster promising businesses in the crypto field. “We are increasing our investment,” the insider was quoted as saying.
The electronics giant Samsung has made its investments through its Samsung Next arm, a subsidiary that funds promising tech startups. The media outlet noted that Samsung Next has thus far invested in the likes of SuperLayer, which describes itself as a “crypto venture studio,” as well as Nifty’s, a non-fungible token (NFT)-powered social media platform based in the United States, the Vancouver’s blockchain gaming firm Dapper Labs and Alchemy, a domestic crypto and NFT firm.
The gaming behemoth Nexon’s holding company NXC, meanwhile, already owns the Korbit and Bitstamp exchanges, and has made other crypto moves in the past. But in recent months, it has also invested in BitOasis, an exchange headquartered in Dubai, UAE. It has also put money into a Belgian crypto startup accelerator.
GS Retail, which operates the GS supermarkets and GS25 convenience store chains, has backed a blockchain firm named Guhada. It has teamed up with the company to co-create a blockchain-powered quality and management solution.
And CJ, a conglomerate with interests in the entertainment, food, and pharmaceutical industries, has also dipped its oar in through its CJ OliveNetworks IT services arm. The company has backed Blocko, one of the nation’s “first-generation” blockchain companies, to develop an NFT-based ticketing solution that will be able to eliminate counterfeiting. The firm is hopeful that its efforts will help it see NFT technology “applied to the entertainment business in the future.”
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DEX vs. CEX Tokens: Who Performed Better This Year?
A theme in crypto that has gotten even more pronounced this year is the line that is being drawn between the centralized and the decentralized part of the market. And with regulators taking a firmer stance towards crypto all around the world, this difference has become even more important, in particular for crypto exchanges.
There is no denying that some centralized exchanges (CEXes) have found themselves facing tough choices as of late. Should they cater to regulators’ demands, or instead focus on keeping up with the lightning-fast innovation that is happening in crypto and give their customers what they want?
Among the CEXes that have gotten in trouble this year are of course all exchanges with ties to Mainland China, following Beijing’s reiteration of its ban on most things related to crypto.
But Chinese exchanges are not the only ones having to deal with aggressive regulators. The same has also happened to the major global exchange Binance, which for a number of years claimed it doesn't have a physical headquarter. However, global regulators now seem to be winning the first battle with Binance, having essentially forced the exchange to declare where its physical head offices are located.
As would be expected, the regulatory pressure on centralized exchanges, particularly from China, has sparked a new round of interest in decentralized exchanges (DEXes). As history has shown, however, these decentralized alternatives cannot always escape regulatory scrutiny either.
For instance, Uniswap Labs, the development firm behind the Uniswap decentralized exchange, in July this year restricted access via appuniswaporg to some tokens that it deemed too risky from a regulatory standpoint. Not surprisingly, the move sparked a backlash from users, with some questioning how decentralized the protocol really is.
A theme in crypto that has gotten even more pronounced this year is the line that is being drawn between the centralized and the decentralized part of the market. And with regulators taking a firmer stance towards crypto all around the world, this difference has become even more important, in particular for crypto exchanges.
There is no denying that some centralized exchanges (CEXes) have found themselves facing tough choices as of late. Should they cater to regulators’ demands, or instead focus on keeping up with the lightning-fast innovation that is happening in crypto and give their customers what they want?
Among the CEXes that have gotten in trouble this year are of course all exchanges with ties to Mainland China, following Beijing’s reiteration of its ban on most things related to crypto.
But Chinese exchanges are not the only ones having to deal with aggressive regulators. The same has also happened to the major global exchange Binance, which for a number of years claimed it doesn't have a physical headquarter. However, global regulators now seem to be winning the first battle with Binance, having essentially forced the exchange to declare where its physical head offices are located.
As would be expected, the regulatory pressure on centralized exchanges, particularly from China, has sparked a new round of interest in decentralized exchanges (DEXes). As history has shown, however, these decentralized alternatives cannot always escape regulatory scrutiny either.
For instance, Uniswap Labs, the development firm behind the Uniswap decentralized exchange, in July this year restricted access via appuniswaporg to some tokens that it deemed too risky from a regulatory standpoint. Not surprisingly, the move sparked a backlash from users, with some questioning how decentralized the protocol really is.
South Korean pension fund to invest in Bitcoin ETF: Report.
KTCU plans to invest in Bitcoin ETF products after consultation with domestic asset managers,” an executive reportedly said.
South Korea’s public pension fund, the Korean Teachers’ Credit Union (KTCU), is reportedly looking to gain exposure to Bitcoin (BTC) via a crypto exchange-traded fund (ETF).
KTCU, one of the largest institutional investors in South Korea, is considering investing in a pure Bitcoin ETF or Bitcoin-linked ETFs in the first half of 2022, local news agency The Korea Economic Daily reported Monday.
According to the report, KTCU is considering investing in several Bitcoin ETF products, including those by South Korean asset management firm Mirae Asset Global Investments. The company launched two ETFs tracking the value of Bitcoin futures via its Canadian subsidiary, Horizons ETFs, in April 2021.
“As there are some well-made cryptocurrency-linked ETF products by asset managers such as Korea’s Mirae Asset Global Investments, we plan to invest in the ETF products after consultation with domestic asset managers,” an executive at KTCU reportedly said.
The official also mentioned potential investment in a Bitcoin ETF by Mirae Asset’s subsidiary, Global X ETFs, which filed for a Bitcoin ETF with the United States Securities and Exchange Commission in July.
According to the report, KTCU is the second-largest institutional investor in South Korea, with $40.2 billion in assets under management. The pension fund has allocated 40% of its investments in alternative assets, 10% domestic and 9% international stocks. KTCU has yet to determine the size and other details of its potential Bitcoin ETF investment.
The news comes amid global pension funds getting increasingly interested in gaining exposure to cryptocurrencies like Bitcoin and major companies in the industry. Last week, the Houston Firefighters’ Relief and Retirement Fund reportedly purchased $25 million in Bitcoin and Ether (ETH). Canada’s Ontario Teachers’ Pension Plan Board participated in a $420-million funding round for major crypto exchange FTX, the firm announced on Thursday.
KTCU plans to invest in Bitcoin ETF products after consultation with domestic asset managers,” an executive reportedly said.
South Korea’s public pension fund, the Korean Teachers’ Credit Union (KTCU), is reportedly looking to gain exposure to Bitcoin (BTC) via a crypto exchange-traded fund (ETF).
KTCU, one of the largest institutional investors in South Korea, is considering investing in a pure Bitcoin ETF or Bitcoin-linked ETFs in the first half of 2022, local news agency The Korea Economic Daily reported Monday.
According to the report, KTCU is considering investing in several Bitcoin ETF products, including those by South Korean asset management firm Mirae Asset Global Investments. The company launched two ETFs tracking the value of Bitcoin futures via its Canadian subsidiary, Horizons ETFs, in April 2021.
“As there are some well-made cryptocurrency-linked ETF products by asset managers such as Korea’s Mirae Asset Global Investments, we plan to invest in the ETF products after consultation with domestic asset managers,” an executive at KTCU reportedly said.
The official also mentioned potential investment in a Bitcoin ETF by Mirae Asset’s subsidiary, Global X ETFs, which filed for a Bitcoin ETF with the United States Securities and Exchange Commission in July.
According to the report, KTCU is the second-largest institutional investor in South Korea, with $40.2 billion in assets under management. The pension fund has allocated 40% of its investments in alternative assets, 10% domestic and 9% international stocks. KTCU has yet to determine the size and other details of its potential Bitcoin ETF investment.
The news comes amid global pension funds getting increasingly interested in gaining exposure to cryptocurrencies like Bitcoin and major companies in the industry. Last week, the Houston Firefighters’ Relief and Retirement Fund reportedly purchased $25 million in Bitcoin and Ether (ETH). Canada’s Ontario Teachers’ Pension Plan Board participated in a $420-million funding round for major crypto exchange FTX, the firm announced on Thursday.
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