Digital Assets
Digital assets are about more than just Bitcoin. The global adoption of blockchain, expansion of cross-border payments, new investment vehicles tied to intellectual property, and more, could one day establish a global market of digitized assets worth $50 trillion. This channel provides access to the latest developments, opportunities, risks, and thought leaders in the growing Digital Assets space.
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Robinhood (NASDAQ: HOOD) has launched its Crypto app in the European Union (EU), allowing eligible customers to engage in crypto trading with the added incentive of earning Bitcoin rewards. Customers stand to receive up to 1 BTC as a reward when signing up and can earn an additional 1 BTC for each successful referral. The platform claims to be the sole custodial crypto platform in the EU offering customers a percentage of their trading volume back every month, paid in Bitcoin.
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More Stories on Digital Assets
Bank of Canada Mulling a Digital Currency That Would Be Police-, and Tax-Friendly
According to The Logic, the Bank of Canada may be toying with the idea of issuing its own digital currency. One key, but a rather ominous advantage of a national digital currency listed in the presentation, is the sharing of personal information with the law enforcement or tax authorities.
Big Reveal by Dallas Fed President: Fed “Actively Looking at and Debating” a Digital Currency
In a significant disclosure, Federal Reserve Bank of Dallas President Rob Kaplan said the Fed is “actively looking at and debating” issuance of a US digital currency. The Fed could be mulling a US digital currency on fears that an upstart cryptocurrency could gain global adoption. The new currency may dislodge the US dollar from…
Ex-CFTC Heads Warn of Digital Challengers; Propose A Blockchain Dollar
Could a new-fangled digital currency move the US dollar’s cheese? “Complacency in the face of this threat risks lasting damage to the U.S. economy,” warn the former CFTC officials.
In an op-ed for the Wall Street Journal, J. Christopher Giancarlo and Daniel Gorfine recommend a digital blockchain dollar. They say that recent developments in digital currencies threaten the dollar’s pre-eminent status as a global reserve currency.
Bitcoin ETFs and SEC: ‘Last Man Standing’ Wilshire Phoenix Amends Bitcoin Filing
The Wilshire Phoenix Bitcoin ETF has amended its Bitcoin ETF Filing with the SEC.
The SEC has invited public comments on the bitcoin exchange-traded fund proposal filed by Wilshire Phoenix Bitcoin ETF. This action follows a revised filing by the fund and NYSE Arca on October 4.
Peter Thiel and Others Pony Up $50M for Wind and Solar Powered Crypto Mining in Texas
Layer1 is building a chips-to-substation crypto mining facility in Texas that will run on renewable energy.
Never mind that crypto mining is best undertaken in cool climes – Iceland, for instance. But Layer1 has an ace up its sleeve – a proprietary new technology for cooling the chips that mine cryptocurrencies. So the Layer1 crypto mining facility lies 150 miles west of Midland, Texas.
New International E-Registry of Shipping to Reside on The Blockchain
An advanced new blockchain-based ship registration system is under development.
The Singapore Shipping Association (SSA), the International Chamber of Commerce (ICC) and Singapore tech startup Perlin are jointly going to develop the International E-Registry of Ships. The new blockchain-based ship registration system will streamline, standardise and generally improve the current ship registration and renewal procedure.
More Defections from the Libra Cryptocurrency Project
The Libra cryptocurrency project has lost another major partner on Monday over regulatory scrutiny around the stablecoin. Today, Booking Holdings – the company behind Priceline, Kayak, and Booking.com – dropped out of the Libra Association.
Libra Association Dealt A One-Two-Punch: Defections, And Now, The G7
Last week, eBay, Visa, Mastercard, and Stripe followed PayPal out of the Libra Association; now, the G7 warns against digital currencies.
Last week, fears of regulatory uncertainty (and repercussions) probably forced eBay, Visa, Mastercard, and Stripe to depart the Libra Association. They followed on the heels of PayPal, which walked out earlier.
Ripple’s Blockchain to Support Finastra’s Cross-Border Payments
Enterprise blockchain provider and payment network Ripple has tied-up with giant fintech Finastra.
The latter’s users can utilize Ripple’s blockchain based network and its RippleNet partners for cross-border payments.
RippleNet, a global blockchain payments network, has over 200 financial institutions as its global partners. These entities will also have access to Finastra’s massive global network of banks.
Bitcoin Options to be Highly Popular with Asian Traders, Miners: CME Group
CME Group’s forthcoming launch of Bitcoin options will likely be lapped up by Asian crypto players.
Asian crypto traders and miners, along with European speculators and hedgers, already account for nearly half of the trading of CME’s bitcoin futures product. Bitcoin options, used along with futures, would allow these players to fine-tune the management of their exposure and risk to the cryptocurrency.
Facebook CEO Mark Zuckerberg Will Testify Before House Financial Services Committee
Facebook CEO Mark Zuckerberg will testify before Congress about his firm’s cryptocurrency project. Zuckerberg will speak before the House financial services committee on the launch of Libra.
CFTC Chairman: Ethereum is a Commodity
CFTC Chairman Heath Tarbert has said that Ethereum is a commodity. During a talk at the Yahoo! Finance All Markets Summit, the CFTC chair said he doesn’t think ether is a security.
Bitwise Unfazed by SEC Rejection; Intends to re-file soonest
The SEC rejected the Bitcoin ETF proposed by Bitwise Asset Management and NYSE Arca. But Bitwise welcomed the detailed feedback and additional clarity.
Though the SEC rejected the Bitwise ETF, the negative thrust of its 112-page order centered around NYSE Arca’s proposed rule change to enable the listing of the Bitwise Bitcoin ETF.
Senators strong-arm Visa, Mastercard, and Stripe on Libra: “…expect a high level of scrutiny.”
Facebook’s Libra stablecoin project received another jolt when US Senators wrote an “or…else” letter to certain Libra Association members.
Senators Brian Schatz (D-HI) and Sherrod Brown (D-OH) wrote to the CEOs of Visa, Mastercard, and Stripe, urging them to be wary of their participation in Facebook’s Libra Association.
SEC Rejects Bitcoin ETF Proposal from Bitwise
The Securities and Exchange Commission (SEC) rejected Bitwise Asset Management’s efforts to launch a bitcoin exchange-traded fund (ETF). The agency said that Bitwise’s proposal failed to meet legal requirements tied to market manipulation and other concerns. However, the SEC blamed NYSE Arca instead of Bitwise for the rejection.
Could Crypto ETFs Finally Come In From The Cold?
The SEC will give a ‘yes-or-no’ ruling on its approval of the bitcoin-based exchange-traded fund (ETF) from Bitwise Investments by October 13. “We’re closer than we’ve ever been before to getting a bitcoin ETF approved,” said Matt Hougan, MD, and global head of research, Bitwise. The SEC’s approval would be a landmark event in the evolution of cryptocurrencies.
World Federation of Exchanges Asks FCA to Reconsider Ban on Crypto-Derivatives
The World Federation of Exchanges (WFE) is an industry group for exchanges and central counterparties (CCPs). It has asked the UK’s Financial Conduct Authority (FCA) not to impose its crypto-derivatives ban on sale to retail customers. However, it said it fully supported the regulator’s intention to protect vulnerable customers.
Coinbase CEO Lambasts US Attitude to Facebook’s Libra
Coinbase CEO Brian Armstrong assailed the US’ approach to Facebook’s Libra cryptocurrency in the light of the threat from China’s stablecoin.
“Now that China is looking into creating a stablecoin, I wonder if the U.S. will reconsider its ridiculous response to Libra, Armstrong tweeted. “There are many cryptocurrencies, and Libra is just one of them. But the way the U.S. government reacted, it’s like they almost want to be left behind.”
Is China Coin Rushing to Beat Libra Cryptocurrency?
China Coin will try to beat Facebook’s Libra to the market. Chinese financial experts believe that Libra would have such an impact on the economy that they are pushing their government to beat the rival cryptocurrency to the market. The “crypto space race” kicked off in July when multiple outlets reported that China was considering its own coin.
Inevitable That Central Banks Will Start Issuing Digital Currency: Fed’s Harker
A digital central bank currency could be in the works after the implementation of the new FedNow real-time payments system.
America’s own digital central bank currency is all but ‘inevitable,’ said Patrick Harker, Philadelphia Fed Reserve president.
Bitcoin Beat Tech Stocks This Year; Yes You Heard That Right
Bitcoin is the best performing asset year to date. After a power-packed rally during the first nine months of the year, the crypto is up 114% at $8,308.
In comparison, ‘also-ran’ traditional investments fared as follows: Tech stocks +31%; S&P500 +21%; Gold +17%; 10-year T-bond +1.6%.
Had it not been for a recent correction from the high of $12,900 in June, Bitcoin’s returns might have been even more impressive.
Apollo Decentralized Exchange Enters Beta Trial for Digital Assets
The Apollo Decentralized Exchange (DEX) is open for business. Apollo Foundation has announced the launch of what it calls “a proprietary software package for the exchange of digital assets in peer-to-peer networks.”
Federal Reserve’s Harker: The Fed Will Have a Digital Currency (One Day)
Digital currency may come to the Federal Reserve in the future. Philadelphia Federal Reserve President Patrick Harker expects that the U.S. central bank will begin issuing a digital currency.
John McAfee Invents Something on Blockchain
McAfeeDex is poised to launch on Monday. Bitcoin advocate John McAfee announced the launch of his latest crypto project on Friday.