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India’s central bank has announced that it will enable non-bank payment system operators to offer central bank digital currency (CBDC) wallets. Noting that “necessary changes will be made to the system to facilitate this,” the Reserve Bank of India (RBI) said the initiative is expected “to enhance access and expand choices available to users.” Non-Bank […]
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India’s Digital Rupee Expands: Non-Banks to Offer Central Bank Digital Currency Wallets
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Galaxy Digital Becomes Profitable in 2023
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Michael Novogratz’s Galaxy Digital Holdings has turned a profit of $296 million in 2023, recovering from a loss of $1 billion in the previous year, as the upward movement of cryptocurrency prices picked up.
Interestingly, the final quarter of 2023 turned the results for the company when it generated a net income of $302 million, compared to a loss of $288 million in the corresponding quarter of the precious year. Even in the third quarter of 2023, it had a loss of $94 million.
“Since the end of the fourth quarter 2023, digital asset prices materially changed, and our business has benefited from heightened market volatility and increased trading volumes,” the company stated.
Indeed, the price of Bitcoin and other digital assets picked up at the end of 2023 with the anticipation of the approval of Bitcoin exchange-traded funds in the United States. Further, with the approval last January, the bull market received a push as Bitcoin neared $74,000.
The Boom in Crypto Prices Pushed the Revenue
The financial report from Galaxy Digital, released yesterday (Tuesday), revealed its total annual revenue last year to be $613.8 million, a gain of over 46 percent. A realized gain of $311.8 million from digital assets pushed the total revenue higher. Another significant revenue generator was from derivatives, which brought in $151.5 million. Revenue from staking and lending services totaled $52.2 million, while earnings from mining operations was $33.1 million.
Notably, the asset under management of the cryptocurrency funds managed by Galaxy Digital increased more than 200 percent in 2023 to reach $5.2 billion at the end of the year. This figure almost doubled in the next two consecutive months to reach $10.1 billion at the end of February 2024.
“For the year-to-date period ending February 29, 2024, Galaxy Digital Holdings LP’s income before tax is estimated to be approximately $300 million, driven primarily by the appreciation of digital asset prices and growth in our operating businesses. Galaxy Digital Holdings LP’s equity capital increased to approximately $2.1 billion over the same period,” the company added.
Michael Novogratz’s Galaxy Digital Holdings has turned a profit of $296 million in 2023, recovering from a loss of $1 billion in the previous year, as the upward movement of cryptocurrency prices picked up.
Interestingly, the final quarter of 2023 turned the results for the company when it generated a net income of $302 million, compared to a loss of $288 million in the corresponding quarter of the precious year. Even in the third quarter of 2023, it had a loss of $94 million.
“Since the end of the fourth quarter 2023, digital asset prices materially changed, and our business has benefited from heightened market volatility and increased trading volumes,” the company stated.
Indeed, the price of Bitcoin and other digital assets picked up at the end of 2023 with the anticipation of the approval of Bitcoin exchange-traded funds in the United States. Further, with the approval last January, the bull market received a push as Bitcoin neared $74,000.
The Boom in Crypto Prices Pushed the Revenue
The financial report from Galaxy Digital, released yesterday (Tuesday), revealed its total annual revenue last year to be $613.8 million, a gain of over 46 percent. A realized gain of $311.8 million from digital assets pushed the total revenue higher. Another significant revenue generator was from derivatives, which brought in $151.5 million. Revenue from staking and lending services totaled $52.2 million, while earnings from mining operations was $33.1 million.
Notably, the asset under management of the cryptocurrency funds managed by Galaxy Digital increased more than 200 percent in 2023 to reach $5.2 billion at the end of the year. This figure almost doubled in the next two consecutive months to reach $10.1 billion at the end of February 2024.
“For the year-to-date period ending February 29, 2024, Galaxy Digital Holdings LP’s income before tax is estimated to be approximately $300 million, driven primarily by the appreciation of digital asset prices and growth in our operating businesses. Galaxy Digital Holdings LP’s equity capital increased to approximately $2.1 billion over the same period,” the company added.
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SIX Digital Exchange Inks Partnership with Daura
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On Wednesday, SIX Digital Exchange (SDX), the world’s first fully regulated FMI digital asset exchange , announced a partnership with daura, a Swiss equity tokenization platform.
According to the press release, daura companies will be able to issue digital equity securities in SDX’s regulated Central Securities Depository (CSD).
SDX will provide daura’s SMEs with access to secondary liquidity through SDX’s centralized depository, allowing them to issue bankable private securities and manage their share registry and cap table through a consolidated workflow. As a result of SDX’s coordination of processes, companies will be able to increase investor visibility and reduce time-to-market.
‘Adding Another Building Block’ to the Swiss Crypto Ecosystem
“This partnership with daura, represents a milestone shift in the way our industry functions. This approach builds on the relationship strengths of an organization like daura – where the digital securities are issued – and the separate, trusted and regulated strengths of SDX as a digital market infrastructure. This is another major step in establishing and developing the future ecosystem for the issuance, custody, and transfer of securities in private markets. We plan many more such partnerships as we build out our ecosystem,” David Hatton, Head of Product at SIX Digital Exchange, commented.
Peter Schnürer, CEO of daura, pointed the following in a statement: “With this partnership between SDX and daura, we are adding another building block to the Swiss Digital Asset ecosystem: with SDX’s central custodian service and daura’s digital share register, a seamless End-to-End integration of SME and start-up shares into the banking system will be possible.” According to David Newns, Head of SDX, “The expansion of our equity ecosystem aims at establishing a robust infrastructure that supports companies on their funding journey from an early stage to IPO. By combining DLT capabilities within a regulated exchange and CSD environment, SDX will provide a safe and trustworthy venue for these assets enabling institutional investors to securely invest in them.”
On Wednesday, SIX Digital Exchange (SDX), the world’s first fully regulated FMI digital asset exchange , announced a partnership with daura, a Swiss equity tokenization platform.
According to the press release, daura companies will be able to issue digital equity securities in SDX’s regulated Central Securities Depository (CSD).
SDX will provide daura’s SMEs with access to secondary liquidity through SDX’s centralized depository, allowing them to issue bankable private securities and manage their share registry and cap table through a consolidated workflow. As a result of SDX’s coordination of processes, companies will be able to increase investor visibility and reduce time-to-market.
‘Adding Another Building Block’ to the Swiss Crypto Ecosystem
“This partnership with daura, represents a milestone shift in the way our industry functions. This approach builds on the relationship strengths of an organization like daura – where the digital securities are issued – and the separate, trusted and regulated strengths of SDX as a digital market infrastructure. This is another major step in establishing and developing the future ecosystem for the issuance, custody, and transfer of securities in private markets. We plan many more such partnerships as we build out our ecosystem,” David Hatton, Head of Product at SIX Digital Exchange, commented.
Peter Schnürer, CEO of daura, pointed the following in a statement: “With this partnership between SDX and daura, we are adding another building block to the Swiss Digital Asset ecosystem: with SDX’s central custodian service and daura’s digital share register, a seamless End-to-End integration of SME and start-up shares into the banking system will be possible.” According to David Newns, Head of SDX, “The expansion of our equity ecosystem aims at establishing a robust infrastructure that supports companies on their funding journey from an early stage to IPO. By combining DLT capabilities within a regulated exchange and CSD environment, SDX will provide a safe and trustworthy venue for these assets enabling institutional investors to securely invest in them.”
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MaiCapital Gets Hong Kong SFC’s Nod to Manage 100% Digital Asset Funds
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Hong Kong-based MaiCapital Limited, which is a blockchain and virtual asset manager, has secured approval from the local financial market supervisor, the Securities and Futures Commission (SFC), that will allow the company to manage assets with 100 percent virtual assets.
Until now, the company operated with SFC’s Type 4 and Type 9 licenses, which it obtained in 2018. The first allows the company to advise on securities, while the second grants permission to act as an asset manager.
Announced on Tuesday, the company also brought in Wealthking Investment as an investor and shareholder.
“With the extended approval from SFC, MaiCapital is on an even greater trajectory to bring more innovative investment products and services to professional and institutional investors,” said Liu Zhiwei, the Chairman of Wealthking.
Actively Managed Crypto Funds
MaiCapital has been operating two actively managed blockchain -themed hedge funds since 2019, receiving investments only from institutions and qualified professional investors. According to the company, the latest SFC approval will allow it to deploy crypto investment strategies with greater flexibility.
MaiCapital’s CEO, Benedict Ho said: “MaiCapital has always prided itself in its ability to invest in the nascent cryptocurrency asset class with the highest compliance standards and an unyielding focus to protect the interests of investors.”
In addition, the Hong Kong asset manager highlighted that it only partners with regulated digital asset exchanges and venues for its hedge funds. Two of its partners are Coinbase and OSL.
“It is so exciting to be working with MaiCapital and to provide access to our comprehensive suite of products and services including custody, prime brokerage, trading tools and analytics, and an enterprise infrastructure built on top of a robust security platform,” said Coinbase’s APAC Institutional Sales Head, Kayvon Pirestani.
Hong Kong-based MaiCapital Limited, which is a blockchain and virtual asset manager, has secured approval from the local financial market supervisor, the Securities and Futures Commission (SFC), that will allow the company to manage assets with 100 percent virtual assets.
Until now, the company operated with SFC’s Type 4 and Type 9 licenses, which it obtained in 2018. The first allows the company to advise on securities, while the second grants permission to act as an asset manager.
Announced on Tuesday, the company also brought in Wealthking Investment as an investor and shareholder.
“With the extended approval from SFC, MaiCapital is on an even greater trajectory to bring more innovative investment products and services to professional and institutional investors,” said Liu Zhiwei, the Chairman of Wealthking.
Actively Managed Crypto Funds
MaiCapital has been operating two actively managed blockchain -themed hedge funds since 2019, receiving investments only from institutions and qualified professional investors. According to the company, the latest SFC approval will allow it to deploy crypto investment strategies with greater flexibility.
MaiCapital’s CEO, Benedict Ho said: “MaiCapital has always prided itself in its ability to invest in the nascent cryptocurrency asset class with the highest compliance standards and an unyielding focus to protect the interests of investors.”
In addition, the Hong Kong asset manager highlighted that it only partners with regulated digital asset exchanges and venues for its hedge funds. Two of its partners are Coinbase and OSL.
“It is so exciting to be working with MaiCapital and to provide access to our comprehensive suite of products and services including custody, prime brokerage, trading tools and analytics, and an enterprise infrastructure built on top of a robust security platform,” said Coinbase’s APAC Institutional Sales Head, Kayvon Pirestani.
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How A Game-Changing Decentralized Synthetic Exchange Aims to Unlock the True Value of Commodities and Digital Assets On-Chain
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The barter system, where you trade your cow for someone else’s grains, for instance, is probably older than you think. It has its roots dating back to 6000 BC when Mesopotamian tribes first made exchanges with other groups.
Those methods of exchange worked well before things like the Internet or decentralized technology existed. Trading was necessary not because commodities have financial value or even industrial utility, but because they were necessary for survival. Back then, societies weren’t as worried about gold or silver as they were about grains, milk, and beans.
Today, even though society is living in a time where artificial intelligence, automation, blockchain technology and decentralization are going to make means of exchange far more democratic, and private than ever before, commodities still derive their value from the same things.
Agricultural goods provide us with a means to nourish ourselves and survive. Energy in the form of oil, natural gas etc. allows us to keep the lights on and keep the economy moving, and precious metals provide us with industrial utility and the ability to hedge against inflation.
Here’s the thing. The above commodities are non-fungible. They are not so easy to trade. That means no matter how valuable they are, some of that value is sucked away by old-world value chains. Thus, it remains out of the hands of the everyday individual.
That’s why Comdex is launching a decentralized exchange (DEX) for synthetic assets. So that value can be unlocked and participants all around the world can benefit from such an unlocking event.
What Are Synthetic Assets?
In blockchain, a synthetic asset is a tokenized version of another asset, whether the latter is tangible or intangible. In the case of commodities, blockchain can be used to tokenize physical assets as well as their financial representations, be it oil, gold or silver. Comdex operates a DEX listing synthetic assets representing all types of commodities.
The benefits of synthetic assets are enormous, as they allow users to trade the real-world value of a commodity without the complexities inherent in holding the non-fungible good itself.
Comdex Alleviates the Pain Points Associated with Nonfungible Commodities Exchanges
The Comdex Decentralized Synthetics Exchange allows participants to act as:
- Traders (who engage in buying and selling of cAssets against CMDX using cSwap)
- Minters (who can create and open collateralized debt positions in order to obtain a newly minted cAsset. They must maintain a minimum collateral ratio of 150% to avoid liquidation.)
- Liquidity Providers who provide equal amounts of cAssets and CMDX so that users can facilitate trades and providers can benefit from rewards and transaction fees.)
- Stakers (who can earn CMD tokens using Omniflix and Unagii)
The interface itself is easy to navigate. The team and the project are mission-driven. The whole point of the launch of this product is to alleviate the pain points that come with commodities and digital assets.
Participants get the real-world benefit of on-chain diversification of assets. The benefit from the security and transparency a decentralized synthetic asset exchange can provide. They also don’t have to worry about the cumbersome nature of the logistics and storage that typically comes with investing in physical goods and commodities.
Why Trade Synthetic Assets?
Comdex anticipates that demand on its platform will expand at an accelerated pace given the benefits of synthetics over trading the physical assets themselves. Synthetic assets address multiple risks, including:
- Confiscation or ban risk – the recent decision of US President Joe Biden to ban oil and gas imports from Russia shows that the commodity market may be unpredictable and struggle with uncertainty. Sometimes governments can go even further by confiscating commodities altogether. Synthetics cannot be confiscated and trading cannot be banned as they reside on a decentralized infrastructure.
- Theft risk – storing gold coins under your bed can make you happier, but this is not the safest approach for sure. The risk of theft is considerable, and the problem is that your home insurance policy might cover any sizable investment as most insurance packages stipulate clauses preventing cover on high-value items like gold bars. Elsewhere, synthetics can’t be stolen if you keep your private key safely.
- Third-party risk – even if you give up storing physical items and decide to invest in futures contracts, you will most likely end up storing them with a third-party custodian like a bank or broker. Unfortunately, there is always an insolvency risk associated with any centralized organization, including banks, shipping companies, or brokers. In the case of bankruptcy, you can own your investments partially or entirely. Since synthetics are stored on the blockchain, there is no third-party risk.
On top of that, synths come with great benefits that can help traders have peace of mind about their commodity investments:
- Easy access – with synthetics, you can get exposure to any commodity market without any obstacle. All you need to have is an internet connection and an account with Comdex.
- Costs – if you trade physical commodities or their futures, you have to be ready to pay broker fees, as well as storage, conversion, transportation, withdrawal, and other fees. Trading commodity synthetics reduce the costs to a minimum thanks to the efficient use of resources.
- No Expiry of futures contracts – trading commodity futures may be problematic for investors, as in theory, they are obligated to take delivery of the physical goods once the contract expires. Synthetics function 24/7 with no expiry.
Comdex is striving to revolutionize how people engage in commerce with commodities by merging decentralized technologies with real-world assets. The hybrid approach to this new robust decentralized synthetic asset exchange is going to change the game for good.
The question is, are you ready for it?
Image: Pixabay
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Ukraine Raises Money through Crypto, Russia Circumventing Sanctions with Digital Assets
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The conflict between Russia and Ukraine took center stage last month. The issue not only changed the global political landscape but also the economies of both countries. The financial infrastructure in Russia and Ukraine shattered in the past few weeks, but, for different reasons.
While the financial system in Ukraine broke down due to Russia’s aggression, Russia itself suffered severely due to economic sanctions. In the recent mayhem, crypto came to the rescue for Ukraine. Not to replace the existing financial system, but to support the humanitarian aid efforts and recovery initiatives. According to Alex Bornyakov, Ukraine’s Deputy Minister at the Ministry of Digital Transformation, the country has received a total of almost $100 million in crypto donations.
Ukraine has already spent nearly $15 million worth of crypto donations on military supplies. The nation has received crypto support in a wide range of digital currencies including Bitcoin and Ethereum. Apart from donations, the adoption of crypto assets has also increased in the country amid demolished banking system in the region.
On the other hand, the usage of cryptocurrencies climbed in Russia as well. The Ruble-denominated volumes are soaring. Reason? “Rising Sanctions”. Just in the past week, financial services giants like PayPal and Western Union suspended operations in Russia. In an effort to circumvent sanctions, Russians are moving towards digital assets for daily transactions. But, is it that easy to avoid sanctions through crypto? The answer is “No”. Especially under increasing regulatory pressure on the crypto ecosystem.
However, the bottom line is that the adoption of crypto assets is surging in Russia and Ukraine. To dig deeper into the details about the rising use of digital assets in both countries, Finance Magnates sat down with prominent crypto stakeholders to have their opinion.
“Once again, cryptocurrencies have demonstrated their value through a series of unfortunate events for human lives. The Ukrainian and Russian economies lie in shambles for different reasons. In the first two weeks of conflict, cryptocurrency was used as a tool of peace and war, but chiefly as an instrument that empowers individuals amidst a clash of nations,” Brian Pasfield, CTO at Fringe Finance, said.
“This is not the first armed conflict in the cryptocurrency age. Yet, it is proving to be the first in which cryptocurrency will be able to fulfill its intended role of returning power to individuals,” he added.
Crypto in Limelight
“The Russian invasion of Ukraine has brought cryptocurrencies into the limelight. It gave them more exposure in the media and among individuals in Russia and Ukraine who were looking to protect their assets from the effects of war. Cryptos have brought another dimension to the geopolitical equation as they have acted as an alternative to the traditional financial system to a certain extent when the latter seemed to fail in both Russia and Ukraine,” Daniel Takieddine, CEO MENA at BDSwiss, explained.
Takieddine mentioned that the authorities in Ukraine have made significant efforts in the past few weeks to make the crypto community realize the magnitude of the issue.
Need for Regulation
According to Takieddine, it is important for global regulatory authorities to introduce clear crypto regulations.
“The popularity of digital assets during the conflict has also brought up the need for adequate regulation. In this regard, European and American authorities sped up the process of creating a regulatory framework in order to make sure that Russia would not be able to use cryptocurrencies to circumvent sanctions,” Takieddine added.
Potential of Crypto
“The role of digital currencies in the Russia-Ukraine conflict represents the tip of the iceberg when it comes to the inherent capabilities of the nascent asset class to make a difference in social conflicts. The current situation once again shows how to complete dependence on traditional finance can put people in a hopeless situation. I believe it is worth considering crypto as an independent decentralized finance system that will be above sanctions and serve all sides, as it is currently doing in this Eastern European conflict, for the common good,” Daniele Casamassima, the Chief Executive Officer at Pure, said.
Alternative Assets
The recent surge in the adoption of crypto reinforced the idea of digital currencies as alternative assets. Joaquim Matinero Tor, a Blockchain Associate at Roca Junyent, said: “Due to this war in Ukraine we’ve seen that cryptos are good as alternative assets. The foreign minister of Ukraine asked for donations in BTC, ETH & other cryptos. This change of paradigm has shown the world that it’s a real alternative when things go wrong, and people started believing that such a “wallet” protects all their savings and investments,” Tor noted.
The conflict between Russia and Ukraine took center stage last month. The issue not only changed the global political landscape but also the economies of both countries. The financial infrastructure in Russia and Ukraine shattered in the past few weeks, but, for different reasons.
While the financial system in Ukraine broke down due to Russia’s aggression, Russia itself suffered severely due to economic sanctions. In the recent mayhem, crypto came to the rescue for Ukraine. Not to replace the existing financial system, but to support the humanitarian aid efforts and recovery initiatives. According to Alex Bornyakov, Ukraine’s Deputy Minister at the Ministry of Digital Transformation, the country has received a total of almost $100 million in crypto donations.
Ukraine has already spent nearly $15 million worth of crypto donations on military supplies. The nation has received crypto support in a wide range of digital currencies including Bitcoin and Ethereum. Apart from donations, the adoption of crypto assets has also increased in the country amid demolished banking system in the region.
On the other hand, the usage of cryptocurrencies climbed in Russia as well. The Ruble-denominated volumes are soaring. Reason? “Rising Sanctions”. Just in the past week, financial services giants like PayPal and Western Union suspended operations in Russia. In an effort to circumvent sanctions, Russians are moving towards digital assets for daily transactions. But, is it that easy to avoid sanctions through crypto? The answer is “No”. Especially under increasing regulatory pressure on the crypto ecosystem.
However, the bottom line is that the adoption of crypto assets is surging in Russia and Ukraine. To dig deeper into the details about the rising use of digital assets in both countries, Finance Magnates sat down with prominent crypto stakeholders to have their opinion.
“Once again, cryptocurrencies have demonstrated their value through a series of unfortunate events for human lives. The Ukrainian and Russian economies lie in shambles for different reasons. In the first two weeks of conflict, cryptocurrency was used as a tool of peace and war, but chiefly as an instrument that empowers individuals amidst a clash of nations,” Brian Pasfield, CTO at Fringe Finance, said.
“This is not the first armed conflict in the cryptocurrency age. Yet, it is proving to be the first in which cryptocurrency will be able to fulfill its intended role of returning power to individuals,” he added.
Crypto in Limelight
“The Russian invasion of Ukraine has brought cryptocurrencies into the limelight. It gave them more exposure in the media and among individuals in Russia and Ukraine who were looking to protect their assets from the effects of war. Cryptos have brought another dimension to the geopolitical equation as they have acted as an alternative to the traditional financial system to a certain extent when the latter seemed to fail in both Russia and Ukraine,” Daniel Takieddine, CEO MENA at BDSwiss, explained.
Takieddine mentioned that the authorities in Ukraine have made significant efforts in the past few weeks to make the crypto community realize the magnitude of the issue.
Need for Regulation
According to Takieddine, it is important for global regulatory authorities to introduce clear crypto regulations.
“The popularity of digital assets during the conflict has also brought up the need for adequate regulation. In this regard, European and American authorities sped up the process of creating a regulatory framework in order to make sure that Russia would not be able to use cryptocurrencies to circumvent sanctions,” Takieddine added.
Potential of Crypto
“The role of digital currencies in the Russia-Ukraine conflict represents the tip of the iceberg when it comes to the inherent capabilities of the nascent asset class to make a difference in social conflicts. The current situation once again shows how to complete dependence on traditional finance can put people in a hopeless situation. I believe it is worth considering crypto as an independent decentralized finance system that will be above sanctions and serve all sides, as it is currently doing in this Eastern European conflict, for the common good,” Daniele Casamassima, the Chief Executive Officer at Pure, said.
Alternative Assets
The recent surge in the adoption of crypto reinforced the idea of digital currencies as alternative assets. Joaquim Matinero Tor, a Blockchain Associate at Roca Junyent, said: “Due to this war in Ukraine we’ve seen that cryptos are good as alternative assets. The foreign minister of Ukraine asked for donations in BTC, ETH & other cryptos. This change of paradigm has shown the world that it’s a real alternative when things go wrong, and people started believing that such a “wallet” protects all their savings and investments,” Tor noted.
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State Street to Launch a Digital Custody Offering with Copper.co
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State Street Corporation, a leading provider of financial services, announced on Wednesday that its dedicated Digital division, State Street Digital, has entered into a licensing agreement with London-based crypto custody and trading infrastructure provider Copper.co.
According to the press release, State Street Digital will develop and launch a digital custody offering where clients can store and settle their digital assets within an environment operated by State Street, subject to regulatory approval.
“As institutional investors’ interest in digital assets continues to grow, we are building the financial infrastructure needed to support our clients’ allocations to this new asset class. State Street Digital’s mission continues to focus on putting the right tools in place so we can provide clients with solutions to support their traditional as well as digital assets needs. Today’s exciting announcement will only enhance our ambition to deliver to our clients an amazing digital experience. We look forward to collaborating with the team at Copper as State Street Digital continues to grow,” Nadine Chakar, head of State Street Digital, commented on the announcement
Copper.co offers custody, trading, and settlement solutions across 450 crypto-assets and over 40 exchanges for institutional investors. With its infrastructure and experience, the firm will assist clients in transitioning to the new digital economy and thriving there.
“That State Street, one of the world’s largest custodians, is creating a new digital asset service is a hugely important development for institutional engagement in this new asset class. We are proud to be part of State Street’s goal to lead the way in the transformation of financial infrastructure,” Sabrina Wilson, COO at Copper.co, highlighted.
BNY Mellon Crypto Custody Platform
Last month, BNY Mellon, a major US global bank headquartered in New York, announced plans to launch a digital asset custody platform to enable institutional clients to get exposure to cryptocurrencies .
The new custody platform will enable customers to hold the major crypto coins like Bitcoin and Ether in BNY Mellon crypto wallets which will be powered by Fireblocks technology.
State Street Corporation, a leading provider of financial services, announced on Wednesday that its dedicated Digital division, State Street Digital, has entered into a licensing agreement with London-based crypto custody and trading infrastructure provider Copper.co.
According to the press release, State Street Digital will develop and launch a digital custody offering where clients can store and settle their digital assets within an environment operated by State Street, subject to regulatory approval.
“As institutional investors’ interest in digital assets continues to grow, we are building the financial infrastructure needed to support our clients’ allocations to this new asset class. State Street Digital’s mission continues to focus on putting the right tools in place so we can provide clients with solutions to support their traditional as well as digital assets needs. Today’s exciting announcement will only enhance our ambition to deliver to our clients an amazing digital experience. We look forward to collaborating with the team at Copper as State Street Digital continues to grow,” Nadine Chakar, head of State Street Digital, commented on the announcement
Copper.co offers custody, trading, and settlement solutions across 450 crypto-assets and over 40 exchanges for institutional investors. With its infrastructure and experience, the firm will assist clients in transitioning to the new digital economy and thriving there.
“That State Street, one of the world’s largest custodians, is creating a new digital asset service is a hugely important development for institutional engagement in this new asset class. We are proud to be part of State Street’s goal to lead the way in the transformation of financial infrastructure,” Sabrina Wilson, COO at Copper.co, highlighted.
BNY Mellon Crypto Custody Platform
Last month, BNY Mellon, a major US global bank headquartered in New York, announced plans to launch a digital asset custody platform to enable institutional clients to get exposure to cryptocurrencies .
The new custody platform will enable customers to hold the major crypto coins like Bitcoin and Ether in BNY Mellon crypto wallets which will be powered by Fireblocks technology.
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Cryptocurrency Firm Fireblocks Acquires First Digital
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One of the fastest-growing cryptocurrency companies, Fireblocks announced the acquisition of First Digital today. The acquisition will facilitate the expansion of the company’s payment offering.
Fireblocks noted that the integration of First Digital will support B2C, B2B, cross-border and other forms of payment through USDC, Celo, other stable coins and digital currencies. In addition, the crypto firm outlined the rising retail and institutional demand for digital asset-related payments.
Earlier this year, Fireblocks raised a whopping $550 million in its Series E funding round. With a valuation of approximately $8 billion, Fireblocks is one of the most valuable companies in the digital asset ecosystem.
“We’re thrilled to welcome First Digital to the Fireblocks family as we accelerate our expansion plans to help every business become a crypto business. We’re pushing ‘fast forward’ to give PSPs the suite of tools they need to begin accepting crypto payments,” Michael Shaulov, the CEO and Co-Founder of Fireblocks, said.
Payments with Digital Assets
According to research conducted by Mastercard, nearly 40% of the consumers in Africa, the Middle East, Asia-Pacific and the American region are planning to use digital currencies for purchases in the next year. Additionally, a large percentage of the respondents are exploring different technology-driven solutions for the settlement of cryptocurrency payments.
Fireblocks and First Digital believe that the acquisition will increase the global adoption of digital assets. “It is amazing to see what the entire Fireblocks team has built and accomplished in such a short period of time. This is an exciting opportunity for the First Digital team based on a proven, successful partnership with Fireblocks. We believe that payments should be a core functionality for all fintech apps, and via Fireblocks’ platform, we will make it available to the world at scale,” Ran Goldi, the CEO of First DAG, commented on the acquisition announcement.
One of the fastest-growing cryptocurrency companies, Fireblocks announced the acquisition of First Digital today. The acquisition will facilitate the expansion of the company’s payment offering.
Fireblocks noted that the integration of First Digital will support B2C, B2B, cross-border and other forms of payment through USDC, Celo, other stable coins and digital currencies. In addition, the crypto firm outlined the rising retail and institutional demand for digital asset-related payments.
Earlier this year, Fireblocks raised a whopping $550 million in its Series E funding round. With a valuation of approximately $8 billion, Fireblocks is one of the most valuable companies in the digital asset ecosystem.
“We’re thrilled to welcome First Digital to the Fireblocks family as we accelerate our expansion plans to help every business become a crypto business. We’re pushing ‘fast forward’ to give PSPs the suite of tools they need to begin accepting crypto payments,” Michael Shaulov, the CEO and Co-Founder of Fireblocks, said.
Payments with Digital Assets
According to research conducted by Mastercard, nearly 40% of the consumers in Africa, the Middle East, Asia-Pacific and the American region are planning to use digital currencies for purchases in the next year. Additionally, a large percentage of the respondents are exploring different technology-driven solutions for the settlement of cryptocurrency payments.
Fireblocks and First Digital believe that the acquisition will increase the global adoption of digital assets. “It is amazing to see what the entire Fireblocks team has built and accomplished in such a short period of time. This is an exciting opportunity for the First Digital team based on a proven, successful partnership with Fireblocks. We believe that payments should be a core functionality for all fintech apps, and via Fireblocks’ platform, we will make it available to the world at scale,” Ran Goldi, the CEO of First DAG, commented on the acquisition announcement.
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Grayscale’s Digital AUM Drops to $32 Billion
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Yesterday, Grayscale published an update regarding the company’s digital assets under management. Due to the latest plunge in cryptocurrency assets, the overall value of its digital assets under management (AUM) dipped substantially in the last few weeks.
The crypto asset manager now holds approximately $32 billion worth of assets under management. In April 2021, the overall value of Grayscale’s crypto AUM topped $50 billion. Bitcoin and Ethereum remained the top 2 digital holdings of Grayscale.
According to the latest numbers published by the company, it now has over $23 billion worth of BTC assets under management. Grayscale is also holding more than $7 billion worth of ETH assets under management.
With BTC and ETH trading nearly 50% off from their respective all-time highs, the latest dip in the value of Grayscale’s digital AUM was expected. Compared to the start of 2021, the company’s crypto assets under management are still up in value. Grayscale started 2021 with approximately $20 billion worth of digital AUM.
Crypto Market
With a market cap drop of more than $1.3 trillion in the last 10 weeks, the crypto market is going through one of its worst corrections. However, the digital assets showed some signals of stability in the past week. In the last 7 days, BTC gained almost 7% while BNB and DOGE spiked by more than 10%.
“Ethereum has regained the $2,550 level to end the week. With Bitcoin ending the week with a nice push of its own, and ETH’s active address remaining stable, the number 2 crypto asset by market cap should maintain stable prices if utility continues rising,” Santiment noted.
“Chainlink’s price was cut in half between January 10th and 24th. The crowd predictably became quite negative toward the popular ETH-based asset. Today, with the FUD appearing to be at its peak, LINK has rebounded a modest +7% in the past 4 hours,” the company added.
Yesterday, Grayscale published an update regarding the company’s digital assets under management. Due to the latest plunge in cryptocurrency assets, the overall value of its digital assets under management (AUM) dipped substantially in the last few weeks.
The crypto asset manager now holds approximately $32 billion worth of assets under management. In April 2021, the overall value of Grayscale’s crypto AUM topped $50 billion. Bitcoin and Ethereum remained the top 2 digital holdings of Grayscale.
According to the latest numbers published by the company, it now has over $23 billion worth of BTC assets under management. Grayscale is also holding more than $7 billion worth of ETH assets under management.
With BTC and ETH trading nearly 50% off from their respective all-time highs, the latest dip in the value of Grayscale’s digital AUM was expected. Compared to the start of 2021, the company’s crypto assets under management are still up in value. Grayscale started 2021 with approximately $20 billion worth of digital AUM.
Crypto Market
With a market cap drop of more than $1.3 trillion in the last 10 weeks, the crypto market is going through one of its worst corrections. However, the digital assets showed some signals of stability in the past week. In the last 7 days, BTC gained almost 7% while BNB and DOGE spiked by more than 10%.
“Ethereum has regained the $2,550 level to end the week. With Bitcoin ending the week with a nice push of its own, and ETH’s active address remaining stable, the number 2 crypto asset by market cap should maintain stable prices if utility continues rising,” Santiment noted.
“Chainlink’s price was cut in half between January 10th and 24th. The crowd predictably became quite negative toward the popular ETH-based asset. Today, with the FUD appearing to be at its peak, LINK has rebounded a modest +7% in the past 4 hours,” the company added.
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Former CFTC chair Chris Giancarlo joins Digital Asset’s board
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Chris Giancarlo, who served as chair for the U.S. Commodity Futures Trading Commission until 2019, will be joining the board of directors for blockchain startup Digital Asset.
In a Tuesday announcement, Digital Asset said Giancarlo would be providing counsel on asset tokenization, distributed ledger technology, and the possible impact of regulatory developments on the crypto space. The former CFTC chair is currently working as senior counsel at the Willkie Farr & Gallagher law firm and co-founded the Digital Dollar Project, a non-profit organization aimed at generating data to inform U.S. lawmakers on developing a central bank digital currency, or CBDC.
“We are on the precipice of a digital economic transformation that will necessitate safe and secure ways for businesses to interconnect and share assets,” said Giancarlo.
I’m excited to join the board of @digitalassetcom at this critical stage in emerging #web3 evolution. https://t.co/NXJW9dtafk
— Chris Giancarlo (@giancarloMKTS) January 25, 2022
During his time as CFTC chair, Giancarlo also served as a member of the U.S. Financial Stability Oversight Committee, the President’s Working Group on Financial Markets and the executive board of the International Organization of Securities Commissions. Many in crypto and blockchain referred to him as “Crypto Dad” for supporting digital assets during his five years at the CFTC, including overseeing the launch of regulated Bitcoin (BTC) futures and advocating for a “do no harm” approach to blockchain regulation.
Giancarlo was replaced as chair by Heath Tarbert in July 2019, for whom current CFTC commissioner Rostin Behnam took over in 2021 as acting chair before being confirmed by the Senate in December. Though no longer serving in an official capacity for any U.S. government agency, the Crypto Dad was on the board of directors at BlockFi for four months in 2021, and recently joined blockchain investment firm CoinFund as a strategic advisor.
Related: Chris Giancarlo: U.S. risks becoming ‘backwater’ without central bank digital currency
Digital Asset has raised more than $300 million through funding rounds since its founding in 2014, most recently raising $120 million in a Series D financing round in April 2021. The firm has acquired firms in the crypto and blockchain space including Hyperledger, Bits of Proof, Blockstack and Elevence.
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