Bitget Banks on ChatGPT’s Popularity, Invests $10 Million in Fetch.ai

https://www.financemagnates.com/cryptocurrency/bitget-banks-on-chatgpts-popularity-invests-10-million-in-fetchai/

Bitget, a crypto
derivative and copy trading provider, is joining forces with Fetch.ai, an
artificial intelligence (AI) blockchain
Blockchain

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe
Read this Term
platform. Bitget has committed $10
million to support the growth of the Fetch.ai ecosystem.

The news
comes moments after the exchange announced that it would allocate a total of
$300 million to run two funds to support the development of digital assets.

Bitget Leverages
Popularity of ChatGPT and AI

AI
technology has been gaining momentum, with platforms such as ChatGPT showcasing
its potential to augment creativity. This trend is mirrored in the crypto
landscape where a rising number of projects are merging AI and crypto technologies.
Spotting the possibilities in the crypto and AI fusion, Bitget has opted to
collaborate with Fetch.ai, a frontrunner in the AI and blockchain arena.

Bitget
plans to offer Fetch.ai a range of services, including marketing consultations
and strategic directions. The goal is to help Fetch.ai attract community
involvement and potential business partnerships. Further, Bitget will aid in
the listing of Fetch.ai ecosystem tokens or token sales on the Bitget Launchpad
platform.

“We
know value when we see it,” Gracy Chen, the Managing Director of Bitget,
commented on the partnership announcement. “Fetch.ai already consists of a
host of functioning and applicable technological AI solutions that can have a
real impact on the way businesses and individuals interact.”

Humayun
Sheikh, the Founder and CEO of Fetch.ai, welcomes the partnership with Bitget,
acknowledging the mutual understanding of blockchain’s potential between the
two entities. He notes that the rapid advancements in AI provide a fertile
ground for its application within blockchain technology.

Fetch.ai’s
structure enables it to function as an off-chain layer for other layer-1
networks and to act as an interchain bridge across multiple blockchain
networks.

Humayun
Sheikh, Fetch.ai Founder and CEO, welcomes the partnership with Bitget,
acknowledging the mutual understanding of blockchain’s potential between the
two entities. He notes that the rapid advancements in AI provide fertile
ground for its application within blockchain technology.

Bitget Dedicates $300
Million to DApps and Web3 Funds

Three weeks
ago, Bitget introduced its Bitget Web3 Fund, starting with a significant seed
capital of $100 million
. This fund is designed to fuel the growth of emerging
crypto projects by backing Web3-focused venture capital enterprises and Web3
initiatives.

Shortly
following this, Bitget declared a strategic alliance with Core DAO, a body
committed to expanding the Satoshi Plus ecosystem. This joint venture will lead
to the creation of a $200 million ecosystem fund to aid the progress and
proliferation of decentralized applications (DApps).

Chen noted,
“This investment is another show of proof of our commitment to supporting
blockchain space from various angles.”

In its
latest strategic step, Bitget has successfully achieved registration in
Lithuania
, thereby enabling the firm to offer crypto-centric services in
alignment with the region’s regulations. In an earlier announcement in
November, Bitget confirmed the establishment of a new branch in Seychelles, which was a
move aimed at bolstering its international expansion. Additionally, the digital
assets exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
plans to augment its current staff base by 50%, aiming to reach
1,200 employees within the year.

Bitget, a crypto
derivative and copy trading provider, is joining forces with Fetch.ai, an
artificial intelligence (AI) blockchain
Blockchain

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe
Read this Term
platform. Bitget has committed $10
million to support the growth of the Fetch.ai ecosystem.

The news
comes moments after the exchange announced that it would allocate a total of
$300 million to run two funds to support the development of digital assets.

Bitget Leverages
Popularity of ChatGPT and AI

AI
technology has been gaining momentum, with platforms such as ChatGPT showcasing
its potential to augment creativity. This trend is mirrored in the crypto
landscape where a rising number of projects are merging AI and crypto technologies.
Spotting the possibilities in the crypto and AI fusion, Bitget has opted to
collaborate with Fetch.ai, a frontrunner in the AI and blockchain arena.

Bitget
plans to offer Fetch.ai a range of services, including marketing consultations
and strategic directions. The goal is to help Fetch.ai attract community
involvement and potential business partnerships. Further, Bitget will aid in
the listing of Fetch.ai ecosystem tokens or token sales on the Bitget Launchpad
platform.

“We
know value when we see it,” Gracy Chen, the Managing Director of Bitget,
commented on the partnership announcement. “Fetch.ai already consists of a
host of functioning and applicable technological AI solutions that can have a
real impact on the way businesses and individuals interact.”

Humayun
Sheikh, the Founder and CEO of Fetch.ai, welcomes the partnership with Bitget,
acknowledging the mutual understanding of blockchain’s potential between the
two entities. He notes that the rapid advancements in AI provide a fertile
ground for its application within blockchain technology.

Fetch.ai’s
structure enables it to function as an off-chain layer for other layer-1
networks and to act as an interchain bridge across multiple blockchain
networks.

Humayun
Sheikh, Fetch.ai Founder and CEO, welcomes the partnership with Bitget,
acknowledging the mutual understanding of blockchain’s potential between the
two entities. He notes that the rapid advancements in AI provide fertile
ground for its application within blockchain technology.

Bitget Dedicates $300
Million to DApps and Web3 Funds

Three weeks
ago, Bitget introduced its Bitget Web3 Fund, starting with a significant seed
capital of $100 million
. This fund is designed to fuel the growth of emerging
crypto projects by backing Web3-focused venture capital enterprises and Web3
initiatives.

Shortly
following this, Bitget declared a strategic alliance with Core DAO, a body
committed to expanding the Satoshi Plus ecosystem. This joint venture will lead
to the creation of a $200 million ecosystem fund to aid the progress and
proliferation of decentralized applications (DApps).

Chen noted,
“This investment is another show of proof of our commitment to supporting
blockchain space from various angles.”

In its
latest strategic step, Bitget has successfully achieved registration in
Lithuania
, thereby enabling the firm to offer crypto-centric services in
alignment with the region’s regulations. In an earlier announcement in
November, Bitget confirmed the establishment of a new branch in Seychelles, which was a
move aimed at bolstering its international expansion. Additionally, the digital
assets exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
plans to augment its current staff base by 50%, aiming to reach
1,200 employees within the year.

UK Crypto Revenue Growing Faster than US, Projected 125% in 2023

https://www.financemagnates.com/cryptocurrency/uk-crypto-revenue-growing-faster-than-us-projected-125-in-2023/

The UK
cryptocurrency market is not only one of the largest in the world, but also the
fastest growing. According to data presented by Statista, it is expected to be
worth $1.89 billion in 2023, rebounding more than 125% from cyclical lows that
the broad digital asset industry recorded last year.

US Remains Crypto Leader,
but the UK Grows Faster

Current
forecasts project that revenue generated by the US cryptocurrency market will
reach $17.36 billion in 2023, making it the largest in the world. In 2023, the
industry saw its first-ever decline in revenue, including in the United States,
sliding from $12.93 billion in 2021 to $8.63 billion reported in 2022.

However,
the end of the cryptocurrency winter, a prolonged decline in the valuations of
major digital assets, has meant that miners, investors, and crypto
entrepreneurs can again look forward to sizable gains in 2023.

The UK is
in second place after the United States, as mentioned in the introduction, with
a projected revenue of $1.89 billion and the highest year-on-year (YoY) growth
rate among the five largest cryptocurrency economies. Third place goes to
Germany with a YoY growth rate of 72% and projected revenue of $1.61 billion,
followed by Canada in fourth place (projected revenue of $1.42 billion, up
107.5% YoY), and Japan in fifth place (projected revenue of $1.37 billion, up
108.7% YoY).

Source Statista.com, BitcoinCasinos.com

The global
cryptocurrency industry’s total revenue was $18.52 billion in 2022, after a
sharp decline from the record $31.91 billion in 2021. However, the crypto sector is projected to earn nearly
$38 billion in 2023 and profit around $65 billion in 20217.

The Dominance of Crypto Is
Growing

According
to Statista, in 2022, the dominant cryptocurrency exchange
Cryptocurrency Exchange

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f
Read this Term
globally was
Binance, which accounted for 28% of the total market share. 12% belonged to
Huobi, 9% to Coinbase, and 7% to Kucoin. A number of smaller platforms from
different parts of the world held an 18% share.

This
information was confirmed by an independent report presented by CryptoCompare
in February 2023 on spot market share. According to the data, Binance’s
dominance was even more significant at 61.8%. The controversy and problems surrounding the BUSD stablecoin have hardly affected the results realized by the trading
platforms.

The number
of cryptocurrency users has also grown rapidly over the past few years. In 2020
there were 74 million users. In 2021 it was almost 300 million, in 2022, 430
million, and in 2023 the value is projected to reach 673 million and exceed the
one billion milestone in 2027.

The market’s
continued growth is also evidenced by the increase in the amount of money that
goes into lobbying activities. According to the Money Mongers report, their
value has increased by 922% over the past six years to $25 million. However, in
this case, the leader was not Binance but the Coinbase exchange. It spent the
most funds on lobbying in 2022, as much as $3.4 million.

It does not
change the fact that the industry’s rapid growth may be blocked by troubling moves
from the US, where regulators and politicians are taking more legislative steps
that could adversely affect the digital assets niche. Democrat Senator
Elizabeth Warren has stated that she is “building an anti-crypto
army.” Meanwhile, the CFTC
CFTC

The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss

The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss
Read this Term
, has sued Binance, claiming that the
derivatives offered by the exchange are illegal in the US.

The UK
cryptocurrency market is not only one of the largest in the world, but also the
fastest growing. According to data presented by Statista, it is expected to be
worth $1.89 billion in 2023, rebounding more than 125% from cyclical lows that
the broad digital asset industry recorded last year.

US Remains Crypto Leader,
but the UK Grows Faster

Current
forecasts project that revenue generated by the US cryptocurrency market will
reach $17.36 billion in 2023, making it the largest in the world. In 2023, the
industry saw its first-ever decline in revenue, including in the United States,
sliding from $12.93 billion in 2021 to $8.63 billion reported in 2022.

However,
the end of the cryptocurrency winter, a prolonged decline in the valuations of
major digital assets, has meant that miners, investors, and crypto
entrepreneurs can again look forward to sizable gains in 2023.

The UK is
in second place after the United States, as mentioned in the introduction, with
a projected revenue of $1.89 billion and the highest year-on-year (YoY) growth
rate among the five largest cryptocurrency economies. Third place goes to
Germany with a YoY growth rate of 72% and projected revenue of $1.61 billion,
followed by Canada in fourth place (projected revenue of $1.42 billion, up
107.5% YoY), and Japan in fifth place (projected revenue of $1.37 billion, up
108.7% YoY).

Source Statista.com, BitcoinCasinos.com

The global
cryptocurrency industry’s total revenue was $18.52 billion in 2022, after a
sharp decline from the record $31.91 billion in 2021. However, the crypto sector is projected to earn nearly
$38 billion in 2023 and profit around $65 billion in 20217.

The Dominance of Crypto Is
Growing

According
to Statista, in 2022, the dominant cryptocurrency exchange
Cryptocurrency Exchange

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f
Read this Term
globally was
Binance, which accounted for 28% of the total market share. 12% belonged to
Huobi, 9% to Coinbase, and 7% to Kucoin. A number of smaller platforms from
different parts of the world held an 18% share.

This
information was confirmed by an independent report presented by CryptoCompare
in February 2023 on spot market share. According to the data, Binance’s
dominance was even more significant at 61.8%. The controversy and problems surrounding the BUSD stablecoin have hardly affected the results realized by the trading
platforms.

The number
of cryptocurrency users has also grown rapidly over the past few years. In 2020
there were 74 million users. In 2021 it was almost 300 million, in 2022, 430
million, and in 2023 the value is projected to reach 673 million and exceed the
one billion milestone in 2027.

The market’s
continued growth is also evidenced by the increase in the amount of money that
goes into lobbying activities. According to the Money Mongers report, their
value has increased by 922% over the past six years to $25 million. However, in
this case, the leader was not Binance but the Coinbase exchange. It spent the
most funds on lobbying in 2022, as much as $3.4 million.

It does not
change the fact that the industry’s rapid growth may be blocked by troubling moves
from the US, where regulators and politicians are taking more legislative steps
that could adversely affect the digital assets niche. Democrat Senator
Elizabeth Warren has stated that she is “building an anti-crypto
army.” Meanwhile, the CFTC
CFTC

The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss

The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss
Read this Term
, has sued Binance, claiming that the
derivatives offered by the exchange are illegal in the US.

Gemini Foundation Takes Flight with New Crypto Derivatives Platform outside US

https://www.financemagnates.com/cryptocurrency/gemini-foundation-takes-flight-with-new-crypto-derivatives-platform-outside-us/

Gemini, the
cryptocurrency exchange
Cryptocurrency Exchange

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f
Read this Term
founded and operated by the Winklevoss twins, has
announced the launch of a non-US crypto derivatives platform dubbed Gemini
Foundation. In response to regulatory pressure in the United States, another
platform has decided to move its derivatives branch outside the country’s
borders.

Gemini to Launch Gemini
Foundation Crypto Derivative Platform

The first
products offered by Gemini Foundation will be based on Gemini dollars (GUSD),
the exchange’s proprietary stablecoin, and will be used for settling Bitcoin
(BTC) perpetual contracts. Similar contracts based on Ethereum (ETH) are
expected to be introduced in the near future.

The new
platform will allow investors to gain short and long exposure to crypto assets
by trading on spot and derivative markets. According to a press release posted
on the exchange’s website, users from the United States will not be able to use
its services. The list of approved traders includes those from Asia, South
America, Australia, the Middle East, and several European countries.

“Singapore,
Hong Kong, India, Argentina, Bahamas, Bermuda, British Virgin Islands (BVI),
Bhutan, Brazil, Cayman Islands, Chile, Egypt, El Salvador, Guernsey, Israel,
Jersey, New Zealand, Nigeria, Panama, Peru, Philippines, Saint Lucia, Saint
Vincent & Grenadine, South Africa, South Korea, Switzerland, Thailand,
Turkey, Uruguay, and Vietnam,” Gemini Foundation listed.

The
platform will offer trading with leverage up to 100:1, with the basic leverage
level set at 20:1. Users will be able to execute transactions in USD, USDC, and
GUSD. However, if they convert their funds into Gemini’s stablecoin, they will
not incur any additional transaction costs.

“Gemini Foundation will
continue to expand its derivatives offering in the coming months. We’re just
getting started, so stay tuned,” the blog post concluded.

Regulators’ Pressure on
Crypto in the US Grows

The
information emerges almost a month after Finance Magnates reported that Gemini was exploring the possibility of launching an international derivatives
trading platform. This move is driven by the ban on retail traders trading such
instruments in the United States and the increasing regulatory pressure from
the Securities and Exchange Commission (SEC
Securities and Exchange Commission (SEC)

The Securities and Exchange Commission (SEC) is one of the most widely known independent authorities in the United States. The SEC has a wide range of responsibilities, helping police markets and curbing against abuse. This includes enforcing federal securities laws, proposing securities rules, and regulating the US’ stock and options exchanges.As one of the paramount regulatory authorities in the US, the SEC is responsible for the oversight of public companies in the aforementioned segments.Wha

The Securities and Exchange Commission (SEC) is one of the most widely known independent authorities in the United States. The SEC has a wide range of responsibilities, helping police markets and curbing against abuse. This includes enforcing federal securities laws, proposing securities rules, and regulating the US’ stock and options exchanges.As one of the paramount regulatory authorities in the US, the SEC is responsible for the oversight of public companies in the aforementioned segments.Wha
Read this Term
) and the Commodity Futures Trading
Commission (CFTC).

According
to Bloomberg, Coinbase is also considering a similar move, examining the
potential of opening up to jurisdictions outside the United States. The San
Francisco-based platform has been operating in the market for 11 years and is
one of the oldest in the industry, and the only cryptocurrency exchange in the
world to have its listing on Wall Street. However, recent attempts to tighten
regulations have also prompted the exchange to consider relocating from the US.

The series
of regulatory actions by the SECand CFTC are a consequence of the collapse of
the FTX exchange in November of last year. For example, in February, the
cryptocurrency exchange Kraken closed its staking-as-a-service and paid a $30
million settlement
to the SEC, and a month later announced its intention to
transform from an exchange into a cryptocurrency bank to resolve regulatory
disputes. In a separate case, the CFTC sued Binance a month ago for operating an
illegal derivatives exchange in the country.

Gemini is a
crypto company founded in 2015 by Cameron and Tyler Winklevoss, billionaire
twins who were Olympic rowers in the past and now run many businesses,
including a cryptocurrency exchange. Although they began their entrepreneurial
journey at the age of 13 by building websites, the Facebook settlement provided
them with a significant cash injection, as they received $65 million from Mark
Zuckerberg. They claimed that he had stolen their idea and part of the code
they had paid him to write.

Gemini, the
cryptocurrency exchange
Cryptocurrency Exchange

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f
Read this Term
founded and operated by the Winklevoss twins, has
announced the launch of a non-US crypto derivatives platform dubbed Gemini
Foundation. In response to regulatory pressure in the United States, another
platform has decided to move its derivatives branch outside the country’s
borders.

Gemini to Launch Gemini
Foundation Crypto Derivative Platform

The first
products offered by Gemini Foundation will be based on Gemini dollars (GUSD),
the exchange’s proprietary stablecoin, and will be used for settling Bitcoin
(BTC) perpetual contracts. Similar contracts based on Ethereum (ETH) are
expected to be introduced in the near future.

The new
platform will allow investors to gain short and long exposure to crypto assets
by trading on spot and derivative markets. According to a press release posted
on the exchange’s website, users from the United States will not be able to use
its services. The list of approved traders includes those from Asia, South
America, Australia, the Middle East, and several European countries.

“Singapore,
Hong Kong, India, Argentina, Bahamas, Bermuda, British Virgin Islands (BVI),
Bhutan, Brazil, Cayman Islands, Chile, Egypt, El Salvador, Guernsey, Israel,
Jersey, New Zealand, Nigeria, Panama, Peru, Philippines, Saint Lucia, Saint
Vincent & Grenadine, South Africa, South Korea, Switzerland, Thailand,
Turkey, Uruguay, and Vietnam,” Gemini Foundation listed.

The
platform will offer trading with leverage up to 100:1, with the basic leverage
level set at 20:1. Users will be able to execute transactions in USD, USDC, and
GUSD. However, if they convert their funds into Gemini’s stablecoin, they will
not incur any additional transaction costs.

“Gemini Foundation will
continue to expand its derivatives offering in the coming months. We’re just
getting started, so stay tuned,” the blog post concluded.

Regulators’ Pressure on
Crypto in the US Grows

The
information emerges almost a month after Finance Magnates reported that Gemini was exploring the possibility of launching an international derivatives
trading platform. This move is driven by the ban on retail traders trading such
instruments in the United States and the increasing regulatory pressure from
the Securities and Exchange Commission (SEC
Securities and Exchange Commission (SEC)

The Securities and Exchange Commission (SEC) is one of the most widely known independent authorities in the United States. The SEC has a wide range of responsibilities, helping police markets and curbing against abuse. This includes enforcing federal securities laws, proposing securities rules, and regulating the US’ stock and options exchanges.As one of the paramount regulatory authorities in the US, the SEC is responsible for the oversight of public companies in the aforementioned segments.Wha

The Securities and Exchange Commission (SEC) is one of the most widely known independent authorities in the United States. The SEC has a wide range of responsibilities, helping police markets and curbing against abuse. This includes enforcing federal securities laws, proposing securities rules, and regulating the US’ stock and options exchanges.As one of the paramount regulatory authorities in the US, the SEC is responsible for the oversight of public companies in the aforementioned segments.Wha
Read this Term
) and the Commodity Futures Trading
Commission (CFTC).

According
to Bloomberg, Coinbase is also considering a similar move, examining the
potential of opening up to jurisdictions outside the United States. The San
Francisco-based platform has been operating in the market for 11 years and is
one of the oldest in the industry, and the only cryptocurrency exchange in the
world to have its listing on Wall Street. However, recent attempts to tighten
regulations have also prompted the exchange to consider relocating from the US.

The series
of regulatory actions by the SECand CFTC are a consequence of the collapse of
the FTX exchange in November of last year. For example, in February, the
cryptocurrency exchange Kraken closed its staking-as-a-service and paid a $30
million settlement
to the SEC, and a month later announced its intention to
transform from an exchange into a cryptocurrency bank to resolve regulatory
disputes. In a separate case, the CFTC sued Binance a month ago for operating an
illegal derivatives exchange in the country.

Gemini is a
crypto company founded in 2015 by Cameron and Tyler Winklevoss, billionaire
twins who were Olympic rowers in the past and now run many businesses,
including a cryptocurrency exchange. Although they began their entrepreneurial
journey at the age of 13 by building websites, the Facebook settlement provided
them with a significant cash injection, as they received $65 million from Mark
Zuckerberg. They claimed that he had stolen their idea and part of the code
they had paid him to write.

Crypto Trading Exchange Bitget Expands into Lithuanian Market

https://www.financemagnates.com/cryptocurrency/crypto-trading-exchange-bitget-expands-into-lithuanian-market/

Crypto
derivatives and copy trading platform
Trading Platform

In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real

In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real
Read this Term
, Bitget, has successfully secured its registration in Lithuania, allowing the company to provide crypto-related
services in the region in accordance with local regulations.

Bitget Joins Lithuanian Booming
Crypto Hub in Europe

Lithuania
is fast becoming a significant player in Europe’s digital asset market, with
its progressive approach to cryptocurrency and blockchain projects. The country
is at the forefront of the EU’s crypto legislative landscape, attracting
numerous companies seeking to establish legal entities for their crypto
ventures.

Bitget’s Managing
Director, Gracy Chen, emphasizes the importance of adhering to and following
the diverse regulatory frameworks for digital assets. She states that the
company actively collaborates with governmental bodies to promote a healthy
ecosystem for the crypto industry.

“The
global regulation of digital assets is advancing on a daily basis, and we
actively observe the regulatory changes around the globe,” Chen commented
in a press release sent to Finance Magnates.

Over the
past year, quite a few companies have applied for cryptocurrency licenses in
Lithuania. Among them was the popular exchange Gate.io, which is seeking to
boost its global presence, and the crypto asset custody solution HyperBC.
Nearly three years ago, the country was one of the first in the world to
officially launch its own digital token, LBCOIN. A year earlier it allowed crypto-based investment funds to operate locally.

Bitget Supports Web3 Adoption

The crypto exchange
compliance team constantly monitors global regulatory changes to ensure the
company remains compliant with all relevant laws. Over the past 12 months, the
company’s compliance division has expanded by 50%.

Additionally, Bitget is focusing on promoting the digital assets space and its overall adoption.
These include an investment of $30 million in the decentralized multi-wallet
BitKeep and the establishment of a $200 million DApps innovation fund. Bitget is
also making significant progress in the Web3 space, as evidenced by the launch
of the $100 million Bitget Web3 Fund, aimed at promoting blockchain adoption
and supporting innovative startups in the industry.

Founded in
2018, Bitget is a crypto exchange with copy trading services as one of its key
features. It caters to over 8 million users in more than 100 countries.

Crypto Exchange Expands
Staff

In
November, Bitget announced that it registered a new office in Seychelles to
accelerate its global expansion. On top of that, the digital assets exchange wants to
increase its current workforce by 50%, reaching 1,200 employees this year.

Bitget’s
Seychelles branch was registered under the 2016 International Business
Companies Act, and in recent weeks, the cryptocurrency exchange
Cryptocurrency Exchange

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f
Read this Term
has established
new branches in the LATAM and Asia markets as part of its ongoing corporate
expansion strategy.

According
to Chen, Seychelles is viewed as a welcoming region for the crypto community.
Bitget has been working on the registration process for several months and was
pleased to announce the development.

Reacting to
the market turmoil caused by the collapse of FTX last year, the platform
has decided to increase the value of its Protection Fund to $300 million. The
Protection Fund was originally introduced a few months earlier with an initial
stake of $200 million.

Crypto
derivatives and copy trading platform
Trading Platform

In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real

In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real
Read this Term
, Bitget, has successfully secured its registration in Lithuania, allowing the company to provide crypto-related
services in the region in accordance with local regulations.

Bitget Joins Lithuanian Booming
Crypto Hub in Europe

Lithuania
is fast becoming a significant player in Europe’s digital asset market, with
its progressive approach to cryptocurrency and blockchain projects. The country
is at the forefront of the EU’s crypto legislative landscape, attracting
numerous companies seeking to establish legal entities for their crypto
ventures.

Bitget’s Managing
Director, Gracy Chen, emphasizes the importance of adhering to and following
the diverse regulatory frameworks for digital assets. She states that the
company actively collaborates with governmental bodies to promote a healthy
ecosystem for the crypto industry.

“The
global regulation of digital assets is advancing on a daily basis, and we
actively observe the regulatory changes around the globe,” Chen commented
in a press release sent to Finance Magnates.

Over the
past year, quite a few companies have applied for cryptocurrency licenses in
Lithuania. Among them was the popular exchange Gate.io, which is seeking to
boost its global presence, and the crypto asset custody solution HyperBC.
Nearly three years ago, the country was one of the first in the world to
officially launch its own digital token, LBCOIN. A year earlier it allowed crypto-based investment funds to operate locally.

Bitget Supports Web3 Adoption

The crypto exchange
compliance team constantly monitors global regulatory changes to ensure the
company remains compliant with all relevant laws. Over the past 12 months, the
company’s compliance division has expanded by 50%.

Additionally, Bitget is focusing on promoting the digital assets space and its overall adoption.
These include an investment of $30 million in the decentralized multi-wallet
BitKeep and the establishment of a $200 million DApps innovation fund. Bitget is
also making significant progress in the Web3 space, as evidenced by the launch
of the $100 million Bitget Web3 Fund, aimed at promoting blockchain adoption
and supporting innovative startups in the industry.

Founded in
2018, Bitget is a crypto exchange with copy trading services as one of its key
features. It caters to over 8 million users in more than 100 countries.

Crypto Exchange Expands
Staff

In
November, Bitget announced that it registered a new office in Seychelles to
accelerate its global expansion. On top of that, the digital assets exchange wants to
increase its current workforce by 50%, reaching 1,200 employees this year.

Bitget’s
Seychelles branch was registered under the 2016 International Business
Companies Act, and in recent weeks, the cryptocurrency exchange
Cryptocurrency Exchange

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f
Read this Term
has established
new branches in the LATAM and Asia markets as part of its ongoing corporate
expansion strategy.

According
to Chen, Seychelles is viewed as a welcoming region for the crypto community.
Bitget has been working on the registration process for several months and was
pleased to announce the development.

Reacting to
the market turmoil caused by the collapse of FTX last year, the platform
has decided to increase the value of its Protection Fund to $300 million. The
Protection Fund was originally introduced a few months earlier with an initial
stake of $200 million.

Cryptocurrency Service Providers Licensing Begins in UAE

https://www.financemagnates.com/cryptocurrency/cryptocurrency-service-providers-licensing-begins-in-uae/

The
Securities and Commodities Authority (SCA), which oversees financial markets in
the United Arab Emirates (UAE), announced this week that it has begun accepting
license applications for cryptocurrency services.

This
follows the approval of regulations governing the market and is another step
towards making the UAE an ‘Oasis’ for digital asset companies.

Virtual Asset Service
Providers Licensing Begins in UAE

In 2022,
the UAE Cabinet passed Resolution No. 111, which granted the SCA authority to
issue decisions governing virtual asset transactions and license virtual asset
service providers (VASPs).

All
UAE-based companies offering virtual asset services, except those licensed to
operate in economic-free zones, must adhere to the SCA’s decisions and submit
their license applications. In Dubai, companies must apply to the Virtual
Assets Regulatory Authority (VARA) and seek SCA approval through a standardized
process designed to streamline licensing.

“Article
3 of the regulations prohibits virtual asset trading in the UAE unless the
assets are listed on the official virtual asset platform operators licensed by
the SCA or the relevant authority,” the SCA commented in an official
statement on its website.

Article 4
outlines the functions of virtual asset platform operators, while Article 5
details their obligations
Obligations

In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you

In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you
Read this Term
in seven areas, including operational efficiency,
resilience, integrity, transparency, professional conduct, virtual asset
protection, compliance, discipline measures, systems and procedures, and access
regulation.

Article 6
empowers the SCA to request documents or data from virtual asset platform
operators and to perform supervisory, investigative, oversight, and inspection
functions. Grievances against SCA decisions can be filed according to Article
7, following established controls.

Legislative
changes have been made to the Financial Activities Rulebook, introducing new
financial activities such as virtual asset brokers, custodians, and platform
operators.

RAK Digital Assets Oasis
Opens its Doors

In
February, it was announced that Ras Al Khaimah (RAK), one of the emirates that
constitute the UAE, would establish the world’s first free economic zone
dedicated entirely to virtual assets and digital firms.

This zone,
named RAK Digital Assets Oasis, will provide a dedicated area exclusively for
service providers of digital assets and cryptocurrencies working in emerging
sectors like Blockchain, NFTs, DApps, DAOs, and Web3-related ventures. The
Oasis has now opened for applications and is the only free zone of its kind
globally.

“We
are building the free zone of the future for the companies of the future,”
Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, the Chairman of RAK Digital
Assets Oasis, commented.

“As the
world’s first free zone solely dedicated to digital and virtual asset
companies, we look forward to supporting the ambitions of entrepreneurs from
around the world with our progressive, supportive, and quick-to-adapt approach
and our innovation-enabling environment,” the Chairman added.

The UAE’s
expanding significance in the realm of cryptocurrency is evident from the surge
in digital asset firms seeking local licenses. For instance, CAPEX.com, a
leading retail brokerage brand, was granted in-principle approval for a
cryptocurrency license by Abu Dhabi Global Markets (ADGM), the country’s
regulator, in November 2022.

Previously, licenses of a similar nature were
secured by cryptocurrency exchange Kraken, social trading platform eToro, SEBA
Bank that is focused on cryptocurrency, and the world’s largest crypto
exchanges, Binance and Crypto.com.

The
Securities and Commodities Authority (SCA), which oversees financial markets in
the United Arab Emirates (UAE), announced this week that it has begun accepting
license applications for cryptocurrency services.

This
follows the approval of regulations governing the market and is another step
towards making the UAE an ‘Oasis’ for digital asset companies.

Virtual Asset Service
Providers Licensing Begins in UAE

In 2022,
the UAE Cabinet passed Resolution No. 111, which granted the SCA authority to
issue decisions governing virtual asset transactions and license virtual asset
service providers (VASPs).

All
UAE-based companies offering virtual asset services, except those licensed to
operate in economic-free zones, must adhere to the SCA’s decisions and submit
their license applications. In Dubai, companies must apply to the Virtual
Assets Regulatory Authority (VARA) and seek SCA approval through a standardized
process designed to streamline licensing.

“Article
3 of the regulations prohibits virtual asset trading in the UAE unless the
assets are listed on the official virtual asset platform operators licensed by
the SCA or the relevant authority,” the SCA commented in an official
statement on its website.

Article 4
outlines the functions of virtual asset platform operators, while Article 5
details their obligations
Obligations

In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you

In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you
Read this Term
in seven areas, including operational efficiency,
resilience, integrity, transparency, professional conduct, virtual asset
protection, compliance, discipline measures, systems and procedures, and access
regulation.

Article 6
empowers the SCA to request documents or data from virtual asset platform
operators and to perform supervisory, investigative, oversight, and inspection
functions. Grievances against SCA decisions can be filed according to Article
7, following established controls.

Legislative
changes have been made to the Financial Activities Rulebook, introducing new
financial activities such as virtual asset brokers, custodians, and platform
operators.

RAK Digital Assets Oasis
Opens its Doors

In
February, it was announced that Ras Al Khaimah (RAK), one of the emirates that
constitute the UAE, would establish the world’s first free economic zone
dedicated entirely to virtual assets and digital firms.

This zone,
named RAK Digital Assets Oasis, will provide a dedicated area exclusively for
service providers of digital assets and cryptocurrencies working in emerging
sectors like Blockchain, NFTs, DApps, DAOs, and Web3-related ventures. The
Oasis has now opened for applications and is the only free zone of its kind
globally.

“We
are building the free zone of the future for the companies of the future,”
Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, the Chairman of RAK Digital
Assets Oasis, commented.

“As the
world’s first free zone solely dedicated to digital and virtual asset
companies, we look forward to supporting the ambitions of entrepreneurs from
around the world with our progressive, supportive, and quick-to-adapt approach
and our innovation-enabling environment,” the Chairman added.

The UAE’s
expanding significance in the realm of cryptocurrency is evident from the surge
in digital asset firms seeking local licenses. For instance, CAPEX.com, a
leading retail brokerage brand, was granted in-principle approval for a
cryptocurrency license by Abu Dhabi Global Markets (ADGM), the country’s
regulator, in November 2022.

Previously, licenses of a similar nature were
secured by cryptocurrency exchange Kraken, social trading platform eToro, SEBA
Bank that is focused on cryptocurrency, and the world’s largest crypto
exchanges, Binance and Crypto.com.

Bitget Dedicates $200 Million Fund for DApps Innovation

https://www.financemagnates.com/cryptocurrency/bitget-dedicates-200-million-fund-for-dapps-innovation/

Crypto
derivatives and copy trading platform
Trading Platform

In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real

In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real
Read this Term
Bitget has announced a strategic
partnership with Core DAO, an organization focused on developing the Satoshi
Plus ecosystem. The collaboration will see the establishment of a $200 million
ecosystem fund to support the growth and development of decentralized
applications (DApps).

Bitget Launches $200 Million
Crypto Fund

The fund
launch comes after the Core DAO network’s mainnet launch, built on the Core
Network Layer-1 blockchain, with its first airdrop of CORE tokens claimed by
more than 1.5 million users. The network has also recently integrated with the cross-chain
messaging protocol LayerZero and the permissionless Oracle protocol
Switchboard.

Backed by
strategic partners such as Bitget and MEXC, the Ecosystem Fund aims to provide
support to early-stage projects for various growth initiatives, including recruitment,
community-building programs, research and development, and marketing.

“This
investment is another show of proof of our commitment to supporting blockchain
space from various angles,” Gracy Chen, the Managing Director of Bitget,
commented.

“With
our help, we are confident that Core can reach great heights and advance the
real principles of decentralization, which stand on transparency and the
improvement of community members’ cross-chain experience,” she added.

Besides the
$200 million investment, the partnership will also make it possible for Core
projects to be listed and create a new Core Trading Zone on Bitget and its
connected BitKeep wallet. Bitget will focus on the Core ecosystem fund and its
tech efforts, using its security and other growth areas expertise.

Moreover,
Bitget aims to serve as a validator for the Core network and facilitate Core
staking on its platform. With a user base exceeding 8 million, Bitget can
provide staking assistance to the Core DAO ecosystem and ensure adequate
liquidity.

Rich Rines,
an Initial Contributor at Core DAO, highlighted that many grant programs tend to
focus on capturing attention and creating short-term momentum, rather than
nurturing projects that align with the ecosystem’s long-term success. The ecosystem
fund with Bitget is designed to change that and reward projects that can
deliver value and maintain success in the long run.

Bitget’s Ongoing Efforts
to Promote Web3 Industry

The
collaboration with Core DAO comes after Bitget’s recent introduction of the
Web3 Fund
, a key component of the exchange’s continuous endeavors to support
the growth of the Web3 and crypto sectors. Bitget has been proactively
broadening its offerings, concentrating on its ‘Go Beyond Derivatives’
approach, which involves partnering with a variety of real-world and Web3
ventures.

Some of
Bitget’s latest efforts include partnering with Juventus football club and
entering the Web3 domain by acquiring multiple related projects. Bitget is
dedicated to advancing blockchain
Blockchain

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe
Read this Term
adoption by providing a larger audience with
access to decentralized services, subsequently extending its range of products.

“We
strive to support financial innovation in Asia and believe that our platform
can act as a reliable, convenient, and secure link between the worlds of DeFi
and CeFi,” Gracy Chen, the Managing Director of Bitget, commented. “Our
team of analysts has already outlined the criteria for project selection and
will adhere to them strictly.”

To boost the
crypto adoption even further, the company acquired BitKeep wallet to enhance
users’ Web3 browsing experience and launched a DeFi feature, MegaSwap, for
trading numerous digital assets.

Nevertheless,
it faced controversy as Japan’s FSA warned against four crypto exchanges, including Bitget, operating without proper registration in the country.

Crypto
derivatives and copy trading platform
Trading Platform

In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real

In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real
Read this Term
Bitget has announced a strategic
partnership with Core DAO, an organization focused on developing the Satoshi
Plus ecosystem. The collaboration will see the establishment of a $200 million
ecosystem fund to support the growth and development of decentralized
applications (DApps).

Bitget Launches $200 Million
Crypto Fund

The fund
launch comes after the Core DAO network’s mainnet launch, built on the Core
Network Layer-1 blockchain, with its first airdrop of CORE tokens claimed by
more than 1.5 million users. The network has also recently integrated with the cross-chain
messaging protocol LayerZero and the permissionless Oracle protocol
Switchboard.

Backed by
strategic partners such as Bitget and MEXC, the Ecosystem Fund aims to provide
support to early-stage projects for various growth initiatives, including recruitment,
community-building programs, research and development, and marketing.

“This
investment is another show of proof of our commitment to supporting blockchain
space from various angles,” Gracy Chen, the Managing Director of Bitget,
commented.

“With
our help, we are confident that Core can reach great heights and advance the
real principles of decentralization, which stand on transparency and the
improvement of community members’ cross-chain experience,” she added.

Besides the
$200 million investment, the partnership will also make it possible for Core
projects to be listed and create a new Core Trading Zone on Bitget and its
connected BitKeep wallet. Bitget will focus on the Core ecosystem fund and its
tech efforts, using its security and other growth areas expertise.

Moreover,
Bitget aims to serve as a validator for the Core network and facilitate Core
staking on its platform. With a user base exceeding 8 million, Bitget can
provide staking assistance to the Core DAO ecosystem and ensure adequate
liquidity.

Rich Rines,
an Initial Contributor at Core DAO, highlighted that many grant programs tend to
focus on capturing attention and creating short-term momentum, rather than
nurturing projects that align with the ecosystem’s long-term success. The ecosystem
fund with Bitget is designed to change that and reward projects that can
deliver value and maintain success in the long run.

Bitget’s Ongoing Efforts
to Promote Web3 Industry

The
collaboration with Core DAO comes after Bitget’s recent introduction of the
Web3 Fund
, a key component of the exchange’s continuous endeavors to support
the growth of the Web3 and crypto sectors. Bitget has been proactively
broadening its offerings, concentrating on its ‘Go Beyond Derivatives’
approach, which involves partnering with a variety of real-world and Web3
ventures.

Some of
Bitget’s latest efforts include partnering with Juventus football club and
entering the Web3 domain by acquiring multiple related projects. Bitget is
dedicated to advancing blockchain
Blockchain

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe
Read this Term
adoption by providing a larger audience with
access to decentralized services, subsequently extending its range of products.

“We
strive to support financial innovation in Asia and believe that our platform
can act as a reliable, convenient, and secure link between the worlds of DeFi
and CeFi,” Gracy Chen, the Managing Director of Bitget, commented. “Our
team of analysts has already outlined the criteria for project selection and
will adhere to them strictly.”

To boost the
crypto adoption even further, the company acquired BitKeep wallet to enhance
users’ Web3 browsing experience and launched a DeFi feature, MegaSwap, for
trading numerous digital assets.

Nevertheless,
it faced controversy as Japan’s FSA warned against four crypto exchanges, including Bitget, operating without proper registration in the country.

Bybit Reports 50% Increase in Users, Establishes Global Headquarters in Dubai

https://www.financemagnates.com/cryptocurrency/bybit-reports-50-users-jump-establishes-global-headquarters-in-dubai/

Bybit, the crypto
exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
with over 15 million users worldwide, has announced the opening of its
global headquarters in Dubai. The move follows a 50% increase in the platform’s
client base and aims to strengthen Bybit’s foothold in the Middle East and
North Africa (MENA) region, where it has become one of the leading crypto
trading platforms.

Bybit’s New Headquarters
at Dubai World Trade Center

Bybit’s new
corporate headquarters is situated in One Central at the Dubai World Trade
Center, occupying a 16,000-square-foot open space with views of the city’s
iconic landmarks, such as the Burj Khalifa and the Museum of the Future.

The
exchange is one of the first to receive in-principle approval to operate in
Dubai and has quickly climbed the ranks among the 400+ crypto and blockchain
businesses in the MENA region. In 2023, Bybit aims to double its trading volume
in the area.

Bybit CEO
and Co-Founder Ben Zhou expressed excitement about the new headquarters,
stating that Dubai is optimally positioned to capitalize on the growth of the
digital economy, crypto, and blockchain technology.

“The
digital economy is advancing at incredible speed and crypto and blockchain
technology will be the mainstay and the connective tissues,” Zhou added. “As one of the most
progressive digital assets hubs in MENA and the world, Dubai is optimally
positioned to capture the opportunities in the sector by bringing together
state-of-the-art tech and infrastructure, international talent and vision.”

The company
plans to work with local institutions to organize hackathons, educational
programs, and other entrepreneurial initiatives to nurture local talent. The
new headquarters will host a variety of activities, such as professional
meet-ups, livestreaming facilities, workshops to gather user feedback, and
sharing sessions on market insights and trends.

However,
the cryptocurrency winter has not spared the company. At the end of the year,
Bybit announced further job cuts five months after an earlier downsizing.
According to information at the time, about 30% of employees were to lose their
jobs.

Companies Move to Dubai

Crypto.com has joined Bybit in receiving a Minimal Viable Product (MVP) Preparatory
license from Dubai’s Virtual Asset Regulatory Authority (VARA), making it the
latest cryptocurrency exchange
Cryptocurrency Exchange

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f
Read this Term
to do so. This license was granted after the
exchange received provisional approval from the regulator in Dubai last year.
The MVP license allows the exchange to fulfill the necessary conditions to
operate within the VARA Regime during the preparatory stage.

Dubai’s
Virtual Asset Regulatory Authority (VARA) was established in March of last year to transform Dubai into a major hub for cryptocurrency. This
effort has been successful, as many major crypto brands have established a
presence in the Middle Eastern city. Binance has also obtained an MVP license as the exchange has adjusted its operational strategies and obtained several
regulatory permits.

In other
news, CMC Markets Connects, the institutional client-focused division of
UK-based online trading provider CMC Markets, has expanded its operations in
the United Arab Emirates (UAE) by upgrading its office in Dubai. The company
views this as the first step in its regional expansion plans.

Bybit, the crypto
exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
with over 15 million users worldwide, has announced the opening of its
global headquarters in Dubai. The move follows a 50% increase in the platform’s
client base and aims to strengthen Bybit’s foothold in the Middle East and
North Africa (MENA) region, where it has become one of the leading crypto
trading platforms.

Bybit’s New Headquarters
at Dubai World Trade Center

Bybit’s new
corporate headquarters is situated in One Central at the Dubai World Trade
Center, occupying a 16,000-square-foot open space with views of the city’s
iconic landmarks, such as the Burj Khalifa and the Museum of the Future.

The
exchange is one of the first to receive in-principle approval to operate in
Dubai and has quickly climbed the ranks among the 400+ crypto and blockchain
businesses in the MENA region. In 2023, Bybit aims to double its trading volume
in the area.

Bybit CEO
and Co-Founder Ben Zhou expressed excitement about the new headquarters,
stating that Dubai is optimally positioned to capitalize on the growth of the
digital economy, crypto, and blockchain technology.

“The
digital economy is advancing at incredible speed and crypto and blockchain
technology will be the mainstay and the connective tissues,” Zhou added. “As one of the most
progressive digital assets hubs in MENA and the world, Dubai is optimally
positioned to capture the opportunities in the sector by bringing together
state-of-the-art tech and infrastructure, international talent and vision.”

The company
plans to work with local institutions to organize hackathons, educational
programs, and other entrepreneurial initiatives to nurture local talent. The
new headquarters will host a variety of activities, such as professional
meet-ups, livestreaming facilities, workshops to gather user feedback, and
sharing sessions on market insights and trends.

However,
the cryptocurrency winter has not spared the company. At the end of the year,
Bybit announced further job cuts five months after an earlier downsizing.
According to information at the time, about 30% of employees were to lose their
jobs.

Companies Move to Dubai

Crypto.com has joined Bybit in receiving a Minimal Viable Product (MVP) Preparatory
license from Dubai’s Virtual Asset Regulatory Authority (VARA), making it the
latest cryptocurrency exchange
Cryptocurrency Exchange

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f
Read this Term
to do so. This license was granted after the
exchange received provisional approval from the regulator in Dubai last year.
The MVP license allows the exchange to fulfill the necessary conditions to
operate within the VARA Regime during the preparatory stage.

Dubai’s
Virtual Asset Regulatory Authority (VARA) was established in March of last year to transform Dubai into a major hub for cryptocurrency. This
effort has been successful, as many major crypto brands have established a
presence in the Middle Eastern city. Binance has also obtained an MVP license as the exchange has adjusted its operational strategies and obtained several
regulatory permits.

In other
news, CMC Markets Connects, the institutional client-focused division of
UK-based online trading provider CMC Markets, has expanded its operations in
the United Arab Emirates (UAE) by upgrading its office in Dubai. The company
views this as the first step in its regional expansion plans.

HK Banks Ready to Serve Web3 Customers amid Crypto Hub Push

https://www.financemagnates.com/cryptocurrency/hk-banks-ready-to-serve-web3-customers-amid-crypto-hub-push/

With the
deadline for changes to cryptocurrency regulations in Hong Kong (HK) rapidly
approaching, an increasing number of companies and digital asset exchanges are
seeking a local license and setting up branches in the special administrative
district. Meanwhile, banks operating in the area, including China-owned Bank of
Communications, are vying for potential customers.

Hong Kong Banks Offer
Accounts to Cryptocurrency Companies

In a move
that will be crucial in supporting day-to-day operations for cryptocurrency
businesses, banks in Hong Kong have started offering deposit accounts to these
companies.

At a time
when the United States is shutting down cryptocurrency-linked banks and
tightening the regulatory screw on exchanges operating in the country, Hong
Kong has decided to loosen its crypto bans and is beginning to build a digital
asset hub
Hub

A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method

A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method
Read this Term
in this part of the world in early June.

The Wall
Street Journal has
reported that ZA Bank, a virtual bank operating in HK, and China-owned Bank of
Communications are among those seeking to provide fiat currency deposit and
withdrawal services to licensed cryptocurrency companies. The money belonging
to exchanges and their customers will be held in segregated accounts.

As many as 80 companies are queuing up to join the local industry and the web3 ecosystem,
according to news reports in March, which confirmed a change in cryptocurrency
regulations on the operations of digital asset companies and their provision of
services to retail customers.

“As of end-February 2023, Invest Hong Kong has received expressions of interest from over 80 virtual asset-related Mainland and foreign companies in establishing their presence in Hong Kong,” Christian Hui, the Secretary for Financial Services and the Treasury in Hong Kong, then-commented.

More
Companies Obtain Crypto Licenses in Hong Kong

As Hong
Kong opened a consultation in February regarding the possibility of allowing
retail traders to trade cryptocurrencies
Cryptocurrencies

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
Read this Term
, major exchanges quickly announced
their intentions to either return to the local market or launch on it for the
first time.

“As has been our philosophy since 2018, our proposed requirements for virtual asset trading platforms include robust measures to protect investors, following the ‘same business, same risks, same rules’ principle,” Julia Leung, the Chief Executive Officer at SFC, said.

Among the
early adopters were Huobiand Gate.io, which revealed their plans shortly after
the public consultation was released. A month later, OKX joined the fray,
announcing the launch of a branch in Hong Kong to apply for a virtual asset
service provider (VASP) license under the Anti-Money Laundering and
Counter-Terrorist Financing (Amendment) Ordinance 2022.

In April, Gate.io confirmed its application for a digital assets license and introduced
Gate Wealth, a new wealth management solution aimed at assisting crypto
investors worldwide in managing their digital assets effectively.

One week prior to the February’s announcement by the HK financial markets regulator, Interactive Brokers, a top electronic trading platform in the US, made the decision to extend its crypto services to Asian markets by launching new digital asset trading services in Hong Kong. At present, the platform only offers two assets, Bitcoin and Ethereum, but Interactive Brokers has not excluded the possibility of adding more tokens to its offerings in the near future.

With the
deadline for changes to cryptocurrency regulations in Hong Kong (HK) rapidly
approaching, an increasing number of companies and digital asset exchanges are
seeking a local license and setting up branches in the special administrative
district. Meanwhile, banks operating in the area, including China-owned Bank of
Communications, are vying for potential customers.

Hong Kong Banks Offer
Accounts to Cryptocurrency Companies

In a move
that will be crucial in supporting day-to-day operations for cryptocurrency
businesses, banks in Hong Kong have started offering deposit accounts to these
companies.

At a time
when the United States is shutting down cryptocurrency-linked banks and
tightening the regulatory screw on exchanges operating in the country, Hong
Kong has decided to loosen its crypto bans and is beginning to build a digital
asset hub
Hub

A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method

A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method
Read this Term
in this part of the world in early June.

The Wall
Street Journal has
reported that ZA Bank, a virtual bank operating in HK, and China-owned Bank of
Communications are among those seeking to provide fiat currency deposit and
withdrawal services to licensed cryptocurrency companies. The money belonging
to exchanges and their customers will be held in segregated accounts.

As many as 80 companies are queuing up to join the local industry and the web3 ecosystem,
according to news reports in March, which confirmed a change in cryptocurrency
regulations on the operations of digital asset companies and their provision of
services to retail customers.

“As of end-February 2023, Invest Hong Kong has received expressions of interest from over 80 virtual asset-related Mainland and foreign companies in establishing their presence in Hong Kong,” Christian Hui, the Secretary for Financial Services and the Treasury in Hong Kong, then-commented.

More
Companies Obtain Crypto Licenses in Hong Kong

As Hong
Kong opened a consultation in February regarding the possibility of allowing
retail traders to trade cryptocurrencies
Cryptocurrencies

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
Read this Term
, major exchanges quickly announced
their intentions to either return to the local market or launch on it for the
first time.

“As has been our philosophy since 2018, our proposed requirements for virtual asset trading platforms include robust measures to protect investors, following the ‘same business, same risks, same rules’ principle,” Julia Leung, the Chief Executive Officer at SFC, said.

Among the
early adopters were Huobiand Gate.io, which revealed their plans shortly after
the public consultation was released. A month later, OKX joined the fray,
announcing the launch of a branch in Hong Kong to apply for a virtual asset
service provider (VASP) license under the Anti-Money Laundering and
Counter-Terrorist Financing (Amendment) Ordinance 2022.

In April, Gate.io confirmed its application for a digital assets license and introduced
Gate Wealth, a new wealth management solution aimed at assisting crypto
investors worldwide in managing their digital assets effectively.

One week prior to the February’s announcement by the HK financial markets regulator, Interactive Brokers, a top electronic trading platform in the US, made the decision to extend its crypto services to Asian markets by launching new digital asset trading services in Hong Kong. At present, the platform only offers two assets, Bitcoin and Ethereum, but Interactive Brokers has not excluded the possibility of adding more tokens to its offerings in the near future.

HIVE Blockchain Produces More BTC in March 2022 despite Rising Mining Difficulty

https://www.financemagnates.com/cryptocurrency/hive-blockchain-produces-more-btc-in-march-2022-despite-rising-mining-difficulty/

HIVE
Blockchain Technologies Ltd., a publicly-listed crypto mining
Crypto Mining

Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s

Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s
Read this Term
company, has
announced that it produced 282 Bitcoin in March 2023 from ASIC and GPU mining
operations. The numbers if visibly higher from February’s results, when
HIVE mined 250 BTC.

HIVE Blockchain Mines More
Bitcoins in March 2023

The
increase in production took place despite the appreciation of the difficulty of
mining cryptocurrencies. The Bitcoin network difficulty increased to 46.8
trillion during March, reaching an all-time high. Accordingly, Bitcoin mining
difficulty ended the month about 9% higher than at the beginning of the month.

The
company’s current BTC balance is approximately 2,310, and it produced an
average of 9.1 BTC per day last month. The company has received over 5,600
BuzzMiners in its data centers, all of which are operating. In addition, HIVE
ended the month with 3.36 EH/s of mining capacity, including ASIC and GPU BTC
hash rate, and sold all of the Bitcoin earned from its GPU mining hash rate
payouts.

Although
the number of Bitcoins in the inventories is falling for the second month in a row,
HIVE is increasing its output possibilities. Accordingly, it sells cryptocurrencies
to cover its ongoing business costs and further investments. In February, the
crypto miner produced BTC at a monthly average of 2.75 EH/s compared to January’s
2.38 EH/s average hash rate
.

HIVE is
ramping up mining at a time when rival Argo Blockchain, another publicly-listed
digital asset miner, announced a drop in production last month. Argo Blockchain
mined 161 Bitcoin or Bitcoin Equivalents in March, or 5.2 BTC per day,
representing a 10% decrease from the 5.7 BTC per day produced in February 2023.

In the
meantime, Marathon Digital Holdings, Inc., also operating in the mining
industry, achieved a new milestone by mining 825 BTC, representing a 21%
increase on a month-over-month basis. This was largely attributed to a
significant increase in hash rate, which rose 64% in the previous quarter to
11.5 EH/s. As a result, the company set a new record by producing 2,195 BTC
during the three-month period ending on 31 March.

HIVE Ends 2022 with Higher
BTC Production

In 2022,
HIVE was able to generate a greater amount of BTC with a year-on-year increase
of 18%
, resulting in a production of 4,752 BTC. Despite facing obstacles like a
decline in profitability and the growing mining difficulty
Mining Difficulty

Mining difficulty is measure of how difficult it is to find a hash below a given target. For example, the Bitcoin network, or another Proof-of-Work (PoW) crypto network, has a global block difficulty. Valid blocks must have a hash below a specific target. Mining pools also have a pool-specific share difficulty setting a lower limit for shares.Looking at the Bitcoin network specifically, mining difficulty is designed to adjust every 2016 blocks, or approximately every two weeks. This adjustment i

Mining difficulty is measure of how difficult it is to find a hash below a given target. For example, the Bitcoin network, or another Proof-of-Work (PoW) crypto network, has a global block difficulty. Valid blocks must have a hash below a specific target. Mining pools also have a pool-specific share difficulty setting a lower limit for shares.Looking at the Bitcoin network specifically, mining difficulty is designed to adjust every 2016 blocks, or approximately every two weeks. This adjustment i
Read this Term
due to the prolonged
cryptocurrency winter, the company saw this increase as modest.

However,
during Q4 of the same year, HIVE experienced a loss of $90 million, representing
a 143% increase from the prior quarter’s loss of $37 million. This was
accompanied by a significant slump in revenue by 51.6% YoY to $14.1 million,
which HIVE attributed to various factors such as the Ethereum Merge, the
prolonged cryptocurrency winter, rising mining difficulty, and falling crypto
prices.

HIVE
Blockchain Technologies went public in 2017 as the first cryptocurrency mining
company publicly listed on the TSX Venture Exchange, which also focused on
sourcing green energy.

HIVE
Blockchain Technologies Ltd., a publicly-listed crypto mining
Crypto Mining

Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s

Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s
Read this Term
company, has
announced that it produced 282 Bitcoin in March 2023 from ASIC and GPU mining
operations. The numbers if visibly higher from February’s results, when
HIVE mined 250 BTC.

HIVE Blockchain Mines More
Bitcoins in March 2023

The
increase in production took place despite the appreciation of the difficulty of
mining cryptocurrencies. The Bitcoin network difficulty increased to 46.8
trillion during March, reaching an all-time high. Accordingly, Bitcoin mining
difficulty ended the month about 9% higher than at the beginning of the month.

The
company’s current BTC balance is approximately 2,310, and it produced an
average of 9.1 BTC per day last month. The company has received over 5,600
BuzzMiners in its data centers, all of which are operating. In addition, HIVE
ended the month with 3.36 EH/s of mining capacity, including ASIC and GPU BTC
hash rate, and sold all of the Bitcoin earned from its GPU mining hash rate
payouts.

Although
the number of Bitcoins in the inventories is falling for the second month in a row,
HIVE is increasing its output possibilities. Accordingly, it sells cryptocurrencies
to cover its ongoing business costs and further investments. In February, the
crypto miner produced BTC at a monthly average of 2.75 EH/s compared to January’s
2.38 EH/s average hash rate
.

HIVE is
ramping up mining at a time when rival Argo Blockchain, another publicly-listed
digital asset miner, announced a drop in production last month. Argo Blockchain
mined 161 Bitcoin or Bitcoin Equivalents in March, or 5.2 BTC per day,
representing a 10% decrease from the 5.7 BTC per day produced in February 2023.

In the
meantime, Marathon Digital Holdings, Inc., also operating in the mining
industry, achieved a new milestone by mining 825 BTC, representing a 21%
increase on a month-over-month basis. This was largely attributed to a
significant increase in hash rate, which rose 64% in the previous quarter to
11.5 EH/s. As a result, the company set a new record by producing 2,195 BTC
during the three-month period ending on 31 March.

HIVE Ends 2022 with Higher
BTC Production

In 2022,
HIVE was able to generate a greater amount of BTC with a year-on-year increase
of 18%
, resulting in a production of 4,752 BTC. Despite facing obstacles like a
decline in profitability and the growing mining difficulty
Mining Difficulty

Mining difficulty is measure of how difficult it is to find a hash below a given target. For example, the Bitcoin network, or another Proof-of-Work (PoW) crypto network, has a global block difficulty. Valid blocks must have a hash below a specific target. Mining pools also have a pool-specific share difficulty setting a lower limit for shares.Looking at the Bitcoin network specifically, mining difficulty is designed to adjust every 2016 blocks, or approximately every two weeks. This adjustment i

Mining difficulty is measure of how difficult it is to find a hash below a given target. For example, the Bitcoin network, or another Proof-of-Work (PoW) crypto network, has a global block difficulty. Valid blocks must have a hash below a specific target. Mining pools also have a pool-specific share difficulty setting a lower limit for shares.Looking at the Bitcoin network specifically, mining difficulty is designed to adjust every 2016 blocks, or approximately every two weeks. This adjustment i
Read this Term
due to the prolonged
cryptocurrency winter, the company saw this increase as modest.

However,
during Q4 of the same year, HIVE experienced a loss of $90 million, representing
a 143% increase from the prior quarter’s loss of $37 million. This was
accompanied by a significant slump in revenue by 51.6% YoY to $14.1 million,
which HIVE attributed to various factors such as the Ethereum Merge, the
prolonged cryptocurrency winter, rising mining difficulty, and falling crypto
prices.

HIVE
Blockchain Technologies went public in 2017 as the first cryptocurrency mining
company publicly listed on the TSX Venture Exchange, which also focused on
sourcing green energy.

With Key Twitter Partnership, eToro is Now Literally in Social Trading

https://www.financemagnates.com/cryptocurrency/twitter-goes-deeper-into-trading-with-cashtags/

eToro, a
leading social trading and investing network, announced its partnership with Twitter to integrate real-time asset prices into the social media platform’s
$Cashtags feature.

The new
feature means Twitter users will get direct access to trading from the social
platform owned by Elon Musk, whose recent actions suggest he wants to move the
app closer to the financial industry.

Twitter and eToro Announce
New Partnership

With this
collaboration, Twitter users can quickly access up-to-date prices for stocks, ETFs,
commodities and cryptos by simply searching using a $Cashtag symbol. This partnership
aims to provide a seamless experience for Twitter users, enabling them to click
through to the eToro platform for more comprehensive information on the asset
and the option to invest.

Yoni Assia,
CEO and Co-Founder of eToro, highlighted the importance of social media in
democratizing financial education.

“Twitter
has become a crucial part of the retail investing community – it’s where
millions of ordinary investors go every day to access financial news, share
knowledge and converse,” eToro’s CEO commented.

Assia
emphasized that eToro was founded on the principles of community,
knowledge-sharing, and increased access to financial markets. The partnership
with Twitter aims to harness the power of shared knowledge to yield
Yield

A yield is defined as the earnings generated by an investment or security over a particular time period. This is in typically displayed in percentage terms and is in the form of interest or dividends received from it.Yields do not include the price variations, which differentiates it from the total return. As such, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as a

A yield is defined as the earnings generated by an investment or security over a particular time period. This is in typically displayed in percentage terms and is in the form of interest or dividends received from it.Yields do not include the price variations, which differentiates it from the total return. As such, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as a
Read this Term
better
results and facilitate group investing.

Growing Popularity of
$Cashtags on Twitter

Since introducing pricing data for $Cashtags in December 2022, the feature has
experienced widespread adoption. With over 420 million searches for $Cashtags
since the beginning of 2023, there are an average of 4.7 million searches daily.
Activity tends to increase around significant earnings announcements, such as
when Apple released its Q4 2022 earnings on 2 February 2023, prompting 8
million $Cashtag searches.

“Twitter is
what’s happening and what people are talking about right now,” Chris Riedy,
Vice President of Global Sales & Marketing at Twitter commented. “We
believe real change starts with conversion and finance and investing is a
growing part of that conversation.”

Some of the
most commonly used $Cashtags include $TSLA (Tesla), $SPY (SPDR S&P 500
ETF), and $BTC (Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term
). This increased usage of $Cashtags is indicative of
the growing trend of financial discourse on Twitter, with a recorded 498
million global tweets about business and finance in the first 90 days of 2023. Notably,
65% of these tweets originated from users aged 18-34.

Riedy
shared his excitement about collaborating with eToro, stating that the alliance
aims to provide users with enhanced market insights and increased investment
opportunities. Furthermore, the company plans to continue supporting the
expansion of the #FinTwitter community.

eToro, a
leading social trading and investing network, announced its partnership with Twitter to integrate real-time asset prices into the social media platform’s
$Cashtags feature.

The new
feature means Twitter users will get direct access to trading from the social
platform owned by Elon Musk, whose recent actions suggest he wants to move the
app closer to the financial industry.

Twitter and eToro Announce
New Partnership

With this
collaboration, Twitter users can quickly access up-to-date prices for stocks, ETFs,
commodities and cryptos by simply searching using a $Cashtag symbol. This partnership
aims to provide a seamless experience for Twitter users, enabling them to click
through to the eToro platform for more comprehensive information on the asset
and the option to invest.

Yoni Assia,
CEO and Co-Founder of eToro, highlighted the importance of social media in
democratizing financial education.

“Twitter
has become a crucial part of the retail investing community – it’s where
millions of ordinary investors go every day to access financial news, share
knowledge and converse,” eToro’s CEO commented.

Assia
emphasized that eToro was founded on the principles of community,
knowledge-sharing, and increased access to financial markets. The partnership
with Twitter aims to harness the power of shared knowledge to yield
Yield

A yield is defined as the earnings generated by an investment or security over a particular time period. This is in typically displayed in percentage terms and is in the form of interest or dividends received from it.Yields do not include the price variations, which differentiates it from the total return. As such, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as a

A yield is defined as the earnings generated by an investment or security over a particular time period. This is in typically displayed in percentage terms and is in the form of interest or dividends received from it.Yields do not include the price variations, which differentiates it from the total return. As such, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as a
Read this Term
better
results and facilitate group investing.

Growing Popularity of
$Cashtags on Twitter

Since introducing pricing data for $Cashtags in December 2022, the feature has
experienced widespread adoption. With over 420 million searches for $Cashtags
since the beginning of 2023, there are an average of 4.7 million searches daily.
Activity tends to increase around significant earnings announcements, such as
when Apple released its Q4 2022 earnings on 2 February 2023, prompting 8
million $Cashtag searches.

“Twitter is
what’s happening and what people are talking about right now,” Chris Riedy,
Vice President of Global Sales & Marketing at Twitter commented. “We
believe real change starts with conversion and finance and investing is a
growing part of that conversation.”

Some of the
most commonly used $Cashtags include $TSLA (Tesla), $SPY (SPDR S&P 500
ETF), and $BTC (Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term
). This increased usage of $Cashtags is indicative of
the growing trend of financial discourse on Twitter, with a recorded 498
million global tweets about business and finance in the first 90 days of 2023. Notably,
65% of these tweets originated from users aged 18-34.

Riedy
shared his excitement about collaborating with eToro, stating that the alliance
aims to provide users with enhanced market insights and increased investment
opportunities. Furthermore, the company plans to continue supporting the
expansion of the #FinTwitter community.

Fallen FTX Exchange Recovers Over $7 Billion Thanks to Surging BTC

https://www.financemagnates.com/cryptocurrency/fallen-ftx-exchange-recovers-over-7-billion-thanks-to-surging-btc/

The
once-collapsed FTX cryptocurrency exchange
Cryptocurrency Exchange

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f
Read this Term
has recovered $7.3 billion in liquid
digital assets and cash. Since January, this figure has increased by $800
million, according to a statement by the company’s lawyer, Andy Dietderich, who
testified on Wednesday before the American Bankruptcy Court.

FTX Benefits from Rising
Crypto Prices

Dietderich
admitted that the value of recovered assets would have been $1 billion lower if
not for the strong growth of cryptocurrencies since the beginning of the year.
For example, Bitcoin (BTC), the largest and oldest digital asset, has gained
over 80% in the past three months.

Part of the
recovered funds came from a deal with Modulo Capital to raise $400 million in
cash that was in the hedge fund’s accounts. The funds were sent by
FTX-related companies in 2022.

After users

withdrew over $6 billion from the platform in just three days in November, and Binance pulled out of a rescue deal proposal, the once-massive digital asset

exchange declared bankruptcy. However, a few months later, it is reconsidering

its future and the future of its founder, Sam Bankman-Fried (SBF), who has not
yet been convicted
in the alleged misappropriation of client funds.

SBF was
replaced as the CEO by John Ray, who claims that improper fund transfers,
coupled with poorly managed accounting books, were the main reasons for the
collapse of the once-thriving crypto machine.

“The
situation has stabilized, and the dumpster fire is out,” Dietderich said
in the US Bankruptcy Court in Delaware.

Will FTX Cryptocurrency
Exchange Rise Again?

Although
FTX was one of the most high-profile collapses in the cryptocurrency market and
caused a massive crisis in the industry, leading to a slump in the value of
major tokens and the bankruptcy of other companies, those associated with the
platform want it to reopen its doors to customers.

FTX is negotiating
with shareholders about restart options, and the exchange’s lawyer expects a
final decision by the end of the current quarter. However, the platform would
need to raise significant capital to cover its obligations to all retail
clients whose funds have been frozen. So far, only Japanese traders have been
granted the ability to withdraw deposits due to strong regulations in that
market. In just one day, users from Japan withdrew $50 million from the $138
million in cash that the Japanese subsidiary held when it ceased operations.

Dietderich
believes securing external financing or selling some of the platform’s assets
may be necessary to relaunch the exchange.

CySEC Extends FTX Europe’s
License Suspension, Talks About Withdrawals

CySEC
CySEC

The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision

The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision
Read this Term

recently revealed that FTX EU LTD has begun the process for customers to
request final account balances and withdraw fiat funds from segregated
accounts
. The market regulator anticipates a smooth and swift withdrawal
process.

In response
to FTX EU’s announcement regarding the initiation of procedures to return
segregated funds to investors under Cyprus law, CySEC Chair Dr. George
Theocharides expressed satisfaction that regulatory efforts have culminated in
a positive outcome, following months of investor unease and apprehension.

Additionally, CySEC confirmed an extension of the suspension of FTX EU’s authorization until
the end of September 2023. The Cyprus Investment Firm (CIF) license was
initially suspended on November 11, 2022, in the wake of FTX.com, Alameda
Research, and over 130 affiliates filing for bankruptcy. The suspension was
then prolonged until the end of March 2023, and now it has been extended even
further.

The
once-collapsed FTX cryptocurrency exchange
Cryptocurrency Exchange

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f
Read this Term
has recovered $7.3 billion in liquid
digital assets and cash. Since January, this figure has increased by $800
million, according to a statement by the company’s lawyer, Andy Dietderich, who
testified on Wednesday before the American Bankruptcy Court.

FTX Benefits from Rising
Crypto Prices

Dietderich
admitted that the value of recovered assets would have been $1 billion lower if
not for the strong growth of cryptocurrencies since the beginning of the year.
For example, Bitcoin (BTC), the largest and oldest digital asset, has gained
over 80% in the past three months.

Part of the
recovered funds came from a deal with Modulo Capital to raise $400 million in
cash that was in the hedge fund’s accounts. The funds were sent by
FTX-related companies in 2022.

After users

withdrew over $6 billion from the platform in just three days in November, and Binance pulled out of a rescue deal proposal, the once-massive digital asset

exchange declared bankruptcy. However, a few months later, it is reconsidering

its future and the future of its founder, Sam Bankman-Fried (SBF), who has not
yet been convicted
in the alleged misappropriation of client funds.

SBF was
replaced as the CEO by John Ray, who claims that improper fund transfers,
coupled with poorly managed accounting books, were the main reasons for the
collapse of the once-thriving crypto machine.

“The
situation has stabilized, and the dumpster fire is out,” Dietderich said
in the US Bankruptcy Court in Delaware.

Will FTX Cryptocurrency
Exchange Rise Again?

Although
FTX was one of the most high-profile collapses in the cryptocurrency market and
caused a massive crisis in the industry, leading to a slump in the value of
major tokens and the bankruptcy of other companies, those associated with the
platform want it to reopen its doors to customers.

FTX is negotiating
with shareholders about restart options, and the exchange’s lawyer expects a
final decision by the end of the current quarter. However, the platform would
need to raise significant capital to cover its obligations to all retail
clients whose funds have been frozen. So far, only Japanese traders have been
granted the ability to withdraw deposits due to strong regulations in that
market. In just one day, users from Japan withdrew $50 million from the $138
million in cash that the Japanese subsidiary held when it ceased operations.

Dietderich
believes securing external financing or selling some of the platform’s assets
may be necessary to relaunch the exchange.

CySEC Extends FTX Europe’s
License Suspension, Talks About Withdrawals

CySEC
CySEC

The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision

The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision
Read this Term

recently revealed that FTX EU LTD has begun the process for customers to
request final account balances and withdraw fiat funds from segregated
accounts
. The market regulator anticipates a smooth and swift withdrawal
process.

In response
to FTX EU’s announcement regarding the initiation of procedures to return
segregated funds to investors under Cyprus law, CySEC Chair Dr. George
Theocharides expressed satisfaction that regulatory efforts have culminated in
a positive outcome, following months of investor unease and apprehension.

Additionally, CySEC confirmed an extension of the suspension of FTX EU’s authorization until
the end of September 2023. The Cyprus Investment Firm (CIF) license was
initially suspended on November 11, 2022, in the wake of FTX.com, Alameda
Research, and over 130 affiliates filing for bankruptcy. The suspension was
then prolonged until the end of March 2023, and now it has been extended even
further.

Gate.io Crypto Exchange Confirms its SFC License Application

https://www.financemagnates.com/cryptocurrency/gateio-crypto-exchange-confirms-its-sfc-license-application/

Gate Group,
the owner of the Gate.io crypto exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
trading brand, has confirmed to apply
for regulatory approval with the Securities and Futures Commission (SFC) in
Hong Kong. It is thus another cryptocurrency platform that wants to join the
local market before the new digital assets’ regulations take effect in June.

Gate.io Awaits SFC Authorization

According
to the recent press release, Gate Group has already applied for an SFC license
and is planning to pursue the Virtual Asset Service Provider (VASP) License under
the anti-money laundering laws to trade non-security tokens. Additionally, the
crypto exchange wants to apply for Licenses under the Securities and Futures
Ordinance for Type 1 (Securities Dealing) and Type 7 (Automated Trading
Services Provision) regulated activities to facilitate security token trading.

In February, the exchange obtained a Trust and Corporate Service Provider (TCSP) license
from the Company Registry in Hong Kong, allowing the Group to offer virtual
assets custody services. Additionally, it announced intentions to launch a
local Gate HK branch that will comply with the special administrative region’s
licensing requirements. The information and an update on applying for SFC
authorization were confirmed this week.

“The
anticipated VASP Licences will ensure Gate HK maintains the highest standards
of security and regulatory compliance, fostering trust and confidence among its
customers. Gate Group is eager to contribute to the groundbreaking Web3
Festival in Hong Kong and support the ongoing development and expansion of the
Web3 ecosystem,” the company commented in the statement.

Gate.io Launches Gate
Wealth

Additionally,
the leading has unveiled a novel wealth management solution called Gate Wealth.
This service aims to deliver tailored wealth management options to
cryptocurrency investors worldwide, assisting them in efficiently managing
their digital assets.

Gate Wealth
presents a selection of investment instruments and structured products. These
encompass interval interest calculation, double no-touch, compounding, and
quantitative strategies. The platform also devises personalized product
solutions to address users’ income, asset protection, and leverage ratio
requirements.

“Gate
Wealth is a new wealth management product launched by Gate.io to provide
investors with considerate and efficient services. With the rapid development
of the encryption market and increasingly fierce competition, Gate Wealth aims
to bring better investment experience and more opportunities for global crypto
investors,” Dr. Han Lin, the Founder and CEO of Gate.io, said.

Lin
underscored that Gate.io is eager to delve into the thriving cryptocurrency
landscape alongside its clients, jointly pursuing their mutual wealth growth
objectives.

Traction After FTX
Collapse

In the
immediate aftermath of the FTX cryptocurrency exchange’s downfall, retail
investors predominantly gravitated towards Crypto.com and Gate.io platforms, as
highlighted by a recent analysis carried out by Trading Browsers, a digital
assets analytics
Analytics

Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt

Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt
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tool.

In the wake
of the FTX ecosystem collapse, Trading Browsers conducted an analysis of the
largest cryptocurrency exchanges to determine which experienced the most
significant growth in Google Search and trading volumes from November 9 to 13,
2022.

Crypto Exchange

Google Search Increase

Trading Volume Increase

Crypto.com

333%

232%

Gate.io

300%

181%

Source:
Trading Browsers

The research findings revealed that Crypto.com experienced a remarkable 333%
uptick in Google searches and a 232% increase in trading volume during the
specified timeframe. Gate.io also saw a substantial rise in search interest,
with a 300% increase, and a considerable 181% boost in overall trading volume.

A few
months ago, Gate.io’s US subsidiary, Gate US, obtained multiple state licenses
to expand its crypto exchange operations. However, services for US customers
remain pending amid ongoing regulations. Meanwhile, Gate.io launched GateTR, a
cryptocurrency exchange tailored to Turkey’s market, catering to the country’s
eight million active digital asset traders.

Gate Group,
the owner of the Gate.io crypto exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
trading brand, has confirmed to apply
for regulatory approval with the Securities and Futures Commission (SFC) in
Hong Kong. It is thus another cryptocurrency platform that wants to join the
local market before the new digital assets’ regulations take effect in June.

Gate.io Awaits SFC Authorization

According
to the recent press release, Gate Group has already applied for an SFC license
and is planning to pursue the Virtual Asset Service Provider (VASP) License under
the anti-money laundering laws to trade non-security tokens. Additionally, the
crypto exchange wants to apply for Licenses under the Securities and Futures
Ordinance for Type 1 (Securities Dealing) and Type 7 (Automated Trading
Services Provision) regulated activities to facilitate security token trading.

In February, the exchange obtained a Trust and Corporate Service Provider (TCSP) license
from the Company Registry in Hong Kong, allowing the Group to offer virtual
assets custody services. Additionally, it announced intentions to launch a
local Gate HK branch that will comply with the special administrative region’s
licensing requirements. The information and an update on applying for SFC
authorization were confirmed this week.

“The
anticipated VASP Licences will ensure Gate HK maintains the highest standards
of security and regulatory compliance, fostering trust and confidence among its
customers. Gate Group is eager to contribute to the groundbreaking Web3
Festival in Hong Kong and support the ongoing development and expansion of the
Web3 ecosystem,” the company commented in the statement.

Gate.io Launches Gate
Wealth

Additionally,
the leading has unveiled a novel wealth management solution called Gate Wealth.
This service aims to deliver tailored wealth management options to
cryptocurrency investors worldwide, assisting them in efficiently managing
their digital assets.

Gate Wealth
presents a selection of investment instruments and structured products. These
encompass interval interest calculation, double no-touch, compounding, and
quantitative strategies. The platform also devises personalized product
solutions to address users’ income, asset protection, and leverage ratio
requirements.

“Gate
Wealth is a new wealth management product launched by Gate.io to provide
investors with considerate and efficient services. With the rapid development
of the encryption market and increasingly fierce competition, Gate Wealth aims
to bring better investment experience and more opportunities for global crypto
investors,” Dr. Han Lin, the Founder and CEO of Gate.io, said.

Lin
underscored that Gate.io is eager to delve into the thriving cryptocurrency
landscape alongside its clients, jointly pursuing their mutual wealth growth
objectives.

Traction After FTX
Collapse

In the
immediate aftermath of the FTX cryptocurrency exchange’s downfall, retail
investors predominantly gravitated towards Crypto.com and Gate.io platforms, as
highlighted by a recent analysis carried out by Trading Browsers, a digital
assets analytics
Analytics

Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt

Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt
Read this Term
tool.

In the wake
of the FTX ecosystem collapse, Trading Browsers conducted an analysis of the
largest cryptocurrency exchanges to determine which experienced the most
significant growth in Google Search and trading volumes from November 9 to 13,
2022.

Crypto Exchange

Google Search Increase

Trading Volume Increase

Crypto.com

333%

232%

Gate.io

300%

181%

Source:
Trading Browsers

The research findings revealed that Crypto.com experienced a remarkable 333%
uptick in Google searches and a 232% increase in trading volume during the
specified timeframe. Gate.io also saw a substantial rise in search interest,
with a 300% increase, and a considerable 181% boost in overall trading volume.

A few
months ago, Gate.io’s US subsidiary, Gate US, obtained multiple state licenses
to expand its crypto exchange operations. However, services for US customers
remain pending amid ongoing regulations. Meanwhile, Gate.io launched GateTR, a
cryptocurrency exchange tailored to Turkey’s market, catering to the country’s
eight million active digital asset traders.

Crypto Lobbying Expenditures Surge 922% in Six Years to $25 Million

https://www.financemagnates.com/cryptocurrency/crypto-lobbying-expenditures-surge-922-in-six-years-to-25-million/

Cryptocurrency
companies are increasingly investing in lobbying to secure favorable
legislation, with expenditures skyrocketing 922% in the past six years,
according to a recent study by Money Mongers. The report reveals that
crypto lobbying contributions reached almost $26 million in 2022, highlighting
the industry’s drive to influence policy in its favor.

Coinbase and CME Group
Lead Crypto Lobbying

Leading the
charge in 2022 were Coinbase, the Blockchain Association, and Robinhood, with
lobbying expenditures of $3.30 million, $1.9 million, and $1.84 million,
respectively. The report also notes that nearly half of the total crypto
lobbying spending in the last six years occurred in 2022 alone.

Significant
growth in lobbying expenditures was observed across various crypto companies. Coinbase’s
spending surged 4137% in the past six years, while Binance.US saw a 500%
increase, FTX.US witnessed a 1340% growth, and Ripple
Ripple

Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may

Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may
Read this Term
experienced a 2060% rise
in lobbying expenditure.

The top
five companies contributing the most to lobbying spending since 2017 include
CME Group, Coinbase, Block Inc (formerly Square Inc), the Blockchain
Association, and Robinhood Markets.

Lobbying Expenditures in 2022. Source: Themoneymongers.com

“These
individuals and companies aided them in getting specific policies either passed
through the houses or brought to the forefront of the public conscience so that
there is organic support for them as well,” the study stated.

However, lobbying
efforts have not always guaranteed favorable outcomes, with skepticism about
the cryptocurrency industry’s impact on the financial world remaining a
challenge.

Growing Number of
Lobbyists and Revolvers among Crypto Companies

CME Group has been a trailblazer in crypto lobbying, shelling out $8.26 million since
2017. In their 2022 push, they assembled a formidable team of 20 lobbyists, 13
of whom were seasoned revolvers. Meanwhile, Coinbasehas consistently increased
its lobbying budget, reaching an impressive $5.595 million over six years. In
2022 alone, they deployed a robust force of 32 lobbyists, with 26 revolvers in
the mix.

Block Inc
(previously Square Inc) has been another major player, investing a total of
$4.56 million in lobbying over six years. In 2022, they strategically allocated
$1.17 million and enlisted a powerful team of 36 lobbyists, including 25
revolvers. On the other hand, the Blockchain
Blockchain

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe
Read this Term
Association, the collective voice
of the crypto industry, has dedicated $3.91 million to lobbying since 2017.
Last year, they funneled $1.9 million into their efforts, recruiting 18
lobbyists, 12 of whom boasted experience as revolvers.

Lobbying Expenditure Trend Since 2017. Source: Themoneymongers.com

Robinhood,
a newcomer to the crypto sector, quickly embraced lobbying efforts, spending
$3.895 million in just three years. In their ambitious 2022 campaign, they
poured $1.84 million into lobbying and assembled a team of 20 lobbyists,
including 12 knowledgeable revolvers.

The Money
Mongers’ study utilized data from OpenSecrets, ensuring transparency and
allowing for a comprehensive analysis of the industry’s lobbying activities
from 2017 to 2022.

The cryptocurrency market’s first bigger lobbying movement occurred as early as 2018. A year later, at least 40 companies in the United States tried to influence policy shaping so that the new regulations would favor the digital asset industry.

Cryptocurrency
companies are increasingly investing in lobbying to secure favorable
legislation, with expenditures skyrocketing 922% in the past six years,
according to a recent study by Money Mongers. The report reveals that
crypto lobbying contributions reached almost $26 million in 2022, highlighting
the industry’s drive to influence policy in its favor.

Coinbase and CME Group
Lead Crypto Lobbying

Leading the
charge in 2022 were Coinbase, the Blockchain Association, and Robinhood, with
lobbying expenditures of $3.30 million, $1.9 million, and $1.84 million,
respectively. The report also notes that nearly half of the total crypto
lobbying spending in the last six years occurred in 2022 alone.

Significant
growth in lobbying expenditures was observed across various crypto companies. Coinbase’s
spending surged 4137% in the past six years, while Binance.US saw a 500%
increase, FTX.US witnessed a 1340% growth, and Ripple
Ripple

Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may

Ripple was co-founded by Jed McCaleb and Chris Larsen and was debuted in 2012 as both a digital disbursement network and a pre-mined digital coin denoted as XRP. Possessing less market cap than both Bitcoin and Ethereum, Ripple ranks as the third-largest cryptocurrency.Its dual open-source and peer-to-peer (P2P) decentralized platform whose network is capable of working with any form of money such as GBP, Ethereum, Yen, etc. What is Ripple Used For? Known as a gateway, participants of Ripple may
Read this Term
experienced a 2060% rise
in lobbying expenditure.

The top
five companies contributing the most to lobbying spending since 2017 include
CME Group, Coinbase, Block Inc (formerly Square Inc), the Blockchain
Association, and Robinhood Markets.

Lobbying Expenditures in 2022. Source: Themoneymongers.com

“These
individuals and companies aided them in getting specific policies either passed
through the houses or brought to the forefront of the public conscience so that
there is organic support for them as well,” the study stated.

However, lobbying
efforts have not always guaranteed favorable outcomes, with skepticism about
the cryptocurrency industry’s impact on the financial world remaining a
challenge.

Growing Number of
Lobbyists and Revolvers among Crypto Companies

CME Group has been a trailblazer in crypto lobbying, shelling out $8.26 million since
2017. In their 2022 push, they assembled a formidable team of 20 lobbyists, 13
of whom were seasoned revolvers. Meanwhile, Coinbasehas consistently increased
its lobbying budget, reaching an impressive $5.595 million over six years. In
2022 alone, they deployed a robust force of 32 lobbyists, with 26 revolvers in
the mix.

Block Inc
(previously Square Inc) has been another major player, investing a total of
$4.56 million in lobbying over six years. In 2022, they strategically allocated
$1.17 million and enlisted a powerful team of 36 lobbyists, including 25
revolvers. On the other hand, the Blockchain
Blockchain

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe
Read this Term
Association, the collective voice
of the crypto industry, has dedicated $3.91 million to lobbying since 2017.
Last year, they funneled $1.9 million into their efforts, recruiting 18
lobbyists, 12 of whom boasted experience as revolvers.

Lobbying Expenditure Trend Since 2017. Source: Themoneymongers.com

Robinhood,
a newcomer to the crypto sector, quickly embraced lobbying efforts, spending
$3.895 million in just three years. In their ambitious 2022 campaign, they
poured $1.84 million into lobbying and assembled a team of 20 lobbyists,
including 12 knowledgeable revolvers.

The Money
Mongers’ study utilized data from OpenSecrets, ensuring transparency and
allowing for a comprehensive analysis of the industry’s lobbying activities
from 2017 to 2022.

The cryptocurrency market’s first bigger lobbying movement occurred as early as 2018. A year later, at least 40 companies in the United States tried to influence policy shaping so that the new regulations would favor the digital asset industry.

Bitget Reveals $100M Web3 Fund to Propel Crypto Ecosystem Growth

https://www.financemagnates.com/cryptocurrency/bitget-reveals-100m-web3-fund-to-propel-crypto-ecosystem-growth/

During the
Hong Kong Blockchain
Blockchain

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe
Read this Term
Week, Bitget, a crypto derivative and copy trading
platform, unveiled its Bitget Web3 Fund with an initial investment of $100
million. The fund aims to invest in Web3-friendly venture capital firms and Web3
projects to support the growth of the new crypto initiatives.

Bitget Launches Web3 Fund

The Bitget
Web3 Fund
is a part of the company’s 2023 ‘Go Beyond Derivative’ strategy,
which focuses on fostering a positive outlook on the digital currency economy
and promoting the development of the Web3 ecosystem.

Although
the fund will consider venture capital firms and projects worldwide, it will
prioritize Asian partners with a clear roadmap, an experienced team, and innovative solutions to real-world challenges.

Bitget has
already received inquiries from notable venture capital firms such as Foresight
Ventures, Dragonfly Capital, SevenX Ventures, DAO Maker, and ABCDE Capital for
potential collaborations.

Gracy Chen,
the Managing Director of Bitget, commented on the launch, stating that the
Bitget Web3 Fund would strive to identify projects that significantly impact the Web3 space’s ongoing evolution.

“We strive
to support financial innovation in Asia and believe that our platform can act
as a reliable, convenient, and secure link between the worlds of DeFi and CeFi.
Our team of analysts has already outlined the criteria for project selection
and will adhere to them strictly,” Chen added.

Bitget’s Managing
Director also emphasized the importance of accountability when dealing with
innovative projects requiring investments.

Bitget Focuses on Expanding
Cryptocurrency Adoption

In recent
months, Bitget has supported numerous initiatives to foster crypto
adoption. As part of its “Go Beyond Derivatives” strategy, the
company has acquired several Web3 applications, pledged support as a sleeve
sponsor to Juventus, and acted as a general sponsor for the Juventus Women’s
Team
during the 2022-2023 season.

Bitget
recently acquired the BitKeep wallet, a Web3 access gateway with almost ten million
users, to further improve the Web3 browsing experience for its users. In December, the company presented a new DeFi feature called MegaSwap, allowing investors to swap or trade digital assets for more than 10,000 crypto assets in the decentralized finance space.

However, Bitget’s recent activities have not been without controversy. Japan’s Financial Services Agency (FSA) issued a warning concerning four international cryptocurrency exchanges allegedly conducting business in the country without proper local registration. The exchanges in question include Bybit, BitForex, MEXC Global, and Bitget.

During the
Hong Kong Blockchain
Blockchain

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe

Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe
Read this Term
Week, Bitget, a crypto derivative and copy trading
platform, unveiled its Bitget Web3 Fund with an initial investment of $100
million. The fund aims to invest in Web3-friendly venture capital firms and Web3
projects to support the growth of the new crypto initiatives.

Bitget Launches Web3 Fund

The Bitget
Web3 Fund
is a part of the company’s 2023 ‘Go Beyond Derivative’ strategy,
which focuses on fostering a positive outlook on the digital currency economy
and promoting the development of the Web3 ecosystem.

Although
the fund will consider venture capital firms and projects worldwide, it will
prioritize Asian partners with a clear roadmap, an experienced team, and innovative solutions to real-world challenges.

Bitget has
already received inquiries from notable venture capital firms such as Foresight
Ventures, Dragonfly Capital, SevenX Ventures, DAO Maker, and ABCDE Capital for
potential collaborations.

Gracy Chen,
the Managing Director of Bitget, commented on the launch, stating that the
Bitget Web3 Fund would strive to identify projects that significantly impact the Web3 space’s ongoing evolution.

“We strive
to support financial innovation in Asia and believe that our platform can act
as a reliable, convenient, and secure link between the worlds of DeFi and CeFi.
Our team of analysts has already outlined the criteria for project selection
and will adhere to them strictly,” Chen added.

Bitget’s Managing
Director also emphasized the importance of accountability when dealing with
innovative projects requiring investments.

Bitget Focuses on Expanding
Cryptocurrency Adoption

In recent
months, Bitget has supported numerous initiatives to foster crypto
adoption. As part of its “Go Beyond Derivatives” strategy, the
company has acquired several Web3 applications, pledged support as a sleeve
sponsor to Juventus, and acted as a general sponsor for the Juventus Women’s
Team
during the 2022-2023 season.

Bitget
recently acquired the BitKeep wallet, a Web3 access gateway with almost ten million
users, to further improve the Web3 browsing experience for its users. In December, the company presented a new DeFi feature called MegaSwap, allowing investors to swap or trade digital assets for more than 10,000 crypto assets in the decentralized finance space.

However, Bitget’s recent activities have not been without controversy. Japan’s Financial Services Agency (FSA) issued a warning concerning four international cryptocurrency exchanges allegedly conducting business in the country without proper local registration. The exchanges in question include Bybit, BitForex, MEXC Global, and Bitget.

OKX’s Liquid Marketplace for Institutional Clients Hits $1 Billion Milestone

https://www.financemagnates.com/cryptocurrency/okxs-liquid-marketplace-for-institutional-clients-hits-1-billion-milestone/

The
cryptocurrency exchange
Cryptocurrency Exchange

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f
Read this Term
OKX has informed that its on-demand liquidity network
aimed at institutional clients, called Liquid Markets, reached more than $1
billion in trading volumes during the first three months of 2023.

Liquid Marketplace by OKX
Exceeds $1b in Volumes

The OKX
Liquid Marketplace, available on-demand, offers an extensive pool of
institutional liquidity and supports various crypto trading approaches such as
futures spreads, sizable options block transactions, or spot OTC, enabling
scalability. With a single click, traders can execute both legs atomically,
streamlining the process of low-risk spread trading, harvesting funding rates,
producing yield through cash-and-carry transactions, and rolling over maturing
futures hedges.

“Let’s
say, you want to sell 1,000 ETH at the market price of $1,900. Now, that’s a
million-dollar trade. Once it gets put on the order book, it may cause price
slippage and drive down ETH’s market price. Instead of impacting the market,
you can secure a favorable price by placing your oder on our Liquid
Marketplace. First, send an RFQ only to the market makers you selected and
receive two-way quotes. Then, choose a price you like and carry out the trade
discreetly,” OKX explained on Liquid Marketplace’s official website.

According
to the company’s press release, the liquidity network changes the conventional request-for-quote
(RFQ) procedure by incorporating an integrated position builder, streamlining
workflows, and facilitating anonymous
two-way quoted RFQs. OKX’s clients can create multi-leg tactics and request
quotes for futures spreads and basis transactions. Furthermore, the platform
ensures additional security through seamless connectivity with OKX’s settlement
and risk management system.

“Institutional
clients demand liquidity
Liquidity

The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent

The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent
Read this Term
, superior fee structures, and streamlined execution of
advanced trading strategies. We’ve designed our Liquid Marketplace to hit this
sweet spot, and the market is responding,” Lennix Lai, the Managing
Director of Global Institutional at OKX, said.

Lai
highlighted that by paying close attention to the needs of institutional
traders and harnessing their technical expertise, product design and creativity,
OKS aims to establish itself as the preferred platform for institutional
clients.

The crypto
exchange offers all trading pairs listed on its platform in the Liquid
Marketplace, including spot, perpetual swaps, futures and options instruments.

OKX is the
world’s second-largest cryptocurrency exchange by trading volume and is a significant
part of a Web3 ecosystem. With more than 50 million users globally, OKX has a
potential broad client base for its Liquid Marketplace services.

OKX Moves to Hong Kong,
Offers New Products

The list of
prominent cryptocurrency brands seeking to enter the Hong Kong market keeps
expanding. This surge is primarily due to new digital asset regulations
scheduled for implementation in June, positioning China’s special
administrative region as a crypto hub. OKX, the world’s second-largest exchange
by trading volume, has recently revealed its intention to open its own HK subsidiary.

As reported
by Finance Magnates, OKX has established a Hong Kong entity to launch
virtual asset services and plans to apply for a virtual asset service provider
(VASP) license under the Anti-Money Laundering and Counter-Terrorist Financing
(Amendment) Ordinance 2022, set to be effective from June 2023.

Meanwhile, OKX has introduced a copy trading function to its digital asset social trading
platform. This feature enables users to mimic the trading strategies employed
by the platform’s top performers, promoting responsible trading and mitigating
the risks associated with cryptocurrencies. The exchange stated that these
strategies span over 600 trading pairs.

OKX has
also announced a new partnership with DappRadar, an app store for DApps,
allowing its users to use a broader DeFi and GameFi applications base. In the
most recent announcement, the crypto exchange revealed the expansion of its
major sponsorship deal with the Formula One McLaren Racing Team. From now, the
OKX logo will be visible on the MCL60 team car sidepods.

FCA Stops WealthTek and RoboForex Increases Partner Commissions. Read today’s news nuggets!

The
cryptocurrency exchange
Cryptocurrency Exchange

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f
Read this Term
OKX has informed that its on-demand liquidity network
aimed at institutional clients, called Liquid Markets, reached more than $1
billion in trading volumes during the first three months of 2023.

Liquid Marketplace by OKX
Exceeds $1b in Volumes

The OKX
Liquid Marketplace, available on-demand, offers an extensive pool of
institutional liquidity and supports various crypto trading approaches such as
futures spreads, sizable options block transactions, or spot OTC, enabling
scalability. With a single click, traders can execute both legs atomically,
streamlining the process of low-risk spread trading, harvesting funding rates,
producing yield through cash-and-carry transactions, and rolling over maturing
futures hedges.

“Let’s
say, you want to sell 1,000 ETH at the market price of $1,900. Now, that’s a
million-dollar trade. Once it gets put on the order book, it may cause price
slippage and drive down ETH’s market price. Instead of impacting the market,
you can secure a favorable price by placing your oder on our Liquid
Marketplace. First, send an RFQ only to the market makers you selected and
receive two-way quotes. Then, choose a price you like and carry out the trade
discreetly,” OKX explained on Liquid Marketplace’s official website.

According
to the company’s press release, the liquidity network changes the conventional request-for-quote
(RFQ) procedure by incorporating an integrated position builder, streamlining
workflows, and facilitating anonymous
two-way quoted RFQs. OKX’s clients can create multi-leg tactics and request
quotes for futures spreads and basis transactions. Furthermore, the platform
ensures additional security through seamless connectivity with OKX’s settlement
and risk management system.

“Institutional
clients demand liquidity
Liquidity

The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent

The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent
Read this Term
, superior fee structures, and streamlined execution of
advanced trading strategies. We’ve designed our Liquid Marketplace to hit this
sweet spot, and the market is responding,” Lennix Lai, the Managing
Director of Global Institutional at OKX, said.

Lai
highlighted that by paying close attention to the needs of institutional
traders and harnessing their technical expertise, product design and creativity,
OKS aims to establish itself as the preferred platform for institutional
clients.

The crypto
exchange offers all trading pairs listed on its platform in the Liquid
Marketplace, including spot, perpetual swaps, futures and options instruments.

OKX is the
world’s second-largest cryptocurrency exchange by trading volume and is a significant
part of a Web3 ecosystem. With more than 50 million users globally, OKX has a
potential broad client base for its Liquid Marketplace services.

OKX Moves to Hong Kong,
Offers New Products

The list of
prominent cryptocurrency brands seeking to enter the Hong Kong market keeps
expanding. This surge is primarily due to new digital asset regulations
scheduled for implementation in June, positioning China’s special
administrative region as a crypto hub. OKX, the world’s second-largest exchange
by trading volume, has recently revealed its intention to open its own HK subsidiary.

As reported
by Finance Magnates, OKX has established a Hong Kong entity to launch
virtual asset services and plans to apply for a virtual asset service provider
(VASP) license under the Anti-Money Laundering and Counter-Terrorist Financing
(Amendment) Ordinance 2022, set to be effective from June 2023.

Meanwhile, OKX has introduced a copy trading function to its digital asset social trading
platform. This feature enables users to mimic the trading strategies employed
by the platform’s top performers, promoting responsible trading and mitigating
the risks associated with cryptocurrencies. The exchange stated that these
strategies span over 600 trading pairs.

OKX has
also announced a new partnership with DappRadar, an app store for DApps,
allowing its users to use a broader DeFi and GameFi applications base. In the
most recent announcement, the crypto exchange revealed the expansion of its
major sponsorship deal with the Formula One McLaren Racing Team. From now, the
OKX logo will be visible on the MCL60 team car sidepods.

FCA Stops WealthTek and RoboForex Increases Partner Commissions. Read today’s news nuggets!

Binance Australia License Cancelled by ASIC at Exchange’s Request

https://www.financemagnates.com/cryptocurrency/binance-australia-license-cancelled-by-asic-at-exchanges-request/

The
Australian markets regulator, ASIC
ASIC

The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the

The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the
Read this Term
, informed on Thursday that it canceled a financial
markets license held by Binance Australia Derivatives, operated by Oztures
Trading Pty Ltd. Although at first glance, it may seem that the regulatory
hurdles of the renowned crypto exchange seem to have no end, this time, the
decision to withdraw the license was made by Binance itself.

ASIC Cancels Binance License
in Australia

According
to the ASIC statement, starting from 14 April 2023, it will not be possible for
clients to increase their derivatives positions or open new positions with
Binance. Additionally, the crypto exchange will require all clients to close
any existing derivative positions they may have before 21 April 2023. If they
fail to do so, the exchange that day will close all remaining trades
automatically.

The supervisor
has been executing a focused evaluation of Binance’s financial services
operations within Australia, with particular attention to the categorization of
retail and wholesale consumers. On 29 March 2023, ASIC served a hearing notice
to assess whether the AFS license held by Oztures Trading Pty Ltd should be
revoked or put on hold.

“It is critically important that AFS licensees
classify retail and wholesale clients in accordance with the law. Retail
clients trading in crypto derivatives are afforded important rights and
consumer protections under financial services laws in Australia, including
access to external dispute resolution through the Australian Financial
Complaints Authority,” Joe Longo, the Chairman at ASIC, commented.

The
stipulations surrounding the termination encompass a clause stating that the
annulment will not impact Binance’s obligation to remain a part of the
Australian Financial Complaints Authority until 8 April 2024.

Taking the
opportunity, ASIC reminds that cryptocurrencies are a risky and complicated
financial instrument, and cryptocurrency derivatives carry additional risks due
to leverage.

Binance’s Regulatory
Hurdles

ASIC, in
its announcement regarding the cancellation of Binance’s license, reminds that
on 27 March 2023 the US Commodities Futures Trading Commission (CFTC
CFTC

The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss

The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss
Read this Term
) declared
that it has initiated a civil enforcement lawsuit in the US District Court for
the Northern District of Illinois. It accused Changpeng Zhao, the CEO of the
Binance Group, and three organizations responsible for Binance’s operations of
multiple breaches of the Commodity Exchange Act (CEA) and CFTC regulations.

Earlier,
many other overseas regulators published their own warnings regarding Binance
operations. There are at least seven regulators on the list, including the UK’s
FCA, Japan’s FSA, Italy’s CONSOB, Singapore’s MaS, Netherlands Central Bank,
Ontario Securities Commission and Thailand’s SEC.

The
Australian markets regulator, ASIC
ASIC

The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the

The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the
Read this Term
, informed on Thursday that it canceled a financial
markets license held by Binance Australia Derivatives, operated by Oztures
Trading Pty Ltd. Although at first glance, it may seem that the regulatory
hurdles of the renowned crypto exchange seem to have no end, this time, the
decision to withdraw the license was made by Binance itself.

ASIC Cancels Binance License
in Australia

According
to the ASIC statement, starting from 14 April 2023, it will not be possible for
clients to increase their derivatives positions or open new positions with
Binance. Additionally, the crypto exchange will require all clients to close
any existing derivative positions they may have before 21 April 2023. If they
fail to do so, the exchange that day will close all remaining trades
automatically.

The supervisor
has been executing a focused evaluation of Binance’s financial services
operations within Australia, with particular attention to the categorization of
retail and wholesale consumers. On 29 March 2023, ASIC served a hearing notice
to assess whether the AFS license held by Oztures Trading Pty Ltd should be
revoked or put on hold.

“It is critically important that AFS licensees
classify retail and wholesale clients in accordance with the law. Retail
clients trading in crypto derivatives are afforded important rights and
consumer protections under financial services laws in Australia, including
access to external dispute resolution through the Australian Financial
Complaints Authority,” Joe Longo, the Chairman at ASIC, commented.

The
stipulations surrounding the termination encompass a clause stating that the
annulment will not impact Binance’s obligation to remain a part of the
Australian Financial Complaints Authority until 8 April 2024.

Taking the
opportunity, ASIC reminds that cryptocurrencies are a risky and complicated
financial instrument, and cryptocurrency derivatives carry additional risks due
to leverage.

Binance’s Regulatory
Hurdles

ASIC, in
its announcement regarding the cancellation of Binance’s license, reminds that
on 27 March 2023 the US Commodities Futures Trading Commission (CFTC
CFTC

The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss

The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss
Read this Term
) declared
that it has initiated a civil enforcement lawsuit in the US District Court for
the Northern District of Illinois. It accused Changpeng Zhao, the CEO of the
Binance Group, and three organizations responsible for Binance’s operations of
multiple breaches of the Commodity Exchange Act (CEA) and CFTC regulations.

Earlier,
many other overseas regulators published their own warnings regarding Binance
operations. There are at least seven regulators on the list, including the UK’s
FCA, Japan’s FSA, Italy’s CONSOB, Singapore’s MaS, Netherlands Central Bank,
Ontario Securities Commission and Thailand’s SEC.

Marathon Digital Mines Record 2,195 Bitcoins in Q1 2023

https://www.financemagnates.com/cryptocurrency/marathon-digital-mines-record-2195-bitcoins-in-q1-2023/

The
publicly-listed cryptocurrency miner Marathon Digital Holdings, Inc.
(NASDAQ:MARA) has announced its March and first quarter 2023 production
statistics, showing a record number of Bitcoins (BTC) mined during the previous
month and the entire Q1.

Marathon Posts
Record-Breaking Bitcoin Mining Numbers

According
to Marathon Digital’s press release from Tuesday, the crypto production reached
a record 825 BTC, rising 21% month-over-month (MoM). Due to the higher hash rate
Hash Rate

A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain

A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain
Read this Term

that increased by 64% in the previous quarter to 11.5 EH/s, the company was
able to close the three months ending 31 March with a record-breaking 2,195 BTC
produced.

The number
of Bitcoin produced increased 74% compared to the same period a year earlier
(1,259 BTC) and 41% compared to the previous quarter (1,562 BTC). On an average
day, Marathon Digital can now mine 24.4 BTC, whereas a year ago, it was 14 BTC.
As of 1 April 2023, the company holds 11,466 BTC in inventory.

“During
the first quarter of 2023, we made notable progress executing on our two
primary initiatives for the year, which are to energize our previously
purchased mining rigs to reach our target of 23 exahashes by the middle of this
year and to optimize our performance so that we are both more effective and
more efficient,” Fred Thiel, the Chairman and CEO of Marathon Digital,
commented “

Thiel also
shared his optimism and stated that due to the considerable improvements in the
company’s operations and finances during the first quarter, thy company might
achieve its main growth goals and establish itself as one of the largest and
most energy-efficient Bitcoin mining operations worldwide.

Crypto Winter Turns into
Crypto Thaw

2022 was
undoubtedly challenging for the crypto mining
Crypto Mining

Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s

Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s
Read this Term
industry, especially after a
record-breaking 2021 when miners earned $15.3 billion. Due to the prolonged
crypto winter and falling prices of the leading digital assets, the revenues were
slashed last year by 37.5% and came in at $9.55 billion.

After a
quite challenging December, which Ideally summed up the difficult market
conditions in 2022, the situation in the cryptocurrency mining industry has
begun to improve. Data provided by publicly-listed miners from January to March
showed rising income due to the rebound of BTC spot price.

Although
Argo Blockchain, one of Marathon Digital’s competitors, could not produce
more Bitcoin in March than in February
, the overall mining revenue rose to $4.05
million. After defending itself from potential bankruptcy, the company is
finally starting to see a brighter light in the dark tunnel. Galaxy Digital
Holdings, Ltd, a financial firm focused on digital assets owned by Mike
Novogratz, helped the troubled miner by purchasing one of its Texas mines and refinancing
its loans.

After
falling more than 60% in 2022, Bitcoin started 2023 on a stronger foot and is
currently rebounding by 73%. Interestingly, the recent banking crisis that
electrified traders worldwide has proved to be a savior for
cryptocurrencies, again making them a hedge against inflation and uncertain
times.

The crypto
winter might not be over yet, but the calendar spring brings a crypto thaw,
which should help investors in the cryptocurrency market and miners too.

The
publicly-listed cryptocurrency miner Marathon Digital Holdings, Inc.
(NASDAQ:MARA) has announced its March and first quarter 2023 production
statistics, showing a record number of Bitcoins (BTC) mined during the previous
month and the entire Q1.

Marathon Posts
Record-Breaking Bitcoin Mining Numbers

According
to Marathon Digital’s press release from Tuesday, the crypto production reached
a record 825 BTC, rising 21% month-over-month (MoM). Due to the higher hash rate
Hash Rate

A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain

A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain
Read this Term

that increased by 64% in the previous quarter to 11.5 EH/s, the company was
able to close the three months ending 31 March with a record-breaking 2,195 BTC
produced.

The number
of Bitcoin produced increased 74% compared to the same period a year earlier
(1,259 BTC) and 41% compared to the previous quarter (1,562 BTC). On an average
day, Marathon Digital can now mine 24.4 BTC, whereas a year ago, it was 14 BTC.
As of 1 April 2023, the company holds 11,466 BTC in inventory.

“During
the first quarter of 2023, we made notable progress executing on our two
primary initiatives for the year, which are to energize our previously
purchased mining rigs to reach our target of 23 exahashes by the middle of this
year and to optimize our performance so that we are both more effective and
more efficient,” Fred Thiel, the Chairman and CEO of Marathon Digital,
commented “

Thiel also
shared his optimism and stated that due to the considerable improvements in the
company’s operations and finances during the first quarter, thy company might
achieve its main growth goals and establish itself as one of the largest and
most energy-efficient Bitcoin mining operations worldwide.

Crypto Winter Turns into
Crypto Thaw

2022 was
undoubtedly challenging for the crypto mining
Crypto Mining

Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s

Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s
Read this Term
industry, especially after a
record-breaking 2021 when miners earned $15.3 billion. Due to the prolonged
crypto winter and falling prices of the leading digital assets, the revenues were
slashed last year by 37.5% and came in at $9.55 billion.

After a
quite challenging December, which Ideally summed up the difficult market
conditions in 2022, the situation in the cryptocurrency mining industry has
begun to improve. Data provided by publicly-listed miners from January to March
showed rising income due to the rebound of BTC spot price.

Although
Argo Blockchain, one of Marathon Digital’s competitors, could not produce
more Bitcoin in March than in February
, the overall mining revenue rose to $4.05
million. After defending itself from potential bankruptcy, the company is
finally starting to see a brighter light in the dark tunnel. Galaxy Digital
Holdings, Ltd, a financial firm focused on digital assets owned by Mike
Novogratz, helped the troubled miner by purchasing one of its Texas mines and refinancing
its loans.

After
falling more than 60% in 2022, Bitcoin started 2023 on a stronger foot and is
currently rebounding by 73%. Interestingly, the recent banking crisis that
electrified traders worldwide has proved to be a savior for
cryptocurrencies, again making them a hedge against inflation and uncertain
times.

The crypto
winter might not be over yet, but the calendar spring brings a crypto thaw,
which should help investors in the cryptocurrency market and miners too.

Binance Introduces Web3 Services, Ukrainian FC Shakhtar Donetsk Becomes First Partner

https://www.financemagnates.com/cryptocurrency/binance-introduces-web3-services-ukrainian-fc-shakhtar-donetsk-becomes-first-partner/

Binance, the
leading crypto exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
regarding trading volumes, has announced its newest
sports partnership with FC Shakhtar Donetsk, one of the most renowned Ukrainian
football clubs. In conjunction with the partnership, the exchange has launched
the FC Shakhtar Fanverse aimed at cryptocurrency and football fans.

In
addition, the club became the first Binance partner to benefit from a new
initiative called Binance Web3 Services (BWS), transferring Web2 companies and
organizations to the Web3 world.

Binance Supports FC
Shakhtar Donetsk via Fanverse

Binance is
taking the Ukrainian sports club into the world of ‘fanverse’, which was
officially launched for FC Shakhtar on 4 April 2023. The FC Shakhtar Fanverse
is aimed at fans, who will be able to participate in a number of activities
related to the club and compete for prizes.

Participants
can earn fan rewards like match tickets, signed shirts, and FC Shakhtar player
meetups. Users must claim a Binance’s Fanverse Passport to join and earn
rewards, choosing from Experience Passport or Super Passport based on factors
like new user status, ID verification, and friend referrals. The total prize
pool provided for the FC Shakhtar Fanverse is $36,000. Users will be able to
get a stake in it by betting on the results of future matches.

“Thanks
to Binance Fan Token and Binance Web3 Services, the club is ready to take on
its next challenge — connecting with its fans across the world through Web3 and
the FC Shakhtar Fanverse,” Binance commented in an official blog post.

In the
past, Binance has worked with other sports clubs on a comparable basis,
including Italy’s SS Lazio, Portugal’s FC Porto, Brazil’s FC Santos and BWT
Alpine.

Established
in 1936, FC Shakhtar boasts 13 Ukrainian Premier League and Ukrainian Cup
titles each. The club also found European success, reaching the Champions
League quarter-finals and claiming the 2009 UEFA Cup, becoming the first team
in Ukrainian football history to do so.

Binance Introduces Web3
Services

FC Shakhtar
Fanverse was created in cooperation with Binance’s Fan Token division and newly
created Binance Web3 Services (BWS). It is an initiative targeting organizations
and companies that want to transfer from Web2 to Web3 world.

“BWS’s
offerings include the support of Binance Fan Token, as well as a wide range of
Web3 consulting services. Think Web3 business plans, NFT and token strategies,
gaming and metaverse partnerships, Web3 membership systems, operational
guidance, and more,” Binance added.

BWS offers
a customized feature called Progressive Web App (PWA), providing app-like
experiences accessible through a web browser without downloading or installing,
ensuring a seamless and integrated user experience.

Binance
wants to use its experience in Web3 to assist Web2 companies in transitioning
to Web3, covering legal preparations, problem-solving, product launches and
overall business strategy.

Through its
venture capital arm Binance Labs, the crypto exchange has recently invested in
the cryptocurrency venture fund Nomad Capital. Despite facing regulatory challenges with BUSD and a lawsuit from the US CFTC
CFTC

The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss

The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss
Read this Term
, Binance has attained its highest market share in history.

Binance, the
leading crypto exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
regarding trading volumes, has announced its newest
sports partnership with FC Shakhtar Donetsk, one of the most renowned Ukrainian
football clubs. In conjunction with the partnership, the exchange has launched
the FC Shakhtar Fanverse aimed at cryptocurrency and football fans.

In
addition, the club became the first Binance partner to benefit from a new
initiative called Binance Web3 Services (BWS), transferring Web2 companies and
organizations to the Web3 world.

Binance Supports FC
Shakhtar Donetsk via Fanverse

Binance is
taking the Ukrainian sports club into the world of ‘fanverse’, which was
officially launched for FC Shakhtar on 4 April 2023. The FC Shakhtar Fanverse
is aimed at fans, who will be able to participate in a number of activities
related to the club and compete for prizes.

Participants
can earn fan rewards like match tickets, signed shirts, and FC Shakhtar player
meetups. Users must claim a Binance’s Fanverse Passport to join and earn
rewards, choosing from Experience Passport or Super Passport based on factors
like new user status, ID verification, and friend referrals. The total prize
pool provided for the FC Shakhtar Fanverse is $36,000. Users will be able to
get a stake in it by betting on the results of future matches.

“Thanks
to Binance Fan Token and Binance Web3 Services, the club is ready to take on
its next challenge — connecting with its fans across the world through Web3 and
the FC Shakhtar Fanverse,” Binance commented in an official blog post.

In the
past, Binance has worked with other sports clubs on a comparable basis,
including Italy’s SS Lazio, Portugal’s FC Porto, Brazil’s FC Santos and BWT
Alpine.

Established
in 1936, FC Shakhtar boasts 13 Ukrainian Premier League and Ukrainian Cup
titles each. The club also found European success, reaching the Champions
League quarter-finals and claiming the 2009 UEFA Cup, becoming the first team
in Ukrainian football history to do so.

Binance Introduces Web3
Services

FC Shakhtar
Fanverse was created in cooperation with Binance’s Fan Token division and newly
created Binance Web3 Services (BWS). It is an initiative targeting organizations
and companies that want to transfer from Web2 to Web3 world.

“BWS’s
offerings include the support of Binance Fan Token, as well as a wide range of
Web3 consulting services. Think Web3 business plans, NFT and token strategies,
gaming and metaverse partnerships, Web3 membership systems, operational
guidance, and more,” Binance added.

BWS offers
a customized feature called Progressive Web App (PWA), providing app-like
experiences accessible through a web browser without downloading or installing,
ensuring a seamless and integrated user experience.

Binance
wants to use its experience in Web3 to assist Web2 companies in transitioning
to Web3, covering legal preparations, problem-solving, product launches and
overall business strategy.

Through its
venture capital arm Binance Labs, the crypto exchange has recently invested in
the cryptocurrency venture fund Nomad Capital. Despite facing regulatory challenges with BUSD and a lawsuit from the US CFTC
CFTC

The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss

The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss
Read this Term
, Binance has attained its highest market share in history.

Argo Blockchain Hires New CFO, Bitcoin Mining Decreases in March

https://www.financemagnates.com/cryptocurrency/argo-blockchain-hires-new-cfo-bitcoin-mining-decreases-in-march/

Argo
Blockchain (NYSE/LSE:ARGO), a publicly-listed crypto mining
Crypto Mining

Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s

Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s
Read this Term
company, announced
the appointment of Jim MacCallum as its Chief Financial Officer (CFO) on
Tuesday. In the same filing, the company has also presented its latest
operation update, showing a decrease in mining output compared to the previous
month.

Argo Blockchain Hires
MacCallum

MacCallum,
a Certified Public Accountant and Chartered Financial Analyst, brings over 30
years of experience in finance and accounting roles. He will officially join
the company on 5 April 2023. Previously, MacCallum was the CFO of East Side
Games Group Inc, a publicly-traded mobile game platform technology company
based in Canada.

Jim MacCallum, new CFO at Argo Blockchain

Previously,
he served as Senior Vice President, Finance, and Acting CFO at Westport Fuel
Systems Inc, a clean transportation technology company. MacCallum also held
senior positions at Amica Mature Lifestyles, Absolute Software, and Cisco
Systems. He completed the Advanced Management Program at Harvard Business
School.

“I am
delighted to be joining Argo Blockchain, a dynamic and innovative company with
a rich history and exciting future. I look forward to contributing to the
success of the company through a strong focus on financial discipline,” MacCallum
commented on his appointment.

Matthew
Shaw, the Chairman of Argo’s Board, noted MacCallum’s extensive experience in a
wide range of industries and strategic mindset that will help him properly
manage the company through its next growth phases.

Argo Mines 161 BTC in
March, Less than a Month Ago

Argo
Blockchain mined 161 Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term
or Bitcoin Equivalents (BTC) in March, or 5.2 BTC
per day, representing a 10% decrease from the 5.7 BTC per day produced in
February 2023
. The main driver of this decrease was the 11% increase in network
difficulty in March compared to February.

However,
the overall mining revenue reached $4.05 million (£3.28 million), up from
February’s $3.76 million (£3.09 million), using daily forex rates and crypto
prices. At the end of last month, the company held 85 BTC. Argo’s total hashrate
capacity remains at 2.5 EH/s.

Argo’s
bitcoin mining grew for two months in a row after experiencing a more
substantial depreciation of 35% in December due to a severe winter in the
United States. Like many others in the industry, the company stopped mining to
reduce the load on the electric grid.

The company’s
situation has improved significantly in recent months. At the end of the year,
it was on the verge of bankruptcy and was rescued through a strategic deal with
Galaxy Digital Holdings, Ltd
, a financial firm focused on digital assets, owned
by Mike Novogratz. Argo sold Galaxy its Helios mine located in Texas for $65
million and additionally benefited from loan refinancing offered by Galaxy to
provide funds to cover ongoing operations.

The end of
2022 generally turned out to be worse for the mining industry due to lower
Bitcoin prices. HIVE Blockchain, another publicly-traded cryptocurrency miner, reported a net loss of $90 million in Q4, deepening a $37 million loss from the
earlier quarter. Overall, the whole crypto mining industry made $6 billion less
in 2022
compared to the record-breaking year of 2021.

Argo
Blockchain (NYSE/LSE:ARGO), a publicly-listed crypto mining
Crypto Mining

Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s

Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the s
Read this Term
company, announced
the appointment of Jim MacCallum as its Chief Financial Officer (CFO) on
Tuesday. In the same filing, the company has also presented its latest
operation update, showing a decrease in mining output compared to the previous
month.

Argo Blockchain Hires
MacCallum

MacCallum,
a Certified Public Accountant and Chartered Financial Analyst, brings over 30
years of experience in finance and accounting roles. He will officially join
the company on 5 April 2023. Previously, MacCallum was the CFO of East Side
Games Group Inc, a publicly-traded mobile game platform technology company
based in Canada.

Jim MacCallum, new CFO at Argo Blockchain

Previously,
he served as Senior Vice President, Finance, and Acting CFO at Westport Fuel
Systems Inc, a clean transportation technology company. MacCallum also held
senior positions at Amica Mature Lifestyles, Absolute Software, and Cisco
Systems. He completed the Advanced Management Program at Harvard Business
School.

“I am
delighted to be joining Argo Blockchain, a dynamic and innovative company with
a rich history and exciting future. I look forward to contributing to the
success of the company through a strong focus on financial discipline,” MacCallum
commented on his appointment.

Matthew
Shaw, the Chairman of Argo’s Board, noted MacCallum’s extensive experience in a
wide range of industries and strategic mindset that will help him properly
manage the company through its next growth phases.

Argo Mines 161 BTC in
March, Less than a Month Ago

Argo
Blockchain mined 161 Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term
or Bitcoin Equivalents (BTC) in March, or 5.2 BTC
per day, representing a 10% decrease from the 5.7 BTC per day produced in
February 2023
. The main driver of this decrease was the 11% increase in network
difficulty in March compared to February.

However,
the overall mining revenue reached $4.05 million (£3.28 million), up from
February’s $3.76 million (£3.09 million), using daily forex rates and crypto
prices. At the end of last month, the company held 85 BTC. Argo’s total hashrate
capacity remains at 2.5 EH/s.

Argo’s
bitcoin mining grew for two months in a row after experiencing a more
substantial depreciation of 35% in December due to a severe winter in the
United States. Like many others in the industry, the company stopped mining to
reduce the load on the electric grid.

The company’s
situation has improved significantly in recent months. At the end of the year,
it was on the verge of bankruptcy and was rescued through a strategic deal with
Galaxy Digital Holdings, Ltd
, a financial firm focused on digital assets, owned
by Mike Novogratz. Argo sold Galaxy its Helios mine located in Texas for $65
million and additionally benefited from loan refinancing offered by Galaxy to
provide funds to cover ongoing operations.

The end of
2022 generally turned out to be worse for the mining industry due to lower
Bitcoin prices. HIVE Blockchain, another publicly-traded cryptocurrency miner, reported a net loss of $90 million in Q4, deepening a $37 million loss from the
earlier quarter. Overall, the whole crypto mining industry made $6 billion less
in 2022
compared to the record-breaking year of 2021.

CySEC Comments on FTX EU Consumer Deposit Withdrawal Confirmation

https://www.financemagnates.com/cryptocurrency/cysec-comments-on-ftx-eu-consumer-deposit-withdrawal-confirmation/

FTX EU LTD,
the European subsidiary of the now-defunct FTX crypto exchange, has announced
the commencement of procedures enabling its customers to request final balances
in advance of withdrawing fiat currency funds remaining in segregated client
accounts. The Cypriot financial markets regulator, CySEC
CySEC

The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision

The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision
Read this Term
, which oversees the
company, issued an announcement on the matter on Monday.

FTX EU Begins Fiat Currency
Withdrawal Process for Clients

FTX EU, formerly
known as K-DNA Financial Services LTD, is a European branch of Sam
Bankman-Fried (SBF) US crypto exchange that collapsed a few months ago, in November
2022. When the US branch collapsed, funds belonging to European customers were
frozen to ensure that future claims could be covered and deposits paid out.

Finance
Magnates
exclusively reported last week that FTX EU had launched a website that would
allow FTX EU customers to apply for the withdrawal of funds owed to them.

The
company confirmed the news a day later in an official press note.

The
information published by FTX EU reveals that the company will provide customers
with a statement of fiat currency balances in accordance with MiFID II regulations.
Following this process, customers of FTX EU, subject to sufficient funds, will
be entitled to withdraw their fiat currency balance as segregated in designated
accounts.

“The
balances will be communicated and verified, and subsequently withdrawal
requests may be submitted through the following website established for this
purpose: ftxeurope.eu. Any withdrawal requests will be subject to customary
know-your-customer and anti-money-laundering checks, and a customer’s
withdrawal may be delayed if bank or other account details have not been
sufficiently verified,” FTX EU commented.

This
announcement pertains only to customers of FTX EU LTD who opened accounts
through FTX.com/eu (i.e., after 7 March 2022) and does not affect customers of
other FTX group businesses, even if located in Europe.

In response
to FTX EU announcing its initiation of processes to return segregated funds to
investors under Cyprus Law, Dr. George Theocharides, Chair of CySEC, stated the
supervisor is glad that regulatory efforts have led to this favorable outcome,
following months of investor uncertainty and concern.

“We
are grateful to the FTX Group Administrators for their collaboration and
support towards these efforts. Safeguarding the interests of investors is of
paramount importance and CySEC will continue to hold FTX EU Ltd to account to
ensure all withdrawal requests are processed swiftly and appropriately,” Theocharides
added.

Before the FTX.com
international platform shutdown, FTX EU operated as a MiFID II-regulated investment
firm offering trading in multi-asset derivatives, particularly with crypto
assets as the underlying. CySEC has suspended its license and ordered FTX EU
LTD to return funds to its customers who request withdrawals. Finance
Magnates’
check on CySEC’s public register shows that the permit is still
under suspension.

FTX EU’s current profile on CySEC register showing the approved domains.

FTX Japan Back on Track

Regulators worldwide
froze FTX affiliates’ funds after the collapse of the US exchange to protect
them from uncontrolled outflows. FTX’s Japanese office resumed withdrawing
client funds
in late February through its Liquid Japan platform.

“In
order to proceed with withdrawals, customers who have assets in their FTX Japan
account would need to confirm the balance of their assets and transfer them to
their Liquid Japan account,” the exchange’s official press release then-stated.

Users withdrew $50 million from the $138 million in the branch’s accounts in just one day. Information about the transfer of $157 million
in frozen FTX-linked assets was also reported last week by cryptocurrency
exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
OKX.

Finance
Magnates
recently
informed that FTX debtors agreed to sell
Mysten Labs Inc.
preferred shares back to the Web3 startup for $96 million, according to
the fillings at the US Bankruptcy Court in Delaware.

GMO heralds new investment and Komainu enhances custody. Check today’s news nuggets!

FTX EU LTD,
the European subsidiary of the now-defunct FTX crypto exchange, has announced
the commencement of procedures enabling its customers to request final balances
in advance of withdrawing fiat currency funds remaining in segregated client
accounts. The Cypriot financial markets regulator, CySEC
CySEC

The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision

The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision
Read this Term
, which oversees the
company, issued an announcement on the matter on Monday.

FTX EU Begins Fiat Currency
Withdrawal Process for Clients

FTX EU, formerly
known as K-DNA Financial Services LTD, is a European branch of Sam
Bankman-Fried (SBF) US crypto exchange that collapsed a few months ago, in November
2022. When the US branch collapsed, funds belonging to European customers were
frozen to ensure that future claims could be covered and deposits paid out.

Finance
Magnates
exclusively reported last week that FTX EU had launched a website that would
allow FTX EU customers to apply for the withdrawal of funds owed to them.

The
company confirmed the news a day later in an official press note.

The
information published by FTX EU reveals that the company will provide customers
with a statement of fiat currency balances in accordance with MiFID II regulations.
Following this process, customers of FTX EU, subject to sufficient funds, will
be entitled to withdraw their fiat currency balance as segregated in designated
accounts.

“The
balances will be communicated and verified, and subsequently withdrawal
requests may be submitted through the following website established for this
purpose: ftxeurope.eu. Any withdrawal requests will be subject to customary
know-your-customer and anti-money-laundering checks, and a customer’s
withdrawal may be delayed if bank or other account details have not been
sufficiently verified,” FTX EU commented.

This
announcement pertains only to customers of FTX EU LTD who opened accounts
through FTX.com/eu (i.e., after 7 March 2022) and does not affect customers of
other FTX group businesses, even if located in Europe.

In response
to FTX EU announcing its initiation of processes to return segregated funds to
investors under Cyprus Law, Dr. George Theocharides, Chair of CySEC, stated the
supervisor is glad that regulatory efforts have led to this favorable outcome,
following months of investor uncertainty and concern.

“We
are grateful to the FTX Group Administrators for their collaboration and
support towards these efforts. Safeguarding the interests of investors is of
paramount importance and CySEC will continue to hold FTX EU Ltd to account to
ensure all withdrawal requests are processed swiftly and appropriately,” Theocharides
added.

Before the FTX.com
international platform shutdown, FTX EU operated as a MiFID II-regulated investment
firm offering trading in multi-asset derivatives, particularly with crypto
assets as the underlying. CySEC has suspended its license and ordered FTX EU
LTD to return funds to its customers who request withdrawals. Finance
Magnates’
check on CySEC’s public register shows that the permit is still
under suspension.

FTX EU’s current profile on CySEC register showing the approved domains.

FTX Japan Back on Track

Regulators worldwide
froze FTX affiliates’ funds after the collapse of the US exchange to protect
them from uncontrolled outflows. FTX’s Japanese office resumed withdrawing
client funds
in late February through its Liquid Japan platform.

“In
order to proceed with withdrawals, customers who have assets in their FTX Japan
account would need to confirm the balance of their assets and transfer them to
their Liquid Japan account,” the exchange’s official press release then-stated.

Users withdrew $50 million from the $138 million in the branch’s accounts in just one day. Information about the transfer of $157 million
in frozen FTX-linked assets was also reported last week by cryptocurrency
exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
OKX.

Finance
Magnates
recently
informed that FTX debtors agreed to sell
Mysten Labs Inc.
preferred shares back to the Web3 startup for $96 million, according to
the fillings at the US Bankruptcy Court in Delaware.

GMO heralds new investment and Komainu enhances custody. Check today’s news nuggets!

OKX Expands Sponsorship Deal with Formula One McLaren Racing Team

https://www.financemagnates.com/cryptocurrency/okx-expands-sponsorship-deal-with-formula-one-mclaren-racing-team/

Malta-based
OKX, which operates a global crypto exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
, announced on Thursday the
extension of its partnership with British Formula One (F1) team McLaren Racing.

OKX and McLaren Racing
Extend Sponsorship Agreement

The first
multi-year agreement between OKX and McLaren Racing was concluded last May, and
neither party disclosed its financial terms. Now news has emerged that the team
has extended sponsorship terms with the cryptocurrency exchange, which has
secured increased pressure on the MCL60 team car.

According
to the latest agreement, the OKX logo will appear on the car’s sidepods during
seven races, including the upcoming Australian Grand Prix this weekend. In
addition, the OKX logo will be on the suits of drivers Norris and Oscar Piastri
until the end of the current season.

“We
are delighted to be growing our Primary Partnership with OKX, a long-established
leader in the cryptocurrency sector. When partnering with brands in dynamic,
fast-evolving industries like crypto, it’s important to be aligned with
companies who work to the highest standards and to carry a responsibility to
educate people on new technologies – and our partnership with OKX has led by
example,” Zak Brown, the CEO of McLaren Racing, commented.

“OKX
are pushing to elevate our fan experience offering, finding ways to bring the
papaya fans closer to our team, while opening up the world of Formula 1 to a
completely new audience.”

In 2022,
OKX executed a full livery revamp of the MCL36, initiating the #FutureMode
campaign during the Singapore and Japanese Grands Prix. This campaign
commemorated McLaren’s comeback to racing in the Asia Pacific, a crucial region
for OKX’s growth and presence.

McLaren Racing’s Deep
Connection With Finance World

For
McLaren’s F1 racing team, the partnership with OKX is not the first from the
wide world of finance. Last June, the team signed a multi-year sponsorship deal with Goldman Sachs, which elevates the team to meet its sustainability goals.
In late 2021, cooperation with the team was extended by FxPro brokerage.

More
interestingly, McLaren Racing is acquiring talent from the financial market. In
October, Dylan Holman departed eToro to take the role of Head of Primary
Partner at the British racing team. Holman left the Head of Global Sponsorships
position with the Israeli social trading and multi-asset
Multi-Asset

Composed of varying asset classes, multi-asset is a blanket designation combining different classes such bonds, equities, cash equivalents, fixed income, and alternative investments.When compared to traditional balanced funds, multi-asset solutions differ because they target specific investment outcomes. This includes outcomes such as return above inflation as opposed to gauging performance against standardized benchmarks.Given the composition of multi-asset classes, they need to be dynamically

Composed of varying asset classes, multi-asset is a blanket designation combining different classes such bonds, equities, cash equivalents, fixed income, and alternative investments.When compared to traditional balanced funds, multi-asset solutions differ because they target specific investment outcomes. This includes outcomes such as return above inflation as opposed to gauging performance against standardized benchmarks.Given the composition of multi-asset classes, they need to be dynamically
Read this Term
broker after more than
six years of service.

Just yesterday,
another F1 Team, Williams Racing, announced that cryptocurrency exchange Kraken has become one of its sponsors. Its logo will appear on the FW45 car halo and
rear wing until the end of this season.

Formula One
and the financial industry have been linked for years, including FX/CFD.
X-Trade Brokers (now XTB) was the first FX company to bet on F1 sponsorship,
signing a deal with Vodafone Mercedes Racing Team back in 2010.

Malta-based
OKX, which operates a global crypto exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
, announced on Thursday the
extension of its partnership with British Formula One (F1) team McLaren Racing.

OKX and McLaren Racing
Extend Sponsorship Agreement

The first
multi-year agreement between OKX and McLaren Racing was concluded last May, and
neither party disclosed its financial terms. Now news has emerged that the team
has extended sponsorship terms with the cryptocurrency exchange, which has
secured increased pressure on the MCL60 team car.

According
to the latest agreement, the OKX logo will appear on the car’s sidepods during
seven races, including the upcoming Australian Grand Prix this weekend. In
addition, the OKX logo will be on the suits of drivers Norris and Oscar Piastri
until the end of the current season.

“We
are delighted to be growing our Primary Partnership with OKX, a long-established
leader in the cryptocurrency sector. When partnering with brands in dynamic,
fast-evolving industries like crypto, it’s important to be aligned with
companies who work to the highest standards and to carry a responsibility to
educate people on new technologies – and our partnership with OKX has led by
example,” Zak Brown, the CEO of McLaren Racing, commented.

“OKX
are pushing to elevate our fan experience offering, finding ways to bring the
papaya fans closer to our team, while opening up the world of Formula 1 to a
completely new audience.”

In 2022,
OKX executed a full livery revamp of the MCL36, initiating the #FutureMode
campaign during the Singapore and Japanese Grands Prix. This campaign
commemorated McLaren’s comeback to racing in the Asia Pacific, a crucial region
for OKX’s growth and presence.

McLaren Racing’s Deep
Connection With Finance World

For
McLaren’s F1 racing team, the partnership with OKX is not the first from the
wide world of finance. Last June, the team signed a multi-year sponsorship deal with Goldman Sachs, which elevates the team to meet its sustainability goals.
In late 2021, cooperation with the team was extended by FxPro brokerage.

More
interestingly, McLaren Racing is acquiring talent from the financial market. In
October, Dylan Holman departed eToro to take the role of Head of Primary
Partner at the British racing team. Holman left the Head of Global Sponsorships
position with the Israeli social trading and multi-asset
Multi-Asset

Composed of varying asset classes, multi-asset is a blanket designation combining different classes such bonds, equities, cash equivalents, fixed income, and alternative investments.When compared to traditional balanced funds, multi-asset solutions differ because they target specific investment outcomes. This includes outcomes such as return above inflation as opposed to gauging performance against standardized benchmarks.Given the composition of multi-asset classes, they need to be dynamically

Composed of varying asset classes, multi-asset is a blanket designation combining different classes such bonds, equities, cash equivalents, fixed income, and alternative investments.When compared to traditional balanced funds, multi-asset solutions differ because they target specific investment outcomes. This includes outcomes such as return above inflation as opposed to gauging performance against standardized benchmarks.Given the composition of multi-asset classes, they need to be dynamically
Read this Term
broker after more than
six years of service.

Just yesterday,
another F1 Team, Williams Racing, announced that cryptocurrency exchange Kraken has become one of its sponsors. Its logo will appear on the FW45 car halo and
rear wing until the end of this season.

Formula One
and the financial industry have been linked for years, including FX/CFD.
X-Trade Brokers (now XTB) was the first FX company to bet on F1 sponsorship,
signing a deal with Vodafone Mercedes Racing Team back in 2010.

OKX to Transfer $157 Million in Frozen Assets Linked to FTX and Alameda Research

https://www.financemagnates.com/cryptocurrency/okx-to-transfer-157-million-in-frozen-assets-linked-to-ftx-and-alameda-research/

OKX, the
second-biggest crypto trading platform by trading volumes, has recently
announced that it is preparing to transfer $157 million in frozen assets linked
to the creditors of FTX and Alameda Research, companies of Sam Bankman-Fried’s
(SBF) fallen empire. This is a response to the newest motion filed on Wednesday
in the FTX bankruptcy
Bankruptcy

Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co

Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co
Read this Term
claim.

OKX Set to Return $157
Million of Frozen Assets Connected to FTX

Following
the downfall of FTX in November 2022, OKX took the initiative to conduct
thorough investigations regarding any potential FTX-related transactions that
might have taken place on its platform. These investigations led to the
discovery of accounts and assets linked to FTX and Alameda Research, which OKX
promptly froze to secure the associated funds.

“OKX
welcomes the motion and will continue to cooperate with the FTX debtors and law
enforcement officials in the hope that these assets will eventually be returned
to FTX users through the bankruptcy process,” OKX stated in the press
release.

FTX was one
of the most prominent cryptocurrency exchanges, ranking among the top 10
platforms in terms of turnover. However, November brought a massive selloff of the
platform’s native token, FTT, and a capital outflow due to concerns regarding
the stability of its ecosystem.

This led to
the collapse of FTX
, triggered the downturn of the broad digital asset market
and contributed to the bankruptcy of more crypto-related companies. Meanwhile,
SBF ended up behind bars, awaiting sentencing for embezzling billions of
dollars. A few days ago, he was additionally accused of paying a $40 million
bribe to Chinese officials.

Finance
Magnates
informed
last week that FTX debtors agreed to sell Mysten Labs Inc. preferred shares
back to the Web3 startup for $95 million, according to the fillings at the U.S.
Bankruptcy Court in Delaware.

The sale
resulted in a loss as FTX’s bankruptcy attorneys urgently sought to raise funds
to reimburse the clients of the failed exchange. Not long ago, FTX’s creditors
greenlit the retrieval of $460 million from the venture capital firm, Modulo
Capital, which had secured investments from Alameda Research the previous year.

OKX Opens New Offices in
Hong Kong and Australia

The OKX crypto
exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
has not only informed about the $157 million transfer to debtors but also
heralded the opening of its new office in Australia in the coming months. The
disclosure was shared during an exclusive event for Australia’s cryptocurrency
enthusiasts at the Melbourne Arts Centre.

“Our
ambition is straightforward – to become the leading crypto platform in the
world. We see Australia as an indispensable part of this strategy and a key
growth market. With such a strong uptake of crypto in Australia already, we’re
committed to the local market and aim to build a strong local office,” Haider
Rafique, the Chief Marketing Officer at OKX, commented.

Just a day
earlier, the crypto exchange announced its plans to start a new branch in Hong
Kong
amid changing regulatory environment in China’s special administrative
region. The new set of crypto laws will take effect in June and has already
encouraged a number of popular crypto brands to look for a local virtual asset
service provider (VASP) license.

According
to last week’s news, more than 80
companies
are
waiting in line to join the Web3 ecosystem forming in Hong Kong.

OKX, the
second-biggest crypto trading platform by trading volumes, has recently
announced that it is preparing to transfer $157 million in frozen assets linked
to the creditors of FTX and Alameda Research, companies of Sam Bankman-Fried’s
(SBF) fallen empire. This is a response to the newest motion filed on Wednesday
in the FTX bankruptcy
Bankruptcy

Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co

Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co
Read this Term
claim.

OKX Set to Return $157
Million of Frozen Assets Connected to FTX

Following
the downfall of FTX in November 2022, OKX took the initiative to conduct
thorough investigations regarding any potential FTX-related transactions that
might have taken place on its platform. These investigations led to the
discovery of accounts and assets linked to FTX and Alameda Research, which OKX
promptly froze to secure the associated funds.

“OKX
welcomes the motion and will continue to cooperate with the FTX debtors and law
enforcement officials in the hope that these assets will eventually be returned
to FTX users through the bankruptcy process,” OKX stated in the press
release.

FTX was one
of the most prominent cryptocurrency exchanges, ranking among the top 10
platforms in terms of turnover. However, November brought a massive selloff of the
platform’s native token, FTT, and a capital outflow due to concerns regarding
the stability of its ecosystem.

This led to
the collapse of FTX
, triggered the downturn of the broad digital asset market
and contributed to the bankruptcy of more crypto-related companies. Meanwhile,
SBF ended up behind bars, awaiting sentencing for embezzling billions of
dollars. A few days ago, he was additionally accused of paying a $40 million
bribe to Chinese officials.

Finance
Magnates
informed
last week that FTX debtors agreed to sell Mysten Labs Inc. preferred shares
back to the Web3 startup for $95 million, according to the fillings at the U.S.
Bankruptcy Court in Delaware.

The sale
resulted in a loss as FTX’s bankruptcy attorneys urgently sought to raise funds
to reimburse the clients of the failed exchange. Not long ago, FTX’s creditors
greenlit the retrieval of $460 million from the venture capital firm, Modulo
Capital, which had secured investments from Alameda Research the previous year.

OKX Opens New Offices in
Hong Kong and Australia

The OKX crypto
exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
has not only informed about the $157 million transfer to debtors but also
heralded the opening of its new office in Australia in the coming months. The
disclosure was shared during an exclusive event for Australia’s cryptocurrency
enthusiasts at the Melbourne Arts Centre.

“Our
ambition is straightforward – to become the leading crypto platform in the
world. We see Australia as an indispensable part of this strategy and a key
growth market. With such a strong uptake of crypto in Australia already, we’re
committed to the local market and aim to build a strong local office,” Haider
Rafique, the Chief Marketing Officer at OKX, commented.

Just a day
earlier, the crypto exchange announced its plans to start a new branch in Hong
Kong
amid changing regulatory environment in China’s special administrative
region. The new set of crypto laws will take effect in June and has already
encouraged a number of popular crypto brands to look for a local virtual asset
service provider (VASP) license.

According
to last week’s news, more than 80
companies
are
waiting in line to join the Web3 ecosystem forming in Hong Kong.

Gemini Explores to Launch Global Crypto Derivatives Trading Platform

https://www.financemagnates.com/cryptocurrency/gemini-explores-to-launch-global-crypto-derivatives-trading-platform/

Gemini, the
cryptocurrency exchange
Cryptocurrency Exchange

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f
Read this Term
owned by the Winklevoss twin brothers, is examining
possibilities to launch an international crypto derivatives trading platform, according
to The Information report from Wednesday.

Gemini Reportedly Seeks to
Open Overseas Derivatives Exchange

The new
platform from Gemini would offer trading in perpetual futures. Derivatives of
this type are banned in the United States for retail investors due to their somewhat
risky nature. Making them available in another jurisdiction would allow Gemini to
offer users a product with no expiration date and the possibility of high
leverage.

Two weeks
ago, Bloomberg reported that another major crypto exchange, Coinbase,
was looking to take a similar step. The search for foreign locations to
relocate some trading services came after the US Securities and Exchange
Commission (SEC) stepped up and tightened its crackdown against the
cryptocurrency sector.

It all
started with the collapse of the FTX digital assets trading platform
Trading Platform

In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real

In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real
Read this Term
last
November. It was followed by the closure of three banks linked to digital
assets, Silvergate Bank, Signature Bank and Silicon Valley Bank, or the CFTC’s
lawsuit against Binance for violating the US derivatives regulations, among
other things.

The
Information
cites
people familiar with the matter and claims that the Gemini exchange has been contacting
trading platforms in various places around the world over the past few months
in search of a market maker to support the execution of operations outside the
United States.

Third Round of Job Cuts in
Gemini and Regulatory Pressure

Pressure
from the SEC, which has led Kraken exchange to shut down its staking services in the US, has also hit the Winklevoss brothers’ platform. In January, the
regulator charged
two feuding companies, Genesis Global Capital and Gemini
Trust Company, for offering and selling crypto lending products under Gemini
Earn, which the regulator alleged to be unregistered securities.

Gemini and
its Co-Founders are already dealing with a class-action lawsuit filed by a pair
of Gemini Earn investors who have leveled comparable allegations. The legal
action contends that the exchange and its proprietors have engaged in
fraudulent activities and breached the Exchange Act.

A few days
later, news emerged that Genesis was close to declaring bankruptcy following
the collapse of the FTX exchange, which negatively affected the entire
industry. Although the decision has not been confirmed, the problems are
visible to the naked eye, and Gemini has already carried out three rounds of
job cuts since last June.

The first
took place in June and affected 10% of the entire team, the second in July and
involved 7% of the workforce. The most recent was conducted at the end of
January
when the company reduced a further 10% of its staff.

Gemini, the
cryptocurrency exchange
Cryptocurrency Exchange

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f
Read this Term
owned by the Winklevoss twin brothers, is examining
possibilities to launch an international crypto derivatives trading platform, according
to The Information report from Wednesday.

Gemini Reportedly Seeks to
Open Overseas Derivatives Exchange

The new
platform from Gemini would offer trading in perpetual futures. Derivatives of
this type are banned in the United States for retail investors due to their somewhat
risky nature. Making them available in another jurisdiction would allow Gemini to
offer users a product with no expiration date and the possibility of high
leverage.

Two weeks
ago, Bloomberg reported that another major crypto exchange, Coinbase,
was looking to take a similar step. The search for foreign locations to
relocate some trading services came after the US Securities and Exchange
Commission (SEC) stepped up and tightened its crackdown against the
cryptocurrency sector.

It all
started with the collapse of the FTX digital assets trading platform
Trading Platform

In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real

In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real
Read this Term
last
November. It was followed by the closure of three banks linked to digital
assets, Silvergate Bank, Signature Bank and Silicon Valley Bank, or the CFTC’s
lawsuit against Binance for violating the US derivatives regulations, among
other things.

The
Information
cites
people familiar with the matter and claims that the Gemini exchange has been contacting
trading platforms in various places around the world over the past few months
in search of a market maker to support the execution of operations outside the
United States.

Third Round of Job Cuts in
Gemini and Regulatory Pressure

Pressure
from the SEC, which has led Kraken exchange to shut down its staking services in the US, has also hit the Winklevoss brothers’ platform. In January, the
regulator charged
two feuding companies, Genesis Global Capital and Gemini
Trust Company, for offering and selling crypto lending products under Gemini
Earn, which the regulator alleged to be unregistered securities.

Gemini and
its Co-Founders are already dealing with a class-action lawsuit filed by a pair
of Gemini Earn investors who have leveled comparable allegations. The legal
action contends that the exchange and its proprietors have engaged in
fraudulent activities and breached the Exchange Act.

A few days
later, news emerged that Genesis was close to declaring bankruptcy following
the collapse of the FTX exchange, which negatively affected the entire
industry. Although the decision has not been confirmed, the problems are
visible to the naked eye, and Gemini has already carried out three rounds of
job cuts since last June.

The first
took place in June and affected 10% of the entire team, the second in July and
involved 7% of the workforce. The most recent was conducted at the end of
January
when the company reduced a further 10% of its staff.

Kraken Crypto Exchange Sponsors Williams Racing F1 Team

https://www.financemagnates.com/cryptocurrency/kraken-crypto-exchange-sponsors-williams-racing-f1-team/

Williams
Racing and Kraken, a popular crypto platform, announced a global
partnership ahead of the Australian Grand Prix in Melbourne. This marks
Kraken’s first-ever official crypto and Web3 partner of the Formula 1 (F1)
team.

Kraken and Williams Racing
Announce Crypto Partnership

According
to a press release published on Willaims F1’s official website, throughout the
rest of the 2023 FIA Formula One World Championship season, Kraken’s logo will
be prominently displayed on the FW45 racing car halo and rear wing.
Additionally, the branding will be featured on driver racing attire and team
headwear.

In addition
to the partnership agreement, the rear wing of FW45 will also exhibit KrakenNFT
digital art pieces owned by customers sourced from third-party NFT initiatives
during specific Grands Prix events. Furthermore, Williams and Kraken will join
forces to create exclusive, limited-edition caps for certain Grands Prix
occasions.

“Kraken’s
partnership with Williams Racing shows what is possible when you combine a
great mission with excellence, innovation and breakthrough performance. These
are both iconic brands that have stood the test of time. We’re excited to
engage with both Kraken’s and Williams Racing’s global communities, showcasing
the power and life-changing impact of crypto and Web3,” Mayur Gupta, the
Chief Marketing Officer at Kraken, commented.

With a
focus on engaging fans and the community, Kraken will take part in various
Williams Racing fan zone activities during the season. Simultaneously, the
crypto exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
will develop content to inform and educate F1 fans about the objectives
and importance of Web3 technology.

James
Bower, the Commercial Director of Williams Racing, expressed his pride and
excitement about the partnership with Kraken, highlighting that it unites two
well-established and trusted brands from their respective industries.

“We’re
excited to get the partnership underway to offer our fans cutting-edge crypto
and Web3 experiences, while also enabling Kraken to reach new institutional
clients and businesses through our network and events,” Bower summarized.

Brokers and Exchanges Bet
on F1

The first
FX/CFD company to bet on Formula One sponsorship was X-Trade Brokers (now XTB) more
than ten years ago. Since then, many more retail brokers have decided to
partner with teams of the popular racing series. In 2018, such a partnership
with the McLaren F1 Team was established by FxPro, which was extended in 2021,
while a year ago, the popular payments
Payments

One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl

One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
Read this Term
services provider, Nuvei, became a
sponsor of the Mercedes team.

The
cryptocurrency industry also has experience in sponsoring sports and F1 teams.
In 2021, Crypto.com announced that it has become a sponsor of the Aston Martin
F1 Team, and in 2019 FuturoCoin joined as a partner of Aston Martin Red Bull
Racing
. Unfortunately, the latter turned out to be a scam promoted by the
fraudulent company FutureNet. Roman Ziemianin, the pyramid’s creator, was
arrested in late 2022.

Positive News for Kraken
after Tough Months

The news of
a sponsorship deal signed with a Formula One team is the first upbeat note
regarding Kraken after a year of cryptocurrency winter and operational and
regulatory problems.

In
November, the exchange announced that it was cutting its global workforce by
30%
in order to adapt to challenging market conditions. Less than a month
later, it admitted that it was suspending operations in Japan due to the weak
cryptocurrency market.

However,
the real problems started after February 2023, when Kraken found itself under
the sight of the US SEC
in connection with a listing of unregistered
securities. Finance Magnates reported that the exchange shut down
Staking-as-a-Service
and agreed to pay $30 million to settle with the market
supervisor over its activities in the US.

Regulatory
problems prompted news of a possible exchange conversion into a crypto bank.
The idea was first present in 2020, and has now resurfaced in the face of
regulatory pressure.

In the wake
of Silvergate Bank’s downfall, Kraken has opted to discontinue ACH deposit and
withdrawal services. Since 2019, Kraken has been among several crypto exchanges
utilizing the Silvergate Exchange Network (SEN) for ACH transactions in the
United States.

Williams
Racing and Kraken, a popular crypto platform, announced a global
partnership ahead of the Australian Grand Prix in Melbourne. This marks
Kraken’s first-ever official crypto and Web3 partner of the Formula 1 (F1)
team.

Kraken and Williams Racing
Announce Crypto Partnership

According
to a press release published on Willaims F1’s official website, throughout the
rest of the 2023 FIA Formula One World Championship season, Kraken’s logo will
be prominently displayed on the FW45 racing car halo and rear wing.
Additionally, the branding will be featured on driver racing attire and team
headwear.

In addition
to the partnership agreement, the rear wing of FW45 will also exhibit KrakenNFT
digital art pieces owned by customers sourced from third-party NFT initiatives
during specific Grands Prix events. Furthermore, Williams and Kraken will join
forces to create exclusive, limited-edition caps for certain Grands Prix
occasions.

“Kraken’s
partnership with Williams Racing shows what is possible when you combine a
great mission with excellence, innovation and breakthrough performance. These
are both iconic brands that have stood the test of time. We’re excited to
engage with both Kraken’s and Williams Racing’s global communities, showcasing
the power and life-changing impact of crypto and Web3,” Mayur Gupta, the
Chief Marketing Officer at Kraken, commented.

With a
focus on engaging fans and the community, Kraken will take part in various
Williams Racing fan zone activities during the season. Simultaneously, the
crypto exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
will develop content to inform and educate F1 fans about the objectives
and importance of Web3 technology.

James
Bower, the Commercial Director of Williams Racing, expressed his pride and
excitement about the partnership with Kraken, highlighting that it unites two
well-established and trusted brands from their respective industries.

“We’re
excited to get the partnership underway to offer our fans cutting-edge crypto
and Web3 experiences, while also enabling Kraken to reach new institutional
clients and businesses through our network and events,” Bower summarized.

Brokers and Exchanges Bet
on F1

The first
FX/CFD company to bet on Formula One sponsorship was X-Trade Brokers (now XTB) more
than ten years ago. Since then, many more retail brokers have decided to
partner with teams of the popular racing series. In 2018, such a partnership
with the McLaren F1 Team was established by FxPro, which was extended in 2021,
while a year ago, the popular payments
Payments

One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl

One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
Read this Term
services provider, Nuvei, became a
sponsor of the Mercedes team.

The
cryptocurrency industry also has experience in sponsoring sports and F1 teams.
In 2021, Crypto.com announced that it has become a sponsor of the Aston Martin
F1 Team, and in 2019 FuturoCoin joined as a partner of Aston Martin Red Bull
Racing
. Unfortunately, the latter turned out to be a scam promoted by the
fraudulent company FutureNet. Roman Ziemianin, the pyramid’s creator, was
arrested in late 2022.

Positive News for Kraken
after Tough Months

The news of
a sponsorship deal signed with a Formula One team is the first upbeat note
regarding Kraken after a year of cryptocurrency winter and operational and
regulatory problems.

In
November, the exchange announced that it was cutting its global workforce by
30%
in order to adapt to challenging market conditions. Less than a month
later, it admitted that it was suspending operations in Japan due to the weak
cryptocurrency market.

However,
the real problems started after February 2023, when Kraken found itself under
the sight of the US SEC
in connection with a listing of unregistered
securities. Finance Magnates reported that the exchange shut down
Staking-as-a-Service
and agreed to pay $30 million to settle with the market
supervisor over its activities in the US.

Regulatory
problems prompted news of a possible exchange conversion into a crypto bank.
The idea was first present in 2020, and has now resurfaced in the face of
regulatory pressure.

In the wake
of Silvergate Bank’s downfall, Kraken has opted to discontinue ACH deposit and
withdrawal services. Since 2019, Kraken has been among several crypto exchanges
utilizing the Silvergate Exchange Network (SEN) for ACH transactions in the
United States.

Galaxy Digital Turns $1.7b Net Income from 2021 to $1b Loss in 2022

https://www.financemagnates.com/cryptocurrency/galaxy-digital-turns-17b-net-income-from-2021-to-1b-loss-in-2022/

The
publicly-listed cryptocurrency company founded by an American investor Michael
Novogratz, Galaxy Digital Holdings (TSX:GLXY) has published its full-year
results for 2022. Galaxy showed a massive net loss due to the prolonged crypto
winter dominating the previous year.

Crypto Winter Hits Galaxy
Digital Hard

In Wednesday’s
press release, Galaxy announced the fourth quarter, the full year and
preliminary first quarter-to-date results. The company showed a massive net
loss of $1.0 billion for the year ended 31 December 2022, compared to a net income
of $1.7 billion for the same period a year earlier. In the meantime, the fourth
quarter ended with a net loss of $287.8 million compared to $521.3 million
reached in Q4 2021.

Galaxy
explains the poorer performance primarily by the 64% drop in the price of
Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term
(BTC) over 2022. In January, BTC cost $46,500, ending the year at
$16,500. Ethereum (ETH) also saw a similar depreciation, falling from $3,700 to
$1,200. The crypto winter negatively affected the performance of other
companies in the sector, including digital asset miners.

“2022
was a formative year for Galaxy, and while we and our industry faced
unprecedented macroeconomic events, we succeeded in staying the course and were
able to opportunistically take advantage of strategic opportunities to build
our operating businesses for the future. I have never been more confident in
our go-forward strategy, businesses, and team,” Michael Novogratz, the Founder
and CEO of Galaxy Digital, commented in a press release.

Galaxy Digital’s shares saw a sharp decline in 2022. Source: Tradingview.com

At the end
of 2022, Galaxy had 104 portfolio companies, in which it holds 145 investments.
In Q4 2022, it invested in Veridise, a verification platform that conducts
security audits for DeFi applications. Novograt’zs company is still exploring
other opportunities in the investment space.

2023 Paints Brighter Future
for Galaxy Digital

The beginning
of 2023, in which cryptocurrencies saw a rebound after the severe declines of
2022, started off decidedly better. Between early January and 24 March 2023,
the company generated income before tax of $150 million. In the months ahead, Galaxy
will focus on organically building its platform during the bear market and
scaling and integrating recent strategic acquisitions.

Galaxy
anticipates earning net profits in its operating businesses and positive gains
from its liquid coin and investment holdings on its balance sheet for the
entire Q1 2023. The increased market volatility
Volatility

In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders

In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders
Read this Term
and volumes from existing
counterparties positively impacted the company’s operating business.

“The
Company continues to lead from a position of strength, remaining open for
business for our clients and counterparties. And as the market has improved
year to date, we have generated approximately $150 million of income before tax
while retaining a strong liquidity position through 24 March 2023,”
Novogratz added.

Galaxy
Mining has increased its capacity by 100% since the start of 2022 by
integrating the Helios site, which was acquired at the end of last year. The
company aims to have over 4 EH/s of Hashrate Under Management by the end of
2023, with self-mining accounting for about 50% of the total.

The
publicly-listed cryptocurrency company founded by an American investor Michael
Novogratz, Galaxy Digital Holdings (TSX:GLXY) has published its full-year
results for 2022. Galaxy showed a massive net loss due to the prolonged crypto
winter dominating the previous year.

Crypto Winter Hits Galaxy
Digital Hard

In Wednesday’s
press release, Galaxy announced the fourth quarter, the full year and
preliminary first quarter-to-date results. The company showed a massive net
loss of $1.0 billion for the year ended 31 December 2022, compared to a net income
of $1.7 billion for the same period a year earlier. In the meantime, the fourth
quarter ended with a net loss of $287.8 million compared to $521.3 million
reached in Q4 2021.

Galaxy
explains the poorer performance primarily by the 64% drop in the price of
Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term
(BTC) over 2022. In January, BTC cost $46,500, ending the year at
$16,500. Ethereum (ETH) also saw a similar depreciation, falling from $3,700 to
$1,200. The crypto winter negatively affected the performance of other
companies in the sector, including digital asset miners.

“2022
was a formative year for Galaxy, and while we and our industry faced
unprecedented macroeconomic events, we succeeded in staying the course and were
able to opportunistically take advantage of strategic opportunities to build
our operating businesses for the future. I have never been more confident in
our go-forward strategy, businesses, and team,” Michael Novogratz, the Founder
and CEO of Galaxy Digital, commented in a press release.

Galaxy Digital’s shares saw a sharp decline in 2022. Source: Tradingview.com

At the end
of 2022, Galaxy had 104 portfolio companies, in which it holds 145 investments.
In Q4 2022, it invested in Veridise, a verification platform that conducts
security audits for DeFi applications. Novograt’zs company is still exploring
other opportunities in the investment space.

2023 Paints Brighter Future
for Galaxy Digital

The beginning
of 2023, in which cryptocurrencies saw a rebound after the severe declines of
2022, started off decidedly better. Between early January and 24 March 2023,
the company generated income before tax of $150 million. In the months ahead, Galaxy
will focus on organically building its platform during the bear market and
scaling and integrating recent strategic acquisitions.

Galaxy
anticipates earning net profits in its operating businesses and positive gains
from its liquid coin and investment holdings on its balance sheet for the
entire Q1 2023. The increased market volatility
Volatility

In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders

In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders
Read this Term
and volumes from existing
counterparties positively impacted the company’s operating business.

“The
Company continues to lead from a position of strength, remaining open for
business for our clients and counterparties. And as the market has improved
year to date, we have generated approximately $150 million of income before tax
while retaining a strong liquidity position through 24 March 2023,”
Novogratz added.

Galaxy
Mining has increased its capacity by 100% since the start of 2022 by
integrating the Helios site, which was acquired at the end of last year. The
company aims to have over 4 EH/s of Hashrate Under Management by the end of
2023, with self-mining accounting for about 50% of the total.

OKX Becomes Another Crypto Exchange to Start HK Branch

https://www.financemagnates.com/cryptocurrency/okx-becomes-another-crypto-exchange-to-start-hk-branch/

The number
of big cryptocurrency brands looking to enter the Hong Kong market continues to
grow. All thanks to new
regulations on digital assets
, which are set to take effect in June and
make China’s special administrative region a crypto enclave. OKX, the second-largest exchange in the world in terms of trading volumes, has just announced plans to open a branch in HK.

OKX to Apply for VASP
License and Launch Hong Kong Subsidiary

According
to Tuesday’s press release, OKX has established a Hong Kong entity to launch
virtual asset services and plans to apply for a virtual asset service provider
(VASP) license under the Anti-Money Laundering and Counter-Terrorist Financing
(Amendment) Ordinance 2022, set to be effective from June 2023.

This move
follows over a year of preparation by OKX to meet expected regulatory
requirements in areas such as organization, security, compliance and product. Hong
Kong has emerged as a hub for the crypto sector in recent years, growing in
significance for OKX and numerous other innovative companies, entrepreneurs,
and top talent as regulatory frameworks evolve.

“OKX
has an ambitious vision when it comes to pursuing licenses in relevant and
appropriate jurisdictions, and we are committed to working with the SFC
throughout the application process. We take security, custody, AML and
compliance very seriously and are keen to demonstrate how we can meet and
exceed the robust standards expected of virtual asset service providers under
this regulatory regime,” Bing Zhao, the General Coinsel at OKX, commented.

Lennix Lai,
Managing Director of Global Institutional at OKX, emphasized that regulation
and licensing are crucial for the future success of the crypto and Web3 sectors.
OKX sees tremendous potential in Hong Kong and is dedicated to investing in
talent and collaborating with regulators over the next five years to keep
growing the ecosystem locally.

“Through
the new VASP regime, the Hong Kong government has created a robust regulatory
framework and the right conditions for Hong Kong to become a world-leading
virtual asset hub
Hub

A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method

A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method
Read this Term
. We’re looking forward to applying for the relevant licenses
via our Hong Kong entity,” Lai added.

Hong Kong Set to Legalize
Crypto

The first
news that Hong Kong would decide to legalize cryptocurrency trading and allow
retail customers to trade digital assets came in October 2022. Moments later,
there was official confirmation that the SFC financial regulator was
considering approving trading on virtual assets ETFs.

A month
later, SEBA Bank, a cryptocurrency-friendly banking entity, decided to launch
its Hong Kong office
, setting its sights on expansion in the APAC region.

A significant
update was published in February when the October news that the SFC considered
allowing retail cryptocurrency trading
was confirmed. More than a month ago,
the commission launched a consultation on the matter and confirmed that it
would begin officially regulating the industry as of 1 June.

Following
this announcement, a number of major cryptocurrency players began to announce
that they were setting up local offices and applying for a VASP license. Among
them were Huobi
, which wants to obtain all necessary authorizations before the
June deadline, and Gate.io, which intends to launch a new Gate HK platform in
the region.

According
to last week’s latest news, more than 80 companies are waiting in line to
join the Web3 ecosystem forming in Hong Kong.

During the
Aspen Digital Web 3 Investment Summit on 20 March 2023, Christian Hui, Hong
Kong’s Secretary for Financial Services and the Treasury delivered a speech
emphasizing the goal of positioning China’s Special Administrative Region as a
leader in the Web3 revolution. He disclosed that since October 2022, over 80
crypto firms from abroad and Mainland China have shown interest in setting up
branches in Hong Kong and acquiring local licenses.

The number
of big cryptocurrency brands looking to enter the Hong Kong market continues to
grow. All thanks to new
regulations on digital assets
, which are set to take effect in June and
make China’s special administrative region a crypto enclave. OKX, the second-largest exchange in the world in terms of trading volumes, has just announced plans to open a branch in HK.

OKX to Apply for VASP
License and Launch Hong Kong Subsidiary

According
to Tuesday’s press release, OKX has established a Hong Kong entity to launch
virtual asset services and plans to apply for a virtual asset service provider
(VASP) license under the Anti-Money Laundering and Counter-Terrorist Financing
(Amendment) Ordinance 2022, set to be effective from June 2023.

This move
follows over a year of preparation by OKX to meet expected regulatory
requirements in areas such as organization, security, compliance and product. Hong
Kong has emerged as a hub for the crypto sector in recent years, growing in
significance for OKX and numerous other innovative companies, entrepreneurs,
and top talent as regulatory frameworks evolve.

“OKX
has an ambitious vision when it comes to pursuing licenses in relevant and
appropriate jurisdictions, and we are committed to working with the SFC
throughout the application process. We take security, custody, AML and
compliance very seriously and are keen to demonstrate how we can meet and
exceed the robust standards expected of virtual asset service providers under
this regulatory regime,” Bing Zhao, the General Coinsel at OKX, commented.

Lennix Lai,
Managing Director of Global Institutional at OKX, emphasized that regulation
and licensing are crucial for the future success of the crypto and Web3 sectors.
OKX sees tremendous potential in Hong Kong and is dedicated to investing in
talent and collaborating with regulators over the next five years to keep
growing the ecosystem locally.

“Through
the new VASP regime, the Hong Kong government has created a robust regulatory
framework and the right conditions for Hong Kong to become a world-leading
virtual asset hub
Hub

A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method

A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method
Read this Term
. We’re looking forward to applying for the relevant licenses
via our Hong Kong entity,” Lai added.

Hong Kong Set to Legalize
Crypto

The first
news that Hong Kong would decide to legalize cryptocurrency trading and allow
retail customers to trade digital assets came in October 2022. Moments later,
there was official confirmation that the SFC financial regulator was
considering approving trading on virtual assets ETFs.

A month
later, SEBA Bank, a cryptocurrency-friendly banking entity, decided to launch
its Hong Kong office
, setting its sights on expansion in the APAC region.

A significant
update was published in February when the October news that the SFC considered
allowing retail cryptocurrency trading
was confirmed. More than a month ago,
the commission launched a consultation on the matter and confirmed that it
would begin officially regulating the industry as of 1 June.

Following
this announcement, a number of major cryptocurrency players began to announce
that they were setting up local offices and applying for a VASP license. Among
them were Huobi
, which wants to obtain all necessary authorizations before the
June deadline, and Gate.io, which intends to launch a new Gate HK platform in
the region.

According
to last week’s latest news, more than 80 companies are waiting in line to
join the Web3 ecosystem forming in Hong Kong.

During the
Aspen Digital Web 3 Investment Summit on 20 March 2023, Christian Hui, Hong
Kong’s Secretary for Financial Services and the Treasury delivered a speech
emphasizing the goal of positioning China’s Special Administrative Region as a
leader in the Web3 revolution. He disclosed that since October 2022, over 80
crypto firms from abroad and Mainland China have shown interest in setting up
branches in Hong Kong and acquiring local licenses.

Deutsche Börse’s Crypto Subsidiary Provides Trading Solutions to Apex Group

https://www.financemagnates.com/cryptocurrency/deutsche-brses-crypto-subsidiary-provides-trading-solutions-to-apex-group/

Apex Group,
a financial services provider, has revealed its partnership with Crypto Finance
AG, a crypto startup
Startup

A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c

A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c
Read this Term
and a subsidiary of
Deutsche Börse Group. The alliance aims to offer institutional-grade digital
assets products.

Apex Group and Crypto
Finance Provide Institutional-Grade Crypto Investment Offerings

As part of
the Deutsche Börse Group, Crypto Finance AG provides investment,
custody and brokerage solutions for cryptocurrencies to institutional clients. It
is regulated by the Swiss FINMA, providing authorized access to investment,
trading and secure storage of a broad class of digital assets.

According
to Wednesday’s press release, Apex Group receives an institutional-grade
digital asset infrastructure from Crypto Finance, which will commence with an
issuance program for structured products supported by digital assets.

Bruce
Jackson, the Chief of Digital Asset Funds and Business at Apex Group, has
stated that the company has chosen to partner with Crypto Finance, as the
company acknowledges the significance of creating a robust institutional
framework that meets the regulatory requirements and needs of institutional
investors.

“Today’s
announcement is an important next step in our global strategy of
institutionalising digital markets, enabling institutional capital to access
this digital asset class within the same secure and regulated framework they
are familiar with from the traditional financial markets,” Jackson added.

The
partnership between Apex Group and Crypto Finance aims to provide professional
and institutional investors with a safe and regulated means to create their own
crypto-related investment products. This initiative allows banks, family
offices, asset managers, and other professional investors to access tailored
crypto investment products, including actively managed certificates (AMCs) and exchange-traded
products (ETPs).

The cooperation
agreement will benefit both parties, as Apex Group will run a Swiss-independent
securitization Special Purpose Vehicle (SPV), resulting in a dependable setup
with restricted counterparty risk. The launch of the first products from this
collaboration is scheduled for the early second quarter of 2023.

Deutsche Börse’s Bet on
Crypto

The leading
German marketplace organizer for trading shares and other securities became the
majority stakeholder of the Switzerland-based Crypto Finance AG in June 2021. Through
the acquisition
Acquisition

Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant’s service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There

Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant’s service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There
Read this Term
, Deutsche Börse aimed to provide a direct entry point for
investments, including post-trade services like custody, expanding its overall
presence in the crypto ecosystem.

Crypto
Finance AG is headquartered in Zug, a Swiss canton with some of the world’s
most attractive regulations for conducting cryptocurrency business. The startup
has been operating in the local market continuously for more than five years,
where it obtained a FINMA license in 2018.

In 2022,
the stock exchange entered into another cooperation with Kaiko, a crypto market
data provider, to meet the high demand for cryptocurrency market data from its
clients. As part of the collaboration, Deutsche Börse has confirmed that its
new data service comprises real-time and historical tick-level data for all
digital assets and crypto exchanges covered by Kaiko.

Also last
year, Deutsche Börse confirmed significant investor interest in cryptocurrency
ETFs and ETPs, with trading volumes, increased to more than €1 billion, a
ninefold over 2020.

Apex Group,
a financial services provider, has revealed its partnership with Crypto Finance
AG, a crypto startup
Startup

A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c

A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c
Read this Term
and a subsidiary of
Deutsche Börse Group. The alliance aims to offer institutional-grade digital
assets products.

Apex Group and Crypto
Finance Provide Institutional-Grade Crypto Investment Offerings

As part of
the Deutsche Börse Group, Crypto Finance AG provides investment,
custody and brokerage solutions for cryptocurrencies to institutional clients. It
is regulated by the Swiss FINMA, providing authorized access to investment,
trading and secure storage of a broad class of digital assets.

According
to Wednesday’s press release, Apex Group receives an institutional-grade
digital asset infrastructure from Crypto Finance, which will commence with an
issuance program for structured products supported by digital assets.

Bruce
Jackson, the Chief of Digital Asset Funds and Business at Apex Group, has
stated that the company has chosen to partner with Crypto Finance, as the
company acknowledges the significance of creating a robust institutional
framework that meets the regulatory requirements and needs of institutional
investors.

“Today’s
announcement is an important next step in our global strategy of
institutionalising digital markets, enabling institutional capital to access
this digital asset class within the same secure and regulated framework they
are familiar with from the traditional financial markets,” Jackson added.

The
partnership between Apex Group and Crypto Finance aims to provide professional
and institutional investors with a safe and regulated means to create their own
crypto-related investment products. This initiative allows banks, family
offices, asset managers, and other professional investors to access tailored
crypto investment products, including actively managed certificates (AMCs) and exchange-traded
products (ETPs).

The cooperation
agreement will benefit both parties, as Apex Group will run a Swiss-independent
securitization Special Purpose Vehicle (SPV), resulting in a dependable setup
with restricted counterparty risk. The launch of the first products from this
collaboration is scheduled for the early second quarter of 2023.

Deutsche Börse’s Bet on
Crypto

The leading
German marketplace organizer for trading shares and other securities became the
majority stakeholder of the Switzerland-based Crypto Finance AG in June 2021. Through
the acquisition
Acquisition

Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant’s service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There

Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant’s service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There
Read this Term
, Deutsche Börse aimed to provide a direct entry point for
investments, including post-trade services like custody, expanding its overall
presence in the crypto ecosystem.

Crypto
Finance AG is headquartered in Zug, a Swiss canton with some of the world’s
most attractive regulations for conducting cryptocurrency business. The startup
has been operating in the local market continuously for more than five years,
where it obtained a FINMA license in 2018.

In 2022,
the stock exchange entered into another cooperation with Kaiko, a crypto market
data provider, to meet the high demand for cryptocurrency market data from its
clients. As part of the collaboration, Deutsche Börse has confirmed that its
new data service comprises real-time and historical tick-level data for all
digital assets and crypto exchanges covered by Kaiko.

Also last
year, Deutsche Börse confirmed significant investor interest in cryptocurrency
ETFs and ETPs, with trading volumes, increased to more than €1 billion, a
ninefold over 2020.

Coinbase Wants to Convience SEC Staked Tokens Are Not Securities

https://www.financemagnates.com/cryptocurrency/coinbase-wants-to-convience-sec-staked-tokens-are-not-securities/

The publicly
traded and one of the biggest crypto exchanges in the ecosystem, Coinbase (NASDAQ:COIN),
has prepared an 18-page document titled the ‘Petition for Rulemaking’ which objective
is to convince US regulators, including the Securities and Exchange Commission
(SEC), that staking
Staking

Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve

Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve
Read this Term
should not be put under the same regulatory framework as
securities.

Coinbase Disagrees with
SEC Statement on Staking

Cryptocurrency
holders can receive rewards as an incentive by staking their cryptos with a
blockchain validator. These rewards typically come in the form of newly mined
cryptocurrencies. However, in exchange for these rewards, the holders lose
control over their original holdings until they decide to unstake them.

Staking is
a popular service among crypto exchange and digital assets providers. However,
it has recently come under closer scrutiny by regulators, including the SEC.
The US market watchdog claims that at least some of the staked tokens resemble
securities and should therefore be covered by the same rules. In the
institution’s view, offering staking without obtaining the relevant authorizations
and licenses breaches the US Securities Act.

Binance
disagrees with this statement and has proactively communicated on
cryptocurrency staking. The
petition
focuses on showing how securities regulations treat proof-of-stake
services and explaining that they are essentially not the same as securities.

Coinbase’s publication
highlights the nuanced nature of staking as an operation concept, emphasizing
that it is not a monolith. While specific staking models may qualify as
investment contract offerings, others do not. In particular, Coinbase asserts
that core staking services fall outside the Howey test criteria that SEC uses
to determine whether an asset is a security or not.

“The
risk of getting regulation wrong is that innovation moves offshore to
jurisdictions that do get it right. The US is competing with the EU, UK, Hong
Kong, Singapore, UAE, and a host of other countries that are racing to
establish crypto hubs by proposing clear regulatory frameworks. Letting
critical infrastructure migrate to other jurisdictions – the validators that
are paid through staking services – because rules in the US are inappropriate
is unnecessary,” Coinbase commented in the petition.

SEC Looks at Binance’s and
Kraken’s Hands

Coinbase’s
actions come a month after cryptocurrency exchange
Cryptocurrency Exchange

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f
Read this Term
Kraken shut down its staking-as-a-service in the US and paid $30 million to settle with the SEC. The SEC raised
risk-related concerns on the platforms offering staking-as-a-service as they
have “very little protection.”

In
addition, the cryptocurrency exchange has stated that it plans to provide
staking services to non-US customers through a distinct subsidiary, despite the
recent settlement. Notably, the settlement agreement between the SEC and
Kraken was reached a mere day after media reports surfaced regarding an ongoing
regulatory inquiry
into the exchange’s alleged offering of unregistered
securities.

Settlements are not law. They’re a decision that the economics of settling are better than fighting, no more.

The SEC thinks staking-as-a-service is a security. Kraken didn’t admit or deny either way.

It may be a tough question, but the SEC hasn’t answered it either way today.

— Jake Chervinsky (@jchervinsky) February 9, 2023

A few days
later, crypto company Paxos halted the issuance of new BUSD stablecoins owned
by Binance. This was after news that the company faced an SEC lawsuit for
violating consumer protection rules.

1/ This morning, Paxos announced it will halt minting new #BUSD tokens effective February 21. Read the full press release from Paxos here: https://t.co/jXZY1ak8DR

— Paxos (@PaxosGlobal) February 13, 2023

In
addition, Binance, one of the world’s largest crypto exchanges, has faced some
compliance “gaps”
in the past and expects to pay fines to settle with
US regulators, Patrick Hillmann, the company’s Chief Strategy Officer (CSO), admitted
in an interview published after BUSD turmoil.

The publicly
traded and one of the biggest crypto exchanges in the ecosystem, Coinbase (NASDAQ:COIN),
has prepared an 18-page document titled the ‘Petition for Rulemaking’ which objective
is to convince US regulators, including the Securities and Exchange Commission
(SEC), that staking
Staking

Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve

Staking is defined as the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. In particular, staking represents a bid to secure a volume of crypto to receive rewards. In most case however, this process relies on users participating in blockchain-related activities via a personal crypto wallet.The concept of staking is also closely tied to the Proof-of-Stake (PoS). PoS is a type of consensus algorithm in which a blockchain network aims to achieve
Read this Term
should not be put under the same regulatory framework as
securities.

Coinbase Disagrees with
SEC Statement on Staking

Cryptocurrency
holders can receive rewards as an incentive by staking their cryptos with a
blockchain validator. These rewards typically come in the form of newly mined
cryptocurrencies. However, in exchange for these rewards, the holders lose
control over their original holdings until they decide to unstake them.

Staking is
a popular service among crypto exchange and digital assets providers. However,
it has recently come under closer scrutiny by regulators, including the SEC.
The US market watchdog claims that at least some of the staked tokens resemble
securities and should therefore be covered by the same rules. In the
institution’s view, offering staking without obtaining the relevant authorizations
and licenses breaches the US Securities Act.

Binance
disagrees with this statement and has proactively communicated on
cryptocurrency staking. The
petition
focuses on showing how securities regulations treat proof-of-stake
services and explaining that they are essentially not the same as securities.

Coinbase’s publication
highlights the nuanced nature of staking as an operation concept, emphasizing
that it is not a monolith. While specific staking models may qualify as
investment contract offerings, others do not. In particular, Coinbase asserts
that core staking services fall outside the Howey test criteria that SEC uses
to determine whether an asset is a security or not.

“The
risk of getting regulation wrong is that innovation moves offshore to
jurisdictions that do get it right. The US is competing with the EU, UK, Hong
Kong, Singapore, UAE, and a host of other countries that are racing to
establish crypto hubs by proposing clear regulatory frameworks. Letting
critical infrastructure migrate to other jurisdictions – the validators that
are paid through staking services – because rules in the US are inappropriate
is unnecessary,” Coinbase commented in the petition.

SEC Looks at Binance’s and
Kraken’s Hands

Coinbase’s
actions come a month after cryptocurrency exchange
Cryptocurrency Exchange

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f
Read this Term
Kraken shut down its staking-as-a-service in the US and paid $30 million to settle with the SEC. The SEC raised
risk-related concerns on the platforms offering staking-as-a-service as they
have “very little protection.”

In
addition, the cryptocurrency exchange has stated that it plans to provide
staking services to non-US customers through a distinct subsidiary, despite the
recent settlement. Notably, the settlement agreement between the SEC and
Kraken was reached a mere day after media reports surfaced regarding an ongoing
regulatory inquiry
into the exchange’s alleged offering of unregistered
securities.

Settlements are not law. They’re a decision that the economics of settling are better than fighting, no more.

The SEC thinks staking-as-a-service is a security. Kraken didn’t admit or deny either way.

It may be a tough question, but the SEC hasn’t answered it either way today.

— Jake Chervinsky (@jchervinsky) February 9, 2023

A few days
later, crypto company Paxos halted the issuance of new BUSD stablecoins owned
by Binance. This was after news that the company faced an SEC lawsuit for
violating consumer protection rules.

1/ This morning, Paxos announced it will halt minting new #BUSD tokens effective February 21. Read the full press release from Paxos here: https://t.co/jXZY1ak8DR

— Paxos (@PaxosGlobal) February 13, 2023

In
addition, Binance, one of the world’s largest crypto exchanges, has faced some
compliance “gaps”
in the past and expects to pay fines to settle with
US regulators, Patrick Hillmann, the company’s Chief Strategy Officer (CSO), admitted
in an interview published after BUSD turmoil.

Hong Kong to Start Regulating Crypto in June 2023, 80 Companies Want to Join

https://www.financemagnates.com/cryptocurrency/hong-kong-to-start-regulating-crypto-in-june-2023-80-companies-wants-to-join/

Christian
Hui, the Secretary for Financial Services and the Treasury in Hong Kong, was
one of the speakers at the Aspen Digital Web 3 Investment Summit on 20 March
2023. During his speech, which focused on building the position of China’s
Special Administrative Region as a leader in the Web3 revolution, he revealed
that since October last year, more than 80 foreign and Mainland China crypto
companies had expressed interest in establishing a branch in Hong Kong and
obtaining local licenses.

Hong Kong Attracts
Cryptocurrency Companies

In October
last year, Hong Kong published a statement on the cryptocurrency market regulation, which indicated that it wants to apply the same laws to crypto exchanges as it does to traditional finance companies. Between then and the end
of February 2023, a sizable number of domestic and international firms expressed their interest in having a presence in Hong Kong.

23 of the
80 mentioned are already working to build their local presence, including
cryptocurrency exchanges, blockchain infrastructure companies or cryptocurrency
network security providers.

“As of
end-February 2023, Invest Hong Kong has received expressions of interest from
over 80 virtual asset-related Mainland and foreign companies in establishing
their presence in Hong Kong. These companies included VA exchanges, blockchain
infrastructure companies, blockchain network security companies, virtual
currency wallets and payment companies, as well as other projects on building
the Web3 ecosystem,” Hui said during the conference.

Hong Kong
to Regulate Cryptocurrencies from June 2023

The
Secretary for Financial Services and the Treasury acknowledged that regulations
planned since last year
to establish a licensing regime for the virtual asset
(VA) service providers should come into effect in June 2023, within the next
three months.

“Through
the establishment of a comprehensive and clear regulatory system, we are
expecting more quality VA enterprises to set up businesses in Hong Kong or to
seek development opportunities in Hong Kong,” Hui added.

In addition, Hui recalled that the Hong Kong Monetary Authority (HKMA) is working on stablecoin
regulations, which are expected to come into effect in 2024. In addition to the
work being carried out by the HKMA, Hong Kong wants to implement the
ability to offer cryptocurrency exchange-traded funds (ETFs) to retail
investors.

Hong Kong
has earmarked $50 million in its latest budget to develop the web3 ecosystem
and to build its presence in the virtual assets world by organizing conferences
and attracting companies from the sector.

“While
the Government will strive to cultivate a Web3-friendly environment for the
industry to thrive, we also count on all of you to make best use of your
expertise and develop in Hong Kong,” Hui concluded his speech.

Christian
Hui, the Secretary for Financial Services and the Treasury in Hong Kong, was
one of the speakers at the Aspen Digital Web 3 Investment Summit on 20 March
2023. During his speech, which focused on building the position of China’s
Special Administrative Region as a leader in the Web3 revolution, he revealed
that since October last year, more than 80 foreign and Mainland China crypto
companies had expressed interest in establishing a branch in Hong Kong and
obtaining local licenses.

Hong Kong Attracts
Cryptocurrency Companies

In October
last year, Hong Kong published a statement on the cryptocurrency market regulation, which indicated that it wants to apply the same laws to crypto exchanges as it does to traditional finance companies. Between then and the end
of February 2023, a sizable number of domestic and international firms expressed their interest in having a presence in Hong Kong.

23 of the
80 mentioned are already working to build their local presence, including
cryptocurrency exchanges, blockchain infrastructure companies or cryptocurrency
network security providers.

“As of
end-February 2023, Invest Hong Kong has received expressions of interest from
over 80 virtual asset-related Mainland and foreign companies in establishing
their presence in Hong Kong. These companies included VA exchanges, blockchain
infrastructure companies, blockchain network security companies, virtual
currency wallets and payment companies, as well as other projects on building
the Web3 ecosystem,” Hui said during the conference.

Hong Kong
to Regulate Cryptocurrencies from June 2023

The
Secretary for Financial Services and the Treasury acknowledged that regulations
planned since last year
to establish a licensing regime for the virtual asset
(VA) service providers should come into effect in June 2023, within the next
three months.

“Through
the establishment of a comprehensive and clear regulatory system, we are
expecting more quality VA enterprises to set up businesses in Hong Kong or to
seek development opportunities in Hong Kong,” Hui added.

In addition, Hui recalled that the Hong Kong Monetary Authority (HKMA) is working on stablecoin
regulations, which are expected to come into effect in 2024. In addition to the
work being carried out by the HKMA, Hong Kong wants to implement the
ability to offer cryptocurrency exchange-traded funds (ETFs) to retail
investors.

Hong Kong
has earmarked $50 million in its latest budget to develop the web3 ecosystem
and to build its presence in the virtual assets world by organizing conferences
and attracting companies from the sector.

“While
the Government will strive to cultivate a Web3-friendly environment for the
industry to thrive, we also count on all of you to make best use of your
expertise and develop in Hong Kong,” Hui concluded his speech.

SBF and Former Executives of Defunct FTX Received $3.2 Billion

https://www.financemagnates.com/cryptocurrency/sbf-and-former-executives-of-defunct-ftx-received-32-billion/

The founder
and owner of collapsed cryptocurrency exchange
Cryptocurrency Exchange

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f
Read this Term
FTX, Sam Bankman-Fried (SBF), received
$2.2 billion in loans and payments from the platform and related entities,
mainly Alameda Research, according to the team of administrators in charge of
restructuring the company.

$3.2b for SBF and His
Inner Circle

Five former
executives of the now-defunct FTX and SBF were slated to receive a sum total of
$3.2 billion, with the majority sourced from the Alameda hedge fund, a
significant contributor to the platform’s collapse.

The
breakdown of these payments is as follows:

  1. Sam
    Bankman-Fried received approximately $2.2 billion.
  2. Nishad
    Singh was given $587 million.
  3. Zixiao
    “Gary” Wang received $246 million.
  4. Ryan
    Salame received $87 million.
  5. John
    Samuel Trabucco received $25 million.
  6. Caroline
    Ellison was given $6 million.

However,
according to the crypto exchange’s bankruptcy
Bankruptcy

Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co

Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co
Read this Term
court filings, the transfers made
did not account for $240 million that was spent on luxurious property in the
Bahamas, political and charitable donations directly made by FTX debtors, and
significant transfers to non-debtor units located in the Bahamas and other
jurisdictions.

FTX filed
for bankruptcy four months ago, citing an inability to repay its obligations to
its customers who deposited funds on the exchange. The new CEO, Jon Ray, has
emphasized the company’s goal of paying off all liabilities, primarily to its
customers.

Meanwhile,
SBF, the owner of FTX, is facing accusations of embezzling billions of dollars
to cover Alameda Research’s losses and spending tens of millions lobbying
politicians in Washington. He maintains his innocence and is awaiting a trial
scheduled for 2 October 2023.

The Story Behind FTX’s
Fall

FTX was
considered one of the more reputable and trusted cryptocurrency exchanges and its
founder, Sam Bankman Fried, was one of the most popular personalities in the digital
assets industry. The exchange was founded in 2019, providing trading services
with altcoin derivatives contracts that were not available on other popular crypto
platforms (at the time, derivatives contracts of well-known cryptocurrencies
such as Bitcoin and Ether were the only ones in demand). FTX has since
diversified into other sectors, including spot trading.

FTX
experienced remarkable growth within a brief span. As a privately owned firm,
the exchange is not mandated to disclose its financials. Nevertheless,
according to internal documents that CNBC obtained, FTX recorded a revenue of
$1.02 billion in the previous year, a substantial increase from $89 million in
2020, resulting in a year-over-year growth rate of over 1,000%. Furthermore,
the exchange generated $270 million in revenue during Q1 2022, with projected
annual revenue of approximately $1.1 billion.

However, in
November 2022, FTX started to face difficulties after Binance’s CEO confirmed
that the crypto exchange had decided to sell its holdings of FTX’s FTT tokens.
This move raised concerns regarding the financial stability of FTX’s
competitor. Binance obtained these FTT tokens when it sold its stake in
FTX.

Though Zhao
did not specify, his decision might have been alarmed by a previous Coindesk
report that revealed the balance sheet of Alameda Research, Bankman-Fried’s
trading firm. Alameda held $14.6 billion in assets by the end of last June:
$3.66 billion of that, the largest asset entry, was held in ‘unlocked FTT’, and
another $2.16 billion, the third largest held assets, was in ‘FTT collateral’.

So, what
was the problem? FTX creates FTT tokens that serve solely to offer discounts on
trading fees on its platform. While there is no proof of any wrongdoing, having
such a substantial amount of crypto exchange tokens listed on a balance sheet
can trigger concern.

The news
triggered a market panic, caused investors’ capital to flee and led to the
collapse of a business model that had previously seemed to work flawlessly. The
full story of FTX’s origins, development and demise was covered by Finance
Magnates
here.

In the
recent FTX’s developments, we learned that Alameda Research has filed a lawsuit against crypto asset manager Grayscale. The once-leading crypto exchange,
alongside other affiliated debtors, is seeking to “realize over a quarter
billion dollars in asset value for FTX Debtors’ customers and creditors.”

In the
meantime, Nishad Singh, the former Director of Engineering at the bankrupt
cryptocurrency exchange FTX and the third of close associates of Samuel
Bankman-Fried, pleaded guilty to fraud charges.

The founder
and owner of collapsed cryptocurrency exchange
Cryptocurrency Exchange

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f

A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f
Read this Term
FTX, Sam Bankman-Fried (SBF), received
$2.2 billion in loans and payments from the platform and related entities,
mainly Alameda Research, according to the team of administrators in charge of
restructuring the company.

$3.2b for SBF and His
Inner Circle

Five former
executives of the now-defunct FTX and SBF were slated to receive a sum total of
$3.2 billion, with the majority sourced from the Alameda hedge fund, a
significant contributor to the platform’s collapse.

The
breakdown of these payments is as follows:

  1. Sam
    Bankman-Fried received approximately $2.2 billion.
  2. Nishad
    Singh was given $587 million.
  3. Zixiao
    “Gary” Wang received $246 million.
  4. Ryan
    Salame received $87 million.
  5. John
    Samuel Trabucco received $25 million.
  6. Caroline
    Ellison was given $6 million.

However,
according to the crypto exchange’s bankruptcy
Bankruptcy

Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co

Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co
Read this Term
court filings, the transfers made
did not account for $240 million that was spent on luxurious property in the
Bahamas, political and charitable donations directly made by FTX debtors, and
significant transfers to non-debtor units located in the Bahamas and other
jurisdictions.

FTX filed
for bankruptcy four months ago, citing an inability to repay its obligations to
its customers who deposited funds on the exchange. The new CEO, Jon Ray, has
emphasized the company’s goal of paying off all liabilities, primarily to its
customers.

Meanwhile,
SBF, the owner of FTX, is facing accusations of embezzling billions of dollars
to cover Alameda Research’s losses and spending tens of millions lobbying
politicians in Washington. He maintains his innocence and is awaiting a trial
scheduled for 2 October 2023.

The Story Behind FTX’s
Fall

FTX was
considered one of the more reputable and trusted cryptocurrency exchanges and its
founder, Sam Bankman Fried, was one of the most popular personalities in the digital
assets industry. The exchange was founded in 2019, providing trading services
with altcoin derivatives contracts that were not available on other popular crypto
platforms (at the time, derivatives contracts of well-known cryptocurrencies
such as Bitcoin and Ether were the only ones in demand). FTX has since
diversified into other sectors, including spot trading.

FTX
experienced remarkable growth within a brief span. As a privately owned firm,
the exchange is not mandated to disclose its financials. Nevertheless,
according to internal documents that CNBC obtained, FTX recorded a revenue of
$1.02 billion in the previous year, a substantial increase from $89 million in
2020, resulting in a year-over-year growth rate of over 1,000%. Furthermore,
the exchange generated $270 million in revenue during Q1 2022, with projected
annual revenue of approximately $1.1 billion.

However, in
November 2022, FTX started to face difficulties after Binance’s CEO confirmed
that the crypto exchange had decided to sell its holdings of FTX’s FTT tokens.
This move raised concerns regarding the financial stability of FTX’s
competitor. Binance obtained these FTT tokens when it sold its stake in
FTX.

Though Zhao
did not specify, his decision might have been alarmed by a previous Coindesk
report that revealed the balance sheet of Alameda Research, Bankman-Fried’s
trading firm. Alameda held $14.6 billion in assets by the end of last June:
$3.66 billion of that, the largest asset entry, was held in ‘unlocked FTT’, and
another $2.16 billion, the third largest held assets, was in ‘FTT collateral’.

So, what
was the problem? FTX creates FTT tokens that serve solely to offer discounts on
trading fees on its platform. While there is no proof of any wrongdoing, having
such a substantial amount of crypto exchange tokens listed on a balance sheet
can trigger concern.

The news
triggered a market panic, caused investors’ capital to flee and led to the
collapse of a business model that had previously seemed to work flawlessly. The
full story of FTX’s origins, development and demise was covered by Finance
Magnates
here.

In the
recent FTX’s developments, we learned that Alameda Research has filed a lawsuit against crypto asset manager Grayscale. The once-leading crypto exchange,
alongside other affiliated debtors, is seeking to “realize over a quarter
billion dollars in asset value for FTX Debtors’ customers and creditors.”

In the
meantime, Nishad Singh, the former Director of Engineering at the bankrupt
cryptocurrency exchange FTX and the third of close associates of Samuel
Bankman-Fried, pleaded guilty to fraud charges.