In the past few years, dozens of traditional banks have explored the potential of blockchain-based currencies. Specifically, the UAE and Hong Kong are among the fastest-evolving regions for digital currencies.
According to an announcement of September 10, 2024, Standard Chartered, a leading bank, has started offering its digital assets custody services in the United Arab Emirates.
Standard Chartered partnered with Brevan Howard Digital to launch its digital assets custody services in the UAE. Market experts claim that the bank’s move seems to be influenced by the surging popularity of cryptocurrencies globally, especially in the United Arab Emirates.
As per additional information, Brevan Howard Digital is a subsidiary of Brevan Howard hedge fund that inaugurated its office in Abu Dhabi in 2023. Other than banks, many other firms offering crypto-related services have also established their workplaces in UAE.
The integration of blockchain in traditional financing systems has transformed the entire outlook of finance globally. Experts aware of the facts note that the step by Standard Chartered will positively impact the regional finance system of the UAE, fostering growth in the total digital assets users.
Other Recent News Updates
On September 10, 2024, Todayq reported that the total fine imposed on the crypto-based firms in 2024 grew more than 3000% compared to 2023. It is crucial to note that from 2013 to 2024, the SEC has collected $7.42 billion in fines.
Today Reuters reported that Tether, Tron, and TRM Labs joined hands to tackle the surging illicit activities tied to USDT and Tron blockchain. The trio alliance came with the surging adoption of USDT globally.
MetaPlant, a leading technological giant in Japan has recently announced the addition of 38.46 BTC, now the company holds 398.832 BTCs worth $22,84,7747.82 as of writing.
However, MicroStrategy, the company chaired by Michael Saylor holds 226,500 BTC making it the company holding the highest number of Bitcoins.
Crypto Market Price Update
As of writing, the fear and greed index powered by CoinMarketCap is at 47, reflecting neutrality. The cryptocurrency market capitalization has reflected a reversal reaching $2.02 trillion, with a surge of 2.71%.
Bitcoin, the pioneer of the market, has mirrored a surged trading volume and market capitalization in intraday, its prices are at $57,283 with a addition of 3.72%.
BinaryX tops the weekly gainers’ list as its price grew over 30% reaching $1.52, followed by Quant grew 17.19% reaching $74.00.
The weekly loser is topped by Flow (FLOW) as its lost 9.39% reaching $0.5361 followed by Maker (MKR) 9.21% reaching $1587.
Tether (USDT) has a market capitalization of $118.38 billion, making it the 3rd most prominent market cap. At press time, the trading volume of USDT was $52.37 billion, and its maximum supply was infinite.
As per CoinMarketCap data Dogs, Wrapped Dog and To The Sun are most visited cryptocurrencies of the market. Also the trending list is topped by Dogs, a recently debuted memecoin followed by Bitcoin and Tether.
Some recent reports note that the broader Bitcoin ETFs market has seen a staggering inflow in the past few days, however the ETF powered by Grayscale has been constantly bleeding losing its overall BTC holdings.
