Coinspeaker Ripple CTO to Unveil Vision for Institutional DeFi on XRPL at Consensus 2024

Ripple‘s Chief Technology Officer (CTO) David Schwartz has revealed on his X account that he will discuss the company’s vision and roadmap for institutional decentralized finance (DeFi) on the XRP ledger (XRPL) at the Consensus24 organized by CoinDesk.

Join me and @kwok_phil, where I'll be unveiling Ripple's vision and roadmap for institutional DeFi on the XRP Ledger #XRPL https://t.co/LLERYTlWsS

— David "JoelKatz" Schwartz (@JoelKatz) May 28, 2024

Institutional DeFi: The Next Frontier for Decentralized Finance

Institutional DeFi addresses the adoption and use of decentralized finance protocols and technologies by large institutions, such as banks and asset managers. JPMorgan, in one of their reports, referred to institutional DeFI as a system that merges the advantages of the DeFi protocol to meet regulatory compliance and customer safety measures.

The Ripple CTO will be joined on stage by Phil Kwokz, the co-founder of EasyA, as they will discuss the future of XRPL and the blockchain network. Also, the experts will shed light on multichain interoperability, EVM programmability, and the tokenization of real-world assets (RWA). The company stated:

“If you’re at Consensus2024 this week, join joelkatz and easyA_app’s kwok_phil for a session on the future of blockchain and the XRPL. They will be talking about multichain interoperability, EVM programmability, RWA tokenization, and more!”

This announcement has sparked anticipation among some XRP users. An X user, XRPcryptowolf, with over 325,000 followers, commented on the post that institutional DeFi would be a game changer for the XRP ledger. This potential lies in the system’s ability to attract large institutional investors to the XR ecosystem, expanding its use cases and adoption.

In addition, it could allow institutions to create digital representations of their traditional financial assets, such as stocks and commodities, on the XPRL. This institutional adoption of  DeFi on the blockchain could further establish it as a connection between traditional and decentralized finance, thereby enhancing Ripple’s payment infrastructure and growth.

Growing Adoption and Efficiency of the XRPL Ecosystem

A recent report regarding XRPL 2024’s first quarter performance revealed that the number of active users surged by 37%, and the number of transactions increased likewise by 113%, which is better than the previous year, indicating the growing interest and adoption of the XRPL.

In addition, the total number of accounts on the XRPL increased by 150,000, reaching 5.15 million. However, due to the spike in new addresses created in the previous quarter, the number of new addresses reduced by 12.4% compared to the previous quarter. Thus, the increase in account creation from users, developers, and organizations further contributes to the efficiency of the ecosystem.

As Schwartz presents at Consensus24, Ripple users can expect eye-opening news as he provides more insight into what is next for XRPL. His co-speaker at the event has hinted at the XRPL co-founder’s readiness, stating that he has been preparing for the program all week.

next

Ripple CTO to Unveil Vision for Institutional DeFi on XRPL at Consensus 2024

Coinspeaker Ethena Labs Launches on Blast L2 Network to Integrate USDe and sUSDe with More Web3 Protocols

Ethena Labs (ENA), a synthetic dollar protocol that is developed on the Ethereum (ETH) network, has successfully launched on the Blast Layer 2 solution. According to the announcement, the successful launch of the Ethena protocol on the Blast network will enable the mass adoption of the USDe and sUSDe. Furthermore, several web3 projects – led by Thruster, Juice Finance, Hyperlock Finance, Orbit Protocol, Init Capital, and Renzo – are set to offer USDe and sUSDe services.

Immediate Benefits of Ethena Labs Launch on Blast Network

Notably, the Thruster platform will introduce USDe and sUSDe to liquidity provider pools paired with USDB. The announcement indicated that both pools will receive maximum Ethena allocation with 30X Sats alongside Blast Gold and Thruster Credit.

The company further indicated that  USDe and sUSDe users who stake on Hyperlock Finance will receive an additional 5X Sats.

Following the successful launch of Ethena Labs on the Blast L2 network, Juice Finance will enable users to borrow up to 3X against their USDB into Thruster and Hyperlock Finance V3 USDe for up to 105x Sats and single-sided deposits up to 20X.

Notably, Ethena Labs users can now supply USDe to borrow on Orbit lending protocol. Users who supply USDe to Orbit Protocol can access up to 4X leverage and be eligible to receive 20x rewards on their positions alongside Blast Gold and Orbit Points.

The successful launch of Ethena Labs on the Blast network will enable leveraged looping of USDe and sUSDe up to 5x via Init Capital.

“Both pools will receive maximum Ethena allocations aligned with our pools on Morpho on Ethereum L1 with 20x and 5x respectively with Blast Gold and 1.5x Init Points,” Ethena Labs noted.

Meanwhile, single-sided deposits of USDe will be made available on Particle Trade which will enable users to earn up to 20X Sats.

Particle 🤝 Ethena

Now stake with $USDe

✦ 5x additional sats staking Thruster LP: https://t.co/6pVmHd2Khk

✦ 20x sats single sided USDe staking: https://t.co/CLTKOqZJJU

Blast gold + Particle points + Ethena sats, happy farming! https://t.co/0I1c5Uyjz7

— Particle (@particle_trade) May 29, 2024

Market Impact

The launch of Ethena Labs on the Blast L2 network is a major leap forward for the web3 industry, particularly in the Ethereum ecosystem. The Ethena USDe has grown in the recent past to mid-cap stablecoins with a fully diluted valuation of about $2.92 billion and an average 24-hour traded volume of around $101 million.

The announcement, however, did not have a direct positive impact on the ENA price action. As of Wednesday during the early New York session, ENA, a mid-cap altcoin with a fully diluted valuation of about $12.8 billion, traded around 84 cents, down approximately 7 percent in the last 24 hours.

As for the Blast network, its total value locked (TVL) which stands around $2.24 billion at the time of this writing is bound to grow exponentially in the coming months.

next

Ethena Labs Launches on Blast L2 Network to Integrate USDe and sUSDe with More Web3 Protocols

Coinspeaker Circle Brings USDC to Brazil to Boost Digital Dollar Adoption 

Circle, a leading financial services company and issuer of the second-largest stablecoin USDC, has officially entered Brazil to enhance access to the digital dollar.

The company’s expansion into Brazil aims to provide USD-backed digital currency and infrastructure to a country renowned for its booming fintech sector.

Circle announced the expansion during the Circle Fórum São Paulo, a one-day event where businesses gathered to discuss the impact of digital dollars on Brazil’s economic growth.

Strategic Partnerships to Enhance Digital Dollar Access

To facilitate its entrance into the Latin American market, Circle has partnered with  local banks such as BTG Pactual and Nubank. These partnerships will enable Circle to offer digital asset products and services, allowing users to access the USDC stablecoin without hurdles.

Additionally, the collaborations will allow USDC to integrate with local banking systems, providing businesses with fast and cost-effective options to mint and redeem digital dollars. Circle said one of the partners, BTG Pactual, will be responsible for distributing the stablecoin across the Brazilian market. The investment bank will offer access to the stablecoin to its existing customers, including both retail and institutional investors.

Additionally, BTG Pactual will facilitate the onboarding of new clients interested in the digital dollar.

André Portilho, a senior executive at the bank, stated that the partnership with Circle is a “testament” to their belief in blockchain’s potential to transform the traditional financial system.

“Our partnership with Circle is a testament to our belief that blockchain technology will form the new infrastructure of the financial industry. These milestones underscore our dedication to pushing the boundaries and shaping the future of digital assets,” said Portilho.

As for Nubank, the company already provides its customers in Brazil with access to USDC. The bank and Circle entered into a strategic partnership in December 2023 to make the digital dollar accessible to its customers.

New Opportunities for Brazilian Customers

Nubank disclosed that Circle’s expansion will enhance the security, transparency, and diversification of its crypto portfolio for its more than 100 million active users.

The bank said that Circle’s entrance into Brazil means more opportunities for its customers. Thomaz Fortes, general manager of Nubank crypto said there is a new generation of financial infrastructures coming to the Brazilian market.

“We are glad to partner with Circle to help democratize access to the world of digital assets and contribute to the future of digital financial transactions. We believe that there’s a new generation of financial infrastructure coming, and we’re ready for it,” he said.

On the other hand, Circle CEO Jeremy Allaire said the company is committed to making a positive impact in Brazil. He noted that the expansion into the Brazilian market would bring “many opportunities” to the nation’s fintech sector.

next

Circle Brings USDC to Brazil to Boost Digital Dollar Adoption 

Coinspeaker Bitcoin Long-Term Holders Reaccumulating for First Time since December

Renowned market intelligence company Glassnode recently revealed an important change in the behavior of long-term Bitcoin holders, as they have returned to the re-accumulation phase for the first time since December 2023. As the latest data reveals, Bitcoin, while trading just under an all-time high, entered a phase where the long-term holders are starting to increase their holdings once again.

This behavior follows a period of significant divestment earlier this year, coinciding with Bitcoin’s price surge to a new peak of $73,000 in early March. The growth prompted a selling wave from long-term holders, which created an overhang of supply and contributed to a subsequent consolidation phase for BTC. However, in recent weeks, the pressure to sell from these holders has reduced and given way to a phase of re-accumulation.

Further to the Glassnode analysis, on-chain analytics firm 0nchained corroborates that cohorts holding bitcoin for more than one year and two years have stopped selling. It states:

“The 1-year+ and 2-year+ cohorts have transitioned from a distribution phase to a holding phase.”

A Rise in Demand

Glassnode also points to renewed buy-side demand indicators, notably highlighted by major net inflows into spot bitcoin exchange-traded funds (ETFs). As per the latest data, these products have amassed an average of $242 million per day last week.

This influx contrasts sharply with the daily sell pressure created by miners since the halving, which averaged $32 million per day. The report explains:

“Considering the natural daily sell pressure by miners, these ETFs’ buy pressure is almost 8 times larger. This highlights the size and scale of the ETF impact, but also the relatively small influence of the halving moving forwards.”

“As the market approaches new all-time highs and enters price discovery, we observe the beginning of the Euphoria phase, characterized by 93.4% of bitcoin supply held in profit,” Glassnode noted. Notably, this phase typically lasts 6-12 months and indicates a period where holders are content to keep their holdings, anticipating further price rise.

The analysis underscores a nuanced approach by long-term holders, balancing between profit-taking and anticipating further price appreciation.

A Comparison with Past Bull Cycles

Despite the optimistic signs of re-accumulation and bullish sentiment, Glassnode highlights that the current bitcoin bull cycle appears to be more tempered compared to historical cycles.

Over the past three months, bitcoin has seen weekly, monthly, and quarterly gains of over 3.3%, 7.4%, and 25.6%, respectively, on just five occasions out of the last 90 days. However, historical data shows that in previous market cycles, these gains occurred more frequently, typically between 18 and 26 days within a 90-day period. “This indicates that the current market sentiment may be more measured relative to historical bull markets,” according to the analysts.

next

Bitcoin Long-Term Holders Reaccumulating for First Time since December

Coinspeaker Texas Securities Board Issues Cease-and-Desist against Arkbit for Scam Investment Scheme

The Texas State Securities Board has issued an Emergency Cease and Desist Order to stop a fraudulent multi-level marketing (MLM) scheme perpetrated by Arkbit. According to the order, Arkbit must stop its investment plans that offer users purported returns from cryptocurrency mining investments. The Arkbit company comprises Arkbit Capital, Arkbit Capital Holdings, ABC Holdings LLC, and ABC Mining.

Arkbit’s Payment Processor Account in India

The order states that Arkbit claims to operate data centers in Arkansas, which are used for cloud mining several digital assets. According to Arkbit’s website, the Standard and Comprehensive ROI Plans the company offers advertised daily returns of between 1.6% and 2.8%, for 120 days. This requires an investment deposit of cryptocurrencies worth between $50 and $59,999.

The Texas State Securities Board also found that Arkbit Capital used payment processor CoinPayments.Net to facilitate user investment payments. However, the payment processor’s policy restricts users from the United States and several other jurisdictions. Interestingly, the CoinPayments account holder turned out to be a Paras Khivesara in Hyderabad, India, and not Arkansas.

Texas Securities Board Exposes Arkbit for Doctored Images and Videos

According to the Texas regulator, Arkbit also manipulated several images and videos to promote their offerings. For instance, a video Arkbit Capital used showed the company’s founder and CEO Delma Estabrook at a 2023 cryptocurrency conference held in Austin, Texas. However, authorities could not find any evidence to support Estabrook or Arkbit’s presence at the conference.

Authorities have also found that a video showing Arkbit’s office, supposedly in Little Rock, Arkansas, is actually an office space in Los Angeles anyone can rent as a workspace. To add some credibility to its scheme, Arkbit registered with the Arkansas Secretary of State office as a business entity.

The order exposes Arkbit’s use of social media to drive its scams. The company regularly drives users to its website and investment content using Facebook, LinkedIn, Instagram, and X. There is also a YouTube account Arkbit used to show purported data centers in Arkansas. According to the Texas Securities Board, Akbit used “stolen and edited photos and video” to advertise some credibility. One such YouTube video turned out to be an edited stock video from stock footage website Pond5, of a crypto mining server plant.

Authorities Caution Investors

Texas Securities Commissioner Travis J. Iles has advised investors to adopt “healthy skepticism” when dealing with lucrative investment opportunities advertised by unfamiliar persons. Iles said would-be investors must be aware that methods used by fraudsters are changing, making it more difficult to differentiate legitimate investments from scams.

According to Joe Rotunda, the Director of the Enforcement Division of the Texas State Securities Board, the crypto sector has had its fair share of these scams. Rotunda said:

“This is a common tactic we see in online crypto investment scams. By appearing to be part of the cryptocurrency industry, bad actors attempt to seem like legitimate contributors to the space. Don’t be fooled.”

Last July, the state’s Securities Board issued a Cease and Desist Order against Abra, comprising a few businesses accused of securities fraud. In January, the Board announced a settlement with Abra, allowing investors to withdraw their funds.

next

Texas Securities Board Issues Cease-and-Desist against Arkbit for Scam Investment Scheme

Coinspeaker JPMorgan Supports Riot Platforms’ Bid to Acquire Bitfarms

Analysts at JPMorgan, an American multinational financial services company, support Riot Platforms’ proposed move to acquire rival company Bitfarms to build the largest publicly traded Bitcoin (BTC) mining center in the world.

Riot officially declared its intention to acquire Bitfarms on Tuesday, proposing to purchase all outstanding BITF shares at $2.30 per share. This offer represents a 24% premium to the company’s one-month volume-weighted average price as of May 24, translating to an equity value of approximately $950 million.

According to a Wednesday report, the JPMorgan analysts deemed the offer to be strategically and financially sound. They believe the deal  “makes a lot of sense” if accepted.

Riot Buys 9.25% Stake in Bitfarms

Riot had earlier attempted to acquire Bitfarms privately without disclosing it to the public.  However, the offer was rejected by Bitfarms’ board last month.

Undeterred by the rejection, Riot proceeded to acquire a 9.25% stake in Bitfarms, becoming one of its largest shareholders.

In light of this renewed bid, the company plans to call a special shareholder meeting to address its proposal, which it believes would benefit both companies.

During the meeting, the company wants to discuss appointing a new independent director to Bitfarms’ board citing concerns regarding the commitment of certain directors to act in the best interests of all shareholders. Riot believes the initial rejection stemmed from some directors at Bitfarms not representing the full interests of shareholders. Now, the firm wants to discuss the proposal directly with the shareholders.

“We are deeply concerned that the founders on the Bitfarms Board – Nicolas Bonta and Emiliano Grodzki – may not be acting in the best interests of all Bitfarms shareholders,” said Jason Les, CEO of Riot.

He noted that the sudden dismissal of Bitfarms CEO Geoffrey Morphy, who was fired following allegations of violation of contract without a “transition plan in place at a critical period of execution for Bitfarms and the industry raises serious governance questions”.

Proposed Merger Promises

As the industry anticipates the outcome of the proposed acquisition, Riot’s executive chairman Benjamin Yi, said the acquisition will be beneficial for both companies.

He noted that merging with Bitfarms would enable them to pool resources and create the largest Bitcoin mining firm in the world.

“A combination of Bitfarms and Riot would create the premier and largest publicly listed Bitcoin miner globally, with geographically diversified operations well-positioned for long-term growth,” Yi said.

Riot also pointed out that the merger would be advantageous for shareholders of both companies. The acquisition would establish a vertically integrated Bitcoin mining company with up to 1.5 GW of power capacity and 52 EH/s self-mining capacity by the year’s end.

The combined company would operate 15 facilities across the United States, Canada, Paraguay, and Argentina, ensuring geographic diversification and benefiting from favorable energy arrangements.

next

JPMorgan Supports Riot Platforms’ Bid to Acquire Bitfarms

Coinspeaker Bitcoin Price Slumps as Meme Coins Takes Bullish Spotlight

In the past 24 hours, Bitcoin (BTC) and Ethereum (ETH) prices have decreased by slightly more than 1%, an indication of a subdued crypto market following last week’s rally. Although major tokens like Solana’s SOL, XRP, and Binance Coin (BNB) have shown little change, meme coins, particularly Shiba Inu (SHIB), have driven significant gains, with the token climbing up to 12%.

CoinDesk 20 (CD20), an index tracking the largest tokens excluding stablecoins, declined by 0.5%. This is a general reflection of market sentiments despite the spot Ethereum ETF approval and other bullish predictions by top crypto analysts and influencers.

Shiba Inu Is Outperforming Bitcoin

Despite the bullish predictions for the two top digital assets, it is meme coins that are witnessing a surge in market performance today.

Notably, the surge in meme coins, including Dogecoin (DOGE) whose price was down 5% following the death of Kabosu and SHIB, commenced on Tuesday in the European trading hours. This coincided with a 19% rise in pre-market trading for GameStop Corp (NYSE: GME) stocks. Generally, such movements in GameStop have often led to gains in meme tokens.

In a statement, Rennick Palley, founding partner at Stratos, a crypto fund, noted there is a shift amongst popular memes following the re-entry of Asian traders to the market. Palley attributed this trend to the positive impact of the excitement around the ETH ETF and the US regulatory shift towards a more pro-crypto stance.

According to him, “most tend to see their prices rise most significantly during Asian trading hours, during the middle of the night US time.”

Notably, the rally in Shiba Inu in recent times could be attributed to different factors, including strategic partnerships, renewed investor interest, and recent technological upgrades in the Shiba Inu ecosystem. SHIB price jumped nearly 15%, reaching $0.00002931 with a market cap of $16.74 billion.

In effect, the meme coin exceeded Cardano’s market cap of $16.44 billion. This placed Shiba Inu among the top 10 cryptos globally, effectively dethroning Cardano.

Factors behind SHIB’s Rally

A remarkable surge has registered in recent weeks amongst meme tokens like Pepe (PEPE) and Mog (MOG). These tokens have surged by up to 100%, fueled by optimism surrounding the Ethereum ecosystem and the approval of a spot Ethereum ETF in the US.

However, despite the bullish rally for meme coins in market activity, Bitcoin remains in a bearish trading range. According to Alex Kuptsikevich, a Senior Market analyst at FxPro, a shift in pattern will occur when there is a clear daily close above the $70,000 level. Though Bitcoin remains in consolidation mode, the coin boasts of many fundamentals bordering on spot Bitcoin ETF, market sentiment needs to rhyme for the expected breakout

“A clear exit and daily close above $70,000 will break this bearish pattern. Until then, the classic development is a pullback to the lower range at around $68,000,” Kuptsikevich stated.

next

Bitcoin Price Slumps as Meme Coins Takes Bullish Spotlight

Coinspeaker Blocksquare Celebrates Reaching $100M in Real Estate Tokenization

Blocksquare, one of the leading blockchain companies focused on real estate tokenization, is celebrating a new milestone. The company, based in Ljubljana, Slovenia, has successfully tokenized $100 million worth of properties across 21 countries.

The firm, founded by Denis Petrovcic, Peter Merc, and Viktor Brajak, has been in the business of real-world asset (RWA) tokenization for real estate since 2017 and has so far tokenized a total of 118 properties.

According to a shared press release, these properties include hotels, restaurants, parking lots, healthcare facilities, and apartments, spanning different geographical locations worldwide.

Celebrating a $100 Million Milestone

Blocksquare attributed its success to its innovative legal structure. The platform, which enables cost-effective asset tokenization, has been recognized for achieving the first notarization of a tokenized real estate transaction on the European Union land registry.

This milestone ensures secure on-chain operations and sets a new benchmark in the real estate tokenization industry, showcasing Blocksquare’s commitment to security and technological advancement.

Commenting on the $100 million milestone, Petrovcic, who also serves as the CEO of the company, credited the achievement to the combined efforts of Blocksquare’s innovative team, dedicated marketplace partners, and holders of the platform’s native token, BST.

He further emphasized that this achievement sends a clear message to the broader crypto industry: tokenizing real-world assets (RWAs) such as real estate holds significant value. This process can act as a bridge, enabling people to invest in traditional assets like real estate through blockchain technology.

“Over $100M in real estate assets in 21 countries across the globe is a clear signal to the industry that tokenizing RWAs like real estate holds immense value for creating a bridge to invest in traditional assets,” he said.

Blocksquare Rolls Out New Launchpad

In addition to reaching the $100 million milestone, Blocksquare has announced the launch of Oceanpoint v0.5, a decentralized finance (DeFi) launchpad aimed at supporting real estate tokenization startups.

The company said the launchpad is already live and is powered by Blocksquare’s utility token, BST.

According to the press release, the token can be staked and converted into its governance token, known as sBST. BST holders can also use their holdings to support emerging tokenization marketplace operators to earn additional rewards.

The launchpad also provides startups with up to a 100% discount on Blocksquare’s SaaS solutions, making it easier for them to launch and grow their ventures.

Blocksquare said that marketplace pools within the new launchpad will offer a democratized pathway for engagement and growth, enabling both marketplace operators and community members to thrive within the ecosystem.

next

Blocksquare Celebrates Reaching $100M in Real Estate Tokenization

Coinspeaker Pulsar Finance Integrates Solana, Expands Cross-Chain Portfolio Tracking

Pulsar Finance, a multi-chain portfolio tracker, has announced the addition of the Solana (SOL) blockchain to its platform. By integrating Solana, the platform aims to provide users with solutions for managing their assets across multiple chains, addressing the challenge posed by the fragmentation of the Web3 ecosystem.

Addressing Web3 Fragmentation with Comprehensive Portfolio Management

The cross-chain portfolio manager, founded in 2021 and later acquired by Terraform Labs in November 2023, has been leading the portfolio management system. With the addition of Solana, the platform can now track web3 assets across 113 blockchains, thereby providing users with a comprehensive solution for tracking their digital assets across multiple ecosystems.

In a post by Pulsar Finance co-founder Eduardo Alves, he explained that as the Web3 space gets more fragmented, it’s becoming difficult and time-consuming to track asset value, hence the need for an asset management solution like Pulsar Finance. In his words:

“Keeping up with your portfolio’s value using Spreadsheets and manual tracking is incredibly time-consuming.  Luckily, our Portfolio Tracker fixes this – we’re the number one solution for Web3 asset management.”

To use this platform, users do not need to connect their wallets, as the team behind the solution is very concerned about customers’ privacy; they can simply add their Solana address or use their Solana Name Service.

Solana Integration: Enabling Tracking of a Rapidly Growing Ecosystem

The Solana integration into Pulsar Finance is essential given the uniqueness in speed and low transaction rate of the SOL blockchain compared to others. Also, the coin has been experiencing a surge in trading volume, which is also increasing its market capitalization and price. This has further propelled the coin to establish its position as the fifth largest cryptocurrency by market capitalization.

The rising metrics show the increased demand for Solana solutions and the long-term prospect of the SOL coin. Pulsar Finance’s integration of the blockchain is undoubtedly a game-changing addition to its services. The co-founder said:

“Solana has become an integral part of the multi-chain world due to its low transaction fees, lightning-fast execution, and amazing UX. This integration is a huge milestone in our mission of becoming the biggest portfolio  tracker in the market.”

Expansion Plans: Aiming to Become the Biggest Portfolio Tracker

The multi-chain asset management co-founder further revealed that the company is currently working on adding another two major blockchains that are ‘incredibly hyped’  to its network. Alves stated that Pulsar Finance aims to become the biggest portfolio tracker in the market; hence, the integration of Solana into its system is the right step in the right order.

It is safe to say that as the blockchain and crypto space continues to become more fragmented, platforms like Pulsar Finance will play a significant role in helping users stay organized and making asset management easier for them.

next

Pulsar Finance Integrates Solana, Expands Cross-Chain Portfolio Tracking

Coinspeaker Binance and Cristiano Ronaldo Launch Another Limited Edition of NFT Collection

A well-decorated Portuguese professional footballer Cristiano Ronaldo, who currently plays as a forward for the Saudi Arabia-based Al Nassr, has announced the official launch of a new limited edition non-fungible tokens (NTFs) in partnership with Binance Holdings Ltd., on Wednesday, May 29.

According to the announcement, the latest Ronaldo’s NFT collection on Binance is titled Forever Worldwide: The Road to Saudi Arabia.

The legendary footballer indicated that the latest NFT collection will represent his football life from Madeira to a professional icon.

Additionally, the latest NFT collection will enable the fans to access a wide range of perks including vintage football shirts, match tickets, and a chance to meet with Ronaldo physically.  “Each place in ‘Forever Worldwide: The Road to Saudi Arabia’ means a lot to me personally and I can’t wait for fans to see my career’s big moments through this special artwork collection. Working with artists who really capture the feeling from each place makes this experience even more sentimental, and as NFTs, these moments in my journey can live on forever,” Ronaldo noted.

Closer Look at Latest Ronaldo’s NFTs on Binance

The Forever Worldwide: The Road to Saudi Arabia will launch in two phases during the upcoming football season and will be crowned with an auction in June for the super super rare (SSR) NFTs. While the first drop will kickstart on May 29, the second NFT drop is scheduled for June 6, 2024.

Introducing @Cristiano Ronaldo's latest NFT collection on #Binance, Forever Worldwide: The Road to Saudi Arabia!

Be a part of CR7's career journey and own a digital piece of his legacy as the GOAT 🐐

Explore today ➡️ https://t.co/P65SWuYkTx pic.twitter.com/JPTFNMfWu1

— Binance (@binance) May 29, 2024

Notably, the first Ronaldo’s NFT drop will encompass 2,800 normal NFTs for his life in Madeira, 2,300 normal units for his life in Lisbon, and 1,700 normal units for his life in Manchester. The second Ronaldo’s drop will include 1,200 normal NFTs for Madrid, 800 for Turin, and 700 for Saudi Arabia.

The last phase on June 14 will encompass 7 super super rare NFTs for Portugal, which will be dedicated to his national team. Apart from the SSR units, all the other NFTs will be priced at $35 per unit.

“To encapsulate this journey, we’ve worked with him to create our most remarkable NFT collection to date with the very best rewards ever offered for sports fans, while giving a platform to incredible talent with personal ties to iconic locations throughout Cristiano’s life. Together, we’re committed to reshaping fan engagement in sports, and this collection does that by opening up new horizons of NFT utility and levels of fan-connections,” Sarah Dale, Head of Brand Partnerships at Binance, noted.

Market Picture

The launch of Forever Worldwide: The Road to Saudi Arabia will have a profound impact on the Binance ecosystem, and especially on BNB. Already, Binance has cleared several regulatory hurdles in major jurisdictions led by the United States.

However, Ronaldo is yet to fully clear his name after a legal lawsuit filed last year indicated that he promoted unregistered securities, which led to financial losses.

next

Binance and Cristiano Ronaldo Launch Another Limited Edition of NFT Collection

Coinspeaker Ripple Adds Another $25M to Crypto PAC Fairshake, Total Contributions Now $50M

Ripple has take­n a significant step to increase the crypto sector’s political clout by donating an additional $25 million to Fairshake, a major fede­ral crypto super PAC. This latest donation, announced on May 28, 2024, brings Ripple­’s total contributions to Fairshake to $50 million over the past two ye­ars.

Fairshake, which aims at supporting crypto-friendly congressional candidate­s, has raised more than $100 million from major players in the­ industry, including Coinbase, Gemini, Andree­ssen Horowitz, and ARK Invest. Ripple contributions alone­ account for nearly half of this total.

The 2024 ele­ctions are critical for the crypto industry to ele­ct supportive legislators and remove­ opponents like Congresswoman Katie­ Porter, targeted by a $10 million Fairshake­ campaign. This assertive strategy highlights the­ industry’s dedication to creating a more favorable­ regulatory climate.

Ripple’s Strategic Political Investments

Ripple’s CEO, Brad Garlinghouse, has consistently emphasized the need for regulatory frameworks that support innovation. Recently, he criticized the US Securities and Exchange Commission’s (SEC) enforcement strategies, advocating for proactive legislation to foster a “positive regulatory landscape” for cryptocurrencies.

 “Our contributions to Fairshake are just one of the many ways Ripple will actively invest in educating voters on the role crypto will play in the future and the dangers of the anti-crypto stance some policymakers are clinging to in Washington,” Garlinghouse said​.

The SEC’s lawsuit against Ripple, initiated in 2020, has been a major issue. The agency accused Ripple of breaking federal securities laws, a conflict that has driven Ripple’s political engagement. Garlinghouse stressed that Ripple and the crypto industry will keep pushing for change until substantial regulatory reform is achieved.

The Impact of Fairshake PAC

Fairshake has shown its influe­nce by supporting candidates from both political parties. While­ it tends to democrat’s favor slightly, it has also supported ke­y Republicans working on crypto legislation. For instance, notable­ funds have gone to Republican Re­presentative Patrick McHe­nry and Democratic Represe­ntatives Josh Gottheimer and Ritchie­ Torres.

Ripple’s major financial backing of Fairshake highlights its strate­gic push to influence the future­ of crypto regulation in the US. Through political advocacy, Ripple se­eks to create a re­gulatory environment that fosters growth and innovation, prote­cting the interests of millions of Ame­rican crypto users.

With the 2024 ele­ctions on the horizon, the crypto industry remains vigilant and de­eply involved in the political sce­ne, aiming to secure favorable­ legislation for its continued success.

next

Ripple Adds Another $25M to Crypto PAC Fairshake, Total Contributions Now $50M

Coinspeaker Analyst Claims XRP Would Provide Lowest Returns with Highest Risk

Renowned crypto analyst Jason Pizzino has raised cautionary flags regarding XRP, predicting it to offer the lowest returns with the highest risk among the top 11 altcoins. In a recent analysis shared on X, Pizzino listed top altcoins, excluding stablecoins and Ethereum, that could potentially outperform Bitcoin while minimizing high-risk trades.

Top 11 Altcoins’ Performance

Pizzino’s analysis puts altcoins into different categories on how they performed after Bitcoin’s breakout in October 2023, which marked a significant milestone in the altcoin season.

Based on Jason Pizzino’s analysis, the top altcoin performers included Solana (SOL) with a notable surge of 180%, indicating strong growth momentum. Other altcoins that showed positive results were Binance Coin (BNB) with a 22% increase, Dogecoin (DOGE) up by 18%, along with Shiba Inu (SHIB) and Avalanche (AVAX) with an uptick of 50% and 63%, respectively.

Toncoin (TON) remained flat, while several altcoins posted negative performance, including Cardano (ADA) down 24%, Polkadot (DOT) decreased by 17%, Chainlink (LINK) and Bitcoin Cash (BCH) dropped 21% and 15%, respectively. XRP had the worst performance among the top 11 altcoins, tanking by 55%.

In his analysis, Pizzino emphasized the importance for traders to avoid high-risk, low-reward investments, particularly in the late stages of a market cycle. He highlighted XRP as a prime example where the risk outweighs the potential returns, reflecting ongoing uncertainties surrounding the token. The analyst states:

“The results as of today suggest that SOL would be the top performer and XRP would provide the lowest returns with the highest risk.”

Ripple Struggles

Ripple has been entangled in a high-profile legal battle with the US Securities and Exchange Commission (SEC) since late 2020. The SEC filed a lawsuit against Ripple Labs Inc. and two of its executives, alleging the unregistered sale of digital asset securities totaling over $1.3 billion.

Despite significant legal developments, including a ruling that programmatic sales of XRP do not meet the Howey Test’s third prong, ongoing appeals by the SEC continue to cast a shadow over XRP’s market performance.

Currently trading around $0.53, XRP has seen a modest increase of about 4.54% over the past month. Despite persistent regulatory challenges, Ripple CEO Brad Garlinghouse remains positive about the prospects of an XRP ETF getting approved by the SEC, adding that Ripple and Bitcoin are the only cryptocurrencies enjoying regulatory clarity.

In contrast, BKCM founder Brian Kelly suggested a different trajectory during an interview with CNBC. Kelly highlighted SOL as a potential candidate for the next cryptocurrency to secure ETF approval. He referred to Bitcoin, Ethereum, and Solana as the leading trio of this market cycle.

next

Analyst Claims XRP Would Provide Lowest Returns with Highest Risk

Coinspeaker US Bitcoin Miners Experiencing Surge in Energy Costs Post-halving

The recent Bitcoin (BTC) halving event has significantly impacted the operational costs for BTC miners in the United States, driving energy expenditures to a staggering $2.7 billion.

According to Best Brokers’ post, this surge in cost stems from the halving process, which reduced the reward for mining new Bitcoin blocks by half, effectively doubling the computational effort, and consequently, the energy consumption required to generate the same amount of the cryptocurrency.

Bitcoin Miners Reconsidering Strategies Due to High Energy Costs

Paul Hoffman, the Best Brokers analyst, emphasized the significant energy usage of Bitcoin mining, pointing out that 20,822.62 gigawatt-hours (GWh) of electricity have been utilized in the current year. This level of expenditure is noteworthy, given the average commercial electricity rate of $0.1281 per kilowatt-hour (kWh) as of February.

Additionally, 116,550 Bitcoin valued at $8.2 billion have been mined worldwide, with US miners contributing 44,102 BTC (37.84% of the total). The heightened energy demands have led to a sharp increase in electricity costs, a primary expense for Bitcoin mining operations.

Before the halving, it took 407,059.01 kWh of electricity to mine one BTC, costing about $52,144.26. However, after the halving, the energy required multiplied to 862,625.55kWh, increasing the cost to about $110,503.61 per Bitcoin. This shift in energy costs has forced many US miners to reconsider their strategies. Today, some are opting to relocate to states with lower electricity rates or invest in renewable energy sources to mitigate expenses.

Impact of Bitcoin Halving Event 2024

The halving event is expected to have a major financial effect on Bitcoin mining firms, causing a substantial reduction in annual revenue amounting to billions of dollars. Before this year’s halving, experts at JPMorgan Chase & Co (NYSE: JPM) an American investment banking leader, pointed out miners’ difficulties, including production costs, decreased earnings, and electricity-related issues.

Before the halving, several mining companies scouted for sustainable options with a Texas-based Bitcoin mining firm Giga Energy partnering with Argentinian firms. As the sector braces for consolidation, publicly-listed Bitcoin miners are expected to gain market share, leveraging greater access to funding and equity financing.

Post-halving events have been completed without disrupting the functioning of the Bitcoin blockchain. However, miners now rely increasingly on transaction fees as a source of revenue amidst dwindling rewards. Meanwhile, there are 64 expected halving events before reaching the 21 million cap around 2140 when all Bitcoin blocks would be mined.

However, the price trajectory of Bitcoin has remained unchanged a little despite speculations and projections by different analysts before the halving. For instance, Bitwise CEO Hunter Horsley predicted the digital asset might soar to $100,000 after the halving event. Market watchers say it is still too early but a bullish run is anticipated in the coming days.

At the time of writing, the price of Bitcoin is pegged at $67,761.34, down by 0.67% in the past 24 hours.

next

US Bitcoin Miners Experiencing Surge in Energy Costs Post-halving

Coinspeaker Shiba Inu Dethrones Cardano to Join Top 10 Crypto Globally

Shiba Inu (SHIB), one of the popular meme coins in the industry and a favorite among enthusiasts, has surged into the top 10 crypto assets globally, surpassing Cardano (ADA). The token, which describes itself as a “Dogecoin-killer”, now occupies the tenth spot, displacing ADA to the eleventh position.

SHIB price jumped nearly 15% in the past 24 hours, reaching $0.00002931 with a market cap of $16.74 billion, exceeding ADA’s market cap of $16.44 billion. SHIB briefly reached $17 billion early Wednesday morning before stabilizing at its current level of $16.9 billion. The meme coin also displaced ADA on the platform.

Shiba Inu’s Rise amid Crypto Market Trends

While celebrating the latest milestone, Lucie, the marketing lead at Shiba Inu hinted that this is not the first time the token is dethroning ADA to take its place on the list of the biggest cryptocurrencies in the industry.

$SHIB flipped $ADA ( again today) pic.twitter.com/cSu2fZuwcn

— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) May 29, 2024

Despite the latest achievement, SHIB remains behind Dogecoin (DOGE), the king of meme coins in the industry. DOGE is currently seated as the eighth largest crypto with a market cap of $24.16 billion.

SHIB’s recent surge reflects a broader positive sentiment towards the meme coin sector. Other meme coins like Floki, Dogwifhat, and Pepe also experienced significant gains, with increases of 35%, 32%, and 27% respectively over the past 24 hours.

The Shiba Inu ecosystem has also experienced growth during this rally, with trading volume soaring to nearly $1.9 billion. The network outperformed other meme coins, including DOGE and PEPE, which recorded $1.2 billion and $1.3 billion in trading volume respectively.

Factors Potentially Driving SHIB Rally

Shiba Inu’s recent rally could be attributed to different factors, including strategic partnerships, renewed investor interest, and recent technological upgrades in the Shiba Inu ecosystem.

The project recently upgraded its burning mechanism, increasing the burning rate by 600%. Last week, Shiba Inu burned around 10 million of its tokens, permanently removing them from circulation. The team behind the meme coin aims to reduce its large supply to increase its scarcity and potential value over time. To date, the SHIB team has destroyed about 41% of the total supply through the burning mechanism.

Additionally, in April the Shiba Inu team announced plans to upgrade the token’s blockchain, Shibarium, a layer-2 scaling solution to improve its security and enhance overall user experience. The upgrade, which concluded this month on May 2, aims to improve the network’s stability, laying a dependable foundation for future projects.

next

Shiba Inu Dethrones Cardano to Join Top 10 Crypto Globally

Coinspeaker EOS Network Foundation Reveals Major Tokenomics Transformation

The EOS Network Foundation, an open-source blockchain platform, has recently announced a significant transformation of its EOS blockchain. This transformation will occur through proposed updates to its tokenomics, explained in the EOS System Contracts v3.4.0 release.

According to the first installment of a two-part series, these changes are designed to stabilize and grow the EOS token economy by implementing a fixed supply model. This includes capping the total EOS token supply at 2.1 billion tokens, effectively ending the previous model of inflation. Additionally, the new model introduces token vesting schedules for network custodians, including EOS Block Producers, Staking Rewards, the EOS Network Foundation (ENF), and EOS Labs.

“The EOS System Contracts v3.4.0 release marks a watershed moment for the EOS blockchain, introducing foundational changes to its tokenomics,” states the EOS Network Foundation.

Strategic Management of EOS RAM

A key feature of the new tokenomics model is the strategic management of EOS RAM. Notably, if the multi-signature (MSIG) proposal receives approval from at least 15 of the 21 EOS block producers, 315 million EOS will be allocated for market making and liquidity provisioning across centralized exchanges (CEXs) and decentralized exchanges (DEXs). Additionally, 35 million EOS will be used to purchase RAM from the system Bancor pool to support EOS ecosystem initiatives.

These RAM allocations will be acquired through multiple transactions of varying amounts between the approval of the new tokenomics and the Spring 1.0 hard fork scheduled for July.

The purchased RAM will be used to support or fund EOS ecosystem initiatives, the EOS Network Foundation explains. Additionally, professional market makers will acquire RAM to establish wrapped RAM (WRAM) liquidity on various exchanges, enhancing the market depth and accessibility for EOS RAM.

The successful approval of the MSIG will also dedicate 15 million EOS to funding public goods for middleware development to improve the usability of the EOS Network. The announcement reads:

“These tokenomic updates also set the stage for subsequent enhancements to REX, including EOS staking rewards, and a more flexible distribution of system fees.”

Looking Ahead

The foundation expects EOS staking rewards to start by the end of June with the implementation of REX 2.0. For the second part of the series, it plans to explore the proposed transition to REX 2.0, which is expected to initiate high-yield staking rewards for EOS token holders. The foundation explains:

“We will delve into the proposed transition to REX 2.0, set to bring about crucial enhancements like redirecting system fees to Block Producers, incorporating staking rewards into REX, and extending the staking lockup period to 21 days.”

However, this transition will be dependent on the successful implementation of the changes introduced in the first MSIG.

next

EOS Network Foundation Reveals Major Tokenomics Transformation

Coinspeaker Notcoin (NOT) Price Surges 40% after Airdrop, Trading Volume Hits $1.25 Billion

The cryptocurre­ncy market continues to expe­rience a correction, with many major coins se­eing price drops. Howeve­r, Telegram-based play-to-e­arn project Notcoin (NOT) is bucking the trend, surging an impre­ssive 40% following a week of re­lative inactivity for the coin and eme­rging after its highly anticipated airdrop.

Photo: CoinMarketCap

While the­ initial airdrop didn’t result in immediate gains, it has unde­niably sparked renewe­d interest in Notcoin. Notcoin is still 20% up, with its market cap standing at $968 million within the last 24 hours. This surge coincides with a massive­ 18% increase in daily trading volume, surpassing $1.25 billion.

Notcoin’s Play-to-Earn Game Surges

Analysts belie­ve the rece­nt price increase is he­avily influenced by the growing popularity of Notcoin’s play-to-e­arn Web3 game hosted on Te­legram. The game allows use­rs to convert their in-game curre­ncy to NOT tokens, attracting a large portion of Tele­gram’s vast user base.

Adding fuel to the­ fire, renowned cryptocurre­ncy trader Zen has expre­ssed a bullish outlook for NOT in the mid-term. While­ acknowledging the long-term de­pendence on the­ broader market, Zen re­mains optimistic, stating that “dips are for buying”.

$NOT coin covered the gap left from after-launch sell off. Basically that is the main resistance area – if manage to close above most probably will attack 0.0068 POC. If not, might pull back to breakout level under 0.006Mid term bullish. Long term depends on the market, but… pic.twitter.com/5WiBahvRrQ

— Zen (@WiseAnalyze) May 27, 2024

Following the airdrop, Notcoin’s social me­dia has seen a significant boost. The te­am recently compared Notcoin to Bitcoin, marking this occasion with the­ NOT Airdrop Phase 1 announcement. A Twitte­r poll with over 29,711 participants showed strong support for Notcoin, with 86.2% choosing it over Bitcoin (13.8%).

Limited supplyWide distribution Still cheap

— Notcoin Ø (@thenotcoin) May 25, 2024

Adding to the­ positive outlook, a recent price­ increase triggere­d a wave of short liquidations. Data from Coinglass shows over $3.90 million in short positions we­re liquidated in the last 24 hours. This happe­ns when traders betting on Notcoin (NOT) price­ falling are forced to buy it back to cover the­ir losses, pushing the price e­ven higher.

Notcoin’s Innovative “Earning Missions” Feature

Beyond the­ airdrop, Notcoin is attracting investors with innovative feature­s like “earning missions”. This program allows users to passive­ly earn NOT tokens by simply engaging with partne­r projects and communities.

Additionally, users can significantly incre­ase their rewards by staking the­ir NOT holdings, with higher tiers offering substantial re­turns. This combination of earning opportunities makes Notcoin a compe­lling proposition for both new and existing investors.

next

Notcoin (NOT) Price Surges 40% after Airdrop, Trading Volume Hits $1.25 Billion

Coinspeaker El Salvador GDP Can 10x in 5 Years with Its Bitcoin, AI Plans, Cathie Wood Says

After her meeting with El Salvador President Nayib Bukele on Tuesday, ARK Invest CEO Cathie Wood says that she’s very optimistic about the country’s future. Wood stated that El Salvador can see its GDP skyrocket by 10x in the next five years by 2029 if it sticks to its current Bitcoin and AI adoption plans.

In a post on the X platform on Tuesday, Wood wrote:

“President Bukele’s determination to turn El Salvador into an oasis for the Bitcoin and AI communities – two of the biggest economic and technology revolutions in history – is the reason I believe that its real GDP could scale 10-fold during the next five years”.

During the meeting, Wood and Bukele discussed Bitcoin’s integration into capital markets, tax policies, and AI. Bitcoin maximalist Max Keiser who advises President Bukele on Bitcoin-related matters said that Wood walked through the exact numbers on how the Latin American country can increase its GDP by a massive tenfold to $300 billion by 2029.

The meeting was also attended by Bitcoin advocate Stacy Herbet, United States economist Arthur Laffer, and ARK Invest research associate Marc Seal.

The Rise of El Salvador in Bukele’s Leadership

As per the World Bank data, El Salvador’s GDP numbers back in 2022 stood at $32.4 billion, up by a strong 30% ever since Bukele took office in 2019. Thus, if it reaches a staggering $300 billion, it would put the Latin American nation’s GDP at par with the Czech Republic, Romania, and Chile.

During his first Presidential tenure, Nayib Bukele was swift in adopting Bitcoin as part of the country’s treasury. Despite much pressure from the IMF and other global institutions, Bukele stood his ground against all odds while making Bitcoin a legal tender. As of now, El Salvador holds  5,764 Bitcoins in its treasury worth nearly $400 million. The country is already sitting on 58.6% of its average purchase price.

He also introduced other key policies such as eliminating taxes pertaining to tech innovation as well as removing income tax for foreign investments and remittance in March. As a result of these policies, Google announced to set up its office in El Salvador past month in April, under a $500 million strategic partnership.

However, El Salvador has also been facing some hurdles when it comes to retail Bitcoin adoption. In February, Jamie Robinson, the chief strategy officer of The Bitcoin Hardware Store, highlighted several notable incidents that hampered progress in El Salvador’s adoption of Bitcoin, including a largely tech-illiterate population, lack of merchant enforcement, and issues with the rollout of the Chivo Wallet in 2021.

According to a January survey conducted by José Simeón Cañas Central American University, only 12% of the local population in El Salvador used Bitcoin at least once to pay for goods and services in 2023.

next

El Salvador GDP Can 10x in 5 Years with Its Bitcoin, AI Plans, Cathie Wood Says

Coinspeaker US SEC Asked to Pay $1.8M Penalty in Debt Box Case

On Tuesday, May 28, the US District Court of Utah dismissed the SEC vs Debt Box case while imposing more than $1.8 million in fines for bad conduct of the securities regulator.

The District Court has imposed attorney fees and costs, serving as fines, against the US SEC for inaccuracies presented to secure its own relief. Furthermore, the court has approved the SEC’s request that seeks dismissal of the case without prejudice.

However, Debt Box and other debtors wanted to dismiss the case ‘with prejudice’. This would have prevented the SEC from pursuing further enforcement action against the firm. However, Debt Box still called the ruling a positive development. It noted:

“This is a significant win for us. It means that the SEC cannot proceed with the case as it stands.”

The District Court of Utah denied the dismissal of the case with prejudice because the process is still in its early stages. Furthermore, the defendants have not spent a significant amount on trial expenses, and the SEC’s enforcement activities are in the public’s interest.

The SEC vs Debt Box Case

Earlier this year in March 2024, the US District Court sanctioned the SEC against its actions on crypto startup Debt Box, last year in 2023. The SEC had slapped accusations over Debt Box for involving in a $50 million fraud scheme. As a result, the SEC had managed to secure a temporary restraining order along with an asset freeze against Debt Box.

Subsequent proceedings revealed that the SEC had presented inaccurate information to the court while justifying its orders. This included misrepresenting the timing of account closures and confusing domestic transactions with international ones.

Later in March, the court imposed sanctions on the US SEC for its misconduct while ordering it to pay an additional fine. The court previously decided that the SEC was not permitted to file its case again. However, the SEC’s request for dismissal without prejudice has effectively overturned this decision.

Many crypto firms, who have been engaged in a legal battle with the US SEC, have welcomed this development stating that it provides a ray of hope to fight against SEC’s unwarranted accusations.

next

US SEC Asked to Pay $1.8M Penalty in Debt Box Case

Coinspeaker Blockchains Can Help Combat Margin Pressure: Deutsche Bank

Deutsche Bank AG, a leading banking institution based in Germany, has recognized the potential of blockchain technology. Notably, the banking institution aims to address margin compression across the financial services industry.

As per a report from Bloomberg, Deutsche Bank has begun testing on a platform based on the Ethereum network.

It is important to note that the platform is designed to offer digital services for tokenized funds under Project Guardian, an initiative led by the Monetary Authority of Singapore (MAS) to explore the benefits of blockchain tech in enhancing liquidity and efficiency.

Anand Rengarajan, Deutsche Bank’s Asia-Pacific and Middle East head of securities services and global head of sales, said that blockchain tech can be of substantial benefit in combating marginal compressing, adding:

“It will help us stay relevant, because with the kind of margin compression impacting the overall financial services industry, the only way one can survive is by innovating.”

Through its Ethereum-based platform, Deutsche Bank aims to offer record-keeping services that help issuers of tokenized funds monitor investors, custody arrangements, and valuations. Rengarajan emphasized the platform’s interoperability, enabling any fund manager to use it regardless of the blockchain underpinning their tokenized fund. Currently a proof-of-concept, the bank hopes to eventually commercialize the project.

Blockchain and smart contract-based solutions are promising technologies that can offer lower costs, reduce transaction times, and mitigate risk, noted the Deutsche Bank executive, while further adding:

“The investment that we will make over the next two to three years and what we made in the last two to three years should pave the way for a good commercial future.”

The popularity of smart contracts, self-executing software programs built on blockchains, has grown exponentially as traditional financial institutions such as Deutsche Bank have initiated programs to integrate such contracts into their services.

The financial industry, particularly fund managers, has been grappling with persistent downward pressure on fee income. Passive investment products are increasingly capturing market share, squeezing traditional revenue streams. A study by Boston Consulting Group revealed that the average asset management fee dropped to 22 basis points in 2023, down from 25 basis points in 2015 and 26 basis points in 2010.

Project Guardian and Industry Collaboration

Project Guardian represents a collaborative effort by policymakers and financial firms to explore the use cases of tokenization in areas such as fixed income, asset management, and foreign exchange.

The initiative, which supports Singapore’s ambition to become a global blockchain hub, includes participation from major players like JPMorgan Chase & Co, DBS Group, Ant International, Standard Chartered Plc, and T. Rowe Price Group.

These major financial institutions are working to set standards for tokenization in cross-border forex settlements and bond trading. Another leading banking firm, Citigroup Inc recently projected that the tokenization market could grow to $5 trillion by 2030. While the projections are optimistic, the tokenization industry is still budding and needs to tackle various challenges.

next

Blockchains Can Help Combat Margin Pressure: Deutsche Bank

Coinspeaker Hong Kong Authorities to Inspect Physical Locations of Crypto Platforms to Ensure Compliance

Authorities in Hong Kong have decided to pay physical visits to cryptocurrency platforms operating in the country to ensure strict compliance. The Hong Kong Securities and Futures Commission (SFC) will inspect companies seeking licenses to operate legally.

SFC to Inspect VATPs

The SFC has set a June 1 deadline for all virtual asset trading platforms (VATPs) offering trading services to either be fully licensed or considered “deemed to be licensed”. The latter is a temporary position before the companies obtain their full licenses. After the deadline, any crypto platform neither fully licensed nor deemed to be licensed would be in breach of counter-terrorism and anti-money laundering laws.

According to an announcement, the visit will ensure platforms adequately protect customer funds:

“In the coming months, whilst the deemed-to-be-licensed VATP applicants pursue their applications, the SFC will conduct on-site inspections to ascertain their compliance with the SFC’s regulatory requirements, with a particular focus on their safeguarding of client assets and know-your-client processes.”

Earlier this month, the Hong Kong subsidiary of major exchange HTX withdrew its application for a virtual asset trading license a second time. The first withdrawal was in February, a few days after the exchange submitted an application. Now, the HGBL subsidiary is looking to exit the Hong Kong market in August. OKX also withdrew its application for a Hong Kong VASP license. In an official statement on its website, OKX asked customers to withdraw their funds. The company specified it would suspend centralized trading services to Hong Kong users from May 31.

According to the SFC’s website, only OSL Digital Securities and Hash Blockchain are licensed to operate the OSL Exchange and HashKey Exchange, respectively. The website also reveals that 11 entities have had their applications denied, returned, or withdrawn. Also, the page has no entities included in its list of platforms that are deemed to be licensed. The SFC may update these lists, clarifying the number of deemed-to-be-licensed entities on June 1.

Hong Kong ETF Market

The Hong Kong crypto market has been buzzing since the SFC launched six spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs) at the end of April. Unfortunately, the spot exchange-traded products have struggled to maintain high momentum and recently experienced a net outflow of 519.5 BTC on Monday, May 13. It was a 420% increase from the 99.99 BTC outflow recorded the Friday before. Of the total May 13 outflow, ChinaAMC’s spot product lost 251.65 BTC, accounting for more than 48%. Harvest had the second largest outflow at 147.86 BTC, while Bosera HashKey lost 119.99 BTC.

The SFC is now considering allowing staking for ETH ETFs. According to reports, the Commission is in talks with crypto ETF issuers about permitting staking through licensed services. This could potentially expand access to increased income for investors, allowing people to earn passively. The regulatory approval will also put Hong Kong ahead of the US in this regard. So far, US authorities have not yet permitted staking for Ether ETFs.

next

Hong Kong Authorities to Inspect Physical Locations of Crypto Platforms to Ensure Compliance