Category - Crypto News

Crypto News

Coinbase: direct salary payment in cryptocurrency possible in the U.S.

Coinbase is launching a program for direct deposit of paychecks into cryptocurrencies. PayPal and Robinhood already offer this service in the US.

Coinbase will soon allow U.S. companies to deposit their employees’ paychecks directly into accounts at the crypto exchange. In a blog post Monday, Coinbase Senior Director of Product Prakash Hariramani announced the option. This will allow employees to use their paychecks to purchase cryptocurrencies without transaction fees. For their part, companies can set up direct deposits through a supported payroll company in the Coinbase app or through a company’s human resources department.

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Billionaire Ray Dalio about bitcoin future

Billionaire Ray Dalio considers a Bitcoin ban is hugely potential from America in an identical manner as Gold straight back in 1934 to “shield the fiscal strategy.”

Whoever fund director and Billionaire Ray Dalio shared his notions regarding the long run Bitcoin and said crypto prohibition in America comes with a fantastic likelihood. Dalio summarized the fundamental banks want to know more about managing the requirement and distribution of these own countries, and inserted banks pick whether their attention to own a monopoly on banks at a nation and when matters just like crypto can proceed awful.

Even the crypto current market uses a fantastic bull streak under this systemic drive for crypto and expense businesses, supervisors, and firms such as VanEck, Goldman Sachs, and Fidelity most registered for ETFs together with all the US Securities and Exchange Commission. That directed the fundamental banking institutions to rethink the effect of electronic resources. Additionally, central financial institutions started out adapting to the development of new systems at the fintech distance and a few analyzing the prospect of devoting a CBDC, but that is maybe not true together with different associations using a competitive approach crypto-like India’s principal banking.

Dalio remarked that India’s existing position is aggressive in the direction of crypto. Simultaneously, the county transferred forward with all the programs to prohibit digital belongings preventing crypto holding and trading and blocking the Web Protocol as stated by an anonymous resource by your Indian origins. India’s Finance Minister Nirmala Sitharaman clarified there is a tiny window of chances to get BTC. However, it looks like a window usually means the US government will experiment with BTC while implementing blockchain technological innovation on different businesses.

Goldman Sachs launches bitcoin-related financial product

A planned financial product from Goldman Sachs can allow the significant bank to invest indirectly in Bitcoin. The financial institution filed the corresponding application with the US Securities and Exchange Commission (SEC) on March 19.

The financial product is a so-called “linked note.” Such notes are linked to other financial products – in this case, an ETF. Interestingly, the Goldman Sachs note is related to the ARK Innovation ETF, of all things, a fund that is intertwined with the Bitcoin economy.

The Ark Innovation ETF (trading symbol: ARKK) has been around since 2013. The actively managed exchange-traded fund’s stated goal is to invest in technologies and companies with disruptive potential. The ETF is interested, for example, in the energy sector, genetic engineering, artificial intelligence, and precisely also FinTechs and cryptocurrencies. Goldman Sachs’ SEC filing states:

“The ETF may have exposure to cryptocurrencies such as Bitcoin indirectly through an investment in a Grantor Trust. The ETF’s exposure to cryptocurrencies may change over time, and, accordingly, such exposure may not always be represented in the ETF’s portfolio.”

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You can now buy Tesla with Bitcoins

As of today, it is possible to pay with Bitcoin in the US online store of the US car manufacturer Tesla. “You can now buy Tesla with Bitcoin,” writes company founder Elon Musk on Twitter.

Tesla does not work with third-party providers for BTC payments, who exchange Bitcoin for US dollars in the background and then transfer them to Tesla, but accepts the BTC directly. According to Musk, Tesla would work exclusively with internal open-source software and also operate a Bitcoin node itself.

The company announced this promise back in February 2021. At the same time, 1.5 billion dollars were invested in digital currency. The value of Bitcoin had risen sharply in recent months – at the beginning of January, it climbed temporarily to over 40,000 dollars. In mid-March, it even cracked a record value of over 60,000 dollars.

Coinbase worth nearly $68 billion before IPO

Coinbase, the largest U.S. trading platform for cryptocurrencies such as Bitcoin or Ethereum, is already highly prized by investors even before its debut on New York’s Nasdaq. This year, the company’s shares changed hands for an average of $343.58 in over-the-counter trading, Coinbase disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) on Wednesday. That puts the California-based group’s latest valuation at least $67.6 billion (56.8 billion euros), it said.

Coinbase is benefiting greatly from the enormous cryptocurrency hype ahead of its IPO, which is expected later this month. Last year, the over-the-counter average price for the company’s shares was just $28.83.

Most recently, according to U.S. media reports, even a total valuation of more than 100 billion U.S. dollars was considered a good possibility for the IPO since private transactions usually achieve much lower prices than after the premiere on the public capital market.

Coinbase plans to list 114.9 million shares on Nasdaq, according to a filing with the SEC. However, this is not a traditional IPO but a direct placement without investment banks’ assistance and a prior pricing process.

Coinbase said it made about $1.3 billion in revenue in 2020, more than double the previous year. The bottom line was a profit of 322 million US dollars, after a minus of 30 million in the previous year.

Meitu has invested another £35.8 million in Bitcoin (BTC) and Ethereum (ETH)

Meitu, a China-based software development company, has invested another £35.8 million in Bitcoin (BTC) and Ethereum (ETH). A report revealed this news on March 18, noting that this purchase has increased its crypto holdings to £64.45 million. According to reports, the company bought 386.08 BTC for £15.5 million and 16,000 ETH for around £23.3 million.

This is the company’s second crypto purchase this month. On March 5, Meitu, listed in China and Hong Kong, made its first investment in the crypto space, buying 15,000 ETH for £15.11 million. On the same day, the company bought 378 BTC for £12.83 million. As such, Meitu now owns approximately 31,000 ETH and 764.08 BTC.

According to Meitu, cryptocurrencies are still in the early stages of their growth. However, blockchain has already shown its potential to become a disruptive tool in the current financial and technology sectors.

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Coinbase Pro lists Cardano as part of the expansion of its crypto offering

San Francisco-based leading crypto exchange, Coinbase Pro, has added support for Cardano (ADA). Coinbase announced the news through a blog post on March 16, noting that it has begun accepting incoming transfers from ADA to Coinbase Pro. The company went on to say that ADA trading is scheduled to begin on March 18 at 4:00 PM UTC, provided the coin receives sufficient liquidity.

According to the blog post, users can trade ADA for four pairs using the Coinbase Pro platform. These are ADA/USD, ADA/BTC, ADA/EUR, and ADA/GBP. However, the coin must first accumulate ample supply on the platform. Like other Coinbase listings, ADA trading will go live after three stages. These are post-only, limit-only, and full trading.

The publication added that if any of the above order books fail the exchange’s assessment of a properly functioning market, it will remain in the same stage for an extended period of time. Coinbase added that it could suspend trading on the order book altogether, based on its trading rules.

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Ethereum will overtake Bitcoin?

Ethereum, currently in second place in the ranking of the most important cryptocurrencies, can overtake Bitcoin in a period of about ten years. Crypto analyst Ryan Watkins is convinced of this. He bases his steep thesis on various indications of varying importance.

The entire argument is based on the ongoing progress of the Ethereum network. As is known, the project is working on version 2.0 of its blockchain. It is supposed to fix various problems.

The move from the consensus proof-of-work model to proof-of-stake, he said, reduces energy consumption, speeds up operations, and leads to value-preserving scarcity by burning Ether as part of transaction processing. Moreover, the protocol upgrade would ultimately make the network even more secure than Bitcoin.

Watkins sees a massive value driver in the service portfolio around the defi sector, which Bitcoin does not have to offer at all. Applications of the decentralized financial sector (Dapps), especially the rapidly growing NFT sector, increase the Ethereum network’s importance in modern everyday life.

Dapps, in particular, is forcing Ethereum to work on performance. In small steps, the network is moving in the right direction. For example, Ethereum Improvement Proposal (EIP) 1559 is set to be implemented in July. This aims to make the Ethereum network cheaper and faster by restructuring transaction fees.

Instead of transaction fees set by miners on their own responsibility, the so-called gas fees, there will be an algorithmically determined base fee in the future, i.e., a base fee that does not have to be re-auctioned for each transaction. The base fee will be burned in the course of the transaction, i.e., destroyed by the protocol.

No one benefits from these payments, which will always remain fixed to Ether under the new regime, stabilizing the currency’s value. This pleases everyone involved, except the miners. They are losing massive amounts of revenue and now want to fight back with a so-called 51 percent attack.

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Grayscale Investment announces five new digital asset trusts

Digital currency investment firm Grayscale has announced the launch of five new digital asset trusts. Grayscale launched a series of new digital asset trusts to the market, reportedly offering investors more diversification options. The U.S.-based cryptocurrency asset manager previously offered nine investment products, and the latest additions will bring the total number to 14. The new digital currency investment trusts are slightly different from other Grayscale products, as they include alternative digital assets such as Filecoin, Decentraland, Livepeer, and Basic Attention Token.

All five trusts are currently open for subscription daily to retail and institutional investors who meet the eligibility criteria. The company’s CEO, Michael Sonnenshein, cited increasing investor demand for diversification as the reason for launching the new trusts.

“Investor demand has never been higher, and we see new entrants every day in what has certainly become a real asset class,” he said.

Sonnenshein explained that investors were looking to invest in trusts other than the renowned Grayscale Bitcoin Trust (GBTC). According to Bank of America, the trust debuted in 2013 and has become the most prominent public holder of bitcoins. This allows investors to take exposures to bitcoin without having to hold the actual asset. This way, they don’t have to worry about security or custody issues.

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Visa CEO Alfred Kelly: Cryptos could soon be mainstream

Visa CEO Alfred Kelly believes crypto-assets could be widely used in the next five years. He seemed to hold cryptocurrencies in high regard when he made the remarks that seemingly contradict his stance on the same issue in January.

The Visa executive spoke vaguely about cryptocurrencies earlier this year when the multinational financial services company announced its quarterly results. For more than three years, Kelly has not reported any upcoming or planned projects involving digital assets at the helm of the company.

Now he acknowledges that cryptocurrencies could turn out to be established or be a short-lived craze.

“The thing about our business that I really like is […] we don’t pick winners and losers. You know, as you and I sit here today talking, I don’t know to what extent cryptocurrencies are going to take off. Are we going to say five years from now that it was a fad and not a big deal? Or will they become extremely mainstream?”

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Morgan Stanley offers wealthy clients access to bitcoin funds

Investment bank Morgan Stanley will offer its wealthy clients access to Bitcoin funds. This makes it the first leading bank in the US to take such a step. Morgan Stanley currently manages over $4 trillion for its clients, and its move into bitcoin (BTC) could be huge for the crypto market.

Sources closely familiar with the matter told CNBC that Morgan Stanley told its financial advisors in an internal memo yesterday to grant access to three funds and allow clients bitcoin assets.

According to Morgan Stanley, the move to offer bitcoin funds results from increasing demand from its clients. The bitcoin rally over the past year has caught the attention of Wall Street. Several wealthy investors are demanding exposure to cryptocurrency.

There would be certain restrictions regarding bitcoin funds. Morgan Stanley would only allow wealthy clients to access the funds. To qualify, an investor must have at least $2 million in assets, while the minimum requirement for investment firms is at least $5 million. In both cases, accounts must be at least six months old.

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MicroStrategy bought 262 BTC worth about $15 million

MicroStrategy bought 262 BTC worth about $15 million. The digital asset held by the analytics software provider reached 91,326 BTC.

The average purchase price was $57,146 per coin, including fees and other expenses.

The company’s total investment in digital gold was more than $2.2 billion. At the time of writing, the value of assets exceeded $5.1 billion (according to CoinGecko).

In August 2020, MicroStrategy was the first public company to convert a portion of its $250 million equity into a leading cryptocurrency.

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LedgerPrime invests $50 million in bitcoin (BTC)

LedgerPrime has sold $49.5 million worth of securities for its fund to invest in Bitcoin and Ethereum, according to the SEC.

LedgerPrime has sold $49.5 million worth of securities to invest in digital assets, according to a filing with the SEC. The firm’s president and chief investment officer, Shiliang Tang, revealed that nine clients made the purchase.

Ayesha Kiani, VP of Business Development, recently spoke at SXSW 2021, and the topic of discussion was the development of the crypto derivatives market. She elaborated on various aspects of mainstream crypto adoption. She also stressed the importance of Defi firms working together to make adoption faster and more efficient:

“We are all striving for the same goal. Currently, Defi is about 1% of what CeFi (centralized finance) is. By 2022, Defi is expected to have about 10 million users. We’re here to help… at the end of the day, we all have the same goal of cryptocurrency being widely used.”

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Ripple could soon force the current status of XRP

In a new video, attorney Jeremy Hogan has revealed a “new hope” for the XRP community. It’s “a super important litigation strategy that Ripple is going to implement, and I call it the new hope.” (Disclaimer: Neither Jeremy Hogan nor Crypto News Flash
are providing financial or legal advice).

The SEC has jurisdiction over trading, i.e., buying and selling, but not holding securities in the United States. Therefore, security comes under the SEC’s jurisdiction only if it was a security at the sale time. Each sale must be considered individually, as circumstances may change.

Generally, at the time of the sale, Ripple must have advertised the expectation that XRP would increase in value due to its activities. The key, then, is whether and, if so, when Ripple was the primary driver of XRP’s price at a given point in time.

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Russian plant CBDC-Tests ab 2022

The Russian central bank is now entering the race for CBDCs. It wants to start the first field tests as early as 2022.

Russia’s national central bank is apparently planning CBDC tests starting in 2022, according to a YouTube interview with the central bank’s deputy governor Alexey Zabotkin. Currently, the final details of the “Zifra ruble” are still being discussed. However, the prototype should be ready by the end of the year. However, it will not be possible to carry out any transactions until the first field tests began in 2022.

Zabotkin also addressed the impact of a national CBDC. He believes that the digital ruble would enrich the banking industry in Russia, as financial institutions could integrate the CBDC into the services they currently offer and create new financial products based on smart contracts. The effects that the “Zifra ruble” would have on domestic monetary policy would all be “controllable” in the process. Rumors of a digital central bank currency had circulated in Russia since October of last year when Bank Rossii Governor Elvira Nabiullina suggested that a national CBDC project be launched in late 2021. She said at the time that it should represent a “third form of money”.

Russia is now trying to catch up with China with the Zifra ruble. The Middle Kingdom has long been considered the ultimate in digital central bank currencies. The Southeast Asian country has been testing the digital yuan on the population for quite some time. Recently, one could observe how digital yuan could be exchanged for cash at an ATM in a government video. At the same time, there is radio silence in Europe.

Seetee invests 50 million euros in BTC

The Norwegian Aker Group is diversified. In addition to its oil and renewable energy business, it is also active in six other areas. Now another one is being added, which is even relatively obvious.

Because Aker ASA announced yesterday that it had founded the subsidiary Seetee. Seetee’s initial focus will be on bitcoin mining, but it also aims to support and expand the entire bitcoin ecosystem. The company calls on its official website to get in touch if you have fresh and big ideas you want to realize.

At the same time, they also announced a partnership with Blockstream and thus indirectly made clear that they see the future in the further development of sidechains and the Lightning Network.

At the start, the company’s assets amounted to 500 million Norwegian kroner, which is equivalent to about 50 million euros, which is invested entirely in Bitcoin and, according to its own statements, wants to keep simple. Seetee is thus becoming a European Bitcoin whale along the lines of MicroStrategy.

Although there has been increased discussion in recent weeks about whether Ethereum might also not see an influx of institutional investors, so far, it looks like other cryptocurrencies are rather secondary in the eyes of this target group. This means that finally, a European company is also betting on BTC after only a comparatively small attempt was launched in Germany by SynBiotic SE so far.

Goldman Sachs values bitcoin in light of growing customer interest

The investment bank’s foray into the crypto sector is gradually becoming a question of “when” rather than “if.” This is according to remarks made by the multinational bank’s president, John Waldron. Waldron confirmed rising client interest toward bitcoin in a virtual event yesterday, claiming the bank is still exploring the crypto asset.

“Customer demand is increasing. We are regulated on what we can do. We continue to evaluate it and engage in it,” he said during the Wolfe Virtual FinTech Forum.

The development is based on the bank’s customer survey on digital assets, which showed that 40% of high-net-worth survey respondents have access to digital assets. 54% of respondents also predicted that the BTC price could fluctuate between $40,000 and $100,000.

In his opinion, the pandemic is responsible for the interest in the flagship cryptocurrency. Many individual traders entered the bitcoin market in 2020 due to the imposed pandemic-related restrictions on movement.

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Israeli pension fund invests $100 million in bitcoin

One of Israel’s leading pension funds had invested around $100 million in Bitcoin through the GBTC route in the second half of 2020. Altshuler Shaham made this move when the leading cryptocurrency was trading around the $21,000 mark.

Bitcoin’s current bull cycle began last year. The leading cryptocurrency surpassed its all-time high of 2017 and set new highs in the coming months. The currency ended trading last year near the $30,000 mark.

According to local press reports, Altshuler Shaham remains one of Israel’s most prominent investment houses, with more than $50 billion in assets under management. The $100 million investment should have increased by over 100%, as bitcoin is currently trading at $55,000 at press time.

The news came when institutional investors are looking for ways to gain exposure to bitcoin and a host of other cryptocurrencies. Investors are either buying cryptocurrencies directly or accessing them through funds like Grayscale’s GBTC.

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“Atari Casino”: gaming giant Atari plans new crypto project with Decentral Games

Atari is launching the new “Atari Casino,” powered by Decentral Games. The platform is set to launch in May and will allow users to play online casino games with cryptocurrencies.

The first “community-owned” Metaverse casino platform – Decentral Games and Atari. It is now set to launch in May.

Decentral Games offers its users a 3D casino gaming experience via the Ethereum-based virtual reality platform Decentraland (go to the Ethereum buy guide). The partnership with Atari now gives it a dimension all its own.

It will be a 20-parcel casino estate located in the Vegas City casino district on Decentraland.

According to Decentral Games, holders of its native DG token and the Decentral gaming community will benefit immensely from the upcoming Atari casino. About 88% of the profits will be allocated to its DG DAO Treasury.

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Blackrock predicts great future for Bitcoin

BlackRock signals growing interested in cryptocurrencies. It was announced that bitcoin derivatives on commodity exchanges would become eligible investments for BlackRock Funds V and the Blackrock Global Allocation Fund.

The move is in line with increasingly positive bitcoin rhetoric coming from BlackRock. CEO Larry Fink talked about the possibility of Bitcoin going global.

He added that a digital currency makes the U.S. dollar less relevant.

According to Rieder, deteriorating macroeconomic conditions with negative interest rates, extreme monetary policy, and skyrocketing government debt have led institutions to look at cryptocurrencies for diversification.

The past few weeks have seen a flood of high-profile institutional investors, including Tesla and BNY Mellon. Not to mention the likes of JPMorgan have indicated interest.

This momentum from institutional buyers will only encourage more companies to do the same and buy Bitcoin in uncertain times.