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Digital Ticket Stubs: New York Knicks Launch Team’s First NFT Collection

On Tuesday, the New York Knickerbockers, in partnership with Sweet, launched the NBA team’s first-ever non-fungible token (NFT) collection. The NFTs feature limited edition digitally designed 3D game tickets made specifically for the Atlantic Division basketball team. With less than 24 hours left on the auction, the Knicks’ NFT sale has sold out a number of tickets.

3D NFT Tickets from 5 Classic New York Knicks’ Games

A number of NBA teams are getting in on blockchain technology and many American professional basketball teams have engaged in all types of crypto concepts like NFTs and partnerships aimed at elevating cryptocurrency adoption.

The NBA has its own Blockchain Advisory Committee and teams like the Portland Trail Blazers, Boston Celtics, and Cleveland Cavaliers have recently stepped into the blockchain fray. This week the New York Knicks launched its first-ever NFT collection as the professional team recently partnered with the NFT marketplace Sweet to auction the collectibles.

The Knick’s NFT collection saw five game tickets issued and so far three of the lots have sold out. Then there’s the Knick’s 2020-2021 commemorative plaque auction item. “Commemorate the Knicks’ 2020-2021 season with this one-of-a-kind 3D NFT that displays all 5 tickets,” the nyknft.com website explains. “The highest bidder receives the 1-of-1 ticket plaque and mint #1 of all 5 individual ticket NFTs delivered to a preferred wallet.”

The New York Knicks’ commemorative plaque NFT auction item.

According to the commemorative plaque auction item’s description, the five games being highlighted via digital tickets in the commemorative plaque include:

  • April 9: OT victory over the Memphis Grizzlies to tip off 9-game win streak
  • April 24: 9th victory in a row after defeating the Toronto Raptors
  • May 16: Celtics win to close out regular season & clinch #4 seed for the Eastern Conference Playoffs
  • May 23: First playoff game at MSG in 8 years & largest indoor event in NYC since March 2020
  • May 26: Knicks erased a 13-point halftime deficit to even the series at 1-1

The commemorative plaque auction ends at 12:00 p.m. (EDT) on Saturday, July 31, and the current highest bid by the Sweet marketplace user ‘Esteban M.’ stands at $5,565.55. The NFT tickets for the Knicks’ April 9 OT victory and the April 24 ninth consecutive victory are the only two single 3D game tickets that remain. The batch of New York Knicks’ NFTs are Ethereum-based ERC721 token-type collectibles, according to the auction website.

Non-fungible tokens have seen a lot of attention in recent times, and the hype has gotten so pricey that some projects are fractionalizing NFTs. The popular television stars and entrepreneurs Mila Kunis and Ashton Kutcher launched an animated series called “Stoner Cats” and only NFT holders can watch. However, as far as sports fans are concerned, a recent survey shows nearly three out of four people are “moderately skeptical” about the longevity of NFT investments.

What do you think about the New York Knicks NFTs? Let us know what you think about this subject in the comments section below.

Source: Bitcoinnews.com

Automated Investment Service Firm Wealthfront Adds Support for Grayscale’s BTC, ETH Trusts

Automated Investment Service Firm Wealthfront Adds Support for Grayscale's BTC, ETH Trusts

On Thursday, the Palo Alto-based automated investment service firm, Wealthfront Inc., announced that customers can now get exposure to crypto assets via the company’s platform. The firm revealed that clients can choose from two Grayscale investment trusts, as the company now offers investments in the Grayscale Ethereum Trust (ETHE) and the Grayscale Bitcoin Trust (GBTC).

Wealthfront Connects Customers to Two Grayscale Trusts

This week Wealthfront has added two Grayscale crypto trusts to the firm’s menu of investments. Wealthfront is an automated investment operation sometimes referred to as a robo-advisor that offers wealth management services. The company was co-founded in 2008 by Andy Rachleff and Dan Carroll and as of 2020, Wealthfront had $15.85 billion assets under management (AUM).

The announcement on Wednesday notes that Wealthfront customers can now gain exposure to crypto assets via the platform’s Grayscale bitcoin and ethereum trusts. The news follows the firm’s decision to add customizable Wealthfront portfolios and among the two crypto trusts, there’s hundreds of options to choose from.

“Buying cryptocurrency can feel intimidating,” the announcement states. “It takes time and effort to research all of the options, set up a wallet, and monitor an additional account. That’s why we’ve made it easy to get exposure to bitcoin and ethereum right in your Wealthfront portfolio, no wallets required. Instead of buying coins yourself, you can invest in GBTC and ETHE.”

Crypto Trusts via Wealthfront Have a 10% Allocation Limit

Wealthfront says that the GBTC and/or ETHE can be added to anyone’s portfolio by selecting a combined combination or single trust of up to 10% of the portfolio. The automated investment service firm claims the 10% limit is in the best interest of customers as far as risk is concerned. “We limit your allocation to GBTC and ETHE because, as a fiduciary, we act in your best interests at all times, and these investments can be riskier and more volatile than most ETFs,” Wealthfront’s announcement details.

The GBTC and ETHE support is not Wealthfront’s first foray into cryptocurrencies as the company added connection support to Coinbase accounts in 2018. “We make it possible for you to add information about your cryptocurrency holdings in your Coinbase account to Wealthfront to get a more holistic view of your financial picture,” the company said at the time.

“GBTC and ETHE round out our significantly expanded menu of investment options,” Wealthfront’s announcement concludes. Grayscale’s bitcoin trust currently has $25.6 billion AUM and the firm’s ethereum trust has $7.5 billion AUM.

What do you think about Wealthfront allowing customers exposure to bitcoin and ethereum investment vehicles? Let us know what you think about this subject in the comments section below.

Source: Bitcoinnews.com

Bank of America, Coinbase, FTX Invest in Paxos Series D Funding Round

Paxos

Paxos, a blockchain services and tokenization firm has added Coinbase Ventures, FTX, Bank of America, and Founders Fund as backers in its Series D funding round that started last April. These institutions were listed as “strategic investors,” but the amounts of their contributions were not disclosed. Paxos has now raised more than $540 million in funding.

Bank of America, FTX, and Coinbase Invest in Paxos

Two leading cryptocurrency exchanges and the second-biggest U.S. bank invested in Paxos, a New York-based blockchain infrastructure firm that focuses on offering clearing and tokenization services to other traditional firms. Bank of America, FTX, and Coinbase participated as “strategic investors” in the latest Series D funding round that the company started last April.

The interest of Bank of America in the firm is not strange. The company included the bank in its Paxos Settlement services, a blockchain platform that allows third parties to settle equity transactions. But for it to invest in Paxos means that they see a future when blockchain technology is more present and used in conjunction with traditional financial institutions. About this, Paxos CEO Charles Cascarilla stated:

Paxos uses innovative technology to build the regulated infrastructure that will facilitate an open, accessible, and digital economy. We’re defining this space and are excited to grow our enterprise solutions besides these market leaders.

This Series D funding round also featured the participation of important investments from companies like Paypal Ventures and Mithril Capital, raising more than $300 million.

Stablecoin Controversy

The firm states it has an edge over other competing firms: the advantage of being a fully regulated platform, having obtained the New York State Department of Financial Services (NYDFS) issued Bitlicense in October 2020. Some of its customers are PayPal, Bank of America, Credit Suisse, Societe Generale, and Revolut.

Paxos is also the custodian and issuer of two stablecoins in the market: Binance USD and Paxos Standard. The company revealed the assets backing its stablecoins last week and had harsh criticism for other companies that don’t back their stablecoins 100% with cash or cash equivalents. Its CCO Dan Burstein called out these organizations stating no regulator would allow these behaviors.

Paxos is also interested in linking blockchain and traditional finance markets by itself. Last year, it received a Preliminary Conditional Approval for a US Bank Charter, from the Office of the Comptroller of the Currency (OCC), for running its own banking business.

What do you think about Paxos’ latest funding round? Tell us in the comment section below.

Source: Bitcoinnews.com

Global Cryptocurrency Adoption Doubled Since January Reaching 221 Million Users: Report

crypto.com

A new report issued by Crypto.com, a cryptocurrency exchange and fintech services firm, discovered that the number of people using cryptocurrencies has more than doubled since January, reaching 221 million last June. The report states that the rise of the defi movement, institutions like Tesla, Visa, Mastercard, and Microstrategy adopting cryptocurrency, and El Salvador establishing bitcoin as legal tender, were important events that helped to popularize crypto even more.

Cryptocurrency Userbase Jumps to 221 Million Worldwide, According to Crypto.com Report

Crypto.com’s “Measuring Global Crypto Users” report found that the number of cryptocurrency users more than doubled during the first half of the year. Cryptocurrency adoption went from 106 million in January to 221 million in June, principally powered by the bull market that took bitcoin (BTC) to all-time highs during Q1. The report included information from the leading crypto exchanges in the market, including Binance, Bitfinex, Gemini, Huobi, Kraken, Okex, and Upbit among others.

The number of Ethereum users increased during the second quarter, as positive news and investor interest grew around the token. However, it was the meme coin boom and the altcoin push that happened during the two last months of the second quarter that catapulted adoption to new highs. Tokens like shiba inu (SHIB) and dogecoin (DOGE) were immensely popular and drove interest from users outside the market, powered by figures like Elon Musk putting them in the spotlight.

Accelerated Growth

The growth of cryptocurrency users has also been accelerating this last year, meaning that more users are learning about these alternatives to fiat money. The first cryptocurrency adoption report, which dates from May 2020, noticed it took nine months to reach 100 million from 65 million users. However, now it only took six months for the userbase to grow from 106 to 221 million.

Altcoins are a big part of this trend. These have started eating the market share of already established cryptocurrencies like bitcoin and ethereum, likely due to the entrance of new users into the market. At the start of the year, altcoins holders accounted for just 20% of the total cryptocurrency users. but at the end of the second quarter, this percentage grew to 38%.

Seeing the big picture, this has been a very good year for cryptocurrency adoption until now, as both institutions and retail holders have turned to crypto. About this, Kris Marszalek, CEO of Crypto.com, stated:

The growth we have seen in the first half of 2021 on our platform and industry-wide is very encouraging, and we will continue investing heavily as we pursue our goal of putting cryptocurrency in every wallet.

What do you think about Crypto.com’s latest cryptocurrency adoption report? Tell us in the comments section below.

Source: Bitcoinnews.com

Central Bank of Ireland Governor Talks Crypto, Praises ‘Secure, Decentralized’ Technology

Central Bank of Ireland Governor Talks Crypto, Praises ‘Secure, Decentralized’ Technology

Gabriel Makhlouf, the governor of the Central Bank of Ireland (CBI), has published a blog post in which he shares his views on the digitalization of finance. While echoing concerns expressed by his counterparts regarding cryptocurrencies, the official has also highlighted some of their positives.

Don’t Ignore the Positive Elements of Crypto Technology, Central Bank Governor Says

The article titled “Digital Money” was published on the bank’s website on Thursday. In the post, Gabriel Makhlouf discusses the project to issue a digital version of the common European currency. The European Central Bank (ECB) recently launched its “Investigation Phase” and although a final decision is yet to be taken, the governor believes that it is not a question of “if” but rather “how and when” a digital euro will be introduced.

Central Bank of Ireland Governor Talks Crypto, Praises ‘Secure, Decentralized’ Technology
Central Bank of Ireland Governor Gabriel Makhlouf. Source: CBI

Besides central bank digital currencies (CBDCs), Makhlouf devotes attention to the rise of decentralized money as a factor in the increasing digitalization of finance. Avoiding the “misleading descriptor” “crypto-currencies” and the “less inaccurate” “crypto-assets,” the banker refers to coins, stablecoins, and tokens simply as “crypto.”

“Risks are increasing as individuals consider putting some of their money into crypto,” Gabriel Makhlouf says, listing the lack of transparency, price volatility, high energy consumption, and exposure to fraud among the threats investors and governments are facing. “As things stand today, the negatives surrounding crypto far outweigh any benefits,” the Irish official concludes. However, he also insists that authorities should not ignore the positive elements of cryptocurrency’s underlying technology. The CBI governor notes:

Distributed Ledger Technology (DLT) is essentially a secure, decentralised record of information stored across a network and is a key piece of architecture for some types of crypto.

Makhlouf emphasizes that DLT can reduce the costs of financial transactions and eliminate intermediaries in certain cases while also praising the opportunity to issue smart contracts. “The use of DLT has increased in recent years – it certainly has potential – although it remains to be seen how widespread that will be,” the governor adds.

The importance of DLT is likely to increase as governments around the world examine options to employ blockchain technology in the design of their digital currencies. A recently conducted experiment with the participation of several central banks from the Eurozone and the ECB has indicated that a blockchain-based digital euro would be highly scalable. The tested CBDC system was able to simultaneously process over 300,000 transactions a second, the central bank of Estonia revealed earlier this week.

Do you expect most central bank digital currencies to be based on digital ledger technologies? Let us know in the comments section below.

Source: Bitcoinnews.com

Breaking NFTs to Pieces: These 4 Projects Are Fractionalizing Grimes, Banksy, Cryptopunk NFTs

Breaking NFTs to Pieces: These 4 Projects Are Fractionalizing Grimes, Banksy, Cryptopunk NFTs

While non-fungible token (NFT) collectibles have been all the rage, a few projects have been developing the concept of fractionalized NFTs so investors without deep pockets can purchase shares of an expensive collectible. On Thursday, the firm Otis revealed that people can invest in an NFT created by the world-famous Canadian musician and record producer Grimes. The platform allows anyone to purchase a small fraction of the recording artist’s artwork called “Newborn 1 & 3.”

Grimes’ Artwork ‘Newborn 1 & 3″ Gets Fractionalized

During the last 30 days, statistics from nonfungible.com’s market history show that there was $219 million in NFT sales. Over 48,000 active wallets recorded 214,654 sales which is a steady increase in sales from the start of the month’s 120,150 sales. The website also shows that a Meebits NFT recently sold for 1,000 ETH or $2.1 million and a Cryptopunks NFT character sold for 450 ETH or a touch over $1 million.

Breaking NFTs to Pieces: These 4 Projects Are Fractionalizing Grimes, Banksy, Cryptopunk NFTs
Unicly offers a dex that allows people to trade fractionalized NFTs.

The well known NFT artist Beeple made history when he sold his “Everydays: The First 5000 Days” NFT for $69 million via the luxury auction house Christie’s. Prices like these, however, strengthens the barrier to entry and only the wealthy can participate. This issue has pushed developers and NFT projects to develop fractionalized NFTs that allow people to buy shares of the collectible.

Breaking NFTs to Pieces: These 4 Projects Are Fractionalizing Grimes, Banksy, Cryptopunk NFTs
On Thursday, Otis dropped the Grimes’ NFT art called “Newborn 1 & 3” which can be purchased in shares at $10 per share.

Bitcoin.com News has reported on the fractionalization of NFTs in the past as the protocol Unicly fractionalizes NFT collectibles via the use of a native token called utoken. The tokens can be traded on the automated market maker (AMM) platform the Unicly team has constructed. “[Unicly is a] protocol to combine, fractionalize, and trade NFTs,” the project’s website notes. “Transform your NFT collection into a tradable asset with guaranteed liquidity,” the protocol description adds.

Breaking NFTs to Pieces: These 4 Projects Are Fractionalizing Grimes, Banksy, Cryptopunk NFTs
Otis also offers other types of fractional shares on items from Banksy to Michael Jordan’s ‘Shattered Backboard’ sneakers.

Another project that fractionalizes non-fungible token collectibles is a platform called Otis. On Thursday, Otis introduced a limited edition Grimes’ NFT on the platform and revealed that “anyone can invest in Grimes’ “Newborn 1 & 3” for just $10.” The announcement details:

“Newborn 1 & 3 are part of the pop musician Grimes’ first-ever NFT drop and signifies an important cultural milestone in the NFT landscape,” the project’s announcement notes. “Otis believes Grimes is an icon whose art is poised to hold continued value as a milestone in her artistic career––and the overall legacy of NFT artists.”

Claire Boucher, known professionally as Grimes, is Elon Musk’s wife and the mother of his child “X Æ A-12.” Otis highlights that the Grimes’ NFT “Newborn 1 & 3” is valued at $6,400 and the collection is entitled “Warnymph Collection Vol. 1.” The project’s creators believe the NFT art will “hold continued relevance as a milestone in Grimes’s artistic career and the overall legacy of NFT artists.”

The Otis platform is available via iOS and Android operating systems and the app allows anyone to buy shares of “cultural assets.” The Otis platform has roughly 100 assets available from Banksy originals to Michael Jordan’s ‘Shattered Backboard’ sneakers.

Projects Like Fractional and Daofi Hope to Bolster the Fractionalized NFT Concept

Otis and Unicly are not the only protocols delving into the world of fractionalized NFTs, as a number of projects are developing this concept. A project called Fractional believes that fractionalization can help with price discovery.

Breaking NFTs to Pieces: These 4 Projects Are Fractionalizing Grimes, Banksy, Cryptopunk NFTs
Fractional is another project aiming to bolster the idea of fractionalized non-fungible tokens.

“[If] the asset is extremely valuable and they want help finding price discovery, fractionalizing the item and selling 20% on the market can be a valuable tool to help understand how the market values the NFT,” the Fractional creators detail in a blog post about the subject.

Breaking NFTs to Pieces: These 4 Projects Are Fractionalizing Grimes, Banksy, Cryptopunk NFTs
The Daofi project also fractionalizes non-fungible tokens.

Another project that is also fractionalizing non-fungible tokens is a protocol called Daofi which breaks NFTs down into fungible ERC20 tokens. Daofi’s blog post in mid-March also gives people an understanding of how the fractionalization process works.

Daofi’s post says that the NFT ecosystem needs to address a “lack of liquidity in NFT secondary markets,” “centralized exchanges taking extremely high drop fees,” “[the] lack of utility outside of owning the collectible,” and “content curation,” the Daofi representative Andrew Lee stresses in the post.

What do you think about fractionalizing NFTs and the projects attempting to push this idea further? Let us know what you think about this subject in the comments section below.

Source: Bitcoinnews.com

Report Suggests Robinhood Owns Largest Dogecoin Address and Third-Largest BTC Wallet

Last February the crypto community was obsessed with a specific dogecoin address that happens to be the largest dogecoin holder today with over 36 billion DOGE. One armchair sleuth studied a number of onchain transactions and suspected the company Robinhood owned the wallet. Now the individual has researched the topic again and claims the latest findings help confirm the dogecoin wallet does belong to Robinhood. Alongside this, the person suspects Robinhood controls the third-largest bitcoin wallet as well.

Onchain Research Suggests Robinhood Not Only Owns the Mysterious Doge Whale Wallet, but Also the Third-Largest BTC Wallet

Two days ago, the Reddit account u/Andreifromalberta published research that claims the company Robinhood (Nasdaq: HOOD) holds more bitcoin (BTC) than the firm Microstrategy. The Redditor Andrei is the same sleuth that published research four months ago on the notorious dogecoin (DOGE) wallet dubbed “DH5,” which happens to be the largest DOGE wallet today.

The Reddit post the Redditor u/Andreifromalberta posted back in February 2021.

Back in February, Andrei posted about the subject as the “DH5” address became an extremely topical subject that month. Andrei said in the r/dogecoin Reddit post that findings suggest the company Robinhood is the owner of the “DH5” dogecoin address and explained how onchain research led to this conclusion.

The Reddit post on r/bitcoin from the Redditor u/Andreifromalberta posted two days ago shows a score of new findings.

This past week, the online brokerage firm Robinhood had an initial public offering (IPO) and the company’s CEO Vlad Tenev talked about the firm’s crypto positions in an interview on May 6. Tenev’s statements at the Robinhood fireside chat back in May explained that the exchange allegedly provided customers with access to their specific holdings only.

“We don’t have significant positions in any of the coins that we keep on a proprietary basis or anything like that,” Tenev stressed at the fireside chat. Despite Tenev’s statements, Andrei believes the company does have significant positions in a number of crypto assets.

Andrei’s research once again ties the “DH5” dogecoin address to Robinhood, but it also details how the exchange probably owns a number of large wallets from coins like BTC, ETH, and BCH. According to Andrei’s findings, rich-list wallets from six major crypto assets are allegedly controlled by the company Robinhood.

Report Notes Robinhood Likely Owns Some of the Richest Addresses from 5 Different Blockchains

On Reddit, Andrei gives a step-by-step analysis of why Robinhood is suspected of being the owner of not only the “DH5” dogecoin address, but the third-largest BTC address “1P5” as well.

The Redditor, Andrei, believes the third-largest bitcoin (BTC) address belongs to Robinhood. The wallet was established around the same time period the “DH5” dogecoin address was created.

Not only that, but Andrei’s asks if Robinhood follows the exact same pattern of cold storage for BTC and DOGE, “wouldn’t it also make sense for them to follow the same pattern for the other 5 Cryptos that they offer for trading (ETH, LTC, BCH, ETC, BSV)?.” The armchair sleuth believes this is the case for all of the aforementioned coins and “the top rich addresses belonging to Robinhood on those blockchains.”

The bitcoin (BTC) address starting with “1P5” holds 113,842 BTC and it started accumulating in February 2019. Coincidentally, the DH5 dogecoin address started accumulating at the same time as the “1P5” bitcoin address.

Andrei’s report suspects that Robinhood owns the second-largest litecoin (LTC) address “LQT” and the second-largest bitcoin cash (BCH) address “16N.” The fourth-biggest ethereum (ETH) address “0x7” is also suspected of being Robinhood’s exchange wallet.

“Holding over 2 million ETH, it was seeded in exactly the same manner,” Andrei’s report adds. The Redditor also shared an article explaining why the richest crypto addresses are still very important.

“Robinhood (RH) indeed owns more BTC (116K) than Microstrategy (105K), as a custodian for RH crypto clients,” the Redditor concludes. “In aggregate, 10+ million crypto Robinhooders are actually smart money, heavily buying the bitcoin and crypto dip since the crash in May. Wallets are urgently needed to give the freedom of self-custody to millions of RH investors,” the investigator added.

What do you think about the Redditor’s findings that suggest Robinhood owns all these wallet addresses? Let us know what you think about this subject in the comments section below.

Source: Bitcoinnews.com

Finland Looking for Brokers to Sell Seized Bitcoins Worth $80 Million

Finland Looking for Broker to Sell Seized Bitcoins Worth $80 Million

Finland’s customs authority is looking for brokers to sell 1,981 bitcoins seized in drug cases. The coins are currently worth nearly $80 million.

  • Finland’s customs authority announced Thursday that it is seeking brokers to sell 1,981 bitcoins seized in drug busts, Bloomberg reported, noting that the coins were forfeited to the state by court order.
  • At the time of writing, the bitcoin stash is worth $78.75 million.
  • Most of the seized coins were accumulated in raids before 2018. The Finnish State Treasury set out guidelines for handling crypto assets that year. It prohibited authorities from storing cryptocurrencies at exchanges, requiring them to keep the coins offline.
  • Pekka Pylkkanen, Finnish Customs’ director of financial management, explained that the authorities want a permanent solution to “safely and reliably” sell cryptocurrencies forfeited to the state coffers in the future. The customs agency described in a statement:

The main aim of Finnish Customs is to make sure the cryptocurrencies are sold in a secure way, preventing further money laundering and criminal activities.

  • Finnish Customs said that it could sign an agreement with as many as three brokers for the sale of seized BTC, the publication conveyed, adding that the agency anticipates “more cryptocurrency seizures.”

What do you think about Finland looking for brokers to help sell seized bitcoin? Let us know in the comments section below.

Source: Bitcoinnews.com

Malaysia Takes Enforcement Actions Against Binance, Advises Investors to ‘Withdraw All Investments Immediately’

Malaysia Takes Enforcement Actions Against Binance, Advises Investors to 'Withdraw All Their Investments Immediately'

The securities regulator of Malaysia has taken enforcement actions against the global cryptocurrency exchange Binance. Noting that the exchange is operating illegally in the country, the regulator has advised those who currently have accounts with Binance “to immediately cease trading through its platforms and to withdraw all their investments immediately.”

Malaysia Issues Public Reprimand Against Binance

  • The Securities Commission Malaysia (SC) announced Friday “enforcement actions against Binance for illegally operating a digital asset exchange (DAX).”
  • Under Malaysia’s regulation, digital asset exchange operators must be registered with the Securities Commission as Recognized Market Operators (RMO).
  • Since the global crypto exchange is operating in Malaysia without being registered, the Malaysian securities watchdog “has issued a public reprimand” against four Binance entities and the company’s CEO, Changpeng Zhao (CZ), for continuing to operate illegally in Malaysia. According to the SC, Binance continued to operate in the country despite being included in the regulator’s Investor Alert List in July 2020.
  • The four entities are Binance Holdings Ltd. (registered in the Cayman Islands), Binance Digital Ltd. (registered in the U.K.), Binance UAB (registered in Lithuania) and Binance Asia Services Pte Ltd. (registered in Singapore).
  • All four Binance entities have been ordered by the securities regulator to “disable the Binance website (www.binance.com) and mobile applications in Malaysia within 14 business days from 26 July 2021.”
  • They must also “immediately cease all media and marketing activities, including circulating, publishing or sending any advertisements and/or other marketing material, whether via emails or otherwise, to Malaysian investors.” Furthermore, they must “immediately restrict Malaysian investors from accessing Binance’s Telegram group.”
  • The regulator also specifically ordered Zhao “to ensure that the above directives are carried out.”

  • Emphasizing that investors should stop dealing with and investing through illegal digital asset exchanges, the Securities Commission advised those who currently have accounts with Binance “to immediately cease trading through its platforms and to withdraw all their investments immediately.”
  • A growing number of regulators worldwide have warned Binance about operating in their jurisdictions without being authorized. They include regulators in Japan, the U.K., Cayman Islands, Hong Kong, Thailand, Germany, and Lithuania.
  • Commenting on the mounting regulatory scrutiny against his exchange, Zhao said, “We want to be licensed everywhere … From now on, we’re going to be a financial institution.” He also revealed that the company is looking for “a strong compliance background CEO to show our commitment to compliance as this is the top priority of the organization.”
  • Earlier this week, Binance announced that “Binance Margin will delist AUD, EUR and GBP cross and isolated margin pairs.” The exchange also announced that it will stop offering futures and derivatives products in Europe.

What do you think about Binance’s troubles with regulators worldwide? Let us know in the comments section below.

Source: Bitcoinnews.com

Paypal Unveils Plans to Expand Cryptocurrency Services With ‘Super App’ and Open Banking Integration

Paypal Unveils Plans to Expand Cryptocurrency Services With 'Super App' and Open Banking Integration

Payments giant Paypal has outlined its plans to expand cryptocurrency services, including via a new wallet “super app,” open banking integration, U.K. expansion, and third-party wallet transfers. “We continue to be really pleased with the momentum we’re seeing on crypto and we’re obviously adding incremental functionality into that,” said Paypal’s CEO.

Paypal Reveals Crypto Plans, Details of ‘Super App’

Paypal CEO Dan Schulman talked about his company’s crypto plans and the progress of the upcoming “super app” during the payments giant’s second-quarter earnings conference call Wednesday.

“I’m pleased to report that the initial version of our new consumer wallet super app is code complete and we are now beginning to slowly ramp,” Schulman began, elaborating:

New features will include high yield savings, early access to direct deposit funds, new and improved bill pay functionality, messaging capabilities outside of P2P to enable family and friend communications, as well as additional crypto capabilities and customized deals and offers.

“Each wallet will be uniquely driven by our advanced AI and machine learning capabilities in order to enhance each customer’s experiences and opportunities,” he added.

“In the next several months, we plan to be fully ramped in the U.S. with a host of products and services across payments, basic consumer financial services and commerce and shopping tools launching every quarter,” the CEO continued.

During the Q&A part of the call, Ramsey El-Assal, an analyst with Barclays Investment Bank, asked about the CEO’s updated view on crypto and blockchain and how Paypal planned to engage with the ecosystem from a consumer product perspective.

Schulman replied: “We continue to be really pleased with the momentum we’re seeing on crypto and we’re obviously adding incremental functionality into that.” The executive also mentioned that Paypal recently increased the weekly crypto purchase limit to $100,000 and removed the annual limit altogether.

Furthermore, the CEO noted:

We’re right in the middle of some open banking integration, which will increase the ability to fully integrate into ACH and do faster payments. We’re going to launch hopefully, maybe even next month in the UK, open up trading there. We’re working right now on transfers to third party wallets and we really want to make sure that we create a very seamless process for taxes and tax reporting.

“And so, we’re really looking at how do we integrate that into both the trading and the buy with crypto on our platform,” the CEO detailed, adding, “We’re also seeing strong adoption and trading of crypto on Venmo.”

What do you think about Paypal’s crypto plans? Let us know in the comments section below.

Source: Bitcoinnews.com