Author: Bloomberg
Binance Asia Services, the Singapore entity of Changpeng Zhao, said it made an investment in a regional private securities exchange called Hg Exchange that gives it a post-money stake of 18%. “Through this investment, we seek to work with HGX in enhancing offerings of products and services supported by blockchain technology,” said Binance Singapore Chief Executive Officer Richard Teng. Financial offerings in the traditional form and crypto assets are converging, Teng said in a statement Wednesday. A post-money valuation is the firm’s worth that includes the outside investment. Binance’s stake in HGX, which is based in Singapore and backed by PhillipCapital and…
Australia is weighing plans for a central bank-issued digital currency alongside the regulation of the crypto market as it seeks to overhaul how the nation’s consumers and businesses pay for goods and services. The government will consult on a digital version of cash that will be universally accessible, according to notes from a speech to be delivered by Treasurer Josh Frydenberg in Melbourne Wednesday. At the same time, it will consider a licensing framework that will allow crypto transactions within a regulated environment. It expects advice to be received on both by the end of 2022. “If we do not…
The Eastern Caribbean Central Bank on Tuesday will begin rolling out its DCash digital currency to Dominica and Montserrat — making the e-money available in seven nations that are part of the economic bloc. The bank launched DCash — an electronic version of the Eastern Caribbean dollar — in March of 2021, making it the first monetary union in the world to use a central bank digital currency, or CBDC. DCash, which can be used with or without a bank account, gives users the ability to make mobile, real-time transactions without any fees. It’s aimed at improving financial inclusion and…
By many counts, 2021 was the year cryptocurrencies were finally embraced by institutions. Now those same money-managers say the asset class is ripe for a big selloff next year. Digital assets are the “top contender” for a “major correction” in 2022, with nearly three-quarters of institutions polled saying they’re not an appropriate investment for most retail investors, according to a survey done for Natixis Investment Managers. Meanwhile, 28% of all institutions surveyed currently invest in cryptocurrencies — and of those, nearly a third said they plan to increase their crypto allocations next year. Overall, 8% of all institutional investors surveyed…
Money manager Jason Ader will submit plans on Dec. 10 for a casino in the New York area that features what he said would be the world’s largest cryptocurrency trading floor and a landing pad for flying cars. Ader, a former casino analyst, said the project will also include an esports arena and space for events such as New York Fashion Week. The project could cost $3 billion or more, depending on the site, which has yet to be determined. Ader said he would prefer the location be in Manhattan. “The goal is to have a differentiated but comprehensive approach…
The Bank of Thailand said commercial banks should avoid “direct involvement” in trading of digital assets, citing their high volatility and potential risks to financial and payment stability. Commercial banks should focus on safety, “as they are responsible for the deposits of the people,” BOT Senior Director Chayawadee Chai-Anant said at a briefing on Tuesday. The statement reaffirms the central bank’s stance of not supporting digital assets as means of payment for goods and services. The comments at a press briefing in Bangkok come after some Thai banks have stepped activity related to digital assets. Siam Commercial Bank last month announced its plan to acquire a…
When was the last time your entire paycheck shrank by more than 20%? If you are being paid in Bitcoin, the answer was Saturday, when the token fell as much as 21% in a matter of hours. While it has recovered ground, Bitcoin is still down more than 25% from the record high it reached about a month ago. That rapid plunge highlights just one peril of a nascent trend that’s being hyped up by politicians and celebrities — being paid in digital currencies. With major U.S. cities competing for investments in the fast-growing blockchain industry, their leaders are increasingly trying to promote policies…
While DeFi has become a popular buzzword among the crypto hip, it turns out that GameFi is increasingly where the action is these days. Nearly 50% of active cryptocurrency wallets connected to decentralized applications in November were for playing games, according to crypto data tracker DappRadar. The percentage of wallets linked to decentralized finance, or DeFi, dapps fell to 45% during the same period, after months of being the leading dapp use case. The gaming craze was kicked into high gear this year by virtual world of Axie Infinity, where players can earn money by winning battles, selling monsters, and staking or…
A group of indefatigable Bitcoin investors aren’t going to let Saturday’s 21% plunge, in the span of a few hours, curb their enthusiasm. They’re now promoting a “Fear & Greed” index via Twitter and other social media to justify their claim that the recent drop in prices is actually a great opportunity to get on the Bitcoin bandwagon. In traditional markets, Fear-Greed measures are a gauge of investor sentiment based on factors such as volatility, momentum and demand. The crypto version — developed by alternative.me — seeks to establish if traders are too bullish (represented by Greed) or bearish (Fear), and takes several…
Dan Morehead, the chief executive officer of Pantera Capital and longtime macroeconomic investor, sounded an alarm on what he called bubbles created by the Federal Reserve’s efforts and says digital assets should be bought instead. Bond investors “are going to get absolutely destroyed when the Fed stops manipulating the bond market,” he said in a note on Tuesday. Morehead argued that Bitcoin and crypto assets could be a hedge as bubbles in debt markets begin to pop. “Governments should stop obsessing about Bitcoin and look inward,” he said. “The biggest Ponzi scheme in history is the U.S. government and mortgage bond market…