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Syed Ahad

Crypto Research Team Launched by Bank of America

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crypto

Bank of America has formed a crypto research team in an attempt to profit from the growing interest in the digital asset market.

Alkesh Shah would lead the new cryptocurrency research team, and the research would focus on technology related to the digital asset sector.

In the statement, Candace Browning, Bank of America’s head of worldwide research, said

”Cryptocurrencies and digital assets constitute one of the fastest-growing emerging technology ecosystems. We are uniquely positioned to provide thought leadership due to our strong industry research analysis, market-leading global payments platform, and our blockchain expertise.”

Bank of America joins the rising list of US-based banking giants betting big on the cryptocurrency network.

Some of the top US banks containing JP Morgan, Goldman Sachs, BNY Mellon, and various others have started offering some form of Bitcoin and crypto investment vehicles for their customers.

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PBoC continues the crackdown on cryptocurrency trade

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PBoC

PBoC continues the crackdown on the cryptocurrency trade. People’s Bank of China has shut down a company that provided bitcoin trading software. As Chinese officials continue the crackdown on crypto-related transactions.

A senior PBoC official declared two days after the closure that the central bank would ramp up testing of its prototype “digital yuan.”

Beijing Qudao Cultural Development, a software firm, has been ordered to cease operations by the PBoC’s Beijing office, according to a statement released on July 6.

Following a meeting with banks and payment companies, the PBOC issued a statement ordering them to properly monitor customer accounts, identify those involved in cryptocurrency transactions, and terminate their payment channels as soon as possible.

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Anti-Money Laundering Issues, Robinhood Crypto to Pay Fine

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Anti-Money Laundering

Anti-Money Laundering Issues Robinhood Crypto to Pay $15M fine Over Security to resolve a legal dispute with NYDFS (New York State Department of Financial Services) over charges related to crypto unit’s handling of cybersecurity and anti-money laundering.

The $15 million fine by New York State is the newest in a series of consequences to hit Robinhood. It also highlights the governing risk of operating in the crypto circle.

According to the filing, Robinhood set apart $10 million last year correlated to the NYDFS action and another $5 million in the first quarter of this year.

News of the NYDFS settlement comes a week after Robinhood approved to pay a $70 million fine—the biggest of its kind—to FINRA over outage and miscommunications that the federal regulator said formed “significant harm” to Robinhood clients.

As for the New York settlement, the filing offers few facts about the nature of the charges.

It only states that the NYDFS action narrates to Robinhood’s crypto division—known as RHC—and is “focused primarily on anti-money laundering and cybersecurity-related issues.”

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Visa has claimed that Crypto-linked cards topped $1 billion in first half of 2021

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crypto

Customers have spent more than $1 billion on Visa Inc‘s crypto-linked cards in the first half of this year, claimed the payments processor, which is taking steps to make crypto transactions more efficient.

Customers will be able to exchange and spend digital currencies at 70 million merchants around the world, due to the company’s partnership with 50 cryptocurrency platforms.

Visa’s decision is in keeping with the company’s growing acceptance of digital currencies.

The corporation started in March, it will accept the USD Coin as payment for transactions on its payment network.

Recent governmental crackdowns in China and elsewhere have soured investor confidence in cryptocurrencies.

Following the exhilaration that pushed it to record highs early this year, Bitcoin, the world’s largest cryptocurrency, has suffered a harsh decline.

However, a number of well-known names are continuing to increase their connection with digital assets. SoftBank Group Corp, a Japanese investment powerhouse, invested $200 million in Mercado Bitcoin, one of Latin America’s major bitcoin exchanges, last week.

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Crypto.com and UFC Signs a $175 Million Sponsorship Deal

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crypto

The crypto company has become UFC’s official fight kit partner.

The major mixed martial arts organization, Ultimate Fighting Championship (UFC), has signed a multi-million dollar sponsorship contract with Crypto.com.

The deal involved a $175 million payment carried out over ten years, according to CNBC.

The Hong Kong-based cryptocurrency firm became the first official fight kit sponsor of the UFC on Wednesday.

Whereas, Crypto.com’s branding will appear on fight kit items used throughout the UFC, including athletes’ attire, as part of the multi-year partnership.

“This is a partnership between two companies that are the best at what they do,” UFC President Dana White said. “No company has done more to grow the popularity of combat sports than UFC, and now we’re one of the biggest sports brands on the planet. We can help Crypto.com reach more people around the world through the strength of our brand.”

With an estimated fan base of over 625 million, UFC fights do indeed get a lot of attention throughout the world.

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Bitcoin: Western miners profit hugely, during China’s crackdown

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bitcoin

According to a report published by Arcane Research, China’s restriction on Bitcoin mining has resulted in greater profits for Western miners.

Due to the recent decline in the price of bitcoin, Western mining firms have had massive stock market gains in the last month.

China used to be home to a significant share of the global Bitcoin mining hash rate.

Whereas, Miners began to move out of the country in large numbers as the state began to crackdown.

As a result, the worldwide BTC hash rate has dramatically decreased. Western miners now deliver a larger share of the hash rate.

Mining firms are experiencing better earnings as the competition is very low. These profits exceed the losses due to the extent of the BTC price drop, compared with a net gain.

Marathon and Riot are two of the largest mining companies in the west, and their stock prices have risen significantly.

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London asset manager intends to invest $55 billion in cryptocurrency

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London

Despite the market’s recent collapse, a London-based asset manager is said to be considering investing in digital assets.

Marshall Wace, a London-based asset management firm with over $55 billion in assets under management (AUM), is considering to move into the cryptocurrency market, according to the report published today by the Financial Times.

Whereas the individuals connected with the situation report, the company intends to engage in many areas of the business, including blockchain technology and payment systems for digital currencies and stable coins.

Furthermore, according to FT’s sources, Marshall Wace is looking to hire staff in the digital assets industry, although the fact that the new investment arm is still in its early stages.

However, the asset manager plans to extend it and further considers adding other types of activity, such as bitcoin trading.

Apparently, the firm is considering to invest in the late-stage venture capital rounds in companies involved in the infrastructure of the still-developing industry.

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Central Bank of China issued a warning to firms regarding crypto-related businesses

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Cryptocurrency

Central Bank of China has issued a warning to firms, to stop the services regarding crypto-related businesses.

The Chinese central bank has announced the removal of a Beijing-based software firm over its suspected connection in cryptocurrency trading.

Beijing Qudao Cultural Development Co Ltd. was banned by Chinese authorities for suspected cryptocurrency trading, according to a statement made on Tuesday.

According to Reuters, the software company has been ordered to cease operations immediately, and its website has been taken down.

The People’s Bank of China‘s stance on cryptocurrency-related activities was also underlined in the statement from the Beijing financial supervision administration.

In addition to dealing directly with cryptocurrencies, Beijing organizations shall not provide venues, commercial displays, or advertising for any cryptocurrency-related operations.

This statement came after the Chinese government passed a slew of anti-crypto policies.

Whereas, the government made a statement in May asking for more strict crypto asset regulation.

The issue escalated in June when China’s central bank stated that cryptocurrency traders’ accounts will be cancelled.

A massive miner exodus caused the Bitcoin network hash-rate to fall to its lowest levels since 2019.

On the contrary, regulations have also cut off access to Bitcoin mining in the country.

Bitcoin’s price has dropped nearly 42% since May, due in large part to unfavorable government regulations in China. With China’s long-running anti-crypto campaign unlikely to end soon, Bitcoin will need to find support elsewhere if it is to prevent further decline.

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Philippines and Vietnam pursue crypto-friendly policies

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crypto

The Philippines’ national stock market wants to bring crypto assets under its supervision, and Vietnam’s central bank has been urged by the PM to launch a cryptocurrency pilot program.

Both of these countries are attempting to implement new policies to mainstream cryptocurrency.

In Asia, the Philippines and Vietnam are the countries with the most crypto users.

In comparison to their larger Asian peers — India and China, they both look more positive about digital tokens.

China and India aren’t the only Asian countries debating the future of crypto. As the popularity of digital tokens grows, smaller players such as the Philippines and Vietnam are entering the market.

According to the PSE, cryptocurrencies are an asset class that the Philippines Stock Exchange (PSE) can no longer ignore.

They also feel that merging the crypto framework into the existing exchange will make it safer for users to trade on international exchanges.

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