Crypto Market Highlights January 14, 2022
The Central Bank of Pakistan bans cryptocurrencies, Bitstamp growth plans, and other crypto market highlights accumulated in the past 24 hours.
Crypto Market Highlights: Investment News
- High Performance Blockchain Protocol Near (NEAR) says it has raised $ 150 million in its latest round of funding, led by Three-Arrows Capital, involving several crypto-based funds including Mechanism Capital, Dragonfly Capital, a16z. Some of the top angels also took part in this round, including Alan Howard, Santiago Santos and Aave (AAVE) founder Stani Kulechov. The group said: “Funding will be used to accelerate the adoption of Web3 technology through ecosystem funding, the development of NEAR regional centers and brand awareness, projects that build on NEAR and its global community to new audiences.”
- Cryptocurrency services startup Zero Hash announced that it has raised $ 105 million in a Series D funding round.
- The issuer of Exchange Traded Funds (ETF) Simplify Asset Management has submitted an application for the introduction of the Simplify Volt Web3 ETF, which is traded under the ticker-ticker WIII. WIII will invest up to 10% of its total assets in Grayscale Bitcoin Trust (GBTC) and also use an option strategy for hedging.
Crypto Market Highlights: Regulatory News
The State Bank of Pakistan (SBP) has recommended banning the cryptocurrency, arguing in documents filed in an ongoing court case that approval would lead to capital flight, Reuters reported. The central bank notes that cryptocurrencies are all issued outside of Pakistan and that Pakistanis who buy such tokens are sending capital overseas.
A bipartisan group of lawmakers tasked with overseeing the US Commodity Futures Trading Commission (CFTC) has asked newly confirmed chairman Rostin Behnam to provide guidance on cryptocurrencies and their role in regulation. Questions include the size and scope of the cryptocurrency market, how cryptocurrency differs from crime in traditional financial markets, and the CFTC’s power to “protect customers” and maintain market integrity.
According to the New York Department of Financial Services (NYDFS), USA, cryptocurrency custodian Xapo has given up the BitLicense, which it first acquired in 2018. It wasn’t said why the company did so, but the abandonment of the license was up to Xapo to decide.
Crypto Market Highlights: Stock Market News
Bobby Zagotta, CEO of Bitstamp USA Inc., told Bloomberg that he is considering entering new markets such as stocks, non-fungible tokens and crypto derivatives, while Bobby Zagotta, the CEO of Bitstamp USA Inc., is considering asset class transactions.
Gemini announced the acquisition of BITRIA, formerly Blockchange Inc., a digital asset portfolio management platform designed for wealth and asset managers. “The integration of BITRIA’s technology into Gemini’s custody and exchange functions gives advisors access to the entire crypto ecosystem and the ability to manage customer portfolios from one interface,” said the exchange.
The Latin American exchange Bitso is the first crypto sponsor for the Mexican national team, known as Selección Mexicana de Fútbol. The team will work with Bitso to provide education opportunities in Mexico and also develop a number of NFTs that the exchange will distribute.
Crypto Market Highlights: CBDCs News
The House of Commons Economic Committee in a new report raised concerns that the UK Central Bank’s Digital Currency Project (CBDC) could threaten the stability of the banking system. Banks and central banks embroiled in controversial data protection debates. “The concept seems like a big risk with very little profit,” they said.
The central bank of Israel is expanding its research to include CBDCs, but its implementation remains hypothetical, with questions ranging from the cost of the token to the impact it will have on the banking system, Bloomberg reported, citing Yoav Soffer, head of the bank’s digital shekel project.
Crypto Market Highlights: Blockchain and DLT News
Solana (SOL) could take market share from Ethereum (ETH) thanks to its unique design, Business Insider said, citing Bank of America analyst Alkesh Shah.
The IOTA Foundation says it was selected to compete with four other projects in the second of three rounds of the EU blockchain’s commercial pre-procurement process. This follows phase 1, in which the IOTA Foundation and six other projects were selected from over 35 applicants.
The Web3.0 Community Innovation Festival ETHDenver will return from February 11-20, 2022 bringing together over 5,000 people in person and over 30,000 virtual attendees, including thousands of attendees, with bonuses and prizes and up to $ 2 million in invested capital. Participation in the Ethereum-oriented event is free and takes place both in person and virtually.
Crypto Market Highlights: NFT’s News
The China-backed blockchain service network will roll out infrastructure to support non-fungible tokens (NFTs) this month, the South China Morning Post (SCMP) reported. He Yifan, chief executive officer of Red Date Technology, which provides technical support for BSN, told SCMP that non-fungible tokens “have no legal problems in China” as long as they are not related to cryptocurrencies.
Crypto Market Highlights: Web3 News
The DeFi Alliance, a Web3 startup accelerator, says it has now become the Alliance DAO (a decentralized autonomous organization), “the world’s first digital startup nation to accelerate the best Web3 startups”. The alliance will take shape in the coming months, they added.
Crypto Market Highlights: Legal News
Software engineer Joseph Kent has filed a class action lawsuit in New York federal court against a decentralized financial service (DeFi) called PoolTogether, which describes itself as a “zero sweepstakes” offering the opportunity to win prizes from the profits made from the funds raised, according to that Wall Street Journal. The lawsuit challenged the legitimacy of PoolTogether’s operation, saying the program was essentially a lottery and prohibited under New York law.
Crypto Market Highlights: Career News
Cryptocurrency company GSR has named former Citadel Securities manager John MacDonald as chief technology officer (CTO).
BitMEX cryptocurrency exchange has appointed Marcus Hughes as its Chief Risk Officer, who will also serve on its board of directors.
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