🏦 BNY Mellon Launches New Digital Asset Custody Platform
BNY Mellon today announced that its Digital Asset Custody platform is live in the U.S. With select clients now able to hold and transfer bitcoin and ether, this milestone reinforces BNY Mellon's commitment to support client demand for a trusted provider of both traditional and digital asset servicing.
As America's oldest bank, BNY Mellon has a 238-year legacy of trust, resilience, and innovation. In this spirit, BNY Mellon formed an enterprise Digital Assets Unit in 2021 to develop solutions for digital asset technology, with plans to launch the industry's first multi-asset platform that bridges digital and traditional asset custody.
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BNY Mellon today announced that its Digital Asset Custody platform is live in the U.S. With select clients now able to hold and transfer bitcoin and ether, this milestone reinforces BNY Mellon's commitment to support client demand for a trusted provider of both traditional and digital asset servicing.
As America's oldest bank, BNY Mellon has a 238-year legacy of trust, resilience, and innovation. In this spirit, BNY Mellon formed an enterprise Digital Assets Unit in 2021 to develop solutions for digital asset technology, with plans to launch the industry's first multi-asset platform that bridges digital and traditional asset custody.
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⚖️ Elon Musk is being investigated by federal authorities over his conduct in his $44 billion takeover deal for Twitter Inc (TWTR.N).
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🇰🇷 South Korea to Implement Blockchain-Based Digital IDs in 2024
South Korean government is reportedly planning to introduce blockchain-based digital identification (ID) to boost the country’s economic growth.
The report notes that the new technology is set to see daylight in 2024, with more than 45 million citizens expected to adopt the technology within two years.
It is reported that for the tech-savvy nation, this technology would help tremendously, as increasingly more people are working from home and doing cashless transactions. By having digital IDs, citizens would save time transferring money, voting, or filling out documents for government benefits.
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South Korean government is reportedly planning to introduce blockchain-based digital identification (ID) to boost the country’s economic growth.
The report notes that the new technology is set to see daylight in 2024, with more than 45 million citizens expected to adopt the technology within two years.
It is reported that for the tech-savvy nation, this technology would help tremendously, as increasingly more people are working from home and doing cashless transactions. By having digital IDs, citizens would save time transferring money, voting, or filling out documents for government benefits.
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🇪🇺 EU Commission warns crypto mining may be halted in energy emergency
The European Commission announced that the European Union’s member states must prepare to halt crypto mining “in case there is a need for load shedding in the electricity systems”, according to an action plan on digitalizing the EU's energy system released on Tuesday.
In the longer term, the commission also wants EU members to look into ending current tax breaks and subsidies for proof-of-work miners.
The European Commission also announced its proposal to introduce a rating system for cryptocurrencies according to environmental impact within the European Union.
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The European Commission announced that the European Union’s member states must prepare to halt crypto mining “in case there is a need for load shedding in the electricity systems”, according to an action plan on digitalizing the EU's energy system released on Tuesday.
In the longer term, the commission also wants EU members to look into ending current tax breaks and subsidies for proof-of-work miners.
The European Commission also announced its proposal to introduce a rating system for cryptocurrencies according to environmental impact within the European Union.
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🏛 Fidelity’s Crypto Platform to Add Ether Trading for Institutional Clients
Institutional clients of Fidelity Digital Assets will be able to trade ether (ETH) beginning Oct. 28, according to a memo sent out by the investment firm.
The move is the latest step towards making crypto available to institutional clients by Fidelity, the parent company of Fidelity Digital Assets. Earlier this month, the giant asset management firm said it started a new Ethereum Index Fund for accredited investors, after raising about $5 million since sales started on Sept. 26.
Fidelity launched its crypto-focused institutional custody and trading platform Fidelity Digital Assets in 2018. The firm currently offers two exchange-traded crypto funds dedicated to the metaverse and digital payments, respectively.
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Institutional clients of Fidelity Digital Assets will be able to trade ether (ETH) beginning Oct. 28, according to a memo sent out by the investment firm.
The move is the latest step towards making crypto available to institutional clients by Fidelity, the parent company of Fidelity Digital Assets. Earlier this month, the giant asset management firm said it started a new Ethereum Index Fund for accredited investors, after raising about $5 million since sales started on Sept. 26.
Fidelity launched its crypto-focused institutional custody and trading platform Fidelity Digital Assets in 2018. The firm currently offers two exchange-traded crypto funds dedicated to the metaverse and digital payments, respectively.
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🇹🇷 Turkish authorities seize $40 million crypto in illegal betting
The Ankara Chief Public Prosecutor's Office issued a detention order for 46 suspects in an illegal betting investigation carried out in eight provinces yesterday. Some 46 suspects were detained in a simultaneous operation in Ankara, Batman, Bingöl, Kayseri, Kırıkkale, Muş, Van and Yozgat, and $40 million of cryptocurrency was confiscated.
It was determined that the suspects mediated the transfer of money obtained from illegal betting, and sent the money collected in their accounts to the cryptocurrency asset accounts of the criminal organization, including Halil Falyalı, his wife and the casino manager. The statement noted that Halil Falyalı was a Turkish Cypriot tycoon and was at the center of allegations regarding his leading role in the illegal betting businesses that he ran on the island, along with money laundering claims. On Feb. 8, 2022, he was shot dead in an assault in the Turkish Republic of Northern Cyprus' (TRNC) city of Girne (Kyrenia), near his home.
A net amount of TL 2.5 billion worth of cryptocurrency was transferred to the cryptocurrency accounts of a group of 11 people, including Falyalı and his wife, sending TL 118,000 with 148 transactions.
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The Ankara Chief Public Prosecutor's Office issued a detention order for 46 suspects in an illegal betting investigation carried out in eight provinces yesterday. Some 46 suspects were detained in a simultaneous operation in Ankara, Batman, Bingöl, Kayseri, Kırıkkale, Muş, Van and Yozgat, and $40 million of cryptocurrency was confiscated.
It was determined that the suspects mediated the transfer of money obtained from illegal betting, and sent the money collected in their accounts to the cryptocurrency asset accounts of the criminal organization, including Halil Falyalı, his wife and the casino manager. The statement noted that Halil Falyalı was a Turkish Cypriot tycoon and was at the center of allegations regarding his leading role in the illegal betting businesses that he ran on the island, along with money laundering claims. On Feb. 8, 2022, he was shot dead in an assault in the Turkish Republic of Northern Cyprus' (TRNC) city of Girne (Kyrenia), near his home.
A net amount of TL 2.5 billion worth of cryptocurrency was transferred to the cryptocurrency accounts of a group of 11 people, including Falyalı and his wife, sending TL 118,000 with 148 transactions.
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🇮🇳 Web3 to inject $1.1T in India’s GDP by 2032, following 37x growth since 2020
The US-India Strategic Partnership Forum (USISPF) estimated that “Web3 can add $1.1 trillion of new economic value to the Indian GDP in the next 10 years.”
Moreover, the study highlighted that investments in Indian Web3 startups mimicked crypto adoption by racking up a 37x growth over the last two years. The explosive Web3 growth in the country is further supported by an increasing talent pool, which makes India’s demand-supply gap the lowest when compared to the United States, China and the United Kingdom.
In addition, India ranks first when it comes to reskilling in newer technologies, which is considered paramount in emerging technologies such as Web3 and blockchain.
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The US-India Strategic Partnership Forum (USISPF) estimated that “Web3 can add $1.1 trillion of new economic value to the Indian GDP in the next 10 years.”
Moreover, the study highlighted that investments in Indian Web3 startups mimicked crypto adoption by racking up a 37x growth over the last two years. The explosive Web3 growth in the country is further supported by an increasing talent pool, which makes India’s demand-supply gap the lowest when compared to the United States, China and the United Kingdom.
In addition, India ranks first when it comes to reskilling in newer technologies, which is considered paramount in emerging technologies such as Web3 and blockchain.
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🇦🇪 UAE attracts blockchain firms in Asia, Europe with financing and residency
The United Arab Emirates (UAE) is pulling all strings in its attempt to entice technology firms from Asia and Europe with an array of exciting offers. Part of the Gulf nation’s tools in its arsenal includes speedy business licensing and giving employees attractive residency options.
A total of 300 firms are currently on the radar of the UAE administrators, with Thani Al Zeyoudi, Minister of State for Foreign Trade, noting that nearly 40 companies were in the advanced stages of a possible relocation. Al Zeyoudi told reporters that the government is currently eyeing a timeline of 24 months, with 2024 chosen as a tentative date to achieve its aims.
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The United Arab Emirates (UAE) is pulling all strings in its attempt to entice technology firms from Asia and Europe with an array of exciting offers. Part of the Gulf nation’s tools in its arsenal includes speedy business licensing and giving employees attractive residency options.
A total of 300 firms are currently on the radar of the UAE administrators, with Thani Al Zeyoudi, Minister of State for Foreign Trade, noting that nearly 40 companies were in the advanced stages of a possible relocation. Al Zeyoudi told reporters that the government is currently eyeing a timeline of 24 months, with 2024 chosen as a tentative date to achieve its aims.
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🔥 Recent trademark filings could imply that Western Union wants to launch its own virtual currency exchange and cryptocurrency token.
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🇨🇷 Costa Rica could be one of the next countries to adopt bitcoin as a regulated payment method. This week, Congresswoman Johana Obando introduced a bill to allow bitcoin and other cryptocurrencies to serve as a form of payment. The bill also proposes that traditional banking institutions be able to serve as crypto exchanges, including custody and wallet services for their customers.
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🇻🇳 A remarkable scene in Vietnam: a street vendor offers GPUs per kilo as if they were vegetables.
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Binance founder and CEO Changpeng Zhao is looking into potentially buying banks as a way of bridging the gap between the worlds of traditional finance and crypto, according to an interview Zhao did with Bloomberg at the Web Summit conference in Lisbon.
Zhao did not name any specific targets, and also said he's open to either minority investments or a full acquisition.
«There are people who hold certain types of local licenses, traditional banking, payment-service providers, even banks. We’re looking at those things».
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Cryptocurrency exchange Binance has signed a non-binding letter of intent (LOI), intending to fully acquire the FTX exchange.
This will help to solve FTX's liquidity crunch, according to Binance CEO Changpeng Zhao.
FTX boss Sam Bankman-Fried says that things have now come "full circle" given that Binance will be the exchange's first and last investor.
The terms of the deal have not been disclosed. Binance can withdraw from the deal "at any time."
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The lending arm of crypto investment bank Genesis Global Trading is temporarily suspending redemptions and new loan originations in the wake of FTX’s collapse, Interim CEO Derar Islim told customers on a call Wednesday.
The unit, known as Genesis Global Capital, serves an institutional client base and had $2.8 billion in total active loans as of the end of the third quarter of 2022, according to the company’s website.
Genesis Trading, which acts as Genesis Global Capital’s broker/dealer, is independently capitalized and operated separately from that lending unit, Islim said. He added that Genesis’ trading and custody services remain fully operational.
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