Crypto Miami

South Korean regulator to reportedly shut down 11 crypto exchanges.
Sources claim that several mid-sized crypto exchanges in South Korea would not be able to get approval from the FSC.
South Korea’s top financial regulator, the Financial Services Commission, is reportedly planning to shut down a dozen local cryptocurrency exchanges amid fraud allegations.
The FSC will suspend operations of at least 11 mid-sized crypto exchanges in South Korea due to alleged illegal activities and fraudulent collective accounts, local news agency The Korea Herald reported Sunday. The publication cited anonymous industry sources claiming that the names of the exchanges were not yet disclosed.
The sources argued that the mentioned crypto exchanges will not be able to get approval for operation by the FSC. The report also notes that the authority is planning to implement stricter regulations for smaller crypto exchanges in South Korea.
The news on the alleged shutdowns comes amid several smaller South Korean crypto exchanges suspending operations recently. Local crypto exchange Bitsonic announced Friday on its official Telegram channel that it would temporarily halt operations, citing “internal and external issues.”
Another local crypto trading platform, CPDAX, also said that it would entirely shut down operations as of Sept. 1. Previously, Darlbit exchange also reportedly terminated services after suspending deposit and withdrawal services last month.
South Korean crypto exchanges have been under stricter regulatory scrutiny recently as authorities have required local virtual asset service providers to register their businesses until September and set up real-name trading accounts and reporting. Particularly, smaller- and medium-sized crypto exchanges have been reportedly struggling to secure licenses from appropriate authorities, as opposed to major crypto exchanges like Upbit, Bithumb, Coinone and Korbit.
Larger cryptocurrency exchanges in South Korea have also been facing regulatory issues recently, however. According to Yonhap News, the Seoul Metropolitan Police Agency Monday reopened an investigation into an alleged fraud case involving the former chairman of Bithumb, the largest crypto exchange in South Korea.

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2021-08-02 19:30:01

State Street to launch crypto services for private funds clients.
After leading Lukka’s Series C funding round in late 2020, State Street partners with the firm to offer new digital asset services.
Major American financial services and bank holding company State Street Corporation is expanding its push into the cryptocurrency industry by launching new digital asset services.
State Street, the second-oldest operating bank in the United States, announced Thursday that it would provide digital and crypto asset administration services for the company’s private funds clients. The bank will enable its private fund clients to access a set of institutional-grade middle- and back-office offerings that support diversified portfolios, including crypto-related features like collection, standardization, reporting, processing and reconciliation.
To unlock the services, State Street signed an agreement with Lukka, a U.S.-based blockchain data and software provider focused on reporting audit-ready data on cryptocurrency transactions. State Street is known as a major investor in Lukka, leading the company’s Series C funding round in December 2020.
As part of the partnership, State Street will provide access to a set of Lukka’s proprietary products, including middle- and back-office data management solutions designed for blockchain and crypto-asset data, as well as reference and pricing data. It will allow State Street to consume crypto assets mixed within a private client’s traditional alternative investments portfolios, providing digital assets with the same quality and precision as traditional assets.
The news comes shortly after Street Digital launched a new division dedicated to cryptocurrency and digital assets last month. Called State Street Digital, the new unit is focused on research and tools related to cryptocurrency, blockchain technology, central bank digital currencies, and tokenization.
“The growth in popularity of digital assets is showing no signs of a slowdown and State Street Digital is committed to continuing to build out the necessary infrastructure to further develop our digital assets servicing models to help meet our clients’ growing demands,” State Street Digital director Nadine Chakar said.
Headquartered in New York, Lukka is known as a major player in the digital asset industry in the United States. S&P Dow Jones Indices — a joint venture between S&P Global, the CME Group and News Corp — launched crypto indexes using Lukka’s technology earlier this year.

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2021-07-30 18:30:00

Institutions continue offloading BTC exposure despite price rebound.
Bitcoin funds are still in decline as institutional sentiment remains bearish.
Investments in institutional Bitcoin products have continued to decline this past week.
In its July 26 Digital Asset Fund Flows report, CoinShares notes institutional crypto products have experienced outflows for the third consecutive week, with $28 million exiting the sector during the week ending July 23. As such, the week saw a 170% increase in outflows compared to the $10.4 million for the previous seven days.
The findings revealed that Bitcoin-based funds saw the largest outflows with $24 million, or 85% of combined outflows from crypto products. Monthly outflows for BTC are now at $49 million, although year-to-date flows remain positive at $4.1 billion. CoinShares stated:
“Last week’s outflows suggest negative sentiment still pervades the asset class despite more recent constructive comments from key industry players.”
Ether products also saw outflows of $7.3 million over the week, while multi-asset funds bucked the trend with a net inflow totaling $3.1 million. The report added that multi-asset funds are the only class of crypto investment products that have experienced net inflows for every week of 2021 so far.
Despite the downturn, leading crypto asset manager, Grayscale, recorded an inflow of $2.5 million for the period. Its latest assets under management bulletin reports total assets under management of $33.6 billion as of July 27.
CoinShares concluded that investment product turnover remains low at $1.7 billion for the week — comprising just 22% of May’s weekly average.
However, CoinShares’ data was recorded before Monday’s bullish market action that saw Bitcoin gain 15% in less than three hours.

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2021-07-27 18:00:50

Rangers Protocol launches Ethereum Virtual Machine-compatible testnet.
The project is branding its testnet as useful to “new developers without blockchain background knowledge."
The Rangers Protocol has opened its testnet to users aiming to provide an Ethereum Virtual Machine-compatible solution that supports cross-chain contract interoperability.
In a Friday announcement, the Rangers Protocol said it had successfully migrated its first Dapp to the testnet which went live on July 19. The project migrated an Ethereum-based lending protocol, BlueStone, to the testnet, a move the protocol described as “smooth and developer-friendly” given Rangers’ Ethereum Virtual Machine, or EVM, compatibility.
Though there are seemingly alternative solutions utilizing blockchain technology friendly to Solidity developers, Rangers Protocol is branding its testnet as useful to “new developers without blockchain background knowledge.” Individuals interested in building using the protocol will reportedly have an easier time creating nonfungible tokens, or NFTs, as well as gaming applications in a permissionless environment.
Rangers Protocol co-founder Mary Ma announced in June that it would be launching its testnet in July following $3.7 million seed and private equity funding rounds. Ma claimed the protocol would have decentralized apps on its network, and include a cross-chain protocol, NFT protocol, and EVM compatible system. The project is reportedly the work of three years of development.
Crypto also recently launched its chain testnet allowing projects built on EVM-compatible chains to transfer over to its ecosystem. The open source testnet, Cronos, runs on a proof-of-authority consensus algorithm and is powered by proof-of-stake chain Ethermint.
Originally branded as the Rocket Protocol, Rangers is a China-based crypto company with an estimated valuation of $63 million. Venture funds backing the project include Pantera Capital, Huobi Ventures Blockchain Fund, Framework Ventures, Alameda Research, AU21 Capital, Hashkey Capital, SevenX Ventures, SNZ, Spark Digital Capital, and others.

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2021-07-24 20:00:37

Kraken CCO will join crypto exchange Bitstamp to run US operations.
“We doubled our US team in 2021 and expect to triple the team by 2022,” said Robert Zagotta.
Cryptocurrency exchange Bitstamp has hired Robert Zagotta, chief commercial officer of Kraken, to be the first CEO of its business in the United States.
In an announcement today, Bitstamp said Zagotta would be coming on board to “oversee day-to-day operations” and accelerate the exchange’s growth in the country. He was with crypto exchange Kraken for more than three years and also worked as a senior managing director with the Chicago Mercantile Exchange Group.
“The US has a unique regulatory landscape and a huge potential upside in the digital asset industry,” said Bitstamp Global CEO Julian Sawyer. “By appointing a regional CEO for Bitstamp, it demonstrates the importance that the United States is playing for our global exchange.”
Zagotta told Cointelegraph he would be focused on “the intricacies and opportunities in the U.S. market,” while Sawyer would handle Bitstamp’s global vision. He said his goal would be to draw in interest from U.S. businesses and investors, but the exchange was “already a major competitor” for local crypto exchanges.
Bitstamp has hired several professionals to fill executive roles in recent months. Sawyer, a former Gemini executive, replaced the exchange’s long-running CEO and co-founder Nejc Kodrič in October. The firm also announced it would be taking on a new chief financial officer and chief operating officer in April.
“We will continue to bring in top talent in the U.S. and around the globe,” said Zagotta. “We doubled our US team in 2021 and expect to triple the team by 2022.”
According to Bitstamp, the crypto exchange has seen a 570% increase in new customers in the United States for the first half of 2021, with a 281% increase in assets under management. Data from CoinMarketCap shows the exchange ranks 11th overall, with a daily trading volume of more than $270 million.

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2021-07-21 19:00:58

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