Crypto Can Eventually Replace the Dollar As “The Reserve Currency of the World,” says US Senator

Crypto Can Eventually Replace the Dollar As “The Reserve Currency of the World,” says US Senator Rand Paul

Senator Rand Paul (R-Ky.) sees cryptocurrency replacing the US dollar one day because more and more people are losing confidence in governments.

“I’ve started to question now whether or not cryptocurrency could actually become the reserve currency of the world as more and more people lose confidence in government.”

In an interview with “Axios on HBO” over the weekend, while talking about why he has started to believe in cryptocurrencies now, Paul said,

“the government currencies are so unreliable.”

They’re “fiat currencies. They’re not backed by anything. The dollar’s been more stable than most other countries, and so it is the reserve currency,” he said, which has his belief in crypto growing.

The Senator isn’t new to crypto; in 2015, he accepted donations in Bitcoin as part of his presidential campaign to appeal to the younger generation. BTC 3.57% Bitcoin / USD BTCUSD $ 63,114.88
$2,253.203.57%
Volume 31 b Change $2,253.20 Open $63,114.88 Circulating 18.85 m Market Cap 1.19 t
6 h Crypto Can Eventually Replace the Dollar As “The Reserve Currency of the World,” says US Senator Rand Paul 8 h The Biden Administration Proposes Tax on Unrealized Capital Gains With ‘Build Back Better’ Plan 10 h Elon Musk Supports the “People’s Crypto” the Original Meme Coin DOGE, But SHIB is the One Dominating Binance and Coinbase

“I’ve been fascinated by the concept of it, but I never would have purchased it myself. I’m just a little bit skeptical.”

Read Original/a>
Author: AnTy

Decentralized Prediction Market Polymarket is Under CFTC Investigation: Report

Decentralized Prediction Market Polymarket is Under CFTC Investigation: Report

New York-based decentralized prediction market Polymarket is under the scrutiny of a top Wall Street regulator.

The Commodity Futures Trading Commission (CFTC) is investigating whether Polymarket is letting customers improperly trade binary options or trade swaps and if it should be registered with the agency, according to a Bloomberg report citing people familiar with the matter.

The firm, however, is not accused of any wrongdoing, and CFTC investigations do not always lead to enforcement cases.

“Polymarket is firmly committed to complying with applicable laws and regulations and to providing information to regulators that will assist them with any inquiry,” a spokesman for the firm said in response.

The company also has law firm Sullivan & Cromwell partner James McDonald handling the probe, who was head of the CFTC’s enforcement division until last year, Bloomberg said, citing sources.

Since launching last year, Polymarket has facilitated about 4 billion shares. Trades on the prediction market are made using the stablecoin USDC.

Amidst this, the company is in talks with investors on a new round of funding that would value it at about $1 billion. Last year, Polymarket raised $4 million in venture capital.

Read Original/a>
Author: AnTy

The Biden Administration Proposes Tax on Unrealized Capital Gains With ‘Build Back Better’ Plan

The Biden Administration Proposes Tax on Unrealized Capital Gains With ‘Build Back Better’ Plan

Treasury Secretary Janet Yellen has proposed a tax on unrealized capital gains.

Speaking on CNN’s “State of the Union” over the weekend, Yellen said this new tax would be levied on the very wealthy.

“It’s not a wealth tax, but a tax on unrealized capital gains of exceptionally wealthy individuals.”

Capital gains tax incurs on the profit that investors realize on the sale of their assets. The current capital gains tax rate is up to 37% in the US, based on the asset type, the income of the investor, and the period of holding.

But now, the former Chair of the US Federal Reserve wants investors to pay a tax on the increase in value of an asset every year, even if it is not sold.

The Democrat administration in the US claims only to target the super-rich with this tax. Yellen explained,

“I wouldn’t call that a wealth tax. But it would help get at capital gains, which are an extraordinarily large part of the incomes of the wealthiest individuals, and right now escape taxation, until they’re realised, and often they’re unrealised in the death benefit from a so- called step up of basis.”

With this tax, the Biden administration is looking to fund a $3.5 trillion spending plan. Yellen first proposed the tax on unrealized capital gains earlier this year in February.

Since then, wealth managers like Howard Marks, who revealed in January that his family “owns a meaningful amount” of Bitcoin, have argued that this may lead to more investments in markets outside the US to escape the added tax. BTC 3.57% Bitcoin / USD BTCUSD $ 63,114.88
$2,253.203.57%
Volume 31 b Change $2,253.20 Open $63,114.88 Circulating 18.85 m Market Cap 1.19 t
6 h Crypto Can Eventually Replace the Dollar As “The Reserve Currency of the World,” says US Senator Rand Paul 8 h The Biden Administration Proposes Tax on Unrealized Capital Gains With ‘Build Back Better’ Plan 10 h Elon Musk Supports the “People’s Crypto” the Original Meme Coin DOGE, But SHIB is the One Dominating Binance and Coinbase

Crypto market participants also voiced out against this move by the Biden administration. Charles Edwards, the founder of Capriole Investments, commented,

“They know they can’t stop printing. They know increasing interest rates will break the economy. I expect to see more and more taxation plays in an attempt to control the debt balloon and hyperinflation.”

The tax would apply to those who make more than $100 million a year for three years in a row or $1 billion in annual income. Those impacted by the tax would be able to take a deduction if their assets plunge in value.

Read Original/a>
Author: AnTy

Mastercard Will Now Allow Banks and Merchants to Buy, Sell, and Pay with Crypto

Mastercard Will Now Allow Banks and Merchants to Buy, Sell, and Pay with Crypto

Payment giant Mastercard is now preparing to allow millions of merchants and thousands of banks on its network to integrate cryptocurrency into their products soon announced the company on Monday.

This will cover bitcoin wallets, debit and credit cards that enable spending crypto assets and earning rewards in crypto, and loyalty programs where the airline or hotel points can be converted into digital currency.

For this, Mastercard is partnering with Bakkt, which will provide custodial services. Sherri Haymond, Mastercard’s executive vice president of digital partnerships, in an interview, said,

“We want to offer all of our partners the ability to more easily add crypto services to whatever it is they’re doing.”

“Our partners, be they banks, fintechs or merchants can offer their customers the ability to buy, sell and hold cryptocurrency through an integration with the Baktt platform.”

The company has more than 20,000 financial institutions as part of its network. Also, there are 2.8 billion Mastercards in use.

The growing interest in crypto this year has Mastercard clients also asking them to help in providing crypto services, said Haymond. According to her, this will allow banks to keep customers on their platforms instead of having their dollars migrate to crypto exchanges. Bakkt CEO Gavin Michael said,

“We’re lowering the barriers to entry, allowing people to take something like your rewards points and trade them into crypto.”

“It’s an easy way to get going because you’re not using cash, you’re putting something that’s an idle asset sitting on your balance sheet, and we’re allowing you to put in to work.”

This is in line with earlier findings that nearly half (48%) of respondents purchased crypto in the first half of 2021, and 32% of those who didn’t are either very or somewhat interested in doing so before year-end.

77% of millennials are also interested in learning more about crypto, with 75% saying they would use cryptocurrency if they understood it better.

Read Original/a>
Author: AnTy

Despite ETH Hitting A New ATH, Ethereum’s DeFi Market Share Drops by 30% in the Past Year

Despite ETH Hitting A New ATH, Ethereum’s DeFi Market Share Drops by 30% in the Past Year

The decentralized finance (DeFi) sector has been seeing some price action since last month, but it is extremely slow compared to the rest of the market.

At a $150.5 bln market cap, DeFi has hit the all-time high from mid-May. But DeFi blue-chips like Uniswap, YFI, and Aave are not leading these gains; the likes of Olympus and Spell that are termed DeFi 2.0 are the ones behind the latest interest in DeFi.

However, the total value locked (TVL) in the DeFi is seeing real growth and hitting new ATHs. Today, it reached yet another one at $244.56 billion, according to DeFi Llama.

The most popular layer 1 blockchain Ethereum also hit a new ATH with the value locked at $162.6 bln, up from $75 bln in late May. MakerDAO is currently the dominant project on Ethereum with $16.62 bln of assets.

But it’s not just Ethereum anymore; over the past year, the multi-chain universe has been expanding, and all of these other layer 1 blockchains together account for 34% of the overall DeFi TVL.

These other blockchains also cover Ethereum layer 2 blockchain Arbitrum, which has also amassed $1.96 bln.

When it comes to other layer 1’s, Binance Smart Chain is at the top with $20.62 bln TVL, finally starting to grow this month after four months of sideways action. Just two weeks back, Binance announced a $1 billion incentive program to attract projects and developers back to BSC.

During the May mania, the TVL on BSC hit its peak at $32.6 bln as it offered a cheaper and faster alternative to Ethereum and is now trying to bring back that action.

Solana is another big competitor to Ethereum, which has the backing of FTX CEO and founder Sam Bankman Fried. At $13.53 bln, its TVL continues to hit new highs as it joins the NFT mania, and investors who missed the ETH train see SOL as their opportunity to have a high-performing asset in their long-term portfolio.

The latest stars of the layer 1 world are Terra and Avalanche with $9.97 bln and $8.2 bln in TVL respectively. With cheaper fees, liquidity programs, and burns, these two are currently ruling the layer 1 blockchain competition.

Their tokens LUNA and AVAX are also enjoying this traction, having hit their ATHs in about the last one month at $50 and $80, respectively.

Fantom (FTM) is another popular one at $4.91 bln, while Polygon (MATIC), which was extremely popular between April to July among the newcomers, has since lost its charm and is now at $4.64 bln has less than half of its TVL ATH.

Other notable mentions include Celo with $1 bln in assets and Harmony (ONE), whose TVL is $325 mln, growing since early July.

Read Original/a>
Author: AnTy

Elon Musk Supports “People’s Crypto” the Original Meme Coin DOGE, But SHIB is the One Dominating

Elon Musk Supports the “People’s Crypto” the Original Meme Coin DOGE, But SHIB is the One Dominating Binance and Coinbase

Shiba Inu (SHIB) was rallying to new highs when Elon Musk sent it crashing.

Tesla CEO initially helped SHIB go up by tweeting a photo of his puppy earlier this month only for the meme token to drop after he revealed on Sunday that he doesn’t own any.

Over the weekend, SHIB hit a new all-time high at $0.00004432 to become the 11th largest cryptocurrency.

This could also be driven by the Shiba Inu community’s expectation to get listed on Robinhood. A petition on Change.org for the same has gathered almost 300,000 signatures.

“Memes have value and have been an investible thesis in 2021,” said Jonathan Cheesman, head of OTC and institutional sales at crypto-derivatives exchange FTX. “Lower dollar-price tokens are attractive to retail,” he added.

But when a SHIB investor asked Musk if he owned the crypto asset, his “none” sent its price down by 18.5% to $0.000044323652. But since then, SHIB’s price has recovered some of the losses and is now trading at $0.00003880.

SHIB, however, continues to be the most traded crypto asset on the exchanges even still. Currently, it is leading in trading volume on Binance and Coinbase at $3.95 bln and $1.75 bln respectively.

While SHIB’s 24-hour volume accounts for 15% of Binance’s total volume, it is double for Coinbase at 30.4%.

This meme coin is up a mind-boggling 69357672.5% in the last 11 months.

Elon’s Only Into the Original Meme

While sharing that he doesn’t own any SHIB tokens, Musk clarified that he only owns Bitcoin (BTC), Ether (ETH), and Dogecoin (DOGE).

“Out of curiosity, I acquired some ascii hash strings called “Bitcoin, Ethereum & Doge”. That’s it,” said Musk.

In a separate response, the SpaceX CEO also shared his reason to support the competing and original meme coin DOGE.

“Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto,” Musk said.

Dogecoin is currently the fourth most-traded asset on leading crypto exchange Binance, accounting for only 5.12% of its total volume, and 5th largest on Coinbase with a 4.88% share.

image1

Elon’s comment has been in response to a recent survey finding that DOGE’s adoption in the US exceeds Bitcoin and Ethereum with 30.6% of crypto owners saying they own Dogecoin. This is 1.6 times the global average adoption rate of 19.2%. BTC 3.57% Bitcoin / USD BTCUSD $ 63,114.88
$2,253.203.57%
Volume 31 b Change $2,253.20 Open $63,114.88 Circulating 18.85 m Market Cap 1.19 t
6 h Crypto Can Eventually Replace the Dollar As “The Reserve Currency of the World,” says US Senator Rand Paul 8 h The Biden Administration Proposes Tax on Unrealized Capital Gains With ‘Build Back Better’ Plan 10 h Elon Musk Supports the “People’s Crypto” the Original Meme Coin DOGE, But SHIB is the One Dominating Binance and Coinbase
ETH 3.14% Ethereum / USD ETHUSD $ 4,220.83
$132.533.14%
Volume 15.91 b Change $132.53 Open $4,220.83 Circulating 118.08 m Market Cap 498.38 b
10 h Despite ETH Hitting A New ATH, Ethereum’s DeFi Market Share Drops by 30% in the Past Year 10 h Elon Musk Supports the “People’s Crypto” the Original Meme Coin DOGE, But SHIB is the One Dominating Binance and Coinbase 11 h CME Bitcoin Futures OI Rips to $5.70 Billion to Claim the Top Spot Over Binance

The survey by ‘Finder’ also stated that in Australia, Cardano (ADA) is the most popular crypto, while Bitcoin in Japan, ETH in Singapore, and BNB in Indonesia. The survey polled 41,645 individuals in 22 countries and found that a little over 1 in 10 (11.4%) adults own crypto globally. ADA 0.98% Cardano / USD ADAUSD $ 2.14
$0.020.98%
Volume 2.4 b Change $0.02 Open $2.14 Circulating 32.92 b Market Cap 70.62 b
10 h Elon Musk Supports the “People’s Crypto” the Original Meme Coin DOGE, But SHIB is the One Dominating Binance and Coinbase 6 d Sports Betting Platform DraftKings to Become Polygon Network Validator & Support Custom NFTs Drops in Marketplace 6 d Bitcoin Continues to Attract All the Inflows With Traders Eyeing A BTC Price Jump to $100,000
BNB 1.65% Binance Coin / USD BNBUSD $ 484.74
$8.001.65%
Volume 1.34 b Change $8.00 Open $484.74 Circulating 166.8 m Market Cap 80.85 b
10 h Elon Musk Supports the “People’s Crypto” the Original Meme Coin DOGE, But SHIB is the One Dominating Binance and Coinbase 1 w Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln, says Founder 1 w China Update: Binance, OKEx, and Gate Kicks Out CNY & Existing Users, WeChat Blocks Searches, Mining Share Goes to Zero

Musk advised people to not “bet the farm on crypto,” as the “true value is building products & providing services to your fellow human beings, not money in any form.”

Here, MicroStrategy CEO Micahel Saylor, a big Bitcoin proponent, took over to impart his knowledge of the leading trillion-dollar digital currency. He said,

“Bitcoin enhanced by Lightning can be viewed as both a product (digital property) and a service (open monetary network). The ability to transfer monetary energy through time and space without government intervention or conventional banking is enormously valuable to humanity.”

Read Original/a>
Author: AnTy

CME Bitcoin Futures OI Rips to $5.70 Billion to Claim the Top Spot Over Binance

Bitcoin is taking a break after hitting a new all-time high at $67,000 earlier last week.

Towards the end of the last week, we briefly went under $60k, and today it is trading just under $63k.

Right before the weekend, Bitcoin had entered into “overbought” territory, with its 14-day relative strength index (RSI) coming in at 71 at one point. If the RSI of an asset crosses above 70, it is considered overbought and oversold below 30.

“Bullish sentiment among futures traders on Bitcoin reached 92% this week,” said Matt Maley, chief market strategist for Miller Tabak + Co, referring to the Daily Sentiment Index. “That’s very high, so it needs to take a breather to work off these short-term conditions.”

The funding rate, meanwhile, is currently between 0.01% and 0.0408%. The highest is currently on OKEx, with Bybit not far behind at 0.0349%. BTC’s annualized daily basis on Binance is around 12.28%, down from 15.32% from last week but nowhere near 41.4% in mid-April. CME basis also hit February levels last week.

image1

As the price has stabilized some after the new ATH, the premium on CME has also come down a bit. Compared to $62,800 on Coinbase, as of writing, on CME, Bitcoin is trading at $62,850.

The open interest on Bitcoin futures on the regulated exchange CME continues to hit new highs, so much so that it has moved into first place.

OI on CME for Bitcoin futures contracts has hit $5.70 billion, higher than Binance’s $5.60 billion, according to Skew. In third place is FTX with $4.04 billion in OI, followed by Bybit at $3.23 bln, then OKEx at $2.25 bln, then Huobi at $1.46 bln, and Deribit with $1.39 bln.

According to Arcane Research, this growth in OI is driven by the Bitcoin futures ETF that has CME’s OI now accounting for 22.3% of the market versus Binance’s 22%.

Based on volume, however, Binance is a clear winner at $24.15 bln, with CME at 6th place with nearly $1 billion in the past 24 hours.

This growth in futures and perps volume highlights the growing importance of derivatives for price discovery.

Open interest in options also hit at an ATH last week at $15.72 bln. Currently, it is at $13.9 bln to start the new week. Nearly 90% of this OI belongs to Deribit, followed by LedgerX and CME, having over 3% market share each.

Besides Bitcoin, last week, Ether also came close to hitting a new high on Coinbase and then dropped under $4k on the weekend. As of writing, we are back to trading around $4,150 with total OI in Ether futures at $12.09 billion. On CME, OI has been staying above $1 bln after first hitting it in the first half of last week.

The market participants are increasingly becoming more confident that we are in the second inning of this bull cycle. They are expecting to see Bitcoin rally to be worth six digits and Ether five digits.

Alex Hoptner, CEO of crypto derivatives platform BitMEX, is one of them who sees $100k for bitcoin at the end of the year driven by wide interests of mass retail, more and more institutional players coming in, and the asset class being totally outside of the classical financial system. Hoptner, in an interview with Bloomberg, explained,

“We see a huge mass market adoption of traditional finance players come into the market as well as retail driving the market. Natural developments like the precious Bitcoin ETF helps that and the mass market adoption. But we see this also from the rising inflation that there’s more and more interest in that because this nascent outside of the classical financial system and actually pretty interesting interest rates to be gained on that one an annualized basis over 10% sometimes. So I think that all adds up to being a pretty much good rally and it’s not the end yet.”

Read Original/a>
Author: AnTy

Goldman Sachs Reports on “TradFi 2.0,” says DeFi Should Help Support Crypto Asset Valuations

Goldman Sachs Reports on “TradFi 2.0,” says DeFi Should Help Support Crypto Asset Valuations

DeFi shows a compelling use case for crypto technology, says the report noting yields in the sector are “about ten times the yields available on insured bank deposits” and can be enhanced further.

Just like crypto, decentralized finance (DeFi) is also getting institutionalized. This week, Goldman Sachs put out a detailed report on the DeFi ecosystem that includes “many of the same products and services found in the traditional financial system” but with no centralized intermediaries.

“There are no banks, brokers, or insurers, only open source software connected to a blockchain.”

According to the authors of the report, analysts Zadi Paled and Isabella Rosenberg, the technology has the potential to disrupt existing market structures and is termed as “one of the most compelling use cases of blockchains.”

Blockchain is not just an alternative ledger or bookkeeping technology, and that’s why the applications are not limited, it said. The block-by-block updating of a smart contract blockchain is used to document not just peer-to-peer transactions but also any arbitrary change in the state of a complex system, as such allowing smart contract blockchains to run software and applications powering DeFi.

Compared to traditional finance, DeFi offers certain advantages in the form of easier access for underbanked populations, faster settlement times, unique products, faster innovation, higher transparency, and more efficiency.

But it is “very much a work-in-progress” experiencing plenty of hacks, bugs, and outright scams and further posing a challenge for policymakers which means “broader public adoption is likely still some way off,” wrote Paled and Rosenberg. They also pointed to structural weaknesses such as scalability to compete head-to-head with traditional financial services technology.

The report highlights Aave and Uniswap as two key protocols demonstrating the main applications of DeFi — lending and trading/exchange.

Disrupting The Existing Financial System

Talking about the growth of the DeFi sector over the past year, the report cited stablecoin yields “much higher” than on insured bank deposits as the reason behind this. An estimated 3.5 million unique addresses have interacted with DeFi protocols.

These yields are typically 5%, “about ten times the yields available on insured bank deposits,” noted the report, adding these yields can further be enhanced.

It further pointed out Federal Reserve surveys showing that cash use declined across all age groups during the pandemic, and those of the 25-34yr age group used cash for only 10% of payments last year.

And this may be contributing to the adoption of digital payment technologies, including crypto-based stablecoins. Besides digitization, globalization is contributing to DeFi adoption along with its lack of KYC and AML rules, it said.

The report also mentions DAOs and covers “TradFi 2.0 Innovation” in the DeFi ecosystem that moves extremely fast. The market focus has recently moved beyond established protocols to newer projects such as Olympus DAD and Alchemix Finance, dubbed ‘DeFi 2.0,’ the report stated.

“From the standpoint of the broader financial system DeFi is still a relatively small market segment and a suite of very new technologies,” it said adding, developers need to create new mechanisms for unsecured lending to make inroads into more areas of traditional finance. And while greater regulatory oversight seems inevitable, this could slow the industry’s development.

“Nonetheless, the many innovations in decentralized finance point to avenues through which related technology might disrupt or be adopted by the existing financial system. They also demonstrate a compelling use case for blockchains and cryptocurrency technology that should help support market valuations for these assets over time.”

Read Original/a>
Author: AnTy

Terra Founder Sues SEC, Stablecoin Platform Is Burning $4B Worth of LUNA Tokens

The algorithmically-governed stablecoin platform Terra is proposing to burn 90 million LUNA, worth $4 billion at current prices and about 10% of the total supply, in the community pool to mint UST stablecoin for the network’s insurance protocol Ozone.

When the native stabilizing crypto asset of the network, LUNA, is burned to mint new Terra (UST) stablecoins, the amount of Luna burned is “seigniorage.”

Roughly every week, a portion of this seigniorage goes to fund the community pool controlled by Luna governance and reward Luna stakers.

According to the proposal called “Burn the community pool,” this proposal will burn all remaining funds in the community pool, route all future seigniorage to be burned instead of being routed to community/staking reward pools, and amortize the distribution of the existing reward pool to three years instead of the current one year.

“Next week, we will uphold Terra signal prop 44 and initiate a proposal to burn 90M Luna in the community pool to mint UST for Ozone. This will reduce Luna’s total supply by 90M and increase UST supply by roughly 3-4 billion,” said Do Kwon, founder of the project.

As of writing, TerraUSDT (UST) has a market cap of $2.75 billion. As we reported, Kwon has predicted UST’s market cap to exceed $10 billion by the end of this year.

Kwon further shared that a byproduct of this operation is that a lot of swap fees will accrue, which is expected to result in LUNA staking returns to 5x to about 15%.

“Pretty sure this is the largest burn ever,” commented Ryan Watkins of Messari, expecting this burn to increase UST’s supply to $6.7 billion overnight and put it within striking distance of DAI, which is $7.4 billion.

“This would also be the first DeFi blue chip to be flipped by a multichain competitor on its number 1 KPI. That said think there’s a place for both, and DAI continues to grow at an impressive pace, even before it’s tokeneconomic revamp.”

As a result of the news of this burn, LUNA rallied 30% to hit $45.25 on Friday. Currently trading at $42.46, LUNA is up 6,450% YTD but still down 14% all-time high of $50 earlier this month.

In other news, Terraform Labs and CEO Kwon are suing the US Securities and Exchange Commission (SEC).

Kwon confirmed this week that he was served a subpoena by the SEC at Messari’s Mainnet conference last month. According to the filing, the matter dates back a few months; it started in May when the SEC’s Enforcement Division emailed Kwon.

Terra’s decentralized finance (DeFi) platform Mirror Protocol is at the center of the lawsuit, on which synthetic stocks of major US firms are minted and traded.

The subpoena wants Kwon to provide testimony to US regulators, but as a South Korean resident, Kwon is contesting that.

“Rare case of a preemptive lawsuit against a regulator making sense,” commented Anderson Kill lawyer Stephen Palley.

The agency also told Terraform’s lawyers that they might sue the company with the suit saying,

“the SEC attorneys advised that they believe that some sort of enforcement action was warranted against TFL [Terraform Labs] and any cooperation, and implementation of remedial actions as to the Mirror Protocol, would result in a reduced financial sanction as part of any consent agreement.”

Kwon was served just five days later at the conference as he was exiting an escalator on his way to make a scheduled presentation that was not about the Mirror Protocol. At the time, Kwon had denied being served that day.

Read Original/a>
Author: AnTy

UNIFY Financial Credit Union and Five Star Bank Allows Customers to Now Buy, Sell, and Hold Bitcoin

UNIFY Financial Credit Union and Five Star Bank Allows Customers to Now Buy, Sell, and Hold Bitcoin

Five Star Bank and UNIFY Financial Credit Union will be the first banks to offer their customers the ability to buy, sell, and hold Bitcoin, said Digital banking company Q2 Holdings.

This has been made possible by Q2’s partnership with institutional bitcoin broker NYDIG. The partnership was first announced in June to meet the demands of the bank’s account holders.

At the time, NYDIG also partnered with digital banking services firm NCR to make crypto purchases available to 650 banks.

Q2, a Texas fintech firm that has 18.3 million users, provides online banking software to more than 450 small and medium-sized banks and credit unions, including Scotiabank, Mercantile Bank, and Texas Security Bank.

Finally, this partnership has come to fruition as the everyday customers of these two banks will be able to trade and hold Bitcoin alongside their existing accounts without needing to use the cryptocurrency exchanges.

The New York-based Five Star Bank has about 50 branches, and California-headquartered UNIFY has 50 branches worldwide with more than $3 billion in assets.

Read Original/a>
Author: AnTy