Southeast Asia’s Largest Bank, DBS Starts Offering Trust Services for Cryptocurrencies

Southeast Asia’s Largest Bank, DBS Starts Offering Trust Services for Cryptocurrencies

Meanwhile, the bank’s Digital Exchange did volume between $30 million to $40 million and held $80 million in assets under custody in Q1 2021.

Singapore-based DBS Bank said on Friday that its private banking arm is now officially offering wealth succession planning for cryptocurrencies.

This latest move by Southeast Asia’s largest bank follows the launch of its crypto exchange, DBS Digital Exchange, for institutional and accredited investors late last year. In Q1, the digital exchange held $80 million in assets under custody with trading volume up 10x to $30 million to $40 million.

DBS’s digital exchange has 120 clients and “a robust pipeline awaiting onboarding.” The bank said the exchange is working on conducting its first security token offering and expanding the operating hours from Asia time zones to round the clock to match the crypto sector.

Now, the bank is helping its rich clients, including the crypto asset class, in their succession plans.

DBS said its subsidiary is offering private banking client support for investing, custody, and managing crypto assets, including Bitcoin (BTC), Ethereum (ETH), Bitcoin cash (BCH), and XRP. BTC 0.35% Bitcoin / USD BTCUSD $ 49,855.49
$174.490.35%
Volume 55.74 b Change $174.49 Open $49,855.49 Circulating 18.71 m Market Cap 932.81 b
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ETH 9.56% Ethereum / USD ETHUSD $ 4,075.95
$389.669.56%
Volume 48.17 b Change $389.66 Open $4,075.95 Circulating 115.88 m Market Cap 472.3 b
6 h Diginex’s Crypto Custodial Arm Digivault Bags Approval From UK FCA 6 h Square CFO: “No Plans” to Buy More Bitcoin At This Time After Losing $20M Due to Price Drop 8 h Ether Flippining Bitcoin a Real Possibility But What’s the Caveat
BCH 3.75% Bitcoin Cash / USD BCHUSD $ 1,298.66
$48.703.75%
Volume 5.51 b Change $48.70 Open $1,298.66 Circulating 18.74 m Market Cap 24.33 b
9 h Southeast Asia’s Largest Bank, DBS Starts Offering Trust Services for Cryptocurrencies 3 d Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report 1 w Ethereum Fork ETC Trading 12% Higher on Coinbase, CAKE Wicks Down Over 13.5% on Binance
XRP 2.81% XRP / USD XRPUSD $ 1.40
$0.042.81%
Volume 7.57 b Change $0.04 Open $1.40 Circulating 35.11 b Market Cap 49.21 b
9 h Southeast Asia’s Largest Bank, DBS Starts Offering Trust Services for Cryptocurrencies 1 d MoneyGram Teams Up With Coinme to Make It Easier to Buy Bitcoin and Cash Out In The US 3 d Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report
Lee Woon Shiu, regional head of family office, wealth planning, and insurance solutions at DBS Private Bank, said in a statement,

“International regulations and protocols are still nascent in the digital asset space, which could give rise to complications or unnecessary confusion if proper measures are not in place to prevent them.”

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Author: AnTy

U.S.-Based Bitcoin Mining Firm, Foundry is Now the Fifth Largest Mining Pool

U.S.-Based Bitcoin Mining Firm, Foundry is Now the Fifth Largest Mining Pool

  • The U.S. is finally challenging the Chinese Bitcoin mining dominance, and it may be a matter of time before a full flipping happens, Digital Currency Group founder and CEO Barry Silbert reckon.

Foundry USA, a wholly-owned subsidiary of Digital Currency Group (DCG), ranked as the fifth-largest BTC mining pool at some point on Thursday – becoming the first non-Chinese pool to break the milestone. As of writing, the pool has dropped back to eighth, with Binance, Huobi, and BTC.com pools overtaking the American mining pool.

On Thursday, data from BTC.com showed Foundry USA as the fifth largest pool with its daily hashrate surpassing 10.10 Exahashes per second, or nearly 8% of the total Bitcoin mining hashrate. The daily hashrate has since dropped to 5.54 Eh/s or 4.13% of the total hashrate.

“Incredibly proud to announce that the Foundry the USA bitcoin mining pool from Foundry Services just became at top 5 pool in the world,” Barry Silbert, CEO at DCG, wrote on Twitter. “Bitcoin hashrate is quickly shifting from China to North America.”

The U.S based mining firm has witnessed exponential growth since launching its beta phase in October 2020. Only in March, the firm announced they would be opening their mining services to the public following a successful beta launch phase – and the news seems to have further boosted Foundry’s hash power.

At the time, Foundry was the 12th largest mining pool with only 1.4% of the total hashrate power or 2.77Eh/s.

Bitfarms Ltd. is the latest company to join the Foundry USA pool purchasing 2,465 Whatsminer M30S Bitcoin mining machines through Foundry’s services. This marks the first time Bitfarms has joined a North American-based pool, showing the growth of Bitcoin mining across the continent.

According to a post, the additional machines are set to increase Bitfarm’s operating hashrate by 133 petahashes per second. Emiliano Grodzki, CEO of Bitfarms said,

“We are excited to partner with an industry-leading provider of equipment financing to secure timely and reliable access to the latest generation of Bitcoin mining machines and to continue to grow our business.”

The partnership will see Bitfarm also receive other upgrades and rehabilitation to its older mining machines.

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Author: Lujan Odera

Century-old Baillie Gifford Makes Single Largest $100 Million Investment in Blockchain.com

Century-old Baillie Gifford Makes Single Largest $100 Million Investment in Blockchain.com

This latest investment from the UK-based money manager, which is known for its early bets on Tesla, Amazon, and Google, is seen as another sign of approval from institutional investors for digital assets.

Baillie Gifford & Co. has invested $100 million in Blockchain.com.

The Edinburgh-based money manager known for early bets on technology stocks like Tesla, Amazon, and Google participated in the latest funding round for the crypto start-up.

This $100 million makes Baillie Gifford the single largest investor in the company today, which according to company founder and CEO Peter Smith, is another stamp of approval from institutional investors for digital assets.

“As one of their first investments in a crypto company, we’re honored to include them on our journey.”

“It’s also a validation that a balanced and diversified retail/institutional business has incredible growth potential in the coming years.”

Just last month, Blockchain.com raised $300 million in a Series C funding round with a valuation of $5.2 billion.

UK-based crypto wallet provider has processed more than $620 billion in transactions since 2013 and boasts of 71 million wallets.

Baillie Gifford, which oversees $445 billion in assets, was founded over a century ago is one of the largest outside investors in Elon Musk’s electric carmaker, which has invested $1.5 billion in Bitcoin and accepts BTC as payment for its cars.

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Author: AnTy

Microsoft-Led Consortium Invests $1.3B in Decentralized Storage Facility in China to Mine FIL

Microsoft-Led Consortium Invests $1.3B in Largest Decentralized Storage Facility in China to Mine Filecoin (FIL)

Chinese tech consortium IPFS Union is investing over $1.3 billion to build China’s largest decentralized storage in Jiangxi Province of Fuzhou City. As part of its “Big Data Industrial Park” project, the facility will mine Filecoin (FIL), a peer-to-peer data storage platform, allowing users to buy and sell storage without a third party, a blog post by Filecoin read.

Filecoin has been attracting wide attention across China in the past few months since the network upgraded to mainnet. According to the post, this mining facility is expected to be the largest distributed storage facility in China to boost the union’s vision in big data.

The consortium boasts of some big tech players such as Microsoft, AMD, Huawei, Alibaba, and SAP leading the globe in cloud storage, large cluster data management, and internet infrastructure for the past ten years.

“We’ve been active in the blockchain space since 2016, primarily focused on digital currency investment, but not really participating in development.”

“We were looking for a project with both investment value and a mature ecosystem.”

Filecoin has been one of the top performers so far across the crypto market, popping into the top 15 largest cryptos by market cap earlier in the year. The project was added to Grayscale’s Investment Trust shortly after gaining a listing on Coinbase Pro in December.

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Author: Lujan Odera

Grayscale Buys A Stake in ClearShares; Helps Them Convert ‘PIFI’ to ‘BTC’ ETF

The world’s largest digital asset manager, Grayscale Investments, has purchased a stake in a little-known ETF provider, ClearShares.

This is the same company that we reported this week filed with the Securities and Exchange Commission (SEC) to change its ticker from “PIFI” to “BTC,” effective from April 16, 2021.

What had been looking like a company trying to ride the coattails of crypto success, as ClearShares Piton Intermediate Fixed Income exchange-traded fund has no involvement with the industry, it turns out it was Grayscale’s attempt at a Bitcoin ETF.

Recently, the asset manager, which surpassed $50 billion in AUM, shared its intention to convert Grayscale Bitcoin Trust (GBTC) into an ETF. GBTC, which has $41.5 billion in assets under management, is on track to take over the world’s largest commodity, ETF GLD, which has $57 billion in AUM.

Grayscale had purchased a stake in the $32 million ClearShares ETF, which is involved in buying investment-grade corporate bonds, U.S. government agency bonds, and Treasuries.

“Grayscale has taken an ownership stake in ClearShares as part of its long-term commitment to bring digital currency ETFs to market, with the potential to collaborate on products with investment strategies related to the digital currency industry,” spokesperson Seres Lu has been reported as saying.

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Author: AnTy

New York Stock Exchange (NYSE) to Mint NFTs of its Largest IPOs of 2021

New York Stock Exchange (NYSE) to Mint NFTs of its Largest IPOs of 2021

New York Stock Exchange (NYSE) has joined the non-fungible token (NFT) crowd by announcing the launch of NYSE First Trade NFTs.

The idea is to commemorate the moment a company gets listed on the NYSE and trading for the first time — a “major milestone.”

During the public debut of a company, the exchange processes over 350 billion orders, quotes, and trade messages across its markets shared NYSE president Stacey Cunningham in a LinkedIn post.

“Only one of those messages marks the NYSE First Trade: the exact moment a company became public, creating an opportunity for others to share in their success.”

“The NYSE First Trade NFT memorializes that unique moment in a company’s history.”

After being the first with Direct Listings and then being at the forefront of SPACs, NYSE wants to try its hand at digital art, NFTs — “a fun way to mark the instant a company joins our community.”

These NFTs memorialize a company’s First Trade using the blockchain’s digital ledger, providing irrefutable proof of authenticity and ownership.

“First Trade Slips” starts with six NYSE listings that will include the largest initial public offerings (IPO) of 2021 so far, Spotify, SnowflakeDB, DoorDash, Coupang, Roblox, and Unity3D.

These NFTs can be accessed on Crypto.com, which recently launched its NFT platform.

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Author: AnTy

Grayscale Adds Chainlink (LINK) to its Digital Large Cap Fund

Grayscale Investments, the world’s largest digital asset manager, has rebalanced its Digital Large Cap Fund (GDLC) composition to make the crypto asset LINK part of it.

Built on Ethereum, Chainlink is an oracle service provider which was recently announced by Grayscale as a single-asset investment product.

The 10th largest cryptocurrency by market cap of $14.17 billion is the only one qualified for this inclusion in the Fund, out of the other four latest additions, LivePeer (LPT), Filecoin (FIL), Decentraland (MANA), and Basic Attention Token (BAT) by Grayscale. The Fund’s composition is evaluated every quarter.

The Fund’s portfolio, a passive rules-based strategy that seeks to provide exposure to 70% of the digital asset market, has been adjusted by selling its existing components. The cash proceeds from that were then used to purchase LINK.

As of April 2nd, 2021, the Fund is a composition of 79.8% Bitcoin (BTC), 17.5% Ethereum (ETH), 0.80% Bitcoin Cash (BCH), 1.00% Litecoin (LTC) and 0.90% Chainlink (LINK).

On April 1st, Grayscale added 65.67k LINK and now holds a total of 115.57k LINK, worth just over $4 million.

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Author: AnTy

Acer Technologies Targeted In ‘Largest Ever’ Ransomware Attack; Hackers Demand Monero (XMR)

Acer Technologies Targeted In ‘Largest Ever’ Ransomware Attack; Hackers Demand Monero (XMR)

The global computer manufacturer is yet to confirm any attacks.

In what has been dubbed as the ‘largest ransom ever asked for,’ the notorious REvil ransomware gang is reportedly asking for $50 million from the Taiwanese computer manufacturer, Acer. First reported by Tech Radar, the hacking group is asking the amount to be paid in privacy-enabled Monero (XMR) cryptocurrency to decrypt their computers.

According to cybersecurity specialist company Malwarebytes, this is the largest ransom any operator has ever faced. Ransomware attacks involve hackers infiltrating your systems, encrypting valuable/confidential information, and asking for a fee to decrypt the systems.

If the reports are true, the hackers seem to have attacked the company’s back-office systems and not the production line. As of the time of writing, no spokesperson has released any comments from Acer. We will update you on this story as it develops.

The REvil group usually records and keeps the demand letters sent to their victims, especially those that do not cooperate. While the Acer documents are yet to be put up, the hackers blasted the Acer representative who was in touch with them as an “incompetent negotiator.” They asked to be linked with the management or a supervisor in their negotiation.

Monero is gradually becoming the coin of choice for hackers, given its highly private nature. Days before the 2020 U.S. Presidential elections, Donald Trump’s campaign website was hacked with the hackers asking for XRM payments to release the information.

In February this year, KIA Motors hackers asked for $32 million in Bitcoin or Monero in order to decrypt their systems.

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Author: Lujan Odera

“It is Worth $1 Billion,” says The Largest NFT Fund That Bought Beeple’s “The First 5000 Days”

“It is Worth $1 Billion,” says The Largest NFT Fund That Bought Beeple’s “The First 5000 Days”

Metapurse, founded by Metakovan, bought it for more than 42k ETH, worth nearly $69.35 million, calling it “the most valuable piece of art for this generation.”

Metapurse was the buyer of the $69,346,250 digital artwork “The First 5000 Days” by artist Mike Winkelman, famously known as Beeple.

An NFT production studio, Metapurse is the largest NFT fund in the world. Metakovan is the pseudonymous founder and financier of the fund that broke the record for the most expensive NFT ever sold by bidding 42329.453 ETH. Metakovan said,

“When you think of high-valued NFTs, this one is going to be pretty hard to beat.”

“And here’s why – it represents 13 years of everyday work. Techniques are replicable, and skill is surpassable, but the only thing you can’t hack digitally is time. This is the crown jewel, the most valuable piece of art for this generation. It is worth $1 billion.”

The auction ended on Thursday, which was hosted by the oldest auction house Christie’s, which had its first purely digital artwork with a unique NFT and also accepted cryptocurrency for it. Around 22 million viewers tuned in to Christies.com for the final moments of bidding, revealed the official announcement. Guillaume Cerutti, CEO of Christie’s said,

“The possibilities for what comes next in this field are inspiring, and we look forward to more collaborative innovations in the near future.”

The digital artwork is the third most valuable artwork ever sold by a living artist.

Twobadour, who operates the NFT fund along with Metakovan, said the sale of Beeple’s artwork had made “history” because this involved a renowned auction house, a contemporary artist, and a wholly digital masterpiece which is acquired by a person of color.

“This certainly is history. We also hope it is the future,” Twobadour said.

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Author: AnTy

Binance Launches Solana (SOL) Staking; Holders Earn Up to 43% APY Paid Daily

Binance Launches Solana (SOL) Staking; Holders Earn Up to 43% APY Paid Daily

The largest crypto exchange in the world, Binance, has launched Solana staking. Users of the exchange now have an opportunity to earn up to 43.79% per year for staking SOL tokens.

The high-speed blockchain, Solana, which states it can handle about 65,000 transactions in one second, is designed to work under a proof-of-stake design model. The network is kept running by validators who earn SOL tokens for their work.

The SOL staking will be offered on a first-come, first-served basis where the entire stakes will be locked for a time to be determined by the holder, which will range from 15 to 90 days.

The launch includes a “high-yield, safe earn” on an annual basis so long as the staked amount is only 20 SOL equivalent of $325. This translates to about $142 total earnings if the SOL tokens are locked up for one year.

Binance also announced that those staking 10,000 SOL for only 30 days would earn 14.49%, while those staking 5,000 SOL for two months (60 days) will earn 16.7%.

Although proof-of-stakes are getting popular, they come with various risks. These platforms are created using a slashing process, which means that the platform is prone to stopping or slashing the transactions initiated by a malicious validator. This means that one can lose funds permanently. However, if Binance can ensure that all its validators are online and doing nothing malicious, there is nothing to worry about.

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Author: Joseph Kibe