Software Provider Temenos Enables Crypto Trading for Banks

Banking software provider Temenos has announced a partnership with online digital asset firm Taurus to enable access to cryptocurrency for financial institutions.

Per its press release, the integration would make it easier for banks to offer cryptocurrency trading to their clients via Taurus’ platform.

Temenos Leveraging Taurus Blockchain Expertise

This will see Temenos’ banking clients exposed to a plethora of blockchain solutions like Taurus-CAPITAL (tokenization and lifecycle management), Taurus-PROTECT (hot, warm, cold digital asset custody), and Taurus-EXPLORER (API-based blockchain connectivity to ten blockchain protocols).

All this will now be accessible through the Temenos MarketPlace.

Temenos notes that Taurus was selected after a thorough review and evaluation process to help banks seamlessly integrate all forms of digital assets across cryptocurrencies, tokenized assets, and digital currencies.

Taurus will be integrated with Temenos’ next-generation core banking software called Temenos Transact.

Speaking on the occasion, Managing Partner at Taurus Sebastien Dessimoz noted that there had been an increase in demand for digital assets since 2020.

According to Dessimoz, Taurus’ blockchain expertise would aid Temenos clients in managing any digital asset and creating digital products easily.

Geneva-based Taurus received a securities license from the Swiss Financial Market Supervisory Authority (FINMA) to launch the regulated crypto marketplace dubbed the Taurus Digital Exchange (TDX).

Taurus said that TDX would enable investors and banks to trade tokenized securities, private assets, real estate, art, non-fungible tokens (NFTs), and cryptocurrencies.

Taurus is a seasoned blockchain company as it offers services for cryptocurrencies, including staking and decentralized finance (DeFi), tokenized assets, and digital assets, all within its platform.

Taurus Integrates Aave

Taurus has continued to grow its product suite. In March 2021, the Swiss digital asset provider added DeFi protocol Aave to its asset infrastructure. The integration would enable banks and exchanges to deposit and borrow cryptocurrencies like Ether.

Aave, a DeFi protocol catering to both institutional and retail users, facilitates borrowing and lending of digital assets has experienced exponential growth alongside the broader crypto market.

Banks are gradually warming up to decentralized finance (DeFi) protocols like Aave, as the amount of funds locked up in DeFi protocols rises above the $80 billion mark, per DeFi Pulse.

In a research paper published earlier this month by Netherlands-based ING Bank, it was agreed that both centralized and decentralized financial systems need to co-exist to achieve success. The paper states:

“Although DeFi currently appears to be a domain on its own, we envision that centralized and decentralized financial services will converge at some stage as both have unique capabilities that are beneficial to the other. There is, however, the challenge for centralized institutions of making sure that their assets stay within countries that are white-listed.”

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Author: Jimmy Aki

Investment Bank Cowen to Custody Crypto for Institutions, Signs Partnership With PolySign

Investment Bank Cowen to Custody Crypto for Institutions, Signs Partnership With PolySign

Renowned investment bank Cowen Inc is set to make its foray into the cryptocurrency market.

The firm would offer hedge funds and other asset managers crypto custody service through a partnership with fintech company PolySign Inc, per an official announcement.

Cowen Leads PolySign’s Funding Round

Cowen said that its digital asset investment division would provide crypto custody services to institutional clients, helping them seamlessly secure, access, and leverage Bitcoin and other cryptocurrencies in their portfolios.

As part of the partnership, the bank invested $25 million into PolySign, which is a part of the $53 million funding raised for the firm recently. Other investors include Blockchain.com, Race Capital, Sandia Holdings, and PilotRock Investments.

The custody solutions for the digital assets will be provided by Standard Custody & Trust Company, a subsidiary of PolySign. Standard recently received a trust company charter from the New York State Department of Financial Services.

The CEO of Cowen, Jeffrey Solomon, noted that the heightened demand for crypto assets had intensified the importance of custody service, especially since there is a lack of clear regulations for asset managers. Solomon added,

“The demand is clearly here. We’re going to be able to help a lot of our institutional clients get over the hump and start trading digital assets in the not-too-distant future.”

Founded in 1918 and headquartered in New York, Cowen holds almost $12 billion in assets under management. It is a diversified financial services firm that offers investment banking services, equity, and credit research services.

Cowen also offers sales and trading, prime brokerage, global clearing, commission management services, and actively managed alternative investment products.

Surging Crypto Prices Luring Investment Firms To Take A Closer Look At Crypto

The recent surging crypto prices seem to be luring hedge funds and investment managers into entering the market. Due to the high demand for crypto, wall street banks want to help their clients gain access to digital assets.

Prime examples of investment banks with unveiled plans to help their clients get exposure to the crypto markets are Goldman Sachs and Morgan Stanley.

However, Goldman and Morgan’s offerings differ from Cowen’s because they only offer indirect access to crypto through futures trading and mutual funds respectively. On the other hand, Cowen plans to actually provide custody for the underlying assets, which no major Wall Street firm has tried before.

Cryptocurrency exchange Gemini has also been winning in the crypto custody business. As of May 11, the exchange had reported about $30 billion worth of assets under management. Gemini works with the likes of BlockFi, CoinList, and WealthSimple.

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Author: Jimmy Aki

Samsung Updates Galaxy Smartphones With New Support for Crypto Hardware Wallets

Samsung Updates Galaxy Smartphones With New Support for Crypto Hardware Wallets

Tech giant Samsung Electronics has made it easier for Galaxy smartphone owners to secure their cryptocurrencies on the phone.

In a new announcement, the company disclosed that it had updated the Samsung Galaxy Phones to enable users to connect their Samsung crypto wallet to third-party hardware wallets.

Samsung Galaxy Users Get Crypto Upgrade

According to Samsung, the update will make it easy for blockchain users to import their digital assets from their hardware wallets to their Samsung wallet.

This means users can easily access and process crypto transactions easily on their Galaxy smartphones.

The hardware wallets that can be connected to the Galaxy smartphones include the popular Ledger Nano S and the Nano X options.

Also, Samsung Blockchain Wallet users will get a dedicated newsfeed on the latest trends in cryptocurrency.

Samsung Galaxy users will be able to explore decentralized apps (DApps) on the platform as well. There are about 40 Dapps presently on the platform. The Asian giant has called on more developers to build more DApps that generate, store, and manage blockchain accounts easily.

Samsung Ramps Up Crypto Involvement

Samsung’s first entrance into the blockchain sector was after it launched its Galaxy S10 smartphone in 2019.

The tech firm introduced the Samsung Blockchain Keystore and Wallet to enable cryptocurrency private keys to be secured through encrypted storage.

Samsung uses its defense-grade Samsung Knox security platform to secure the wallet, which can only be accessed using the asset owner’s PIN or fingerprint.

With this new move, Samsung has reinforced its stance of putting the power of cryptocurrency and blockchain in people’s hands.

Since its foray into crypto, Samsung has expanded its support for many cryptocurrencies, including Bitcoin, Ethereum, Tron, Klaytn, and Stellar. It also offers a buy feature where users can buy and sell cryptocurrency via integration with Gemini.

This Gemini integration on the Samsung wallet was incorporated in 2020 as part of the company’s efforts to help bring crypto to the fingertips of Samsung Blockchain Wallet users in the United States and Canada.

Meanwhile, Samsung is not the only phone provider to have dived into crypto. Taiwan-based tech manufacturer HTC was one of the first to market with the announcement in 2018 that its Exodus 1 smartphone would be able to store BTC and Ether natively.

In 2020, HTC partnered with Mida Labs to use its DeMiner app on the Exodus 1S model to allow users of its Exodus blockchain phone to mine cryptocurrency.

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Author: Jimmy Aki

MoneyGram Teams Up With Coinme to Make It Easier to Buy Bitcoin and Cash Out In The US

MoneyGram Teams Up With Coinme to Make It Easier to Buy Bitcoin and Cash Out In The US

  • According to an official press release, American remittance company MoneyGram International has sealed a new partnership with Bitcoin Kiosk Operator Coinme.
  • The partnership would allow customers to conveniently buy and sell Bitcoin for cash at Coinme locations across the US.

MoneyGram Partners with Coinme

Through this collaboration, customers would be able to make cash purchases and sales of Bitcoin at 12,000 different locations owned by Coinme in the US.

The deal would utilize MoneyGram’s modern, mobile, and API-driven payments platform and Coinme’s vast network of cryptocurrency kiosks in the American nation.

This initiative is specially designed for customers interested in utilizing Bitcoin for the first time.

This new partnership with MoneyGram would fulfill two needs. It would further expand Coinme’s network of making BTC accessible to all and further increase Bitcoin adoption in the U.S.

The money transfer company plans to expand further access to Bitcoin in the US and select international markets in the second half of 2021. MoneyGram Chairman and CEO, Alex Holmes said,

“This innovative partnership opens our business to an entirely new customer segment as we are the first to pioneer a crypto-to-cash model by building a bridge with Coinme to connect bitcoin to local fiat currency.”

Founded in 2014, Coinme is the first state-licensed Bitcoin ATM company in the US. It handles millions of dollars in transactions each month through its cash-for-bitcoin swaps at around 6,000 supermarket kiosks across the country.

Coinme further grew its network when it collaborated with coin-cashing machine operator Coinstar. The collaboration saw Coinme bring its Bitcoin trading services to about 20,000 Coinstar physical locations.

MoneyGram’s Growing Interest In Crypto Transactions

MoneyGram’s last crypto partnership didn’t end well.

The money transfer company previously partnered with Ripple Labs in 2019 to use the blockchain startup’s XRP digital currency for cross-border payment and foreign exchange settlement.

During the time MoneyGram used Ripple’s on-demand liquidity service, the firm made $9.3 million in Q3 2020 from the blockchain company from market development fees.

Problems ensued, which led to the termination of the partnership when MoneyGram stopped transacting under its commercial agreement with Ripple in early December 2020.

MoneyGram suspended trading on Ripple’s platform over concerns about the latter’s legal tussle with the Securities and Exchange Commission (SEC). The SEC had sued Ripple, alleging that the company sold over $1.3 billion XRP in unregistered security offerings to investors.

Ripple finally announced the formal end of the MoneyGram partnership in March this year.

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Author: Jimmy Aki

Israel Releases Working Paper on Possible Digital Shekel Program

Israel Releases Working Paper on Possible Digital Shekel Program

Israel is continuing with its exploration of the likely issuance of its central bank digital currency (CBDC), the digital shekel, per an official statement,

Bank of Israel Accelerates CBDC Research Efforts

This follows the release of a working paper that requires feedback. Despite its reluctance to commit to a CBDC plan, the Bank of Israel said it was only preparing an action plan, which will ensure its preparedness to launch a CBDC if the situation arrives.

The action plan would prepare it to launch the digital fiat should the benefits outweigh the costs and potential risk. Its impact could be enormous on the existing monetary system.

The working paper details a draft model for a potential CBDC and how it would operate. It details the role of the apex bank and how it would handle issuance. Local payment service providers will be tasked with distributing the CBDC. Payment providers will also be tasked with offering enhanced functionality for the CBDC, including building the technology.

The bank believes a CBDC would allow a payment system that could adapt to a digital economy and create an efficient and inexpensive infrastructure for cross-border payments. It also thinks the digital shekel can usher in a cashless society.

Israel Remains Wishy-washy on CBDC

The Bank of Israel first started examining the possibilities of a digital currency in 2017. At the time, the governor set up a group to explore the issue. Still, a year later, the central bank announced that it was not issuing one because no advanced economy had issued a digital currency.

While countries like Israel continue to slowly research and tread carefully to issue a CBDC, numerous central banks worldwide actively explore the project with increased zeal.

China has long started piloting its digital yuan project in major cities across the country. Banks in cities like Shanghai have been active in promoting the digital yuan, persuading merchants and retail clients to download digital wallets and use the digital currency.

Norway is also another country exploring CBDCs. It recently disclosed that it would start testing technical CDBC solutions. Other countries like South Korea, Japan, and the United Kingdom are positioning themselves for a potential CBDC.

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Author: Jimmy Aki

Positive Momentum for Ethereum Continues with Another $60M in Inflows: CoinShares

Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report

Cardano (ADA) and Litecoin (LTC) are also seeing a great start with inflows of $6.6 million and $3.6 million, respectively. Bitcoin still accounts for the lion’s share of the inflows at $290 million last week.

Crypto asset investment products saw a resurgence of demand last week with inflows of $373 million, as per the data provided by CoinShares.

While continuous outflows were seen in some of both the Bitcoin and Ethereum’s individual products, reflecting profit-taking behavior was only a negligible 0.27% and 0.1% of total assets under management. BTC 1.59% Bitcoin / USD BTCUSD $ 56,714.09
$901.751.59%
Volume 61.32 b Change $901.75 Open $56,714.09 Circulating 18.71 m Market Cap 1.06 t
7 h Palantir says Bitcoin Is ‘Definitely on the Table’ to be Put on the Balance Sheet 7 h Tesla’s Elon Musk Considers Accepting Dogecoin As Payment For Cars in New Twitter Poll 7 h Legendary Investor Stanley Druckenmiller Is Extremely Bullish on BTC; Unsure of ETH & Bearish on USD

The positive momentum for Ethereum kept on last week as well, with $60 million in inflows bringing the total assets under management to a new record of $16.5 billion.

“Institutional demand for ETH exposure is certainly growing. The open interest is growing rapidly for CME’s ETH futures and is now above $500 million,” noted Arcane Research.

Amidst this, ETH balance on exchanges continues to drop, with a total of 4.54 million ETH withdrawn from centralized exchanges in 2021 so far. While 4.71% of the circulating supply is getting out of exchanges, another 8.74% of the circulating supply of Ethereum is currently locked in DeFi Protocols, and more than 4% is locked in ETH 2.0 deposit contract.

Bitcoin, which achieved Ether’s current AUM level in December 2020, still accounts for the lion’s share of the inflows at $290 million last week.

New investment product entrants Cardano (ADA) and Litecoin (LTC) got off to a good start with inflows of $6.6 million and $3.6 million, respectively. This brings total assets under management to $10.8 million for Cardano and $12.5 million for Litecoin. ADA 7.50% Cardano / USD ADAUSD $ 1.77
$0.137.50%
Volume 5.43 b Change $0.13 Open $1.77 Circulating 31.95 b Market Cap 56.43 b
8 h Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report 5 d Georgia’s Apex Bank Considers CBDC, Calls For Partnerships 6 d Bitcoin and Ether Record The Largest Inflows Since February: CoinShares Report
LTC 4.84% Litecoin / USD LTCUSD $ 377.44
$18.274.84%
Volume 8.8 b Change $18.27 Open $377.44 Circulating 66.75 m Market Cap 25.2 b
8 h Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report 11 h Tech Stocks Dragging Bitcoin, Ether, & Crypto’s Down, But ‘Fundamentals Still Strong’ 5 d Ethereum Fork ETC Trading 12% Higher on Coinbase, CAKE Wicks Down Over 13.5% on Binance

Exchange trading volumes for Bitcoin (BTC) averaged $10.5 million last week, with Bitcoin investment products higher than recent weeks with total trading volumes of $6.1 billion.

Grayscale remains the world’s largest digital asset manager with $50.83 billion in AUM, followed by CoinShares, with just over $6 billion in assets.

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Author: AnTy

Tala Partners With VISA To Drive USDC Adoption in Emerging Markets

Tala Partners With VISA To Drive USDC Adoption in Emerging Markets

Digital Financial services provider Tala has collaborated with VISA to make it easier for consumers to store, and use cryptocurrencies on a daily basis with USD Coin (USDC).

The collaboration will also involve Circle, the company behind USDC, and the Stellar Development Foundation that oversees the XLM cryptocurrency.

Tala Taps VISA For USDC Payments

According to a statement released by Tala, the fintech firm will provide access to USDC via its digital wallet.

The partnership with VISA will enable Tala to issue VISA cards linked to the wallet, thereby enabling customers to use their USDC balances anywhere they are in the world.

Tala’s mission of banking the unbanked will be aided through this partnership.

USDC is a stablecoin backed by the US dollar and governed by the Centre Consortium. It’s currently supported on the Ethereum, Algorand, Solana, and Stellar blockchains.

USDC 0.00% USD Coin / USD USDCUSD $ 1.00
$0.000.00%
Volume 2.21 b Change $0.00 Open $1.00 Circulating 14.38 b Market Cap 14.38 b
8 h Tala Partners With VISA To Drive USDC Adoption in Emerging Markets 1 d Solana Hits its First $1 Billion Milestone in Total Value Locked (TVL) 2 d Both Coinbase.com and Pro Now Support USDT, “Making Arbitrage Across Exchanges Faster”
ETH -1.11% Ethereum / USD ETHUSD $ 3,488.63
-$38.72-1.11%
Volume 44.11 b Change -$38.72 Open $3,488.63 Circulating 115.77 m Market Cap 403.87 b
8 h Tala Partners With VISA To Drive USDC Adoption in Emerging Markets 9 h Bitcoin Dominance on a Decline for 8 Weeks Straight to Hit Three-Year Low 10 h Uniswap V3 Recording $265M in Liquidity and $70M in Volume After Going Live on the Ethereum Mainnet
ALGO 7.31% Algorand / USD ALGOUSD $ 1.55
$0.117.31%
Volume 518.51 m Change $0.11 Open $1.55 Circulating 2.98 b Market Cap 4.62 b
8 h Tala Partners With VISA To Drive USDC Adoption in Emerging Markets 1 w Tether’s Controversial Stablecoin, USDT, Is Launching on Coinbase Next Week 4 w Balancer Labs Has ‘Zero’ Involvement in Algorand; V2 Launch is the Sole Focus
SOL -3.45% Solana / USD SOLUSD $ 43.33
-$1.49-3.45%
Volume 390.86 m Change -$1.49 Open $43.33 Circulating 272.64 m Market Cap 11.81 b
8 h Tala Partners With VISA To Drive USDC Adoption in Emerging Markets 1 d Raydium (RAY) Alone Accounts for Nearly 90% of Solana Ecosystem’s TVL 1 d Binance Smart Chain (BSC) Is Feeling the Pressure of the Heightened Network Demand
XLM 6.11% Stellar / USD XLMUSD $ 0.65
$0.046.11%
Volume 4.8 b Change $0.04 Open $0.65 Circulating 23.04 b Market Cap 14.95 b
8 h Tala Partners With VISA To Drive USDC Adoption in Emerging Markets 3 d Due to Increased Demand, Social Trading Platform Firm eToro Now Supports DOGE 1 w Crypto ETP Issuer 21Shares Rolls Out Stellar And Cardano ETPs On Swiss SIX Exchange

Speaking on the new partnership, Shivani Siroya, Tala’s CEO and founder, said digital currencies have tremendous potential to open financial access and put more control directly into the hands of underbanked and underestimated people. Siroya said excitedly,

“We couldn’t be more excited that Visa, Circle, and the Stellar Development Foundation share our vision and want to work on a solution, not only for Tala’s six million global customers but for the billions more who can benefit.”

VISA’s crypto involvement has largely centered around Circle and its USD coin over the past few months.

In December, the credit card company partnered with Circle to drive USDC adoption into VISA’s network of digital wallets. The partnership saw VISA work with Circle to enable customers to send and receive USDC payments to businesses supported by VISA.

Founded in 2011, Tala is a California-based lending platform that has provided over $2 billion in credit to over 6 million customers in countries such as Mexico, the Philippines, Kenya, and India in the form of micro-loans.

The fintech company is focused on emerging markets and provides instant credit scoring, lending, and other personalized financial services all through its smartphone app, Tala.

The company raised over $200 million in funding, including a $110 million Series D in August 2019, from PayPal Ventures, RPS Ventures, and GGV Capital.

The partnership marks the first major crypto project for Tala, which recently expanded its product suite to provide a fuller scope of financial services to consumers in developing economies.

Stirring Stablecoin Use In Emerging Markets

Having seen the advent of cryptocurrencies being used for payments, especially Bitcoin, which an increasing number of companies has supported, it seems companies have also realized that there is a clear need for Stablecoin payments on blockchains as well. BTC -2.01% Bitcoin / USD BTCUSD $ 56,348.78
-$1,132.61-2.01%
Volume 69.3 b Change -$1,132.61 Open $56,348.78 Circulating 18.7 m Market Cap 1.05 t
7 h Georgia’s Apex Bank Considers CBDC, Calls For Partnerships 8 h Tala Partners With VISA To Drive USDC Adoption in Emerging Markets 9 h Bitcoin Dominance on a Decline for 8 Weeks Straight to Hit Three-Year Low

Some have argued that Bitcoin is too volatile to be used for payments. And with this, stablecoins are sought after since they help protect against currency fluctuations and foreign exchange (FX) conversion fees in international transactions.

Stablecoins brings the alternative of value-added risk management, cash management, onboarding, and more that are consolidated with existing fiat currency services.

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Author: Jimmy Aki

Sotheby’s Partners with Coinbase to Accept BTC & Ether for Banksy’s Iconic Painting: ‘Love Is In The Air’

Sotheby’s Partners with Coinbase to Accept BTC & Ether for Banksy’s Iconic Painting: ‘Love Is In The Air’

Sotheby’s CEO says they have been thinking about it for quite some time, and “What better combination to introduce crypto than an iconic Banksy painting.”

Auction house Sotheby’s has collaborated with Coinbase Commerce to accept cryptocurrencies for the iconic protest painting “Love is in the air” of famed artist Banksy. The catalog note from Banksy’s “Wall and Piece” reads,

“I like to think I have the guts to stand up anonymously in a Western democracy and call for things no-one else believes in – like peace and justice and freedom.”

This is yet another step in “bringing the utility of cryptocurrency mainstream,” said Coinbase on Tuesday.

Bitcoin (BTC) and Ethereum (ETH) will be accepted for the artwork that is to be auctioned on May 12th in New York, which currently has an estimated bidding price of $3 million to $5 million as mentioned on the website.

The auction will be conducted in USD, but the buyer and artist will have the option to transact in either crypto or fiat currencies. Coinbase will support the payment and help manage price fluctuations.

“It’s something we have been thinking about for quite some time,” said CEO Charles Stewart in an interview with CNBC. “What better combination to introduce crypto than an iconic Banksy painting.”

Last month, Sotheby’s accepted Ether for another artwork, but it was for an NFT created by anonymous digital artist Pak. Christie’s, another old auction house, has been involved in crypto through Beeple’s “Everydays: The First 5000 Days” and then CryptoPunks.

This latest crypto support, according to Sotheby’s Chief Technology Officer Stefan Pepe, will be “enhancing our client buying experience and developing new ways to expand our client base by meeting them where they are,” while according to Coinbase, it “will pave the way for further adoption of cryptocurrency across Sotheby’s auctions.”

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Author: AnTy

Taproot Activation Signaling Begins Starting with SlushPool, F2Pool, and Foundry

Bitcoin’s Taproot Activation Signaling Begins Starting with SlushPool, F2Pool, and Foundry

Bitcoin’s Taproot upgrade, a privacy and scalability improvement, has taken another step closer to becoming a reality.

After the code for Taproot’s “Speedy trial,” an activation method was merged into Bitcoin core last month, Taproot signaling on Bitcoin officially began over the weekend with the second and largest downward difficulty adjustment of 12.6% of the year.

Twitter CEO Jack Dorsey also tweeted the website “taproot.watch,” where you can check the support for the upgrade.

BTC.com produced the first block since it began, but it failed to signal. However, soon others joined in, starting with SlushPool, which has been operating since 2010.

SlushPool mined the first block signaling for Taproot, which was joined by Foundry, a US-based mining pool that is the subsidiary of Barry Silbert’s Digital Currency Group that also owns Grayscale.

The latest Taproot signal is given by one of the largest bitcoin mining pools, F2Pool. Along with the signal, F2Pool also embedded the message “Of course I hate the Bitcoin success,” the words said by Charlie Munger and agreed by Warren Buffett over the weekend during the Q&A session at Berkshire Hathaway’s annual shareholder meeting.

Miners basically signal their support for the upgrade by including particular data in the block they mine. Once 90% of blocks are mined during the current difficulty period, between now and August 11, Taproot will be locked in for activation at the end of the year.

Bitcoin developer Luke Dashjr urged the miner to signal their support ahead of time, saying, “Even though you don’t technically need to upgrade your Bitcoin node for Taproot until November, doing so sooner helps grow confidence in the activation.”

Before the Bitcoin core software release, Bitcoin developer Bitcoin Mechanic released an alternative Taproot activation client. Called “user-activated soft fork” (UASF), it allows node operators to reject miners not signaling for Taproot and mandatory activate it in October 2022. The inclusion of UASF in Bitcoin Core was what led to months of debate.

“Yes, there are differences in opinion. No, this does not resemble debates that have led to past network splits,” said Kraken editor Pete Rizzo referencing the SegWit upgrade in 2017 that led to the fork and creation of Bitcoin Cash (BCH). BCH 4.59% Bitcoin Cash / USD BCHUSD $ 1,017.78
$46.724.59%
Volume 3.52 b Change $46.72 Open $1,017.78 Circulating 18.73 m Market Cap 19.06 b
6 h Due to Increased Demand, Social Trading Platform Firm eToro Now Supports DOGE 8 h Bitcoin’s Taproot Activation Signaling Begins Starting with SlushPool, F2Pool, and Foundry 4 d Demand to Borrow Bitcoin Declining While Ether sees Significant Increase: Genesis Q1 Report

There are currently 42 signaling blocks, and 84.92% of the blocks have yet to signal their support.

As we reported, the majority of the miners (89.07%) had already announced their support as per the survey of Alejandro del la Torre, VP of mining pool Poolin.

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Author: AnTy

UBS’s Latest Argument Against BTC: “Bitcoin Is Denied to Minority Groups With Reduced Online Access”

UBS’s Latest Argument Against BTC: “Bitcoin Is Denied to Minority Groups With Reduced Online Access”

UBS just can’t seem to get Bitcoin, and time and again, it tries to come up with some arguments to support their opinion.

Earlier this year, UBS’s chief economist said crypto had a fundamental flaw, and it was Bitcoin’s fixed supply. Then a couple of months later, they pointed to Bitcoin’s lack of real-world use and volatility to categorize it as a speculative bubble.

Now, they have found “something weird about Bitcoin.”

Yet again, UBS chief economist can’t help but point out how “Bitcoin seems to specifically defy the spirit of the age, in a way other cryptos do not.”

Paul Donovan argues that while some suggest Bitcoin as a safe haven from runaway inflation, not only does controlling supply not guarantee value, but major economies’ inflation has been low and stable for two decades and “Hyperinflation concerns for developed economy fiat currency seem to belong in a different era.”

He then notes that the trillion-dollar asset is increasingly destructive to the environment, which isn’t supported by data, and companies like Twitter CEO’s Square and Cathie Wood’s Ark are arguing for “bitcoin as a key driver of renewable energy’s future.”

In fact, according to Donovan, while politicians and economists increasingly value inclusion, “Bitcoin is denied to those minority groups who have reduced online access,” yeah, they went there.

He further says, Bitcoin warrants its miners to be rich, and the holdings are concentrated amongst a tiny number of people. “Its governance is more plutocratic than democratic,” he added.

The only modern trend, according to Donovan, bitcoin embraces is the power of narrative which he says matters hugely to the largest cryptocurrency’s evolution, “Otherwise, Bitcoin seems opposed to the modern Zeitgeist,” he wrote.

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Author: AnTy