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BlackRock CEO Larry Fink Describes Digital Assets’ Advancement In Annual Shareholder Letter

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Billionaire Larry Fink has been keeping an eye on the advancement of digital assets, according to his recent shareholder letter.

In an annual shareholder letter sent by BlackRock CEO Larry Fink, Fink described how the digital assets industry has witnessed “very interesting developments.”

Specifically, Fink highlights the growth of Bitcoin and cryptocurrency usage in India, Brazil and parts of Africa. He describes how “dramatic advances in digital payments” are “bringing down costs and advancing financial inclusion.”  Read more...

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Crypto Not It, Regulators Denied Signature Bank Was Targeted For Ties With Digital Assets

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After being shut down by U.S. regulators on Sunday, crypto-friendly Signature Bank director and former Congressman Barney Frank claimed they had “no indication of problems.” They suggested the bank’s closure was a “strong anti-crypto message” from regulators. 

Following the Signature director’s comments, the Department of Financial Services (DFS) claimed that the bank’s resolution “had nothing to do with crypto,” according to a report by Fortune Magazine. A Spokesperson for the Department of Financial Services told Fortune:

The decision to take possession of the bank and hand it over to the Federal Deposit Insurance Corp (FDIC) was based on the current status of the bank and its ability to do business in a safe and sound manner on Monday  Read more...

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Coinbase Expands Its Forces, Acquires Digital Asset Manager One River

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Coinbase has recently acquired digital asset manager One River (ORDAM), a leading institutional digital asset manager, and the Securities and Exchange Commission (SEC), a registered investment advisor.

The newly acquired digital asset manager was announced via a blog post, stating that it will become Coinbase Asset Management (CBAM), operating as an independent business and a “wholly owned” subsidiary of the exchange; they added:

In furthering our goal of bridging the gap between institutions and the crypto economy, we’re excited to announce that Coinbase has acquired One River Digital Asset Management, a subsidiary of One River Asset Management.  Read more...

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U.S. Treasury Introduces CBDC Working Group, Discusses Potential Routes For Digital Dollar

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The Treasury’s statements explore the potential forms and implementations of an American CBDC.

The U.S. Department of the Treasury has released comments from Undersecretary for Domestic Finance Nellie Liang on the “Next Steps to the Future of Money and Payments,” addressing CBDCs and the approach the American government is taking to their potential implementation.

The original Treasury report released in September 2022 described the formation of a CBDC working group that would advance work on a CBDC. Liang’s remarks confirmed the formation of that group.  Read more...

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CBDC Rises In The Emirates: Why The UAE Central Bank Is Interested In Issuing A Digital Currency

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In recent months, initiatives surrounding central bank digital currencies,  (CBDC) have gained traction as banking authorities attempt to streamline cross-border transactions and stimulate innovation in the payments industry.

Regulators in Asia, Europe, and South America are becoming more interested in implementing virtual currencies issued by their respective governments.

In the Gulf area, the Central Bank of the United Arab Emirates is looking to launch a digital currency for both domestic and international use.

The issuance of a digital version of the Emirates’ national currency, , is part of the program’s initial phase of financial infrastructure transformation (FIT). The central bank has in the pipeline nine initiatives for its CBDC.  Read more...

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UK Government Pursues Digital Pound While Bank CEOs Restrict Bitcoin Access

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The UK continues to show its desire for a digital pound, just as its companies try to limit access to Bitcoin.

The Bank of England and the UK Treasury have released a consultation paper outlining their case for a retail central bank digital currency (CBDC) or “digital pound.” The paper has been reviewed by the Bank-Treasury CBDC Taskforce, which was established in April 2021.  Read more...

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The Sandbox Seals Deal With Saudi Arabian Digital Government Authority

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Metaverse momentum has found new life. The Sandbox has signed an initial partnership deal with Saudia Arabia’s Digital Government Authority (DGA) around a yet-to-be-determined scope.

2022 brought a damper to major metaverse momentum that was built throughout 2021, as bear market conditions took over. However, the first 30 days of 2023 have started off strong, and there a number of once-active crypto niches that are finding fresh life.

The Sandbox Sees New Life  Read more...

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Digital Currency Group And Genesis Reach Restructuring Agreement With Creditors

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The plan would see the sale of Genesis alongside other measures in a deal reached with DCG and Gemini Trust Co.

Genesis, a subsidiary of Digital Currency Group, has reached a restructuring agreement with key creditors according to statements by Cleary Gottlieb attorney Sean O’Neal, representing Genesis. It would see the sale of Genesis Global Trading, amongst other moves designed to “maximize the recoveries to the estate.”

Also included in the deal will be restructurings of the debt that Digital Currency Group, who owns Genesis and its entities, owes to Genesis Holdco, which was one of the legal entities that previously filed for Chapter 11 protection. These terms include a second lien term loan facility with a maturation date of June 2024.  Read more...

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Digital Yuan Gifts In China During Holiday To Increase Adoption, Report Says

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Recent events in China indicate the country’s paradigm shift concerning digital currency. The digital yuan (e-CNY) is gradually forming a significant part of the Chinese currency through its rapid development. Furthermore, the government is putting more commitment and support into ensuring its adoption and consumption globally. 

The Government Gifts Digital Yuan

This year’s Spring Festival holidays in China brought more digital yuan (e-CNY) exposure through diverse commercial and government-sponsored activities, as well as digital yuan donations made by the government to increase the currency’s adoption.

Related Reading: FTX Warns Its Customers About Scammers Offering Return Of Their Lost Funds  Read more...

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Bank Of England, UK Treasury Support ‘Digital Pound’ Project, Say UK Likely To Need CBDC

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The Bank of England (BoE) and UK Treasury are set to back the development of the British central bank digital currency (CBDC), popularly known as “Britcoin” or “digital pound.”  

The discourse of a British CBDC began in April 2021, when the UK Treasury, then under the leadership of current UK Prime Minister Rishi Sunak, launched a joint task force with the BoE to evaluate the feasibility of a “digital pound” for British businesses and households.

Since then, there have been multiple discussions and reports as both financial authorities weighed the potential benefits and risks a “digital pound” could bring to the UK economy. After 21 months of research and consultations, it would appear both parties have eventually come to a decision.  Read more...

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Bitcoin Miner Marathon Digital Sells BTC For First Time In Two Years

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Despite the sale, Nasdaq-listed miner Marathon continues to hold one of the largest public bitcoin treasuries in the world.

Marathon Digital, a publicly traded bitcoin mining company, has announced the sale of bitcoin for the first time in two years.

“We intend to continue to sell a portion of our bitcoin holdings in 2023 to fund monthly operating costs,” Marathon’s monthly mining update reads. “Even with these sales, our unrestricted bitcoin holdings increased from 7,815 bitcoin as of December 31, 2022, to 8,090 bitcoin as of January 31, 2023, as our production improved and the appreciation in bitcoin’s price in January reduced the amount of bitcoin we had posted as collateral. Additionally, we ended the month with $ 133.8 million in unrestricted cash on hand.”  Read more...

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Ripple Is Hosting A Panel On The Digital Pound, Here’s Why

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In its predictions for 2023, the Ripple leadership team highlighted Central Bank Digital Currencies (CBDCs) as one of the biggest trends, as Bitcoinist reported. To drive this agenda, Ripple continues to actively work with the private and public sectors.

One country where Ripple is very active is the United Kingdom. On Thursday, January 26, James Wallis, Vice President of Central Bank Engagements and CBDCs at Ripple will deliver the keynote at a webinar addressing the potential use cases and benefits of a digital pound.  Read more...

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21Shares Introduces Digital Currency Staking ETP On BX Swiss Exchange

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21Shares recently announced its operation on the local stock exchange known as BX Swiss. This event recently occurred as the company released a digital currency staking index that primarily tracks about 10 Proof-of-Stake (PoS) cryptocurrencies.

Primarily, 21Shares specializes in creating and managing exchange-traded products (ETPs) that track the value of various cryptocurrencies. A few examples are Bitcoin and Ethereum. The company provides investors with an easy and convenient way to invest in cryptocurrencies through traditional financial markets.

Some of its activities include creating and listing ETPs on stock exchanges, managing their underlying assets, and providing investors with market data and other information.  Read more...

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National Australia Bank Introduces New Stablecoin To Enhance Region’s Digital Economy

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The massive potential and ability of blockchain, as well as stablecoins, have resulted in the growing awareness of the technology, and its continuous adoption attracts big firms and entities to utilize it. The latest notable adopter of blockchain technology is now the National Australia Bank (NAB).

According to a report published by Australian Financial Review on January 19, citing sources, NAB, one of the major banks in Australia, will be introducing a  fully backed stablecoin called AUDN that will boost the digital economy in Australia and allow business customers to settle transactions in Australian dollars on the blockchain.  Read more...

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First Mover Americas: Crypto Winter Chills at Digital Currency Group, Coinbase

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The latest price moves in bitcoin (BTC) and crypto markets in context for Jan. 18, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
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El Salvador’s Legislature Approves Landmark Digital Securities Bill Paving Way For Bitcoin Bonds

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The country’s legislative body has completed the next step towards the issuance of El Salvador’s bitcoin bonds.

El Salvador has voted to pass a bill which paves the way for the issuing of President Nayib Bukele’s bitcoin bonds.

The plan, which was announced in November 2021, would entail El Salvador issuing $ 1 billion in bonds on Blockstream’s Liquid Network, a federated Bitcoin sidechain. The goal of the bond issuance would be to invest half of the money into bitcoin, and the other half into infrastructure necessary to build out the bitcoin industry in the Central American country. The bonds, according to the statement at the time, would yield 6.5% and enable a fast-track for investors to acquire citizenship in the country.  Read more...

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DCG Closes Subsidiary HQ Digital, Fueling Fears In Bitcoin Market

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Digital Currency Group (DCG), the crypto conglomerate that owns lender Genesis Trading and asset manager Grayscale, among others, today made public that it has closed its asset management division called HQ Digital, fueling new fears within the bitcoin and crypto industry, given that the company managed $ 3.5 billion in total assets in December.

A memo obtained by The Information states that HQ Digital is being shut down due to the “general economic environment and the ongoing crypto winter, which is creating significant headwinds for the industry,” and that the company may revisit the project in the future. This is a DCG subsidiary that was formed just last year.  Read more...

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First Mover Americas: Legal Troubles Brewing at Digital Currency Group

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The latest price moves in bitcoin (BTC) and crypto markets in context for Jan. 3, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
CoinDesk

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