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Citigroup is the latest global banking group to get into cryptos

29 June 2021

Temps de lecture 4 minutes

Julien Moretto

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Banks and Institutions

British financial regulator bans Binance from offering certain financial products

The Financial Conduct Authority, the UK’s financial markets watchdog, has announced that it is banning Binance from offering certain crypto-asset financial derivatives, such as futures, CFDs, options, and crypto-assets considered securities. National restrictions have been increasing in recent weeks: Binance recently received a warning from Japan accusing it of operating without authorization, and will also no longer be able to offer its services in the province of Ontario in Canada. Bybit, Poloniex and Kucoin have also ceased their activities in Ontario.

Source : Journal du Coin, The Block Crypto, Coin Telegraph

El Salvador moves to adopt Bitcoin

El Salvador is beginning to make concrete decisions about its adoption of Bitcoin. The government will provide the equivalent of $30 in Bitcoin to all its adult citizens, a total of $117 million. To use these funds on a daily basis, the U.S. company Athena will provide 1,500 Bitcoin ATMs in El Salvador. Initially, a few dozen machines will be used for testing.

Source : The Block Crypto, Coin Telegraph

Citigroup launches a business unit dedicated to cryptos and blockchain

Citigroup Bank, a major Wall Street player, is launching a business unit dedicated to cryptoassets and blockchain, Digital Assets Group. Citigroup is thus the latest bank to launch such a business unit within its company, after notably Morgan Stanley and Goldman Sachs.

Source : The Block Crypto

An Israeli state stablecoin on the way?

One more central bank is working on its state stablecoin: this time it’s the Bank of Israel that wants to create its digital currency. Interesting feature: the authorities are working on the public Ethereum blockchain, which could turn the future digital shekel into an easily exchangeable ERC20.

Source : Globes

ARK Investments and 21shares offer an ETF on Bitcoin

ARK Investments and 21shares are the latest companies to propose the creation of an ETF derivative product on Bitcoin. Both companies are looking to list their product on the Cboe BZX exchange, similar to previous proposals. Custody of the derivative’s underlying asset will be provided by Coinbase and BNY Mellon Bank.

Source : The Block Crypto

Regulation in South Korea intensifies

South Korea launches inspections in the cryptoasset ecosystem. The Financial Services Commission, the nation’s financial regulator, has announced inspections of all 60 South Korean crypto asset exchange platforms. The top 30 exchanges have already been summoned, and those without the necessary certifications will not be able to continue operations after September 24. These new regulations are intended to ensure the safety of invested funds, and avoid a disappearance of investors’ funds.

Source : Cryptonews

Cryptoactive ecosystem

Karura wins the first parachute auction of the Kusama network

he Karura project won the first parachain auction issued by Kusama, Polkadot’s test blockchain. More than 15,000 addresses deposited just over 500,000 KSM, the token of the Kusama network, or $105 million. Karura is an extension of the DeFi Acala project, which offers classic decentralized finance functionalities such as saving, borrowing and swapping. Four other places will be auctioned in the coming weeks.

Source : Journal Du Coin

TP ICAP launches crypto asset exchange service

TP ICAP, a leading global brokerage firm, is launching its crypto asset exchange service in collaboration with Fidelity Investments. Initially, only Bitcoin will be involved, but the company plans to add new assets later on. A strong emphasis is placed on additional services to trading, especially custody of funds, but by an external entity, as is common in the traditional finance world.

Source : Coin Telegraph

StakeHound announces the loss of over 38,000 ETH

The second-largest ETH2 staking platform, StakeHound, has issued a statement, telling its users about the loss of 38,178 ETH. StakeHound blames Fireblocks, a crypto asset custody service, for the loss of private keys to access ETH. Fireblocks denies any responsibility, stating that it was not responsible for the private keys in question.

Source : Journal Du Coin

Deutsche Börse acquires majority stake in Crypto Finance AG

Deutsche Börse Group, the German stock exchange operator, has acquired a majority stake in Swiss fintech company Crypto Finance AG in exchange for an investment of several hundred million Swiss francs. Crypto Finance AG offers crypto trading, storage and investment tools in more than 200 digital assets, and is regulated by the Swiss regulator, the Swiss Financial Market Supervisory Authority. The acquisition will allow Deutsche Börse to expand its digital asset services.

Source : The Block Crypto


SafeDollar algorithmic stablecoin drops to $0

The algorithmic stablecoin SafeDollar does not live up to its name. Following a hack of the Polygon (MATIC) blockchain-based protocol that drained 202,000 USDC and 46,000 USDT for a total of $248,000 from SafeDollar’s smart contract, the stablecoin’s price has dropped to $0. This also follows a very recent attack on another algorithmic stablecoin, TITAN.

Source : Crypto Slate

Alchemix loses $6.5 million due to a bug in a smart contract

The Alchemix protocol asks its users to return the money. Due to a bug in one of its smart contracts, borrowers were able to get back $6.5 million in Ethereum collateral, while they kept the alETH corresponding to the loan. Several proposals are under consideration to fill this hole in the cash flow.

Source : Coin Telegraph

Figures of the week

28 000 BTC
Morgan Stanley bank owns 28,000 bitcoins, in the form of the Grayscale derivative GBTC.

Bitcoin’s hash rate has dropped by 50% in just over a month, following announcements by Chinese authorities.

The hash rate of Ethereum is down by 20%.

Coinbase’s stock price is down 49% from its high.

3 to 4 times more
The Polygon blockchain now processes 3 to 4 times more transactions than Ethereum in a day.

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