Digital Financial News

When big banks steered clear of cryptocurrency companies, a handful of small lenders eagerly courted the booming businesses. Now, they are dealing with the bust.

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Invesco, the $1.4tn US asset manager that launched one of Europe’s first bitcoin products, predicts that a “crypto spring” will spur professional investors back into digital assets.

Bitcoin [BTC] is feeling the heat of the rebound again after narrowly breaching its $25k resistance level over the last 24 hours. At the time of writing, the crypto was trading at $24,750 on the back of a 0.75% daily hike. In fact, it also looked set to end the week on a positive note with weekly gains of over 7.75%.

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The crypto-market’s latest recovery efforts have pushed many of the industry’s top cryptocurrencies to monthly highs. However, the case of popular memecoin Shiba Inu [SHIB] seems a little different. Not only has SHIB found it hard to register a double-digit uptick over the last seven days, but it has also struggled to hike by single digits. 

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It is the first and only digital securities exchange that has won approval from the FCA with permissions covering trading, custody and brokerage and will launch later this year.Stephen Bird, CEO, abrdn, says: “Blockchain technologies are inevitably going to form a big part of the future of financial markets. There is the potential to offer greater transparency, greater speed and less trading friction by using these nascent digital technologies."Abrdn plans to use Archax as a route through which investors can access new investment opportunities through digital securities, connect to existing offerings in a new way through tokenisation and facilitate a shift towards greater operating efficiencies through the adoption of new technologies like blockchain.“With Archax, we will have a meaningful footprint in this fast-developing market - which is likely to evolve in a multitude of different ways that are relevant to our core businesses," says Bird.Despite the onset of a crypto winter, asset managers are looking to get in on the sector.

UNCTAD states that there is a rapid uptake of crypto in the top economies of 2021 , with Ukraine, Russia, and Venezuela holding the largest percentage of their populations owning digital currency, at 12.7%, 11.9%, and 10.3% respectively.

Days after BlackRock, the world’s largest investment management company in the world, entered into a partnership with Coinbase to offer its institutional clients access to cryptocurrency trading services, the firm announced the launch of a spot Bitcoin Private Trust. 

Abrdn has acquired a stake in digital securities exchange Archax, following through on the £508bn asset manager's ambitions to enter the digital assets market.

Cuban loves crypto and Web3 technology, but believes buying real estate in the metaverse is a bad idea.

UN body urged relevant authorities to ensure comprehensive financial regulation of cryptocurrencies.

The Metaverse has become one of the biggest buzzwords of the year as a number of brands, companies and even countries begin to explore virtual worlds to conduct business. Even though Metaverse development is still underway, a recent report from the technology research and advisory firm Technavio found that the Metaverse will hit a market share value of $50.37 billion by the year 2026. 

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Decentralized virtual gaming developer The Sandbox, a subsidiary of Animoca Brands, announced Thursday to roll out the first-ever pop-up atelier in Hong Kong for the upcoming seasonal events.