Digital Financial News

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Crypto is no stranger to busts, having suffered four major drawdowns since late 2017.

DeFi tokens, including  Curve DAO Token [CRV], Uniswap [UNI], and 1INCH, were part of the cryptocurrencies that surged as of 29 July. In addition, none of the tokens gained as much as CRV throughout the uptick.

The founding and managing partner of Guggenheim Partners, Scott Minerd, shared his thoughts about the cryptocurrency market at large in a recent interview with Bloomberg.

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Bella Hadid's collection comprises 11,111 NFTs.

The Federal Reserve and the Federal Deposit Insurance Corp (FDIC) sent a letter to the firm on Thursday.

It marks the first time that the UK’s licensing regime will cater specifically for a cryptoasset. While certain crypto businesses have to comply with the UK’s anti-money laundering rules, any issuer of stablecoins used for payment must now seek a licence from the Financial Conduct Authority (FCA).

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The crypto platform operates in Singapore, Thailand, Indonesia and Australia.

US regulators issued a joint letter ordering bankrupt cryptocurrency broker and lender Voyager Digital to cease and desist from marketing itself as insured by the Federal Deposit Insurance Corporation, saying statements on its website and elsewhere were false and misleading.

WASHINGTON—U.S. regulators issued a joint letter ordering bankrupt cryptocurrency broker and lender Voyager Digital Ltd. to cease and desist from marketing itself as insured by the Federal Deposit Insurance Corp., saying statements on its website and elsewhere were false and misleading.

While domestic digital payment usage surged during the pandemic, the EIU expects this to slow over the next five years, largely owing to strong base effects. However, customers are increasingly demanding a similar revolution in cross-border payments, which are still mostly facilitated by the "old-fashioned" and "cumbersome" correspondent banking network. At the centre of this is Swift, which the paper notes has "encountered criticism for its relative inflexibility and lack of transparency" and seen a decline in the number of correspondent banking relationships over the last decade. More recently, Russian has been kicked off the Swift network, a move which could see the country and others such as China and India double down on their nascent Swift alternatives. Nevertheless, the paper says "setting up and scaling a full-fledged alternative bank-messaging system would be expensive and time consuming. It would also have limited real-world impact, given the prevalence of dollar-denominated cross-border flows. Swift will remain the dominant network, as long as countries and lenders come together to improve the Belgian network." Separately, cross-border payments will be disrupted by government-backed efforts to link systems. In Asia, moves are already underway to do this, allowing travellers across the region to purchase goods and services by scanning QR codes. As well as challenging Swift, disrupting cross-border payments will mean adopting emerging technologies, including blockchain, APIs and tokenisation, says the EIU.

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The crypto market is currently going through one of those weeks where uncertainty increases. As a result, crypto prices have assumed a bearish trajectory and SOL is among the digital coins that have retraced significantly after a bullish phase.

Bitcoin has plunged more than 56% from this years high.

Notably, this is the first time a digital asset trading business supported by a leading bank has been registered by the FCA.

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Unstoppable Domains announced that it raised $65 million in Series A funding led by Pantera Capital.

The move highlights the increasing emergence of crypto in the financial ecosystem, opening the door for more retail consumers to build their digital asset portfolios.