Digital Financial News

Despite the ongoing crypto carnage, investment products have witnessed some recovery across several countries. Speaking in particular, Ethereum [ETH] assets are showing growth across major indices in the past week. These signs are indicating a growing investors’ confidence in Ethereum with the Merge on the horizon.

BlockFi, a major crypto lending firm based in New Jersey, has reversed its earlier decision, and now stop accepting shares in the Grayscale Bitcoin Trust (GBTC) as collateral for loans.

Digital currencies, public stocks and venture capital backing crypto startups have finally cooled down after massive growth due to the effects of an economic storm, according to Bloomberg.

Celsius Network is «deeply insolvent», Vermont's Department of Financial Regulation (DFR) said on Tuesday, adding that the cryptocurrency lender is also not honouring its obligations to customers and creditors as it does not have the assets and liquidity to do so.

Court-appointed liquidators for cryptocurrency hedge fund Three Arrows Capital said its founders can’t be located and aren’t cooperating in the investigation of its assets, allegations that the founders denied.

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Stablecoins should be subject to the same standards as the clearing and settlement sectors, according to leading international regulators.

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Celsius Network has repaid partial debts to decentralized finance and lending platforms Aave and Compound respectively, as it continues to tackle the potential insolvency issue.

French football team Paris Saint Germain (PSG) is resuming its Japanese tour for the first time in 27 years, and this time, the ticket for its scheduled fixtures is being sold in the form of non-fungible tokens (NFTs).

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Qori will initially focus on France, Spain and the UK, promising a fully digital, multi-channel and cheaper alternative to card payments.The firm has secured EUR1.8 million in seed funding from backers including Hottinger, Golden Record Ventures, Firestartr, Systema VC and angels such as former Strip Europe head Guillaume Princen.The funding will be used to expand Qori's development team and deploy its product at scale into the luxury, hospitality and lifestyle sectors, as well as online marketplaces. “Today, two fundamental trends are disrupting the payments industry and challenging the central role of cards: open banking and crypto.

Around 400 firms from 11 countries entered the challenge, which sought ideas addressing issues such as improving user privacy and security in blockchain networks, boosting DeFi and tokenisation, and enhancing and expanding digital interactions with users through concepts such as Web3 and the metaverse.Judges have already whittled the field down to 20 finalists: 10 start-ups and 10 scale-ups. This will now be cut to three winning startups, which will receive €10,000 each and three winning scaleups, which will get €30,000 each.Firms will also get access to Santander X 100, the bank's community of start-ups, which connects them to advice and training, capital, customers, talent and networking.

In an announcement blog dated 1 July, Elrond, the scalable smart contract blockchain network, informed its users of the launch of its decentralized exchange (DEX), Jungle DEX. According to the team, the DEX is “not just a product launch, but an open door to real, raw innovation.”

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The United Kingdom’s Financial Conduct Authority (FCA) has announced Hong Kong's CEO of Securities and Futures Commission of Hong Kong as its new Chair, with the scheduled projection for his term to commence in January 2023.

Backed by investment from Gate Ventures and FunFair Ventures, blackfridge has been established to exploit rising demand for digital asstes in the decentralised economy.The firm is regulated and licensed by the Isle of Man Financial Services Authority, and is required to hold GBP equal to the value of the tokens issued at all times. To ensure further peace of mind for users who may be jumpy at the idea of using a stablecoin following recent travails, KPMG has been engaged to provide a monthly proof of reserve attestations which will confirm that all tokens issued are 100% backed.Nicholas Maybin, COO of poundtoken, says: “Many are aware that the crypto market can be unpredictable, so when trading a stablecoin it’s vital to know that you will always be able to take out what you put in.

Pyctor provides safekeeping and transactional network services for a broad range of digital assets, as well as delivering interoperability between permissioned and public blockchains. The platform was incubated in ING Neo’s Amsterdam innovation lab, in collaboration with major financial institutions and regulators.