Digital Financial News

The boss of the UK's largest digital wealth manager Nutmeg has stepped down following the firm's buyout by JPMorgan.

The chief executive of California-based asset manager Research Affiliates has called cryptocurrencies a “Ponzi scheme”, claiming bitcoin and the blockchain technology underpinning the world's largest digital asset help fuel illegal activity.

The experiment examined a model developed by VMware that would see citizens have a wallet that can hold “ordinary” digital shekels, the transfer of which is recorded in the ledger, and “private” digital shekels, the transfer details of which are not recorded openly, and where both sides to the transaction enjoy complete privacy as with cash payments. The bank or government would set out a periodic “budget” for payment using private shekels.

Societe Generale is now offering a range of capital market products to institutional clients under a native security token format on Ethereum and Tezos.The agreement with Metaco will see the bank adopt the firm's digital asset custody and orchestration platform, Harmonize, to further expand its offering at scale.The deployment is taking place within a larger context marked by the the forthcoming implementation of the EU Pilot Regime, which will permit the processing of security tokens through market infrastructures in compatibility with applicable EU regulations. Jean-Marc Stenger, CEO of Societe Generale - Forge, comments: “Bridging the digital asset industry and traditional finance requires a multifaceted approach incorporating institutional-grade technology, regulation, as well as industrial capacities.

Earlier this week, a court from the British Virgin Islands ordered the liquidation of embattled crypto hedge fund Three Arrows Capital (3AC), as the firm proved beyond doubt that it cannot fulfil its debt obligations.

SINGAPORE & HONG KONG – JUNE 28, 2022 Hong Kong Digital Asset Exchange Limited (HKD.com), a leading digital asset exchange in Hong Kong, today announces that the company has entered a joint strategic partnership and merger and acquisition with Technicorum Holdings (www.technicorum.com), diving further into the $163 billion annual global blockchain market. The merger company, formerly known as Gravitas International Associates Pte Ltd, a Singapore regulated Payment Services Act exempt company, will be newly renamed as HKD.com (Singapore) Pte Ltd, which will allow both groups to leverage each other's strengths and networks to get more deeply entrenched in the blockchain industry. With regulated payment services globally, a leading centralised exchange app and platform, a regulated token launchpad, expertise from ICO’s to IEO’s, IDO’s, IGO’s, DeFi and NFT’s, as well as recently GameFi, SocialFi, and the Metaverse, this strategic partnership is a great enabler for both HKD.com as well as Technicorum.

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The crypto revolution has a vision of using digital assets as freely and conveniently as cash and credit cards are used. The vision that started with Bitcoin as peer-to-peer digital money has now transformed into thousands of cryptos in a market that’s worth billions.

Financial technology is the hottest area of investment for venture capitalists — $1 out of every $5 of funding flowed into fintech startups in 2021.

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The plummeting price of bitcoin could force crypto miners to sell the tokens to fund operations, further pressuring the digital currency.

The ongoing cryptocurrency market has continued to witness major liquidations. Following a $24 billion decline on 26 June, the total crypto market cap slipped by $9.17 billion on 27 June. At press time, the total liquidations over the last day stood at $137 million. It was down from $145 million as compared to 27 June.

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler discussed his opinions on cryptocurrencies, including Bitcoin, in an interview with Mad Money host Jim Cramer on CNBC recently. According to Gensler, Bitcoin is a commodity. The SEC, the Commodity Futures Trading Commission (CFTC), and banking regulators would also collaborate to oversee the cryptocurrency market, he emphasized. 

In the past few months, ‘extreme market conditions’ has grown to become the most heard phrase in the crypto-assets ecosystem. Since the beginning of June, platforms including Celsius, Babel Finance, Voyager Digital, and Finblox have altered their mode of operations owing to the broader market drawdown. 

Many cryptocurrency-based firms have faced the wrath of a crypto meltdown that saw LUNA drop to zero. Interestingly,  Three Arrows Capital (3AC), the beleaguered cryptocurrency firm tops the chart. In a WSJ report, the crypto hedge fund confirmed that it had suffered heavy losses in the recent market downturn.

Sam Bankman-Fried, chief executive at crypto exchange FTX, said the company is not having any active mergers and acquisitions conversations with Robinhood Markets, after a Bloomberg article said FTX is exploring whether it may be able to acquire the digital trading platform.

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An internal storm is brewing at crypto lender Celsius over its potential plans to file for bankruptcy, with some involved in the talks instead pushing to tap its customer base for support.

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