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Finance giants coming for crypto 🌀
Despite regulatory pressures in the US, a crypto exchange backed by several Wall Street firms makes debut. Hello EDX Markets. Apple removes Trezor app from App Store. Metaverse is coming to Bitcoin.
Hello, y'all. Bitcoin breaks past $28,000. Deja vu all over again #Believe👇
Back in September 2022, a consortium of finance behemoths, including Citadel Securities, Fidelity Digital Assets, Virtu Financial, Charles Schwab, Sequoia, and Paradigm, announced their backing of EDX Markets.
Crypto exchange EDX Markets backed by several Wall Street firms makes debut despite recent regulatory pressures in the US.
It's official now!
The highly anticipated EDX Markets, a crypto exchange catering to institutional investors, has finally launched.
But guess what? You can’t trade the following on EDX:
SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, COTI, CHZ, FLOW, ICP, NEAR, VGX, DASH and NEXO.
Why? SEC deemed them securities in the lawsuits against Binance and Coinbase
So, yes, EDX is gonna play with SEC’s rules.
Crypto regulators got nothing on EDX. The exchange is sticking to four cryptocurrencies that the SEC has not deemed securities: bitcoin, ether, litecoin, and bitcoin cash - account for a whopping 67% of the entire crypto market.
🏦 Wall Street Meets Crypto
EDX is all about bringing the best of traditional finance to the crypto markets. EDX is not just another crypto exchange; it's building the infrastructure that Wall Street banks need to enter the crypto space.
Just like investors don't have direct access to the New York Stock Exchange, EDX will route trades through retail brokerages. This means you won't be trading tokens directly, like on Binance or Coinbase. But fear not, EDX has plans to launch a clearinghouse to settle trades and will partner with banks and a crypto custodian. They've got you covered.
EDX is set to announce the successful conclusion of a second funding round. Big players like GSR Markets and Miami International Holdings are joining the EDX family. This exchange is unstoppable.
👑 From Citadel to EDX
Jamil Nazarali, the CEO of EDX Markets, brings a wealth of experience to the table. Having previously served as the global head of business development at Citadel Securities, a leading market maker, Nazarali knows the ins and outs of the finance world. This is just the beginning of his crypto adventure with EDX.
“EDX’s ability to attract new investors and partners in the face of sector headwinds demonstrates the strength of our platform and the demand for a safe and compliant cryptocurrency market,” he said. “We are committed to bringing the best of traditional finance to cryptocurrency markets.”
EDX's launch couldn't have come at a better time, with a slew of "regulated" crypto players making headlines.
Prometheum (May 23): Prometheum Ember Capital has officially become the first crypto-focused company to register with the SEC and FINRA as a special-purpose broker-dealer. Now they're like the cool kids with the VIP backstage pass, authorized to act as a "qualified custodian" for digital assets that count as securities, with the exception of Bitcoin. This pass doesn't grant them the power to process crypto transactions via clearing and settling, meaning they can't offer trading or exchange services...yet. But, they're fully intending to get all the necessary approvals in the future.
Deutsche Bank (June 20): They've just applied for a license to offer crypto custody services. This isn't just a random cannonball though; it's a strategic deep dive aimed at increasing fee income in the corporate unit and expanding their offerings to clients. The German banking giant is one of Europe's largest financial institutions with more than $1.3 Trillion in assets. Their push for crypto custody is a part of a wider strategy, likely aiming to ride the digital assets wave and generate higher income.
BlackRock (June 15): Submitted an application to the SEC to launch a spot bitcoin ETF, with Coinbase as the crypto custodian. This could be a game changer, offering investors a way to dip their toes into crypto through a product from one of Wall Street's biggest companies. This could simplify investing in Bitcoin, eliminating the need for acquiring, holding, and trading Bitcoin directly. However, there's still a hurdle to clear; the filing could be withdrawn before an ETF is ever launched due to possible resistance from the SEC.
Now, this move from BlackRock might stir things up for Grayscale's valuation and fees, sparking a ripple effect across the industry. According to a Bloomberg analyst, BlackRock's ETF could squeeze Grayscale's valuation.
The BlackRock ripple effect
Bitwise Asset Management (June 16): Refiled for a Bitcoin spot ETF on June 16, after the SEC rejected their previous application in 2022. The rejection was due to concerns like inadequate surveillance-sharing, lack of protection against market manipulation, and market size not being significant enough. However, Bitwise has done their homework this time, and are hoping for a pass. But, the decision deadline from the SEC remains a mystery.
Invesco (June 21): The global investment management firm with $1.49 Trillion under its management has refiled for a Bitcoin exchange-traded fund (ETF) after withdrawing its application in October 2021 due to regulatory concerns. The renewed filing suggests a renewed sense of optimism from the firm and potentially signals a shift in the regulatory landscape. The U.S. Securities and Exchange Commission had been resistant to approve such funds due to concerns over potential fraud and market manipulation.
WisdomTree(June 21): Filed an application for the launch of the WisdomTree Bitcoin Trust, a spot bitcoin ETF, on the Cboe BZX Exchange. Their innovative approach involves conducting "in-kind" transactions with Authorized Participants, enabling them to deliver or facilitate the delivery of Bitcoin to the Trust's custodian.
Peter McCormack, What Bitcoin Did podcaster.
‘I can feel myself being a dick.’
Guess who's got a "weird relationship" status on Twitter? It's none other than Peter McCormack, the host of the fabulous What Bitcoin Did podcast! This crypto connoisseur admits that Twitter brings out the worst in people, but hey, he's got over half a million followers.
Peter isn't convinced that Twitter is a "net positive." According to him, it's like a never-ending circus that just keeps elevating stupidity.
"I can feel myself being a dick to other people [on Twitter]. Like, I criticize it and then realize I'm a hypocrite for doing it myself," he says.
Peter stumbled upon podcasting accidentally, and His podcast has skyrocketed to become one of the biggest and brightest stars in the Bitcoin galaxy. With a small army of seven employees, he's running a bustling business.
Peter's not just a Bitcoin wizard and podcast guru—he's also a local hero! He bought his hometown football club in Bedford and gave it a swanky new name: "Real Bedford FC." And guess what? Fans can pay for their tickets and merch using none other than the magical currency of the crypto world—Bitcoin.
TTD Removed 🪠
Apple has booted a devious imposter app off its App Store. The miscreant in question? None other than a fraudulent Trezor wallet app.
Rafael Yakobi, from Crypto Lawyers, who stumbled upon the treacherous fake app. With a swift stroke of his keyboard, Yakobi unleashed a security alert, exposing the diabolical scheme lurking within the App Store.
The notorious Imposter, going by the name of "Trezor Wallet Suite," had the audacity to request your seed phrase, granting its conniving operators the keys to your crypto kingdom. Yakobi sounded the alarm, warning that the number of victims could be staggering, potentially reaching the hundreds or even thousands.
Once alerted, Apple swiftly took down the imposter app, but there may still be copycats lurking in the shadows.
A search for "Trezor Wallet Suite" revealed another nefarious creation lurking in the shadows. "MyTREZŌR Suite: One Edition" slithered its way onto the scene. With only two reviews, both emphatically warning against this treacherous Imposter, it appears that Apple's clean-up crew still has a few more villains to apprehend.
Here's the golden rule: When it comes to downloading mobile applications for your precious crypto wallets, go straight to the source. Visit the official website of the wallet manufacturers themselves. While there is a companion app available for Trezor users on iOS, it has limited functionality.
The Metaverse is throwing a party, and guess who's the VIP? Bitcoin.
Remember the buzz around Bitcoin Ordinals? Well, Bitmap is the latest rocket in that launch pad, aiming to hitch a ride between Bitcoin and the Metaverse.
🏙️ What is Bitmap Theory?
Picture this: You OWN Bitcoin blocks. You can etch your name into those blocks for eternity. Woah, right? Our mystery creator, Bitoshi Blockamoto, says it's like having "prime real estate on digital gold." And who doesn't want a piece of that?
💡 How does it work?
Bitmap Theory is all about bringing Bitcoin blocks into the immersive metaverse. Got a Bitcoin block? Great! Now you can let your imagination run wild and build atop it. Picture vibrant communities, all crafting a thriving, collective universe. You're not just a Bitcoin holder, you're a creator.
🎈 The Metaverse Block Party
Bitmap Theory's unveiling on June 13, got the whole neighbourhood in an inscription frenzy. Folks are scrambling to snag historic blocks; imagine owning a piece of the Silk Road transactions or the first block mined by Binance.
iDclub is keeping score and, believe it or not, .bitmap rocketed from non-existence to the second position in just six days.
Some are already flipping their blocks for as much as 0.1 BTC!
Lost in the Metaverse? Mark Shaw is here with your compass👇
TTD Surfer 🏄
Slim Jim is giving away 10,000 free NFTs called "GigaJims" on Polygon as part of its entry into the world of Web3.
Current large language models (LLMs) used in OpenAI's GPT-4 and Google's Bard do not comply with the EU Artificial Intelligence (AI) Act.
IMF is developing a platform to support cross-border interoperability for central bank digital currencies (CBDCs).
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