Galaxy Digital Acquires 2 Crypto Firms, Sees Big Wave of Institutional Demand for Bitcoin

Galaxy Digital Acquires 2 Crypto Firms, Sees Big Wave of Institutional Demand for Bitcoin

galaxy-digital-acquires-2-crypto-firms,-sees-big-wave-of-institutional-demand-for-bitcoin

Bitcoin Bull Michael Novogratz’s company, Galaxy Digital, has acquired two cryptocurrency firms in preparation to meet a “bigger wave of institutional demand” for bitcoin.

Galaxy Digital Holdings announced Friday that it has acquired two cryptocurrency trading firms: Drawbridge Lending and Blue Fire Capital.

New York City-headquartered crypto financial services and investment management company Galaxy Digital provides trading, asset management, and investment banking services.

“Institutional investors and corporates are becoming more knowledgeable and comfortable with digital assets and they are increasingly grasping the purpose and importance of cryptocurrency in their investment strategies,” commented Mike Novogratz, founder and CEO of Galaxy Digital.

During his company’s Q3 2020 earnings call on Friday, Novogratz said that the Covid-19 pandemic was “really an accelerant for the cryptocurrency business for bitcoin, for blockchain, for everything that we do … I see an unbelievable opportunity for our company and for the space.” Bitcoin is trading at $16,250 at the time of writing. Novogratz explained that the cryptocurrency is trading at this price “not because there’s a speculative mania going on,” elaborating:

It’s trading like that because institutions, hedge funds, high net worth individuals, family offices are all moving into bitcoin. They’re moving in as a store of wealth, they’re moving in as an inflation hedge, they’re moving in because it’s become an institutional asset.

Recently, renowned billionaire investor Bill Miller said that he thinks “every major bank, every major investment bank, every major high net worth firm is going to eventually have some exposure to bitcoin or what’s like it.” JPMorgan’s analysts also said, “some investors that previously invested in gold ETFs, such as family offices, may be looking at bitcoin as an alternative to gold.”

Chicago-based Drawbridge Lending is a CFTC-regulated company that provides commercial and individual loans on secured bitcoin held at a qualified custodian. Blue Fire Capital, also based in Chicago, provides investment brokerage and trading services with a focus on crypto assets.

Novogratz continued:

We are looking forward to seamlessly integrating Drawbridge and Blue Fire into Galaxy Digital Trading … to help further meet what we believe will be an even bigger wave of institutional demand.

What do you think about Galaxy Digital’s acquisitions of two crypto firms? Let us know in the comments section below.

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Source: cryptomoneyteam.co

Author: By TeamMMG


Largest Bank in Belarus Launches Crypto Exchange Service – news.kuaidiantou.vip

Largest Bank in Belarus Launches Crypto Exchange Service – news.kuaidiantou.vip

Belarusbank, a state-owned bank and the largest financial institution in the Republic of Belarus is the latest bank to delve into the world of cryptocurrency.

According to PrimePress on Thursday (November 12, 2020), Belarusbank, in collaboration with the crypto exchange platform White Bird, is offering cryptocurrency trading services using Visa payment cards. The new service follows a digital transformation program that was set in motion years ago.

As reported by BTCManager back in 2019, the Belarus financial giant initially announced that it was working on launching a cryptocurrency exchange. At the time, Chairman of the Board of the bank, Viktor Ananich, digitalization was a primary focus for the bank.

The new crypto exchange service will be open to citizens both in Belarus and Russia. Meanwhile, there are plans to expand the number of countries that would access the new service. Furthermore, users will be able to trade crypto against fiat currencies such as Belarusian ruble (BYN), US dollar (USD), Russian ruble (RUB), and euros (EUR).

While the report does not specifically mention the crypto assets available on the exchange, it states that there are plans for the platform to offer support for more cryptocurrencies. Also, there are plans to implement “a number of additional services at the junction of the traditional economy and innovative financial technologies,” the report stated.

Belarus is known to have a healthy approach towards cryptocurrency and blockchain technology with its robust regulatory framework. Back in 2017, Alexander Lukashenko, the President of Belarus signed a decree legalizing the use of bitcoin and other cryptocurrencies.

Belarusbank joins the list of banks that have ventured into the nascent industry. According to an earlier report by BTCManager, DBS Bank, Singapore’s largest bank, was reportedly looking to launch a crypto exchange platform called DBS Digital Exchange. The exchange platform will support bitcoin, ether, XRP, and bitcoin cash.

Also, Gazprombank, a major Russian bank, received a license from the Swiss Financial Market Supervisory Authority (FINMA) to offer bitcoin trading and custody service in October. Earlier, the Swiss Bank Basler Kantonalbank also announced the commencement of institutional crypto custodial services.

As cryptos become more popular, mainstream financial institutions are beginning to show increased interest in the novel market. The emergence of robust regulations is also helping to attract more global brands into the industry.

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Source: news.staging.app.kuaidiantou.vip


NANJCOIN 24 Hour Volume Reaches $5.00 (NANJ)

NANJCOIN 24 Hour Volume Reaches $5.00 (NANJ)

NANJCOIN logoNANJCOIN (CURRENCY:NANJ) traded 2% lower against the U.S. dollar during the 24 hour period ending at 11:00 AM E.T. on November 14th. One NANJCOIN token can currently be bought for $0.0000 or 0.00000000 BTC on popular cryptocurrency exchanges including BiteBTC, Stocks.Exchange, CoinExchange and Mercatox. During the last week, NANJCOIN has traded 22.8% lower against the U.S. dollar. NANJCOIN has a market cap of $266,071.57 and $5.00 worth of NANJCOIN was traded on exchanges in the last 24 hours.

Here’s how other cryptocurrencies have performed during the last 24 hours:

  • Tether (USDT) traded down 0.1% against the dollar and now trades at $1.00 or 0.00006268 BTC.
  • XRP (XRP) traded 2.2% higher against the dollar and now trades at $0.27 or 0.00001662 BTC.
  • Binance Coin (BNB) traded down 1.5% against the dollar and now trades at $27.68 or 0.00173515 BTC.
  • Polkadot (DOT) traded 0.5% lower against the dollar and now trades at $4.44 or 0.00027805 BTC.
  • Bitcoin SV (BSV) traded 2% lower against the dollar and now trades at $157.07 or 0.00984495 BTC.
  • Tixl (MTXLT) traded 1.5% lower against the dollar and now trades at $42.11 or 0.00263922 BTC.
  • InnovativeBioresearchClassic (INNBCL) traded 20.6% higher against the dollar and now trades at $0.0000 or 0.00000000 BTC.
  • IZE (IZE) traded up 13.4% against the dollar and now trades at $0.40 or 0.00002526 BTC.
  • Neo (NEO) traded down 0.8% against the dollar and now trades at $15.70 or 0.00098382 BTC.
  • Counos X (CCXX) traded 0.1% higher against the dollar and now trades at $60.30 or 0.00377945 BTC.
  • NANJCOIN Token Profile

    NANJCOIN’s genesis date was February 6th, 2018. NANJCOIN’s total supply is 30,000,000,000 tokens and its circulating supply is 19,361,889,557 tokens. NANJCOIN’s official website is nanjcoin.com. The official message board for NANJCOIN is nanjcoin.com/blog. NANJCOIN’s official Twitter account is @nanjcoin and its Facebook page is accessible here.

    Buying and Selling NANJCOIN

    NANJCOIN can be purchased on the following cryptocurrency exchanges: BiteBTC, CoinExchange, Stocks.Exchange, Mercatox and HitBTC. It is usually not presently possible to purchase alternative cryptocurrencies such as NANJCOIN directly using U.S. dollars. Investors seeking to trade NANJCOIN should first purchase Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Changelly, GDAX or Gemini. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase NANJCOIN using one of the aforementioned exchanges.

    Receive News & Updates for NANJCOIN Daily – Enter your email address below to receive a concise daily summary of the latest news and updates for NANJCOIN and related cryptocurrencies with MarketBeat.com’s FREE CryptoBeat newsletter.

    Source: technewsobserver.com

    Author: Orville Tucker


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    API3 decentralized API network closes 3 million USD in private fundraising

    API3 decentralized API network closes 3 million USD in private fundraising

    API3 a decentralized API (dAPI) network that enables data providers to become their own blockchain ‘oracles,’ has closed $3M in a private fundraising round lead by Placeholder and with participation by Pantera, Accomplice, CoinFund, Digital Currency Group, Hashed, and more. When live, API3 will enable off-chain API data and service providers to connect their APIs to the blockchain without the use of any middlemen.  API  is an incredibly common protocol in web and mobile applications that enables them to interact with one another, sharing data and services. However, real-world businesses cannot interact with blockchain applications because those applications can only interact with information that is accessible to and agreed upon by all nodes in the network. Until now, ‘Oracles’ solved this issue by acting as a centralized third party, introducing vulnerabilities, costs, ineffective redundancies, and a lack of transparency.

    API3 proposes to solve this API Connectivity problem through the new paradigm of ‘decentralized APIs’ composed of ‘first-party oracles’. Allowing the traditional API provider businesses to become their own oracles with no third-party middlemen means that they will be able to monetize their services cost-efficiently, securely and with control of how their data will be used. Decentralized APIs, which are networks of these first party oracles that are governed decentrally by the API3 DAO, will provide optimal trust-minimization.

    “Crypto’s largest oracle system by network value, Chainlink, is composed of data-reselling middlemen, where the source and quality of data are suspect,” said Chris Burniske, Partner with Placeholder. “While heavily marketed, Chainlink isn’t well enough designed or maintained to remain a long term solution for crypto or DeFi’s information needs, and those that rely on Chainlink do so at their own users’ risk. Enter API3.

    “With its Airnode design, API3 makes it seamless for primary data providers to pipe their information into cyptonetworks with zero blockchain expertise. That means the reputation and quality of existing data providers can carry into cryptoland, simultaneously allowing these entities to turn a profit from crypto participation. Furthermore, API3’s organizational DAO structure provides a framework for truly decentralized on-chain data feeds, which the team calls dAPIs.”

    “We couldn’t be more excited about the team of investors that have decided to back API3 as we work towards solving the blockchain API Connectivity Problem, which is a key challenge for our whole space,” said Heikki Vänttinen, Co-Founder of API3. “We are confident that the API3 solution will not only enable smart contract developers to build applications that might have been previously unthought of, but also provide API providers with a more direct, transparent and incentive-aligned way of selling their data and services to Web 3.0. It is our honor to work on this with some of the most well-known investors and thought-leaders in our industry, led by Chris Burniske’s Placeholder.”

    To manage the decentralized dAPI network, and to improve upon the current standards of decentralization and trust-minimization employed in the governance of existing oracle solutions, dAPIs composed by API3 will be fully and transparently governed by a Decentralized Autonomous Organization (DAO) of dAPI consumers, service providers, industry experts and partners.

    API3 has raised $3M in its initial fundraising round to support tech development and growth of their ecosystem. The round was also supported by Solidity Ventures, Equilibrium, Rarestone Capital and Block0.

    Source: www.unlock-bc.com

    Author: Source: Api3 Press release


    Following indictments, BitMEX upgrades anti-money laundering compliance

    Following indictments, BitMEX upgrades anti-money laundering compliance

    Cryptocurrency exchange BitMEX has partnered with regulatory technology firm Eventus Systems to strengthen its anti-money laundering (AML) compliance.

    The move follows last month’s indictment of now-former BitMEX CEO Arthur Hayes, along with co-founders Benjamin Delo and Samuel Reed (the only one arrested), on charges of violating the Bank Secrecy Act and conspiring to violate the Bank Secrecy Act by failing to put sufficient anti-money-laundering safeguards in place. Head of business development Gregory Dwyer was also indicted.

    In a Nov. 12 announcement, BitMEX said its collaboration with Eventus Systems aims to enhance its trade surveillance and AML capabilities, following up on its promise to quickly improve regulatory compliance:

    “Through integrating the Eventus Validus technology into our existing trade surveillance and AML processes, we will be able to more efficiently screen out bad actors and increase proactive monitoring for unauthorised trading activity on the BitMEX platform.”

    Eventus Systems CEO Travis Schwab explained that the firm invested in adding support for digital asset market operators to its services. He also recognized that “BitMEX has taken a variety of important steps over the past year to enhance its commitment to market integrity.”

    Many expect more such measures to be taken by regulators around the world. A report released in early October by blockchain analytics firm CipherTrace sheds some light on why. The paper said:

    “56% of [virtual asset service providers] VASPs globally have weak or porous KYC processes, meaning money launderers can use these VASPs to deposit or withdrawal their ill-gotten funds with very minimal to no KYC.”

    Malcolm Wright, the compliance officer at BitMEX owner 100x Group, explained that Eventus Systems services are important for the firm’s plans to enhance its compliance capabilities, adding that it has “a vision of leading the industry on best practice crypto-asset compliance.” He explained:

    “Eventus has extensive expertise and experience not only with digital asset exchanges but also within the traditional financial sector. Choosing Eventus is part of our ongoing commitment to achieve this vision as we execute signature initiatives like our User Verification Programme.”

    As Modern Consensus reported in mid-October, 100x Group hired Wright shortly after the money laundering charges, hoping to leverage his expertise on the Financial Action Task Force’s recommendations for virtual asset service providers.

    Source link

    Source: otcpm24.com

    Author: News Bureau


    Galaxy Digital Acquires 2 Crypto Firms, Sees Big Wave of Institutional Demand for Bitcoin


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