Author: Redaktion cvj.ch

What has been happening around Blockchain Technology and Cryptocurrencies this week? The most relevant local and international developments as well as appealing background reports in a pointed and compact way in retrospect in our weekly review. U.S. financial services providers of digital assets are pushing to go public. Circle’s targeted IPO brings members of the “USDC” central consortium to the public market. The second-largest stablecoin pegged to the U.S. dollar, which is jointly managed with crypto exchange Coinbase, has surged in popularity. USDC is currently the eighth largest cryptocurrency by market capitalization. Among stablecoins, its market value is second with…

By opening its first office in Cape Town, crypto venture capitalist CV VC is driving its geographic expansion forward. Experienced startup entrepreneur Gideon Greaves heads the Zug-based incubator and blockchain investor’s office in South Africa. Over the next four years, the new hub’s goal is to invest in 100 different blockchain startups, CV VC said. The Swiss State Secretariat for Economic Affairs (SECO), as well as the Federal Department of Foreign Affairs (FDFA), are accompanying the company as partners in the important region for Switzerland. This way, the innovation hub from the Crypto Valley should be promoted internationally. High crypto…

In terms of volume, the cryptocurrency exchange Binance is the largest trading venue for digital assets in the world. The originally Chinese company has had problems with regulators in the past. Now, they are facing international pushback again. About half a year ago, the United Kingdom’s Financial Markets Authority (FCA) imposed a ban on crypto derivatives. As a result, most exchanges had to restrict their products locally. However, the FCA did not seem satisfied with Binance’s measures. Last week, the regulator noted that Binance Markets Limited “is not entitled to carry on a regulated activity in the UK”. The UK…

What has been happening around Blockchain Technology and Cryptocurrencies this week? The most relevant local and international developments as well as appealing background reports in a pointed and compact way in retrospect in our weekly review. The advance of digital assets into the traditional financial sector is in full swing. This week, crypto custodian and Stone Ridge subsidiary NYDIG announced it would open its doors to the sector for a total of 24 million U.S. bank customers. A full-page ad with a large Bitcoin logo in the Wall Street Journal celebrated the milestone. Users will henceforth be able to buy,…

What has been happening around Blockchain Technology and Cryptocurrencies this week? The most relevant local and international developments as well as appealing background reports in a pointed and compact way in retrospect in our weekly review. China’s attitude towards Bitcoin has always been rather reserved and unclear. Government reservations have primarily concerned services related to cryptocurrencies. Ultimately, Bitcoin’s properties are not in line with the existing restrictions on capital transactions and the advanced introduction of the digital yuan is not supposed to be competed by digital alternatives. In the past, there have been quite a few announcements in the direction…

Since the beginning of the year, China has shut down Bitcoin mining farms nationwide. On the one hand, this is an attempt by China to reduce its carbon emissions. On another, the country ostensibly wants to protect its financial system from a volatile asset. In May, senior economic officials in Beijing announced they would crack down on Bitcoin mining, trading and related services. Sichuan province – known as the hydropower epicentre of China – ordered state-owned power plants to stop supplying more than 20 mining operations. The recent ban not only affected the Bitcoin price, but is also clearly evident…

What has been happening around Blockchain Technology and Cryptocurrencies this week? The most relevant local and international developments as well as appealing background reports in a pointed and compact way in retrospect in our weekly review. Digitization is having an impact on many aspects of our lives, especially in our day-to-day dealings involving payment methods. A trend away from cash was already evident before Corona and was further accelerated by the pandemic. While most mobile payment solutions are developed by private providers, central banks are also exploring payment infrastructure 2.0. Projects for central bank digital currencies (CBDCs) now exist around…

What has been happening around Blockchain Technology and Cryptocurrencies this week? The most relevant local and international developments as well as appealing background reports in a pointed and compact way in retrospect in our weekly review. Bitcoin is gaining popularity as an alternative investment to diversify portfolios. Here, the focus is strongly on its programmed scarcity, which leads to inflation protection. Other utilities of the cryptocurrency, such as cross-border peer-to-peer payments and easier transfer of value for unbanked people, have tended to take a back seat in the first world. This week, the South American country of El Salvador decided…

The Crypto Valley is known to be one of the most “crypto-friendly” regions in the world. But what specifically is happening within the Blockchain ecosystem? The “Crypto Valley Roundup” aims to provide insight and highlights from selected events every two months. With the first Blockchain companies settling in the area of Zug from 2013 onwards, the term “Crypto Valley” was soon born in reference to the “Silicon Valley”. Thanks to politics and regulation, Switzerland was able to create the necessary legal certainty for a flourishing ecosystem around Blockchain and cryptocurrencies at an early stage. The regulator, which provides the necessary…

What has been happening around Blockchain Technology and Cryptocurrencies this week? The most relevant local and international developments as well as appealing background reports in a pointed and compact way in retrospect in our weekly review. Our payment systems are becoming increasingly digitized. Many of these settlements are being handled by private fintech companies, but also increasingly on public blockchains. Central banks around the globe are now working on pilot projects to introduce central bank digital currencies (CBDCs). CBDCs empower monetary authorities with new capabilities in fiscal policy as well as in the monitoring of money flows. In particular, China’s…

What has been happening around Blockchain Technology and Cryptocurrencies this week? The most relevant local and international developments as well as appealing background reports in a pointed and compact way in retrospect in our weekly review. Over the past two weeks, the crypto markets have been hit by an impressive sell-off wave. Within a few days, most cryptocurrencies plummeted more than 50%. Prices have since recovered a bit, however, crypto assets are still well off their highs. Although increased volatility has historically always accompanied these markets, it particularly catched investors who use leverage on the wrong foot. The depth of…

Since last week, a huge sell-off has caused cryptocurrencies to suffer massive price losses. What were the reasons and what are the prospects for the future? A summary of what happened, and an outlook on the status of digital assets. Within two weeks, the price of Bitcoin (BTC) plummeted by 50% – from just under USD 60,000 USD to below 30,000 USD at its lowest point. Ethereum (ETH) and other altcoins were hit even harder. The second largest cryptocurrency plummeted from 4,300 USD to 1,800 USD in the same period, a correction of 60%. Prices have since recovered a bit,…

What has been happening around Blockchain Technology and Cryptocurrencies this week? The most relevant local and international developments as well as appealing background reports in a pointed and compact way in retrospect in our weekly review. Last week, carmaker Tesla announced that it would no longer accept Bitcoin as a means of payment due to climate concerns. Accordingly, the cryptocurrency’s energy consumption became more of an issue and was partly responsible for this week’s sell-off. Galaxy Digital, one of the leading digital asset managers, published a report on the topic. The authors calculated the actual energy consumption of the network…

Wells Fargo & Co. plans to evaluate and offer an actively managed cryptocurrency strategy with its investment institution for qualified clients. Other investment products could be added in the near future. The trend of institutional adoption seems to be continuing. In a report titled “The Investment Rationale for Cryptocurrencies” the Wells Fargo Investment Institute (WFII) announced that it views digital assets as an alternative investment for qualified investors, and plans to provide them access through a professionally managed fund. “Cryptocurrencies have gained stability and viability as assets, but the risks lead us to favor investment exposure only for qualified investors,…

What has been happening around Blockchain Technology and Cryptocurrencies this week? The most relevant local and international developments as well as appealing background reports in a pointed and compact way in retrospect in our weekly review. After a long period of restraint, banks are starting to expand their services to cryptocurrencies due to strong customer demand. This trend can be observed particularly in the United States. However, in the “crypto nation” Switzerland, the big banks have been slow to act. The largest Swiss bank, UBS, has been negative about Bitcoin & Co. without exception in the past. Criticism was primarily…

What has been happening around Blockchain Technology and Cryptocurrencies this week? The most relevant local and international developments as well as appealing background reports in a pointed and compact way in retrospect in our weekly review. For many years, US banks were reluctant to engage with cryptocurrencies. JPMorgan CEO Jamie Dimon repeatedly called Bitcoin a “scam” and Goldman Sachs saw it as “not an investable asset class.” However, after the sharp price increases recorded in the past, the pressure from customers became too strong and the first services were launched. According to crypto custodian NYDIG, “hundreds more” U.S. banks will…