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American Express Sees Cryptocurrency As An Asset Class – Says Not A Short-Term Commercial Threat

American Express (Amex) views cryptocurrency as an asset class, according to CEO Steve Squeri. He added that at this time, the company does not see cryptocurrency as an immediate or medium-term threat to its business.

American Express CEO Discusses Crypto Strategy

American Express (Amex) President and CEO Steve Squeri answered some questions about cryptocurrencies during the company’s fourth-quarter earnings call on Tuesday.

Squeri said, “When it comes to cryptocurrencies, we look at cryptocurrencies… We think across the spectrum of digital currencies. We think about cryptocurrencies. We think about stablecoins. We think of central bank digital currency [CBDC].” The CEO continued:

At this particular time, we see cryptocurrency more as an asset class.

Regarding the use of cryptocurrencies as a currency for payments, he said, “it’s kind of hard to use that way.”

The American Express executive further noted, “And when it comes to blockchain, we have investments in blockchain companies… We constantly look at blockchain and ask ‘are there use cases for us?'”

Commenting on stablecoins and non-fungible tokens (NFTs), Squeri said, “As far as stablecoins and NFTs and things like that, obviously we are partnering with the NBA and Top Shot. And we will look for ways to get involved.”

However, the CEO revealed, “We are probably not going to offer a cryptographic card.”

He also opined:

We keep an eye on the cryptocurrency if it becomes more stable. But at the moment, I don't see this as an immediate or medium-term threat to our business.
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The Federal Reserve may reveal a national cryptocurrency

Many analysts are working to find out why Bitcoin suddenly had such a nasty drop in price. The world’s number one digital currency by market cap has fallen below the $40,000 mark after hovering there in recent weeks, and it looks like it could be because BTC is in line to face stiff competition from the Fed. Federal.

The Federal Reserve wants to issue a new cryptocurrency

The Fed released a statement explaining that it is looking into the possibility of issuing a national central bank cryptocurrency. The Federal Reserve has made it clear that it has no plans to go ahead with issuing the currency unless it has the backing of Congress and the White House. However, he is putting the situation out in the public and asking for comments.

The Federal Reserve is now involved in a study that aims to discover the benefits of these bank-issued currencies, and according to a new report, the benefits are pretty strong. More than anything though, the situation puts the US in a rather unique position, mainly because it seemed like the country would never go down that path given how loyal and dedicated it is to the US dollar.

Until this point, it was clear that only China was willing to enter the route of issuing a national form of cryptocurrency. In 2019, the country pulled back the curtain on the digital yuan, a virtual version of fiat currency that everyone uses to shop. The currency has been through a period of severe testing and has caused some people to wonder what, or even if, other nations would do the same. It looks like the United States could be next in line.

However, while the news is interesting, it appears to have produced some unpleasant results for BTC, which is down over $2,000 after the announcement. The report detailing the study says:

The Federal Reserve does not intend to proceed with issuing a CBDC without clear support from the executive branch and Congress, ideally in the form of a specific authorization act.

What will this do to the industry?

The situation is a bit confusing, as while that route may be unavoidable for many developed countries (after all, we’ve heard for years that cryptocurrencies are the way of the future), it’s possible that many true digital currency traders don’t be. intrigued by the idea of ​​a bank issuing a national cryptocurrency as this goes against everything crypto stands for.

Digital currency was initially designed to take power away from financial institutions and give it back to the people. These assets were built to give people a little more say in their lives and financial decisions. If these currencies are suddenly issued or controlled by banks, we can expect these freedoms to begin to dissipate, and the world of cryptocurrencies could become as centralized as traditional finance.

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Grayscale considering 25 more crypto assets for investment products

Grayscale, the world’s largest crypto asset manager, is considering 25 more crypto assets for investment products. With the latest additions, the company’s list of currencies under consideration has grown to 43. “The process of creating an investment product similar to those we already offer is a complex and multifaceted process,” said Grayscale.

25 Crypto Assets Added to List of Coins Under Consideration for Grayscale Investment Products

Grayscale Investments announced Monday that it has updated its list of digital assets under consideration for 2022. Grayscale currently has $30.6 billion in net assets under management.

The company explained that the list of “Assets under consideration” includes “some digital assets that are not currently included in a grayscale investment product, but have come to our attention as part of our exploration of this sector and that our team has identified as possible. candidates for inclusion in a future investment product. Grayscale details:

With our most recent update in January 2022, we added an additional asset to our Product Family column and 25 assets to the Assets Under Consideration column.

Amp (AMP) is the only digital asset added to the Grayscale family of products.

The additional 25 assets under consideration are Algorand (ALGO), Arweave (AR), Axie Infinity (AXS), Bancor (BNT), Bittorrent (BTT), Bora (BORA), Convex (CVX), Cosmos (ATOM), Decred ( DCR), Elrond (EGLD), Enjin (ENJ), Fantom (FTM), Gala (GALA), Gelato (GEL), Hélio (HNT), Holo (HOT), Iota (IOTA), Oasis Network (ROSE), Secret (SCRT), Spell (SPELL), Stacks (STX), The Sandbox (SAND), Universal Market Access (UMA), Vechain (VET), and Yield Guild Games (YGG).

Grayscale added:

The process of creating an investment product similar to those we already offer is a complex and multifaceted process.

“This requires significant analysis and consideration and is subject to our internal controls, custody arrangements and regulatory considerations, among other things,” the asset management firm explained.

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Harbor, American real estate company, will accept Bitcoin

A third party will handle conversions to US dollars and enable the purchase of real estate with bitcoin in four states.

Harbor Custom Development will accept bitcoins for your real estate properties.

The company said the integration would be facilitated by a third party, which would also handle a custody arrangement.

Harbor operates in Washington, California, Texas and Florida.

Harbor Custom Development Inc.

“We embrace technological advancements in our industry and seek to guide their impact in the future,” said Jeff Habersetzer, director of operations for Harbor Custom Development, in a statement. “Harbor is pleased to be the first national home and land developer to introduce our portfolio to the global cryptocurrency market with over 200 million users.”

Harbor is involved in all aspects of the land development cycle, including land acquisition, title, project infrastructure construction, home construction, marketing, sales, and management of various residential projects. The company operates in Washington, California, Texas and Florida.

Harbor said it would accept cryptocurrency payments through a third-party company that would handle the conversion to US dollars and hold the funds on escrow until the transaction closed. Despite accepting bitcoin and other cryptocurrencies, Harbor sales will continue to be denominated and settled in US dollars.

Sterling Griffin, president and CEO of Harbor, said it is a “significant step for the company” to offer its real estate products and services to individuals and institutions that hold cryptocurrencies.

Harbor said it focuses its efforts on acquiring land with “scenic views” to develop and sell residential properties within a 20- to 60-minute drive of some of the major U.S. metropolitan centers. Its residential projects, which include apartments, condominiums , single-family homes and luxury homes, are currently concentrated in the Puget Sound area of ​​western Washington; Sacramento, California; Austin, Texas; and Punta Gorda, Fla.

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The Biggest Crypto Scams of 2021 and How to Avoid Them in 2022

One of the most played shows of 2021 entering the crypto scene in the form of a new token, to many it seemed like an investment opportunity too good to miss. However, what actually happened was an opportunity too good to be true. The token reportedly had its pre-sale in October and apparently sold out in “a second”, according to its whitepaper. The Squid Game Token was even praised by media giants Forbes and Yahoo, and its value sensationally reached an all-time high of nearly $3,000 within a few weeks. Despite this, problems soon began.
Buyers were quick to complain that they were unable to sell the tokens they purchased, not to mention that the token was never officially associated with the Squid Game to begin with. This inability to sell the Squid Game Token was due to its creators having built a mechanism into the token that prevented holders from selling, beyond the few that the scam was intended to benefit. This was simply a media and pop culture enriched version of a typical pump-and-discard scheme, where the value of a token intentionally increases through social media promotion and FOMO tactics, and ultimately collapses when some whales sell their property for personal purposes. win.

Africrypt rug handle

South African Bitcoin investment firm Africrypt was run by two brothers, Raees and Ameer Cajee. Claiming to be one of the largest and most successful commercial AI companies in Africa, they have amassed $3.6 billion worth of Bitcoin among their clients. Then they disappeared and their investors’ money disappeared from the Africrypt platform. Initially, they told customers that they were victims of a hack. However, the brothers remain missing and are being sought for arrest. Africrypt investors are still trying to recover lost funds.

Poly Network Invasion

Ironically, one of the biggest crypto heists ever carried out was one where the funds were returned to their owners. In August, a hacker found a flaw in the Poly Network DeFi platform that allowed them to steal over $600 million worth of cryptocurrencies. Interestingly, the hacker contacted Poly Network and informed them that his intention was always to return the funds. At first, the pirates restored almost half of it, but eventually returned the final portion of the stolen coins.

How not to be scammed in 2022

Few individual crypto wallets will be targeted by elite hacking groups like Poly Network; however, the average crypto wallet user needs to have a certain level of vigilance when dealing with day-to-day cryptographic operations on their own. The attacks occur on a much smaller scale, but generally imply that the user falls into the trap, such as clicking on a phishing link in a DM or in an email from someone who has passed as a person or trusted entity In space. Beware of convincing communications that use the same logos, profile pictures, and names you already know and are familiar with, such as fake interactions with MetaMask. In 2022, the NFT artist RXSE had a Coolman NFT stolen from her wallet and sold it for 1.3 ETH because she was a victim of a “Fake Metamask”.

With regard to pull-pull and pump-and-dump schemes, the fundamental care to be taken before investing in a project is research, and a lot. However, delving into the origins of smart contracts and the intent behind their creators (if you can find out who they are) can be challenging without the necessary technical knowledge.

To help give the DeFi community an edge when it comes to carrying out the extensive research needed on the tokens and their respective projects, a company called RiseUp has developed a BSC token and technology called “Rug Screener” to fight crypto industry fraud. . Rug Screener provides investors with the information they need to know about a project to help them decide whether or not it is safe to invest in it. By aggregating cross-platform research tools, RiseUp’s RugScreener can quickly provide potential investors with information about any smart contract, such as contract details, who is the creator of the contract, project liquidity and much more. Rug Screener even has a scoring system that warns the user if it thinks the project is unsafe.