Category: Crypto Mining

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U.S. Bank Launches Crypto Custody Services Amid Strong Demand From Institutional Clients

The US bank has launched its cryptocurrency custody services. “Investor interest in cryptocurrencies and the demand for fund services from our clients has increased significantly in recent years,” the bank said.

US Bank Now Live Custody Encryption Services

The US bank announced Tuesday that its cryptocurrency escrow services are now live and available to its Global Fund Services clients.

U.S. Bancorp, with nearly 70,000 employees and $ 559 billion in assets as of June 30, is the U.S. holding company. Bank, the fifth largest bank in the country. The Minneapolis-based company serves millions of customers locally, nationally and globally. As of June 30, the US bank Wealth Management and Investment Services had more than $ 8.6 trillion in assets under custody and management and $ 282 billion in assets under global management.

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The services are aimed at privately funded institutional investment managers in the United States or the Cayman Islands who want an escrow solution for bitcoin, with additional support for future currencies.

“NYDIG, a leading Bitcoin financial services and technology company, is the first crypto sub-custodian announced on the bank’s provider network,” he adds. The New York Digital Investment Group (NYDIG) is the bitcoin investment arm of Stone Ridge Asset Management.

Gunjan Kedia, Vice President of Investment Services and Wealth Management, U.S. Bank said:

Investor interest in cryptocurrencies and the demand for fund services from our clients has increased significantly in recent years. Our institutional custodian and our fund clients have improved their cryptocurrency offering plans and, in response, we have made it a priority to accelerate our ability to offer escrow services.

The US bank first established its blockchain and cryptocurrency practice in 2015, when the price of bitcoin was below 200. The price of BTC currently hovers around $ 50,000.

The bank announced the launch of three cryptocurrency offerings in April to meet “growing customer needs.” The first was the guard duty, which is now active. The second was an investment in Securrency, a developer of institutional-level financial and regulatory technology based on blockchain. The third was that the US bank had been selected to manage NYDIG’s bitcoin ETF this year, pending regulatory approvals.

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El Salvador begins mining Bitcoin using geothermal energy from volcanoes

El Salvador started mining Bitcoin (BTC) using geothermal energy extracted from volcanoes.

Salvadoran President Nayib Bukele, who led the country’s movement to adopt the BTC as legal tender, unveiled a teaser video to his 2.9 million followers showing clips from the new mining facility.

Bukele also shared a screenshot of a portfolio the country uses to collect the BTC generated by its mining operations. At the time of Bukele’s post, 0.00599179 BTC, valued at $286, had been extracted with energy from volcanoes.

“We are still testing and installing, but this is officially the volcano’s first Bitcoin mining operation.”

Bukele said in June that he asked El Salvador’s geothermal energy company LaGeoSV to create a Bitcoin mining facility using “very cheap, 100% clean, 100% renewable, zero energy. Emissions” from the country’s volcanoes.

The Central American nation, known as the “Land of Volcanoes”, became the first country in the world to adopt Bitcoin as its legal currency, despite protests and polls showing that a large part of the population does not disagree. .

About 25% of El Salvador’s current energy comes from geothermal energy, according to a report by Unidad De Transacciones, manager of the country’s electricity market.

Bitcoin changed hands at $48,061 at the time of writing, a 14% increase from the $41,002 seven-day low, according to CoinGecko.

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Uzbekistan warns citizens to avoid unlicensed cryptocurrency exchanges

A government agency in Uzbekistan has published a list of unauthorized cryptography changes that Uzbekistan residents have been urged to avoid. Trading platforms collect personal data and are not responsible for cryptocurrency transactions, authorities warned.

Uzbekistan authorities on the blacklist of “unofficial” cryptocurrency exchanges

The National Project Management Agency of the President of Uzbekistan has identified a number of online platforms that offer unauthorized encryption services. During an internet surveillance campaign, the organization reported an increase in the activity of these “unofficial” exchanges of digital assets.

The entities behind them offer Uzbek citizens the possibility to buy, sell or exchange cryptographic assets without having an office in the country. They are generally registered in other jurisdictions and their servers are located abroad, but at the same time they collect personal information from residents of the Central Asian Republic, the agency said in a notice posted on its website.

Half a dozen cryptocurrency exchange sites aimed at residents of Uzbekistan have been blacklisted: webmoneytashkent.com, wmztashkent.com, wm-torg.com, uzwmz.com, blockchainuz.com, and bitcointashkent .com. Similar services are also offered through Telegram bots and groups. Their providers, the regulator noted, often remain completely anonymous and can remove a channel quickly.

Authorities stressed that this type of platform does not assume legal responsibility for cryptographic transactions between various parties and cannot guarantee their legitimacy. Furthermore, they cannot guarantee the proper storage of personal data or the preservation of confidentiality. The ad says:

The Agency urges citizens to be as vigilant as possible, to be cautious and not to use the services of these platforms, in particular in order not to be victims of fraud.

Uzbekistan legalized trading in cryptocurrencies in 2018, but in December 2019, Tashkent authorities banned residents from buying cryptocurrencies while selling them. The National Project Management Agency has now reminded the public that, in accordance with the Presidential Decree “On Measures for the Development of the Digital Economy in the Republic of Uzbekistan” and the country’s law “on licensing and notification procedures”, the establishment of Cryptocurrency exchanges are subject to licensing.

The government tried to encourage some encryption activity. In January 2020, Tashkent unveiled a plan to establish a national mining pool and the initiative was presented as a priority. The state also said it will establish a licensed cryptocurrency exchange where miners can sell their coins and has promised to create a blockchain voucher, as well as introduce tax breaks for cryptocurrencies. Uznex, a regulated trading platform operated by the South Korean entity Kobea Group, was launched at the end of the month.

However, in September of this year, a senior central bank official reportedly said that cryptocurrencies such as bitcoin would never be recognized as legal tender. Speaking to local media, the vice president of the Central Bank of the Republic of Uzbekistan (CBU), Behzod Hamraev, recalled that, unlike cryptocurrencies, the national fiat currency, the sum, is backed by bank assets. He also expressed his opinion that bitcoin will never equal “world currencies” like the dollar, euro, yen and ruble.

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Is the New Zealand government up for the CBDC mission next?

Many state central banks are exploring the possibility of using central bank digital currency. New Zealand is the latest to announce it is exploring the possibility. One of the main advantages is its use as a monetary policy tool.

China has already started tests of its own digital yuan and is trying to eliminate any competition from the country in the form of blanket bans on cryptocurrencies and their mining.

New Zealand is another country that is researching the benefits of these centralized digital currencies. The Royal Bank of New Zealand today released a public consultation document which contains the following statement:

“Trends in the use of cash and monetary innovation offer the Reserve Bank an opportunity to consider expanding central bank money into a widely used digital form. The decline in the use, acceptance, and availability of cash in New Zealand, and the emergence of innovations in private money, namely stablecoins, make it an opportune time to think about a central bank digital currency (CBDC).

According to an article on Bloomberg, the bank admits tremendous complexity in developing such an asset and a long time to do so, but the CBDC would allow people to turn “private money” into a digital bank. . Money.

This would allow the New Zealand currency to remain relevant in a digital future and provide a very useful monetary policy tool for the government. The RNBZ said:

“As with other forms of digital currency, a CBDC must be operationally resistant to cybersecurity risks and disruptions, maintain data confidentiality, and comply with all relevant regulations. Even if a CBDC has the potential to act as a catalyst for innovation and competition in the larger money and payments ecosystem, we need to consider its potential to eliminate innovation. “

In addition, according to the bank, such a currency would improve internal payments and also improve cross-border payments.

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Cryptocurrency derivatives exchange Bitget sponsors Juventus as the first manga partner

Singapore-based cryptocurrency derivatives exchange Bitget has announced a partnership with Juventus to become their sponsor. As part of the agreement, Bitget will act as the official partner of Juventus and official exchange partner for cryptocurrencies, as well as the first Manga partner.

Juventus Turin was founded in 1897 and is one of the most prestigious and award-winning football clubs in the world. It was the first club in football history to win top international trophies with 38 Serie A titles, 2 Champions League titles and 3 UEFA cups.

Juventus is one of the ten best football clubs in the world with elite players like Chiellini, Morata, Dybala and Bonucci. In addition, legendary players such as Nedved, Buffon, Zidane, Del Piero, Montero, Baggio and Cristiano Ronaldo have played for the club, making it one of the most important and successful clubs in Europe and the world. “Bitget was looking for outstanding partners from the world of sport and the gaming community.

Juventus has fought hard over the past century and demonstrated the fair and anticipated competitive spirit in the sport.” Bitget shares the same spirit and is committed to the Better Trading Better Life mission and is committed to providing liberal, definitive and fair trading in cryptocurrency services to users around the world.

The partnership will help Bitget improve our international reputation, ”said James Lee, Director of Global Strategy at Bitget.

“It is a pleasure for us to welcome Bitget as the first Juventus Sleeve member and to help them raise their profile with our fan base around the world. We will work together on a global level and support the partner’s international growth path by building on a shared desire to reach a growing audience. said Giorgio Ricci, CFO of Juventus.

Bitget was founded in July 2018 and is considered one of the fastest growing cryptocurrency derivatives exchanges in the world, supporting futures trading, spot trading and buying coins. Digital assets.

It has 1.6 million registered users in 48 countries and regions including the UK, France, Italy, South Korea, Japan and Russia. As a platform seeking the best service and innovation, Bitget pioneered the launch of three flagship products: USDT Margin Futures, One Click Copy Trading, and Quanto Exchange Futures. With this unique performance, it has become the most popular platform among users. With an average daily trading volume of $ 5.6 billion, Bitget is the sixth largest derivatives exchange in the world and the largest cryptocopy trading platform, according to CMC data.

It is an undeniable trend that the sport is increasingly linked to cryptocurrencies. Conventional cryptocurrencies such as Bitcoin are accepted as a means of payment by many sports platforms. As the global pandemic increases the demand for digital solutions, digital currency use cases have rapidly evolved, replacing some of the traditional features.

“The cross-border cooperation is fascinating. I am very excited about the clash of thoughts between the crypto industry and the world of sports. We are currently looking into further opportunities with Juventus.

In addition, registration for our King’s Cup Global Invitational opens on October 20th. The competition offers a prize pool of up to 100 BTC. Stay tuned for more information. Bitget Global Strategy Manager has been added.