Category: cryptocurrency exchange

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Trading App Giant Robinhood Launches Support for Ethereum Rival Cardano (ADA) Ahead of Network Updates

Retail giant Robinhood is kicking off the new month by adding a top 10 crypto asset to its trading list.

In a new announcement via Twitter, the company says that Cardano Scalable Decentralized Blockchain (ADA), driven by customer demand, is now available on the Robinhood platform.

Cardano is a competitor to Ethereum (ETH), and this month both projects will institute major network upgrades.

Earlier this week, Cardano creator Bob Hoskinson provided an update on the long-awaited Vasil hard fork, saying that developers are making steady progress towards the event that should take place in the coming weeks.

“Things are moving very fast. The community is still doing extensive testing and so are we. There is a lot of integration work going on behind the scenes, so all of this infrastructure is looking good.

Sometime in September is what it looks like, unless something is discovered or we have a substantial slowdown somewhere.”

The Ethereum Foundation also announced last week an updated timeline for the Proof-of-Work (PoW) to Proof-of-Stake (PoS) Consensus Engine project merger, starting with the Bellatrix update on September 6, followed by the transition formal Sometime between September 10 and 20.

Cardano experienced a week of price fluctuation, falling 1.74% to trade at $0.44 at the time of writing.

Ethereum is also in the red at 1.31% and is currently changing hands at $1,536.

While Robinhood continues to add new digital assets to its trading platform, the company has suffered from the negative effects of the long cryptocurrency bear market and in early August laid off 23% of its workforce.

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South Korea’s second largest city, Busan, partners with FTX for a local exchange

The city of Busan, the second largest city in South Korea, commonly known as the ‘Blockchain’ city of South Korea, has partnered with major cryptocurrency exchange FTX to build a local exchange. Furthermore, the association also aims to promote the development of blockchain in the city.

Pursuant to the agreement according to a statement issued by the Busan Metropolitan City on Aug. 30, FTX will assist in the creation of a local cryptocurrency exchange duped by the Busan Digital Asset Exchange. The Bahamian cryptocurrency exchange led by Sam Bankman-Fried will also support the city of Busan in promoting the growth of the local blockchain industry.

Busan City Cryptocurrency Exchange

The city of Busan will leverage FTX’s technology and infrastructure to build its own cryptocurrency exchange and promote blockchain-specific education at local universities and projects within the city’s ‘Special Blockchain Free Zone’ established in 2019.

FTX, through its Investment Division CEO Amy Woo, said that it will establish a Korean branch of FTX in the city of Busan within the next 12 months to help make Busan a digital financial hub in Asia.

In addition to signing an agreement with FTX, Busan also partnered with Binance, the largest cryptocurrency exchange by turnover, on August 1. Binance has signed a memorandum of understanding to provide the city with infrastructure and technology support for its blockchain development effort.

Both FTX and Binance are expected to establish a presence in South Korea in the next 12 months.

Since Busan was designated as the Blockchain City of South Korea in 2019, several projects have already been launched. These projects include a proprietary blockchain-based identification system, a blockchain-powered driver’s license platform, and cryptocurrency support for various services.

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Goldman Sachs urges investors to buy commodities now; expect stocks to suffer as inflation remains high

Global investment bank Goldman Sachs has urged investors to buy commodities now and worry about a recession later. The company’s analysts see commodities as “the best asset class to own later in the cycle, where demand remains above supply.” Meanwhile, “stocks may take a hit as inflation remains high and the Fed is more likely to surprise on the aggressive side,” Goldman noted.

Goldman Sachs Recommendation: Buy Commodities Now

Global investment bank Goldman Sachs has recommended that investors buy commodities. In a note titled “Buy Commodities Now, Worry About Recession Later,” published on Monday, Goldman wrote: “Our economists view the risk of a recession outside of Europe in the next 12 months as relatively low.” Company analysts including Sabine Schels, Jeffrey Currie and Damien Courvalin explained:

With oil a commodity of last resort in an era of severe energy shortages, we believe the downturn in the entire oil complex offers an attractive entry point for long-term investment.

In the US, Federal Reserve Chairman Jerome Powell said last week: “We are taking strong and swift action to moderate demand to better align with supply and keep inflation expectations anchored. We will continue this way until we are sure the job is done.”

Furthermore, European Central Bank (ECB) board member Isabel Schnabel noted on Saturday that central banks around the world are at risk of losing public confidence and must now act forcefully to combat inflation, including if you drag your savings into a recession.

“From a cross-asset perspective, equities may suffer as inflation remains elevated and the Fed is more likely to surprise on the aggressive side,” Goldman analysts further noted, explaining:

Commodities, on the other hand, are the best asset class to own later in the cycle, where demand remains above supply.

The final phase of the cycle normally implies an increase in inflationary pressures and an economy that exceeds the maximum rate of economic growth.

Goldman Sachs also warned: “We recognize that the macroeconomic environment remains challenging and the US dollar could rise further in the near term.”

Currie, who heads commodity research at Goldman Sachs, believes recessions are a natural part of a prolonged commodity supercycle. He told Reuters in November last year: “We expect a structural bull market in commodities, very similar to what we saw in the 2000s or 1970s.”

The analyst told CNBC in June that we are at the start of a commodity supercycle. “This is the first round of a commodity super cycle, it’s not just oil and gas, it’s metals, it’s mining, it’s agriculture, because the sector has suffered from over a decade of underinvestment,” he said.

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Binance will help the South Korean city of Busan increase

cryptocurrency adoption and develop a blockchain ecosystem
Binance is helping the South Korean city of Busan “increase cryptocurrency adoption in and out of the city”. The global cryptocurrency exchange will also support the development of the city’s blockchain ecosystem and the Busan Digital Asset Exchange.

Binance Signs Memorandum of Understanding with the City of Busan

Cryptocurrency exchange Binance announced on Friday that it has signed a Memorandum of Understanding (MOU) with the metropolitan city of Busan. Busan, located at the southeastern tip of the Korean Peninsula, is the second largest city in South Korea, with approximately 3.4 million inhabitants.

“As part of the agreement, the City of Busan will receive technological and infrastructure support from Binance for the development of the city’s blockchain ecosystem and the promotion of the Busan Digital Asset Exchange,” Binance explained.

“Another form of cooperation between the two parties will be the sharing of the order book”, added the company, adding that it will establish a presence in Busan by the end of the year.

Binance CEO Changpeng Zhao (CZ) said, “We are happy to work with the City of Busan to bring about tangible blockchain-related developments that benefit and support the city’s innovation efforts.” The executive opined:

Through our industry-leading position and technology expertise, combined with the City of Busan's strong support of the blockchain industry, we hope to help increase cryptocurrency adoption in the city and beyond.

“We look forward to our close cooperation with the city to support the establishment of digital asset exchanges and various blockchain industries,” added Zhao.

Busan Mayor Heong-Joon Park commented:

With this agreement, we are one step closer to establishing the Busan Digital Asset Exchange as an integrated global platform for digital assets.

“By making Busan a specialist blockchain city that attracts global attention, we will fuel a new growth engine for the local economy and make it a global digital financial hub,” he added.

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Ukraine Blocks Cryptocurrency Wallet Used to Raise Funds for Russian Forces

Ukraine’s law enforcement and counterintelligence agency managed to seize funds in a cryptocurrency wallet used to finance the Russian military campaign in the country. Kyiv officials say the money raised through the wallet was spent on military equipment for pro-Russian separatist forces in the east.

Ukraine Seizes Cryptocurrency Donations Funding Russian Invasion

The Security Service of Ukraine (SBU) has for the first time implemented a mechanism to curb fundraising through cryptocurrencies for troops fighting on the Russian side in the ongoing hostilities in the country. The conflict turned into a full-scale war when the Russian army crossed the border into Ukraine in late February in what Moscow calls a “special military operation” in support of the pro-Russian breakaway regions of Luhansk and Donetsk.

In a press release on Tuesday, the SBU announced that a cryptocurrency wallet operated by a citizen of the Russian Federation and used to sponsor Russia’s military effort in Ukraine was blocked. The man, who volunteered, has been raising money for the needs of the Russian forces since the invasion began.

The wallet had accumulated digital coins worth 800,000 hryvnia (nearly $22,000 at current exchange rates) by the time it was blocked, the SBU said, adding that the funds had already been seized. Experts are now working to trace related transactions and transfer custody to Ukraine. The agency did not specify how it seized the wallet, but did reveal that it enlisted the help of foreign cryptocurrency companies.

Ukrainian investigators were able to establish that the owner of the wallet dedicated a significant part of the donated cryptocurrency to the purchase of military supplies for separatist fighters of the self-proclaimed Luhansk and Donetsk People’s Republics. Representatives of the National Police of Ukraine and the Public Ministry also participated in the operation.

Russian “volunteer” active on social media

The Russian activist has been actively seeking financial assistance on social media platforms since the beginning of the latest phase of the conflict. To promote his efforts, he regularly creates and publishes photo and video content, distributes publications published by partners and reports on the use of the funds raised, the SBU detailed without revealing the identity of the Russian.

A report by blockchain forensics firm Chainalysis last month revealed that 54 pro-Russian groups have collectively received more than $2.2 million in cryptocurrency. These organizations, which operate in Donetsk and Luhansk, received most of the donated amounts in bitcoin (BTC) and ether (ETH), but also in other cryptocurrencies.

Ukraine itself has relied on cryptocurrency donations, with the Kyiv government and volunteer groups raising digital money to fund defense efforts. Ukraine’s Minister of Digital Transformation Mykhailo Fedorov recently announced on Twitter that $54 million in cryptocurrency funds raised through the Aid for Ukraine initiative were spent to purchase armor, medicine, night visions, and even vehicles for the Ukrainian military.

The Ukrainian people have also received purely humanitarian aid from the crypto community and industry. European cryptocurrency exchange Whitebit, which has Ukrainian roots, has offered to support Ukrainian refugees through its representative offices abroad, and the world’s largest forex trading platform Binance has issued a card. of cryptocurrencies special for Ukrainians forced to leave their homes.