Monat: Juli 2023

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Galaxy Digital CEO: ‘I’m more comfortable being long Bitcoin today’

  • Michael Novogratz puts Bitcoin and Gold in the same bucket.
  • Wolfe Research strategist reiterated his bullish view on BTC.
  • Bitcoin is currently up 80% versus the start of the year 2023.

Owning Bitcoin today is nowhere as scary as it was about six months ago, says Michael Novogratz – the Chief Executive of Galaxy Digital.

Novogratz shares his view on Bitcoin

Interest rates continued to go up this year; FTX collapsed; the U.S. Securities & Exchange Commission came down hard on bellwethers of the crypto space.

And yet, Bitcoin has outperformed every other financial asset – now up 80% year-to-date.

What that establishes beyond doubt, as per Novogratz, is that the world’s largest cryptocurrency is here to stay. On CNBC’s “Squawk Box”, he said:

The normalization of 5.0% budget deficit … is why Bitcoin, gold, silver trade great. I put them all in the same bucket. Bitcoin has got the additional adoption cycle.

Novogratz sees Bitcoin as digital gold

Novogratz drives his optimism also from BlackRock Inc that has recently filed with the regulator for a Spot Bitcoin ETF which could boost institutional interest in the digital asset.

I’m more comfortable being long Bitcoin today than I was six months ago. I like to think of BTC as digital gold to store value.

Meanwhile, Jacobi Asset Management is all set to debut its Bitcoin-focused exchange-traded fund in Europe by the end of this year.

Also on Thursday, Wolfe Research strategist Rob Ginsberg reiterated his bullish view on BTC. He agreed, though, that the cryptocurrency has to fight an uphill battle to reclaim its former highs.

The post Galaxy Digital CEO: ‘I’m more comfortable being long Bitcoin today’ appeared first on CoinJournal.

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Federal Reserve launches ‘FedNow’ instant payment system

  • The newly launched FedNow Service aims to empower banks and credit unions.
  • FedNow will allow for the execution of transactions 24/7 365 days a year.
  • 35 banks and credit unions, including the U Bureau of the Fiscal Service of the US Department of the Treasury, are already equipped to handle payments through the FedNow Service.

The FedNow® Service, the Federal Reserve’s instant payment platform, went live officially on Thursday morning. The service will allow banks and credit unions of all sizes instantly process the transactions of their clients.

The Federal Reserve asserts that FedNow transactions can be carried out every day of the year, around the clock.

To begin with, 35 banks and credit unions and the Bureau of the Fiscal Service of the US Department of the Treasury are among those who are already prepared to handle payments through the FedNow Service. Furthermore, a group of 16 service providers is prepared to support banks and credit unions with payment processing.

Prudent payments for individuals and companies via FedNow

Explaining the benefits of the instant payment system, Federal Reserve Chair Jerome Powell said:

“The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient. Over time, as more banks choose to use this new tool, the benefits to individuals and businesses will include enabling a person to immediately receive a paycheck, or a company to instantly access funds when an invoice is paid.”

Jerome Powell, however, clarified that the newly launched system is not attempting to replace fiat money. He said that FedNow is “not related to a digital currency.” He added that “it is like other Federal Reserve payment services, such as Fedwire and FedACH. The FedNow Service is neither a form of currency nor a step toward eliminating any form of payment, including cash.”

The post Federal Reserve launches ‘FedNow’ instant payment system appeared first on CoinJournal.

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Binance Labs invests $10 million in DeFi project Radiant

  • Binance Labs’ strategic investment in Radiant Capital will help the DeFi protocol expands its product to more EVM chains.
  • The price of Radiant’s native token RDNT rose 10% following the news.

Binance Labs, the venture capital arm of world’s leading crypto exchange Binance, has invested $10 million in decentralised crypto lender Radiant Capital (RDNT).

Radiant’s lending and borrowing protocol is built on top of LayerZero, one of Binance Labs’ portfolio companies.

Radiant to use funds to expand its DeFi product

According to an announcement from Binance, the strategic funding round continues Binance Labs’ commitment towards crypto innovation, including in supporting next-generation chain-agnostic DeFi projects.

Radiant brings this goal to the market by taking on the fragmented liquidity that beleaguers the DeFi ecosystem. The platform promotes this by allowing users to tap into a bridging innovation to borrow and lend across any chain.

“Binance Labs actively seeks out promising DeFi projects that not only advance the industry but also push the boundaries of innovation. Radiant Capital’s commitment to facilitating seamless cross-chain transactions for DeFi, and performance on Arbitrum and BNB Chain demonstrates its potential for driving mass adoption,” Binance co-founder and head of Binance Labs Yi He said.

As CoinJournal reported today, Binance has released a mid-year report for the crypto industry in which the exchange highlights growth in the past six months. One of the areas to see significant growth is DeFi.

The Radiant team says the funding comes at a crucial time as the platform looks to expand its product to more EVM chains. This will add to the traction seen on Arbitrum and BNB Chain, with the protocol looking to become of the best DeFi platforms in the world.

Growth is expected to include expansion of oracle support, collateral, cross liquidations and abstract repayments. Also crucial in the product development is deployment on Ethereum mainnet and full integration with LayerZero’s messaging support.

Radiant believes the developments will see the next 100 million users come into and benefit from DeFi. Commenting on this milestone, Radiant Capital founder George Macallan said that the partnership with Binance Labs allows his platform to benefit from Binance’s “extensive expertise, resources, and strategic support.”

“Their investment will play a crucial role in propelling Radiant to new heights as the protocol expands to new chains, continues to scale, and drives utility back into the ecosystem,” he added.

Radiant’s native token RDNT reacted positively to the news, with its value jumping 10% to near $0.32.

The post Binance Labs invests $10 million in DeFi project Radiant appeared first on CoinJournal.

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Kuwait bans all crypto activities including mining

  • After the July 19 circular, it is illegal to engage in any cryptocurrency activities in Kuwait.
  • Kuwait has joined Thailand, Indonesia, and Turkey to ban crypto activities.
  • Violators are to face penalties as stipulated in Kuwait’s AML and terrorist financing laws.

Kuwait’s financial watchdog, the Central Markets Authority (CMA), issued a circular on July 19 declaring that all cryptocurrency activities including crypto investment, crypto payments, and crypto mining as described here were illegal in the Middle Eastern country.

The CMA also banned local regulators from granting licences to anyone attempting to “provide cryptocurrency services as a commercial business.”

Tough penalties for violators

The nation’s anti-money laundering and terrorist financing laws carry harsh punishments, the financial regulator warned. The circular made it clear that “securities regulated by the Central Bank of Kuwait and other securities and financial instruments regulated by the Capital Markets Authority” are exempt from the prohibitions.

In addition to forbidding cryptocurrency-related activities within the nation, the Kuwaiti regulator informed clients of the dangers posed by cryptocurrencies. “They do not carry a legal status and are not issued or supported,” it declared.

Kuwait has joined the list of nations like Thailand, Indonesia, and Turkey that forbid accepting cryptocurrency payments.

Kuwait’s move to ban cryptocurrencies comes after the National Committee for Combating Money Laundering and the Financing of Terrorism concluded its study that aimed at implementing Recommendation 15 of the International Requirements of the Financial Action Task Force (FATF). However, it is essential to note that the FATF does not mandate that nations outlaw cryptocurrency.

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