Monat: November 2024

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Bitfinex Securities launches first tokenized US Treasury bill in El Salvador

  • Bitfinex Securities is teaming up with NexBridge to bring a tokenized US Treasury bill to El Salvador.
  • USTBL leverages Bitcoin’s technology of Liquid Network and Blockstream AMP.
  • Proceeds of the $30 million initial raise are to be allocated in iShares Treasury Bond 0-1yr UCITS ETF, per the announcement.

Bitfinex Securities and NexBridge, a digital asset issuer focused on tokenization of financial assets, have teamed up to launch the first tokenized US Treasury bill in El Salvador.

The tokenized T-bill, USTBL, leverages Bitcoin technology. Specifically, the issuers are leveraging the flagship digital asset’s Liquid Network and Blockstream AMP, an asset management platform that allows users to issue and manage crypto assets on the Liquid Network.

Subscriptions for the USTBL open on Nov. 19

According to a press release, the product will have an initial offering soft capped at $30 million, and will offer investors access to US Treasury returns in USD. USTBL is backed by iShares Treasury Bond 0-1yr UCITS ETF, the short-term Treasury bond ETF of asset management giant BlackRock.

Initial subscriptions open on November 19, 2024, and closes on November 29. However, investors will also get access via further subscription windows. Subscriptions are initially available in the stablecoin Tether (USDT), while the issuers have plans to add support for Bitcoin (BTC).

“The inclusion of USTBL tokens in investment portfolios will enable investors to balance digital asset exposure with the stability of traditional finance, offering a new level of diversification that can help reduce overall portfolio risk,” Jesse Knutson, head of operations at Bitfinex Securities, said in a statement.

Michele Crivelli, founder of NexBridge, added:

“By leveraging Bitcoin’s technology and infrastructure, we’re laying the foundation for a globally accessible financial ecosystem, bringing tokenized U.S. Treasuries to investors worldwide while maintaining full regulatory compliance.”

This launch comes amid massive traction across real-world assets tokenization. The RWA on-chain market has grown rapidly with products such as funds, bonds and credit.

According to rwa.xyz, the global RWA market is currently over $13 billion, with tokenized US treasuries, bonds and cash equivalents at $2.4 billion.

The post Bitfinex Securities launches first tokenized US Treasury bill in El Salvador appeared first on CoinJournal.

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Gemini officially launches its platform in France following its DASP registration

  • Gemini launches in France after securing DASP registration in January.
  • The launched platform supports 70+ assets, euro deposits, and institutional trading tools.
  • France’s crypto growth and MiCA regulations drive Gemini’s European expansion.

Gemini, the renowned cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has officially entered the French market, marking a significant milestone in its European expansion.

This move comes nearly a year after the company secured a Digital Asset Service Provider (DASP) registration from France’s regulatory authority, the Autorité des Marchés Financiers (AMF), in January 2024.

French Retail and institutional investors can now use Gemini

The launch enables French users to deposit, trade, and store over 70 digital assets on both web and mobile platforms. Local payment options, including debit cards, bank transfers, and Apple Pay, are supported for deposits in euros and British pounds, making the platform more accessible to the French audience.

Advanced traders can access more than 80 trading pairs through Gemini’s robust investment platform, which also offers various API integrations for seamless trading.

Institutional investors are not left out, as Gemini’s over-the-counter (OTC) desk and eOTC trading system provide a secure avenue for executing large transactions with deep liquidity.

Gillian Lynch, Gemini’s CEO for the United Kingdom and Europe, highlighted the company’s commitment to localization by ensuring the platform is fully translated and optimized for French users.

The rise of crypto adoption in France

France has emerged as a strategic market for Gemini, thanks to its increasing cryptocurrency adoption and a favourable regulatory environment shaped by the DASP regime and the European Union’s Markets in Crypto-Assets Regulation (MiCA).

According to Gemini’s 2024 Global State of Crypto report, trust in cryptocurrency is higher in France than in the United States or the United Kingdom.

Over the past two years, France has experienced a 2% increase in crypto adoption, making it the fastest-growing crypto economy in the region.

Gemini views this as an opportunity to further establish its presence in Europe. Lynch expressed optimism about expanding the platform’s services and improving accessibility for French customers.

With its pro-crypto stance and regulatory clarity, France is poised to play a pivotal role in Gemini’s vision for a robust European crypto market.

This strategic launch underscores Gemini’s commitment to delivering secure and innovative crypto solutions in a growing and trusted market.

The post Gemini officially launches its platform in France following its DASP registration appeared first on CoinJournal.