Kategorie: Crypto Markets

• Yield App is a digital wealth platform that offers safe custody of digital assets.
• The platform allows customers to exchange and earn on their assets at market-leading rates.
• The acquisition adds structured products to the Yield Apps product suite.

Digital wealth management platform Yield App yesterday announced it has acquired Trofi Group, a platform that offers structured solutions for cryptocurrencies. The acquisition brings four new structured products to the Yiled App product suite.

Besides providing customers with additional products, the move also makes Yield App one of the leading digital wealth platforms.

What specifically does Trofi Group bring on board?

The team at Trofi Group boasts of 30 years experience in derivatives desks at JP Morgan and HSBC. Now that they will join hands with Yield App in building best-in-class crypto-structured products means Yield App will provide a superior suite of products.

Commenting on the acquisition, the CEO of Yield App, Tim Frost, said:

“The acquisition of Trofi Group establishes Yield App as a pioneer within the crypto-structured products arena, making us one of only a few platforms to bridge the gap between traditional finance and crypto. We are grateful to the team at Trofi for trusting us to continue their excellent work in bringing enhanced yield structured products to crypto. We look forward to leveraging the team’s vast experience to expand Yield App’s suite of digital wealth management solutions.”

Following the acquisition, Yield App will be launching a beta version of a dedicated investment app duped “Trofi, powered by Yield App.” The app will allow customers to access Yield App’s first crypto-structured products through four different strategies and other products including the dual currency, the range, Sharkfin, and the Target.

Dual currency allows investors to acquire cryptocurrencies at a lower price at a predetermined point in the future, while also earning yield. The Range is a structured product that allows investors to generate yield assuming the markets will remain within a specified price range. Sharkfin allows investors with a moderately bullish view of future prices to earn a guaranteed minimum coupon with the potential to generate a high yield at maturity. The Target product allows investors with a bullish view of the future price of a cryptocurrency to earn a high yield.

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• At press time, Polygon (MATIC) was trading at $1.09, up 8.93% in 24 hours.
• Gains Network DEX was initially released on Polygon before being deployed on Arbitrum.
• The Gains Network DEX has greatly contributed to the recent rising transactional activity on Polygon.

The price of Polygon (MATIC) has been steadily rising in recent weeks and it has regained the $1.0 level as the broader crypto market continues to recover.

In addition to Polygon just following the broader crypto market in the current bullish trend, there is an increased transaction activity on the network mainly because of the Decentralized exchange (DEX) Gains Network which was released on the network. The Gains Network DEX was later deployed on Arbitrum and its daily trading volume on Arbitrum has now crossed $230 million.

The Gains Network decentralized exchange

It is now barely a month since the Gains Network was deployed on the Arbitrum blockchain. The DEX allows crypto traders to trade various financial derivatives of various assets including crypto, US stocks, and indices using smart contracts. It also allows stakers to earn as much as 10% interest on their GNS tokens.

The DEX provides an opportunity for global traders who would otherwise not be able to trade US-listed instruments without relying on banks. The DEX has so far processed over $25 million in trading volume.

Earlier this week, the DEX started a trading contest with rewards totalling $100,000, which is likely the reason for the recent spike in trading volume.

Besides having a direct impact on the Polygon (MATIC) price, the increased activity on the Gains Network has also resulted in the GNS token price rising by more than 40% over the past week.

The post Polygon’s Gains Network DEX volume crosses $1.5B as Polygon price reclaims $1 appeared first on CoinJournal.

• The price of the Fantom token, FTM, has risen by 5.9% today.
• Its price has risen by more than 52% in the last week.
• The Fantom ecosystem is preparing for a number of upgrades in the coming days.

Fantom (FTM) price is leading the current crypto market recovery after registering a 128.8% price surge over the past 30 days. The bullish trend has gained momentum over the past week after Fantom announced the launch of an on-chain funding system Ecosystem Vault.

FTM has surged by more than 52% since the Ecosystem vault was launched and investors are expecting further price movement ahead of a number of upcoming upgrades.

Expected Fantom upgrades

Fantom is designed as a Directed Acyclic Graph (DAG) smart contract blockchain providing decentralized finance (DeFi) services to Decentralized Applications (DApps) developers. The blockchain has seen tremendous growth due to its unique design and capabilities.

Fantom’s Chief Marketing Officer (CMO), Simone Pomposi, recently announced that the Fantom community should be ready for a number of upgrades according to the blockchain’s revised roadmap.

One of the highly anticipated upgrades is the new “Go-Opera’s profiling and bottleneck identification” database dubbed Carmen.

2/n

New Database: Carmen pic.twitter.com/Q41TrQ2Fro

— Simone Pomposi (@theotherpomp) January 26, 2023

Carmen will allow faster cryptographic hashes and customization of Fantom.

Besides the new database, Fantom is also gearing up for a new virtual machine dubbed Toscha, increased mainnet performance so that it can be eight times faster, and reduced storage requirement by 98%.

The post Several upgrades coming to Fantom: FTM price up 52% in 7 days appeared first on CoinJournal.

• Dutch Central Bank announces a $3.6 million fine on Coinbase.
• It says the crypto exchange has been in a regulatory violation.
• Shares of Coinbase Global Inc ended roughly flat on Thursday.

Coinbase Global Inc seems to be up for another regulatory fine.

On Thursday, the Dutch Central Bank forced a $3.60 million penalty on the cryptocurrency exchange for failing to comply with the domestic regulations.

What regulation did Coinbase not comply with?

In May 2020, Netherlands made it mandatory for businesses wanting to launch crypto-related services to register with the DNB first.

But Coinbase, as per the central bank, did not go through such a registration and, therefore, was in regulatory violation for nearly two years; between November 2020 and August 2022. The DNB said:

Coinbase has enjoyed a competitive advantage in that it has not paid any supervisory fees to DNB or incurred other costs in connection with DNB’s regular supervision activities.

Last year, the regulator had hit its peer Binance with a $3.35 million fine as well.

Coinbase recently settled with the NYDFS as well

According to the Dutch Central Bank, the said non-compliance might have made the Financial Intelligence Unit miss a bunch of suspicious transactions through September of 2022.

Nonetheless, Coinbase can appeal the penalty until March 2^nd. Earlier in January, it signed a $100 million settlement with the New York Department of Financial Services (NYDFS) as well.

A day earlier, Mizuho analyst Dan Dolev warned of a potential 40% downside in Coinbase stock (as Coin Journal reported HERE) that ended roughly flat on Thursday.

Analysts expect the crypto company to report a $2.39 per share loss in its current quarter. A year ago, it had $3.32 of EPS instead.

The post Coinbase fined for operating in the Netherlands: here’s why appeared first on CoinJournal.

• SEC has denied the Ark Investment and 21 Shares joint spot Bitcoin ETF application.
• The agency says proposal failed to meet requirements as per securities laws, citing fraud and manipulative practices once again.
• It’s the second time the SEC has rejected an ETF proposal by the two firms, after denying the first one in April last year.

The US Securities and Exchange Commission (SEC) has disapproved a proposal seeking to list a spot Bitcoin exchange-traded fund (ETF) for the US market.

In a document published on Thursday, the US securities market watchdog said it had rejected the application by Cathie Wood’s Ark Investment and Swiss cryptocurrency investment firm 21Shares. 

The Ark 21Shares spot Bitcoin ETF had been proposed for listing on the Cboe BZX Exchange.

SEC denies Ark 21 Shares Bitcoin ETF again

The Commission’s order disapproving the two companies’ ETF application noted that BZX did not “demonstrate that its proposal is consistent with the requirements of Exchange Act Section 6(b)(5).” 

Specifically, the exchange failed to demonstrate that it could prevent fraud and other manipulative practices as well as protect those looking to invest in the product.

“The Commission further concludes that BZX has not established that it has a comprehensive surveillance-sharing agreement with a regulated market of significant size related to spot bitcoin, the underlying bitcoin assets that would be held by the Trust,” reads part of the SEC’s reasoning for disapproval.

This is the second time the agency has rejected a spot Bitcoin ETF proposal by Ark Investment Management and 21Shares. The SEC dismissed a similar application in April, a move that prompted the two firms to submit a fresh one last May.

The SEC has also disapproved of multiple other spot bitcoin ETF applications, including one by Grayscale Investment, which sought to convert the Grayscale Bitcoin Trust (GBTC) to a BTC spot ETF. The asset manager filed a lawsuit against the agency following the agency’s move in June 2022. 

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