Kategorie: Crypto Markets

Despite the crypto winter, institutional investors have largely been unfazed. And the increased demand is seeing more mainstream companies offer products and solutions tailored for institutional clients.

Broadridge Financial Solutions, a leading fintech provider with over $5 billion in revenue and whose infrastructure and platforms help power over $9 trillion in daily trading across equities and fixed income, has partnered cryptocurrency exchange Coinbase to offer an integrated trading solution.

Institutional adoption of crypto

The collaboration will help Broadridge boost access to crypto trading and offer greater liquidity for institutional clients looking to benefit from opportunities in crypto, the companies said in a press release.

In particular, the partnership seeks to offer interoperability between the fintech firm’s NYFIX order-routing network and Coinbase Prime.

According to the firms, buy-side traders will be able to leverage the integrated solution to tap into crypto liquidity on Coinbase, allowing them to trade directly from their order management system (OMS).

The solution will initially be available to US domestic clients before being rolled out to other regions subject to regulatory approval.

“Despite short-term cycles, momentum in institutional adoption is trending one way – toward more exploration and more interest,” Coinbase VP of Institutional Products Greg Tusar noted in a statement.

He added that the use of NYFIX’s order-routing network will help lower barriers to adoption of crypto as an asset class, with buy-side traders benefitting from the “deep, multi-venue crypto liquidity.”

Coinbase Prime’s offering of an institutional-grade trading platform, custody and prime brokerage capabilities will be key to the two firms’ goals, the news release added.

“Now, through Coinbase’s deep access to liquidity and NYFIX’s extensive market reach, we can integrate more than two thousand clients to bring crypto trading to the institutional market,” said Ray Tierney, President of Broadridge Trading and Connectivity Solutions.  

Recently, Coinbase partnered with the world’s largest asset manager BlackRock to offer crypto trading to clients. Investment giants Fidelity, Charles Schwab and Citadel Securities also made a massive move with the launch of a crypto exchange.

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TDeFi, a startup incubator for DeFi assets projects, has announced that it will add MYTH, a Web3 platform built for fantasy, sci-fi, and horror fans. TDeFi works closely with companies and projects as a startup incubator and advisor while MYTH allows the fans to connect with each other through Web3 technology.

MYTH will join more than 45 other projects that are currently using TDeFi’s incubation program. Examples of projects that are in the TDeFi incubation program include Vulcan Forged, Gari, Biconomy, MetAmazonia, Bridge, and Sinverse among others.

MYTH joining TDeFi ecosystem

By joining TDeFi’s ever-growing ecosystem, MYTH will achieve its goal of becoming the go-to ecosystem for sci-fi, fantasy, and horror in the Web3 space.

Besides being adopted by TDeFi, MYTH has been on an upward trajectory with 14 partnerships featuring top names in Web3 gaming, NFT comics, gamified collectibles, and the metaverse. Through this diversification, MYTH is able to deliver original comprehensive fantasy-based content to its community members.

MYTH also has a native token called MYTH token, which is used as a governance token, for incentives and for empowering users to build their creations.

MYTH’s ecosystem is built around community-directed projects, play-to-earn (P2E) fantasy games, digital publishing, and fantasy art collectibles. All these facets support the creation of a unified pop-culture metaverse.

TDeFi’s incubator

TDeFi’s incubator helps projects from the launch phase and through every other phase of a project’s lifecycle until the project becomes a success. It provides startups with access to world-class mentors, necessary tech and tools, marketing, community-building techniques, exchanges, liquidity, partnerships, and industry connections.

One of the main advantages of TDeFi’s incubator program is that it does not require projects to make any upfront payments to join. TDeFi acquires a fixed percentage of a project’s token supply rather than charging a fee.

In addition, every project that qualifies for the TDeFi incubator program automatically becomes a partner to all the events that are hosted by TDeFi like the global hackathon BizThon that is scheduled for October.

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• Ethereum will transition from a proof-of-work (PoW) network mechanism to proof-of-stake (PoS) consensus at the merge.
• Joseph Lubin, ETH co-founder and founder of ConsenSys, says the upgrade will be seamless.
• The Merge is expected on 15 September 2022.

Ethereum (ETH) co-founder Joseph Lubin says he does not expect the highly anticipated Merge, which is less than 24 hours, to come with post-event disruptions for users.

Lubin, who also founded Ethereum software company ConsenSys, was speaking in an interview with Bloomberg Crypto on Wednesday.

According to the industry expert, his outlook for the Merge is “a 10” on a scale of 1 to 10 in terms of his confidence about Ethereum’s switch from proof-of-work to proof-of-stake consensus mechanism.

“Probably nothing”

The Merge has attracted a lot of attention as it stands as one of the most profound game-changing upgrades in the history of cryptocurrency. And while its success can only be gauged post-merge, Lubin says nothing suggests end users will be disrupted.

“We think it’s gonna be probably nothing and ‘probably nothing’’ is a playful phrase in our ecosystem that indicates that sarcastically, we think it will be enormously impactful. But it’ll also be very likely nothing in the sense that there’s no disruption that’s going to be experienced by end users,” he told Bloomberg.

In terms of how smooth the whole upgrade is likely to be, he notes no disruption so far to software developers. For users, the merge will be “as smooth as if your iPhone or your laptop has upgraded its operating system automatically overnight,” he added.

Lubin agrees that the real proof of how smooth the merge will be can only be gauged once the Beacon Chain and the Ethereum mainnet converge into one chain. 

However, as happened so far, all the testing suggests an “overwhelmingly” seamless transition – even if the testing hasn’t been “it in the context of the whole big ecosystem becoming an economy in its own right.”

So what could go wrong? He points to a potential impact to “small projects.”

“There are lots of little projects that, maybe, read from the blockchain or depend on it,” he opined, that in some ways may not have “upgraded what they need to upgrade to in order for their own smooth transition.” He believes such projects could face some hiccups. 

“But all the major services that depend on the blockchain have already done the work.”

As previously highlighted by CoinJournal, the merge is expected on 15 September 2022 and will see Ethereum’s energy consumption cut by 99.95%. The change is also expected to lead to greater scalability and network performance.

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• Bitcoin fell below $21,000 or -9% to touch lows of $20,427 on Coinbase, while Ethereum price retreated to $1,590.
• Stocks also plunged on the hotter-than-expected CPI data, with S&P 500 down more than 3%.

Crypto witnessed another sharp sell-off Tuesday as risk-on assets reacted negatively to fresh US inflation data, which came in hotter-than-expected.

In cryptocurrencies, Bitcoin (BTC) fell nearly 10% to break below $21,000 as losses in the altcoin market included Ethereum (ETH) dipping under $1,600. The losses across cryptocurrencies had the sector nursing over 5% in total market cap declines, which together pushed the metric to $1.05 trillion.

Bitcoin traded to lows of $20,427 per unit on major crypto exchange Coinbase as shown in the above chart.

Stocks also fall sharply

The picture was not that different on Wall Street, with traditional financial markets experiencing a similar downside move. The S&P 500 fell more than 3% and the Nasdaq shed 4% as stocks crashed on the hot inflation readings. 

The Dow Jones Industrial Average was down more than 900 points, or 3% lower at around 14:25 pm ET.

On Tuesday, the US Bureau of Labor Statistics released the latest Consumer Price Index (CPI) readings for August, with data showing prices increased by 8.3% year-over-year last month. Prices rose 0.1% over the month to come in hotter than the expected 8.1%YoY and a 0.1% decline over the month.

The markets’ reaction to the data comes as the US Federal Reserve is expected to raise interest rates by another 75 basis points next week. Commenting on the print, CNBC’s Steve Liesman said the 75 bps is now “written in red.”

„The Fed just erased the 75 basis point hike that was written in pencil and wrote it in red ink,“ says @SteveLiesman on the latest CPI data. „This moves them to 75 for sure at this point because they didn’t get the help they were looking for.“ pic.twitter.com/zcHJ0LpOR8

— Squawk Box (@SquawkCNBC) September 13, 2022

Going back to the crypto market, a key event to watch this week is the highly anticipated Ethereum Merge, which analysts say could come with increased volatility not just for ETH but for most other crypto assets.

The post Bitcoin, Ether prices fall sharply after hot US inflation data appeared first on CoinJournal.

ApeCoin (APE) has been on a slow but sure bullish trend in the past seven days and it appears set to pump more in the coming days and weeks ahead of Horizen Labs’ ApeCoin staking launch.

The price of APE has increased by 19.2% over the past seven days according to Coingecko. At press time, the coin was trading at $5.67 and has moved up 4.92% over the past 24 hours.

Besides, the much-awaited ApeCoin staking launch, Horizen Labs also indicated that it would hold a Twitter space on the subject on September 22, something that is also expected to foster further price growth.

When will the ApeCoin staking go live?

It remains unclear exactly when the ApeCoin staking will be launched and some APE holders have started expressing their dissatisfaction and disappointment on social media for its delayed launch.

However, the general sentiment on APE is very bullish, pointing to a possibility of the staking going live very soon. Investors are already rushing to buy the coin.

Horizen Labs, which is the firm that is developing the staking system for ApeCoin (APE) recently released a “sneak peek” video of what the staking will look like. The firm describes itself as a leader in Web3 tool and it has already set up a website called ApeStake.io where it says users will stake their APE coins.

Ape Staking Update: You asked. We answered. Here’s a sneak peek at the UI. pic.twitter.com/TDrTyIFbfb

— Horizen Labs (@HorizenLabs) September 3, 2022

What is ApeCoin?

ApeCoin is a decentralized project built by Yuga Labs’ Bored Ape Yacht Club (BAYC) project. The project uses a native token called ApeCoin (APE) that was created to be used within the burgeoning APE Ecosystem, which is supported by the APE Foundation and the ApeCoin decentralized autonomous organization (ApeCoin DAO).

The ApeCoin DAO is a community-driven initiative that allows APE holders to vote on ideas, projects and other proposals within the APE ecosystem. The ApeCoin (APE) token on the other hand is an ERC20 token and it acts as a governance token within the ApeCoin DAO.

The APE token reached an all-time high of $25 in May this year and although its price has significantly dropped, it still remains among the top 40 coins by market cap despite its general lack of utility compared to other cryptocurrencies.

What the ApeCoin Staking will entail

According to details released by the ApeCoin DAO, the ApeCoin staking will in summary be open to all Bored Ape (BAYC) and Mutant Ape (MAYC) holders that stake their NFTs plus APE coin.

But for holders to generate more revenue, they have to hold a particular set of APE, which is 10,094 for BAYC holders and 2,042 for MAYC holders.

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