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BTguru partners with Chainlink to enhance tokenization in Turkey

  • BTguru and Chainlink have teamed up to promote asset tokenization in Turkey.
  • The crypto platform will tap into Chainlink’s key technology around interoperability, data feeds and proof-of-reserves.

Chainlink has joined forces with BTguru, Turkey-based virtual and crypto assets firm. The two firms aim at enhancing adoption of tokenized securities across the country for institutional investors.

Per details in a press release on Tuesday, BTguru seeks to tap on Chainlinks services for this goal. These are Chainlink’s flagship tech stacks, which include Chainlink’s proof-of-reserve technology, interoperability protocol CCIP, and Data Feeds.

To enhance digital assets solutions, BTguru borrows essential services from Chainlink to have enhanced security in its service delivery. It will have cross-chain interoperability protocol and make use of Chainlink’s tech infrastructure to the Turkish regulated financial firms.

A solution to challenges for institutions

The partnership seeks to offer solutions to the challenges affecting tokenized assets markets. With combined efforts, BTguru will seal the gap in tokenized assets markets by ensuring users have seamless data connectivity, enhanced security, asset utility, interoperability as well as getting reliable services.

BTguru managing partner Can Bukulmez in a statement noted that the two firms’ partnership will bolster BTguru’s growth.

He said, “The Chainlink standard will help BTguru provide financial institutions with the tools they need to unlock the full potential of tokenized assets while ensuring compliance and security at every step,”

The partnership goal is to provide real time solutions to emerging challenges associated with digital assets markets to banks and other financial institutions. Banks will have access to proof-of-reserves, price data and net asset value.

BTguru linking with Chainlink’s oracle network users will get multi-chain tokenized asset data synchronization allowing for off-chain connectivity.

David Fuchs, Head of business development for EMEA at Chainlink Labs could not downplay the importance the partnership brings onboard.

He noted that “Chainlink will enable BTguru to not only meet the stringent compliance and security requirements for institutional-grade digital assets, but also foster innovation and trust in the growing tokenized asset economy,”

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Genius Group to raise $33m to buy more BTC

  • Genius Group has announced a $33 million rights offering.
  • The company will use net proceeds from the sale to buy Bitcoin.
  • Genius Group holds $35 million in BTC and could see holdings rise to $86 million with plans for additional $20 million loan.

Publicly-listed artificial intelligence firm Genius Group plans to raise $33 million to buy additional Bitcoin (BTC) as part of its BTC treasury.

Genius Group announced on Jan. 14 that the company’s board of directors had approved a rights offering plan for $33 million. The company will use net proceeds from the shares sale to purchase more Bitcoin.

As well as the rights offering, Genius Group is eyeing further financing, with one or more loan options aggregating to $20 million on the table. The company’s current BTC treasury stands around $35 million, which means successful raises from the offering and via the loans option could see Genius Group’s total Bitcoin haul rise to $86 million.

Bitcoin strategy

AI-powered Genius Group’s move to add to its Bitcoin treasury comes amid a broader surge in public and private companies buying BTC to add to their balance sheets. This trend picked momentum in 2024 following major expansion efforts by the leading corporate holder of BTC MicroStrategy.

Having inspired other companies like Metaplanet, KULR Technologies and multiple Bitcoin mining companies, MicroStrategy’s playbook is now a major talking point in boardrooms. Nasdaq-listed Heritage Distilling recently adopted the Bitcoin strategy.

Despite shareholders of Microsoft down voting a proposal that sought to have the tech giant add BTC to its treasury, experts are upbeat tha its early days. Meta is facing a similar proposal.

The approval of spot Bitcoin exchange-traded funds in the U.S., with BlackRock’s IBIT currently holding billions of dollars in BTC is another big development in the past year.

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Italy’s largest bank, Intesa Sanpaolo, buys $1M Bitcoin

  • Intesa Sanpaolo Bank buys $1M in Bitcoin.
  • The bank is the first Italian bank to invest in crypto.
  • The move is a low-risk experiment with digital assets in preparation for potential client demand.

In a pioneering move for Italy’s financial sector, Intesa Sanpaolo, the country’s largest bank, has ventured into the cryptocurrency market by purchasing $1 million worth of Bitcoin (BTC).

This acquisition marks a significant milestone as the first direct cryptocurrency purchase by a major Italian bank, reflecting the growing acceptance of digital assets in traditional finance.

A test in preparation for potential client demands

The transaction, which netted Intesa Sanpaolo 11 BTC, underscores a cautious yet optimistic approach towards cryptocurrencies.

According to an internal memo and subsequent reports by Reuters, this investment is seen as an experiment within the bank’s vast portfolio, which includes over $100 billion in securities.

The bank’s CEO Carlo Messina described the purchase as a test, emphasizing the minimal risk involved due to the relatively small amount compared to the bank’s total assets.

Messina further elaborated that this move is not just about dipping toes into the digital asset pool but also about preparing for potential client demands. “This shows there can be some attention to digital channels, but with very limited investment amounts,” he commented.

Such a strategy could signal to other financial institutions that there’s room for cryptocurrencies in traditional banking, especially if sophisticated clients show interest in these novel investment options.

Intesa betting on a favourable crypto environment in 2025

The timing of this investment is noteworthy. Following the US approval of its first crypto-based ETF at the start of 2024 and the election of a pro-crypto US government-in-waiting at the end of the year, Bitcoin’s price soared to unprecedented heights, reaching six figures by late 2024.

With expectations of favourable regulatory changes under the new US administration led by Donald Trump, the market anticipates further growth in 2025 and Intesa Sanpaolo’s move could be seen as strategic, capitalizing on what many consider an opportune entry point into the cryptocurrency market.

This groundbreaking step by Italy’s leading bank not only highlights a shift towards embracing digital assets but also sets a precedent for other banks in Italy and potentially across Europe to consider cryptocurrencies as part of their investment strategies.

As the financial world watches, this could lead to more integrated and innovative services blending traditional banking with the burgeoning world of digital currencies.

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US Judges Demand Explanation from SEC for its Refusal to Set Clear Crypto Rules

  • A three-judge panel from the U.S. Court of Appeals for the Third Circuit has demanded the SEC explain why it did not respond to Coinbase’s requests for clear regulations.
  • A recent ruling by the panel has called the SEC’s actions “arbitrary and capricious”.

The U.S. Court of Appeals for the Third Circuit on Monday demanded that the SEC explain itself for refusing to set clear crypto regulations when Coinbase requested they do so after the regulator issued the exchange with a Wells Notice in March 2023.

According to one of the Judges, “Rather than force the agency to make a rule, we order it to explain its decision not to.” Another cautioned the SEC against rendering a poor explanation like it has been doing.

The SEC vs Coinbase

The SEC’s case against Coinbase began in March 2023 when it issued the exchange with a Wells Notice for violating securities regulation through its staking services and asset listings.

Coinbase responded with confidence in the legality of its operations and attempted to engage with the regulator to clarify the basis of its Wells Notice and set clear regulations.

The SEC however maintained that current securities regulations were sufficient to regulate cryptos and filed a lawsuit in June 2023.

Recent developments

Coinbase won against the regulator following a ruling to freeze the case on the grounds of novelty as various courts across the country are reaching different conclusions on cryptos being securities.

The SEC’s case will now go to an appeals court where it will be decided whether it should be tried in a district court.

This new development from the panel from the U.S. Court of Appeals for the Third Circuit deals another blow to the SEC one week to the end of Gary Gensler’s term as SEC Chair.

Meanwhile, Coinbase Legal Head, Paul Grewal, counts this as a victory for Coinbase

https://twitter.com/SECGov?ref_src=twsrc%5Etfw

https://twitter.com/iampaulgrewal/status/1878860619895685283?ref_src=twsrc%5Etfw

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Bitcoin price drop caused by profit-taking and macroeconomic conditions

  • Bitcoin dropped to $89,900 on January 13, its lowest decline in two months
  • James Toledano, COO at Unity Wallet, said one of the reasons for the drop is profit-taking after Bitcoin hit $108,000 in mid-December
  • The inauguration of President-elect Donald Trump could spark renewed buying interest, Toledano said

Bitcoin fell below $90,000 for the first time in two months, dropping 3.6% in 24 hours as the market experienced selling pressure.

Data from CoinMarketCap shows that Bitcoin’s price dropped to around $89,900 on January 13. However, at the time of publication, it’s trading over $95,000.

Bitcoin drops below $89,000. Source: CoinMarketCap

According to James Toledano, COO at Unity Wallet, there are several reasons why Bitcoin’s price fell.

“The first is profit-taking, after hitting a peak of around $108,300 in mid-December, the market has seen a massive amount of it, particularly following the election of pro-crypto President-elect Donald Trump,” he said to CoinJournal, adding:

“Secondly, while institutional buying has continued contributing to Bitcoin reserves on exchanges hitting a seven-year low, trading volume remains subdued and this could simply be down to a seasonal slow-down.”

Macroeconomics weigh on the market

Recent analysis suggests that bleak economic expectations drive this bearish sentiment. This includes Trump’s tariff plans, the US Federal Reserve’s cautious approach to interest rate cuts, and a strong dollar.

Zach Pandl, head of research at Grayscale Investments, said to CNBC that:

“I would attribute the drawdown in the last two days largely to the market starting to appreciate that not every aspect of the Trump policy agenda is going to be positive for Bitcoin – and tariffs do introduce some new uncertainty.”

As questions surround Trump’s forthcoming policies, it may have dampened enthusiasm, which can “lead to short-term volatility for an already highly volatile asset,” said Toledano.

Some analysts believe Bitcoin can reach between $140,000 and $200,000 by mid-2025, so the current price action may appear concerning. Yet, it doesn’t necessarily signal the end of the bull run.

“The inauguration of President-elect Trump is just seven days away and could be a pivotal moment, with markets anticipating announcements of pro-crypto policies that might spark renewed buying interest,” said Toledano. “Institutional accumulation, as reflected in falling exchange reserves also supports the view that demand remains strong despite low trading volumes.”

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