INX and Backed launches tokenized stocks on INX starting with tokenized NVIDIA stock

INX and Backed launch bNVDA, a tokenized NVIDIA stock, on the Ethereum network.
Investors can trade bNVDA 24/7 with blockchain security and self-custody options.
Future plans include expanding tokenized assets to ETFs, bonds, and commodities.

INX, a regulated marketplace for digital securities, in collaboration with Backed, a leader in real-world asset tokenization, has announced the listing of tokenized stock on the INX platform for eligible non-US users.

This innovation promises to enhance accessibility, liquidity, and security for global investors, especially those outside the US.

bNVDA, a tokenized security backed one-to-one by NVIDIA Corp (NVDA) stock, issued on the Ethereum network will be the first tokenized stock to be listed.

Revolutionizing access to traditional financial assets

The introduction of bNVDA on the INX platform marks a significant step in democratizing access to traditional financial markets.

Eligible non-US investors can now trade bNVDA with the ease and speed of cryptocurrencies, bypassing the limitations of traditional stock market hours.

This 24/7 trading capability allows investors to react to market changes in real time, providing a level of flexibility previously unattainable in the traditional financial system.

Self-custody is another revolutionary feature, allowing investors to hold their securities directly in personal wallets, thereby maintaining full control over their assets. This eliminates the need for intermediaries and enhances the security of the investment.

Furthermore, the use of blockchain technology ensures transparent and secure transactions, with ownership clearly recorded on the distributed ledger.

Bridging the gap between TradFi and DeFi

The partnership between INX and Backed is not just about convenience; it’s about creating a seamless bridge between traditional finance (TradFi) and decentralized finance (DeFi).

By tokenizing real-world assets like NVIDIA stock, INX and Backed are enabling crypto traders to build diversified portfolios that include traditional financial assets. This eliminates the need to off-ramp and allows users to manage their entire portfolio on the blockchain.

Backed’s tokenized public securities, or bTokens, are ERC-20 tokens that can be transferred freely between wallets, making them highly versatile.

These tokens, including bNVDA, are issued under an EU prospectus, ensuring full transparency for investors. The primary claim to the collateral value (in this case, NVIDIA stock) is held with a licensed custodian under an account control agreement, providing a high level of security and trust.

INX’s platform integrates crypto, fiat, and security tokens into a unified marketplace, offering a comprehensive trading experience.

The ability to fund accounts with cryptocurrency and invest in tokenized stocks streamlines the investment process, making it accessible and efficient for investors globally. This approach not only enhances liquidity but also opens up new possibilities for using tokenized stocks as collateral in DeFi applications.

Moving ahead INX and Backed plans to expand their tokenized offerings to include other assets such as ETFs, bonds, and commodities. This expansion will further enhance the versatility and appeal of the INX platform, making it a hub for tokenized real-world assets.

The recent Series A funding round completed by Backed and the reaffirmation of Republic’s commitment to partnering with INX highlight the growing momentum in the tokenized securities market.

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2. Juli 2024

Australia’s crypto casino ban came into effect last month – but there’s rapid growth in these top countries

Australia has banned the use of cryptocurrencies in online gambling
The ban came into effect on 11th June with the introduction of the Interactive Gambling Amendment (Credit and Other Measures) Bill 2023
Other countries are, however, seeing increased popularity for crypto casinos, including the US and UK.

Inevitably, crypto adoption is on the rise.

However, different countries and jurisdictions are taking varied approaches to regulating crypto, including its use as a payment option in online casinos.

For example, Australia, one of the countries seeing rapid adoption of cryptocurrencies, has prohibited using crypto and digital asset-linked credit cards on online gambling sites. The ban came into effect last week.

But are there other countries where the use of crypto in online casinos is legal or allowed within existing gambling laws?

Australia bans crypto for online gambling

The Australian gambling industry entered a new era last week with the implementation of a government ban on the use of cryptocurrencies in online betting.

Australia has also banned using crypto-linked credit cards, which means online casinos are prohibited from accepting deposits from credit cards linked to digital wallets.

The ban came into effect after a bill on the same passed in the House of Representatives and Senate in 2023, introducing an amendment to the country’s Interactive Gambling Act 2001. This aligned Australia’s traditional and online gambling sectors, with both now banned from accepting cryptocurrencies.

According to authorities, the restriction on crypto use in the gambling market aims at promoting responsible gambling as well as addressing financial risks. However, gambling remains legal, with all traditional payment methods allowed.

The law outlines hefty fines, with non-compliance attracting up to 234,750 Australian dollars.

Where are crypto casinos popular? Top 10 countries

While you can no longer gamble online with your cryptocurrency in Australia, there are several countries where crypto casinos are legal. Some countries also allow offshore casinos to accept Bitcoin and cryptocurrencies, which illustrates the evolving landscape of crypto regulation.

Here are the top 10 countries where Bitcoin and other cryptocurrencies are popular, legal, and increasingly accepted in crypto casinos.

United States

While the crypto regulatory landscape in the US continues to evolve, it’s notable that cryptocurrencies are legal. However, their use in gambling varies from state to state. As for offshore casinos, the landscape is predominantly “gray,” with many online crypto casino sites having terms and conditions that prohibit US-based players. No KYC does, however, mean anyone can access these mostly reliable, offshore-regulated online casinos.

United Kingdom

Crypto is legal in the United Kingdom, where the gambling market is one of the most popular in the world. Multiple providers offer online casinos and betting sites, but the Gambling Commission implements strict regulatory oversight.

Only licensed casinos can operate, and anti-money laundering and KYC regulations apply. One of the top sites is 10bet Online Crypto Casino, which accepts Bitcoin and other crypto assets.

Canada

Cryptocurrencies are legal in Canada, but regulators implement strict oversight, and online casinos must register. Canada also does not have specific laws against crypto use on offshore casino sites.

Norway

Norwegians have increasingly turned to crypto casinos amid monopoly by the government-controlled Norsk Tipping and Norsk Rikstoto sites. As such, the country is seeing rapid growth in crypto gambling, mostly on offshore platforms that accept Bitcoin and other digital assets.

According to a recent report, Norway is one of the countries with the highest Google searches for crypto casinos.

Sweden

Online gambling is legal in Sweden. However, regulatory oversight of foreign-based online casinos has seen players turn to cryptocurrency. Demand for crypto casinos in Sweden is also high, as with its Scandinavian neighbor.

New Zealand

New Zealand has not banned digital currencies, which is helping the gambling sector explore the benefits of crypto in online casinos.

Other countries with growing crypto casino market:

Netherlands

Online gambling is legal in the Netherlands, and the country is one of the most crypto-friendly in the EU.

India

Despite regulatory woes, India is a top crypto market, and increased adoption has put the country’s crypto casino space on an upward trajectory.

Switzerland

Switzerland requires that online gambling sites be licensed and have a domestic brick-and-mortar presence. However, crypto casinos are beginning to thrive.

Mexico

Mexico’s gambling market is set for a potential streamlining with new regulation, and with crypto legal, users can explore online sites for opportunities.

Crypto casinos are legal in Malta under the country’s legal framework that supports blockchain and crypto innovation.

Wrap up

As noted, there’s a growing demand for cryptocurrency-supported online casino games, and players worldwide continue to embrace benefits such as anonymity, fast transactions, and low fees. However, regulation is still in the early stages, and some countries have banned crypto from being used in gambling.

As Australia has shown, the question of innovation versus consumer protection is currently a key factor as crypto casinos explode in popularity.

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2. Juli 2024

DeFi protocol Pendle sees 40% drop in TVL

Pendle TVL has dropped sharply over the past week, from $6.2 billion to $3.7 billion.
Meanwhile, PENDLE price is down 16% in the same period.

Pendle, the yield tokenization protocol that allows for the trading of yield-bearing crypto assets, has seen the total value locked (TVL) of assets on the platform slide more than 40% in one week.

Data shows the DeFi protocol’s TVL hovered above $6.18 billion last week.

However, that has now dropped to lows of $3.7 billion, with DeFiLlama data showing a sharp drop that reflects the 40% decrease.

Why is Pendle TVL down?

Well, the broader market is down as cryptocurrencies struggle with sell-off pressure.

However, this decline in Pendle TVL also comes amid the maturation of multiple liquid staking markets within the DeFi project’s ecosystem. Impacted markets that saw huge pool tokens mature for redemption were across Ether.Fi, Renzo, Puffer and Swell among others.

Pendle markets that matured Thursday include Ether.Fi’s eETH, Renzo’s ezETH, Puffer pufETH, Kelp’s rsETH, and Swell’s rswETH.

Pendle’s TVL grew rapidly in the first half of 2024 as liquid restaking protocols attracted more users, particularly amid increased anticipation of market airdrops such as EigenLayer.

Despite the drop, the protocol has outlined several other new assets that users can opt into, including a short dated eETH for July 25 and a long dated eETH (for December 26). There’s also a new series of September 26 pools, Ethena USDe, Symbiotic and Mellow LRTs and Karak LRTs among others.

Pendle price

PENDLE price has also slipped in recent weeks.

Whale acivity contributed to the scenario as has overall bleeding of altcoins. Per CoinGecko, PENDLE’s value was down 16% in the past week and traded lower by nearly 3% in the past 24 hours (at the time of writing).

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2. Juli 2024

Circle becomes first stablecoin issuer to secure license under EU’s MiCA regulations

ACPR grants Circle e-money license for USDC and EURC across EU.
Circle is the first stablecoin issuer to get licensed under MiCA regulation.
MiCA aims to protect investors with stablecoin transaction limits.

Circle has become the first stablecoin issuer to secure regulatory approval under the European Union’s Markets in Crypto-Assets (MiCA) regulations.

The license, issued by France’s financial regulator, the Autorité de Contrôle Prudentiel et de Résolution (ACPR), grants Circle the ability to issue its USDC and Euro Coin (EURC) stablecoins across the EU.

Circle now authorized to issue stablecoins throughout the EU

Circle’s e-money license from the ACPR positions it as a pioneer in complying with MiCA regulations.

Jeremy Allaire, Circle’s co-founder and CEO, highlighted the significance of this achievement, noting that it reflects the company’s commitment to building robust and regulated infrastructure for digital currencies.

The license enables Circle to offer its stablecoin services throughout the European Union, thanks to MiCA’s “passporting” feature, which allows crypto firms registered in one EU country to operate across all member states.

In a nutshell, stablecoins, such as USDC and EURC, are cryptocurrencies pegged to fiat currencies, offering a stable alternative to the volatility typically associated with other cryptocurrencies like Bitcoin. They facilitate quick transitions in and out of crypto investments without relying on traditional bank accounts, making them an attractive option for investors.

Impact of MiCA regulations on crypto operations in the EU

MiCA represents the EU’s first comprehensive legal framework governing crypto operations, including specific provisions to protect investors and prevent market manipulation.

The initial set of MiCA regulations pertaining to stablecoins took effect immediately on June 30, while the remaining provisions for crypto asset service providers will be implemented by the end of December 2024.

Full compliance with all MiCA regulations is required by July 2026.

One notable aspect of MiCA’s stablecoin rules is the limit on daily transaction volumes of non-euro stablecoins, capped at 1 million transactions or 200 million euros. This regulation aims to ensure market stability and protect the financial system from potential risks associated with high-volume transactions.

Circle’s USDC stablecoin second to Tether’s USDT

Circle, established in 2018, has rapidly grown to become a major player in the cryptocurrency market. Its USDC stablecoin is the second-largest globally, with $32.4 billion worth of tokens in circulation, second only to Tether’s USDT, which boasts $112.7 billion.

The new regulatory approval under MiCA not only strengthens Circle’s market position but also enhances its ability to offer secure and compliant stablecoin services across the EU.

It is important to note that while some crypto services providers like Bitstamp have dropped Tether’s stablecoins in the EU, Circle’s regulatory approval gives the USDC an edge over the Tether’s stablecoins in the EU.

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2. Juli 2024

Cardano sets benchmark with early MiCA compliance

Cardano updates MiCA compliance indicators six months ahead of regulatory deadline.
MiCA regulations focusing on stablecoins are already in effect since June 30.
However, the broader MiCA regulations impacting crypto asset service providers are set to roll out in December.

In a strategic move underscoring its commitment to regulatory compliance and sustainability, the Cardano Foundation, in collaboration with the Crypto Carbon Ratings Institute (CCRI), has updated its MiCA (Markets in Crypto-Assets) compliance indicators.

This proactive measure, implemented six months ahead of the anticipated regulatory timeline, not only fortifies Cardano’s position in the market but also sets a new standard for the cryptocurrency industry. It highlights Cardano’s dedication to transparency, energy efficiency, and regulatory foresight.

Cardano pioneering MiCA regulatory compliance

By aligning its operations with the forthcoming MiCA regulations in the European Union, Cardano (ADA) continues to solidify its reputation as a forward-thinking blockchain network.

The MiCA regulation, aimed at ensuring transparency and sustainability in the crypto asset market, mandates that crypto issuers and service providers disclose their sustainability indicators. Cardano’s early adoption of these requirements demonstrates its leadership and commitment to regulatory adherence.

According to a MiCA compliance report released by the Cardano Foundation in partnership with CCRI on July 2, Cardano’s energy-efficient consensus protocol consumes significantly less electricity compared to proof-of-work protocols.

The report provides comprehensive data on Cardano’s total annualized electricity consumption, carbon footprint, and marginal power demand per transaction per second. These metrics align with the draft regulatory technical standards set forth by the European Securities and Markets Authority, positioning Cardano well ahead of its peers in regulatory readiness.

Frederik Gregaard, CEO of the Cardano Foundation, emphasized that developing MiCA-compliant sustainability indicators is crucial for building trust with regulators, investors, and users.

By taking these steps, Cardano not only ensures adherence to the upcoming EU regulations but also sets a benchmark for the broader crypto industry.

Gregaard highlighted the importance of such efforts in paving the way for wider adoption of blockchain technology in a sustainable manner.

Cardano’s realignment with MiCA an assurance for ADA holders

Cardano’s move to align its operations with the forthcoming MiCA regulations in the European Union is particularly significant for ADA holders and stakeholders, providing them with reassurance about the project’s resilience and foresight in navigating the evolving regulatory landscape.

The proactive approach serves as a model for other cryptocurrency projects, demonstrating the benefits of early compliance and robust regulatory strategies.

With the initial phase of MiCA regulations, focusing on stablecoins, already in effect since June 30, and broader regulations impacting crypto asset service providers set to roll out in December, Cardano’s early compliance efforts place it in a strong position.

The crypto community watches closely, anticipating further innovations and regulatory advancements from Cardano as it continues to lead by example in the blockchain space.

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