Kategorie: Crypto News

• HSBC plans to offer digital asset custody services for institutional clients.
• The bank will offer the custody services in collaboration with Metaco, a DeFi firm owned by Ripple.
• The custody services will complement HSBC’s existing digital asset issuance platform, HSBC Orion.

HSBC Holdings Plc is gearing up to make a significant move in the financial industry by offering custody services for digital assets to institutional clients.

In a strategic partnership with Ripple-owned decentralized finance (DeFi) firm Metaco, the global banking giant is set to provide solutions tailored to the evolving landscape of digital finance.

HSBC’s plan

HSBC’s foray into digital asset custody is a response to the rising demand from asset managers and owners for secure and efficient management of digital assets.

These services are anticipated to become operational in 2024, aligning with the bank’s vision of staying at the forefront of the digital finance revolution.

HSBC Orion, the bank’s digital asset issuance platform, already symbolizes ownership of physical gold stored in its London vault through digital tokens. The platform tokenizes physical gold using blockchain technology.

The forthcoming digital assets custody service will work in tandem with HSBC Orion, broadening the scope and robustness of the bank’s digital asset infrastructure.

Blockchain adoption in the finance industry

HSBC’s move follows the lead of other major financial institutions, including JPMorgan and Deutsche Bank, which have been actively exploring blockchain applications for commercial purposes. JPMorgan’s JPM Coin payment system, for example, is processing a daily transaction volume of $1 billion.

Notably, Citigroup, another prominent financial institution, is also making strategic moves in the digital asset space. While Citibank has an existing collaboration with Metaco, recent reports suggest that it is engaged in informal discussions with alternative service providers. This may be influenced by Ripple’s acquisition of Metaco for $250 million, highlighting the competitive dynamics in blockchain adoption among financial giants.

HSBC’s entry into digital asset custody is more than just an expansion of its product portfolio; it represents the bank’s commitment to adapting to the changing financial landscape. It acknowledges the growing role of blockchain technology and digital assets in the future of finance.

As institutional clients increasingly seek secure and innovative digital asset services, HSBC is positioning itself as a go-to provider, aligning its trajectory with the pulse of a digital-first financial ecosystem. The banking giant’s upcoming digital asset custody service is a bold declaration of its vision for a future intertwined with blockchain innovation.

This development signifies a new era where traditional banking meets digital transformation, and HSBC is setting the pace, ensuring its institutional clients are well-equipped for the journey ahead.

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• Crypto exchange OPNX secured a virtual asset license for EU operations.
• The exchange will have to adhere to high compliance and security standards.
• OPNX plans to acquire additional licenses for broader service offerings throughout the EU.

OPNX, the cryptocurrency exchange founded by Kyle Davies and Su Zhu, has obtained a virtual asset service provider (VASP) license from Lithuania.

The exchange can now offer spot crypto exchange services throughout the European Union.

High standards of compliance and security

The licensing announcement emphasizes OPNX’s commitment to adhering to the highest standards of compliance and security. In pursuit of this goal, the exchange has already implemented a robust Know Your Customer (KYC) and Anti-Money Laundering (AML) system to ensure it complies with EU regulations.

Leslie Lamb, CEO of OPNX, expressed the importance of this achievement, stating, “Securing the VASP license from Lithuanian authorities is a significant milestone in OPNX’s worldwide expansion and our mission to serve crypto users across the globe.”

However, Lamb clarified that while this license allows OPNX to provide spot trading services throughout the EU, some jurisdictions within the EU may require specific licenses to operate certain services. OPNX is actively working to acquire these additional licenses to broaden its service offerings.

Controversies facing OPNX and its reply

OPNX has faced controversy due to its founders’ associations with prior bankruptcies in the cryptocurrency industry. Kyle Davies and Su Zhu were also involved in the bankrupt crypto hedge fund Three Arrows Capital (3AC), and Mark Lamb and Sudhu Arumugam founded the bankrupt crypto exchange CoinFLEX.

Critics have raised concerns about the safety of using OPNX, but the exchange asserts that it is assisting bankruptcy creditors by enabling them to sell their bankruptcy claims and receive payments more swiftly.

The licensing of OPNX in Lithuania allows the exchange to extend its services to a broader European audience, offering spot crypto trading services. While controversy surrounds its founders’ previous ventures, OPNX remains committed to meeting regulatory standards and expanding its services in line with the evolving cryptocurrency industry.

With a focus on compliance and security, OPNX aims to serve the cryptocurrency community within the EU while actively working to obtain the necessary licenses for other services in specific EU jurisdictions.

The post OPNX obtains EU spot crypto trading license in Lithuania appeared first on CoinJournal.

• Shiba Memu presale was extended for the second time, with the final date now December 30.
• Interest in the project has been huge, with over $4.37 million raised so far.
• The Shiba Memu price could rise sharply when the token launches on top exchanges next year.

Crypto traders and investors are sizing up the market for what could be defining opportunities in this bull cycle. Although the flagship cryptocurrency Bitcoin is expected to lead the new bull market, a few projects are emerging to challenge established altcoins for the breakout coin or token this cycle.

One of these could be Shiba Memu (SHMU), whose presale just got extended as demand pushed total investment raised to over $4.37 million.

What is Shiba Memu?

Shiba Memu seeks to become one of the top cryptocurrencies in the market when it launches next year. Per the project’s whitepaper, the new meme coin has integrated AI to create a marketing powerhouse.

In this case, Shiba Memu will have a 24/7 marketing approach, with natural language processing and predictive analytics part of the technology that will drive the AI dashboard. Other than publishing its own press releases and feeding these to relevant forums and social media platforms, the AI dashboard will continuously adjust to better its performance.

Token holders will also be able to engage with the AI dashboard directly, providing feedback and suggestions that the robotastic dashboard will act upon to the benefit of the network.

Shiba Memu presale extended

The Shiba Memu network is powered by SHMU, which, while it falls under the category of meme coins like Dogecoin and Shiba Inu, comes equipped with key features like staking to add to the overall utility. Early bird investors have a chance to buy this token during its presale.

Although an earlier extension had the Shiba Memu presale penned for an October 31 close, demand from across the market has seen this now extended to December 30. It means SHMU will be available at the likely low prices of the sale offer for another 60 days.

An announcement from the team posted on X on October 31 notes that this wasn’t “just another extension,” but a “strategic move” aimed at positioning SHMU for potential listing on Tier 1 exchanges. It also allows the project to fortify its community, a crucial cog for any project.

Shiba Memu price prediction

The Shiba Memu whitepaper earmarks 85% of the total supply of 1 billion SHMU tokens for presale. At its launch, the token’s presale price was $0.011125, and has an innovative feature that sees a daily increase at 6 pm GMT. It means investors could see how long they had before the next price spike.

Currently, SHMU is priced at $0.039250 and is expected to hit $0.039475 in the next stage. This systematic approach to daily pricing will continue until December 30.

Analysts project the cryptocurrency’s price could then rise significantly when the token lists on major exchanges. For instance, this outlook could be strengthened if a tier 1 exchnage like Binance were to list SHMU – a move that has recently seen Memecoin (MEME) and Ordinals (ORDI) prices skyrocket. 

Notably, bullish forecasts for SHMU are based on several critical factors, including the AI narrative, expected crypto bull market and Shiba Memu’s innovative approach to meme coins.

A similar prospect for Shiba Memu could mean a spike above $0.1 after the tokens hit the secondary market. If it happens, the $0.5-$1.00 price range in the second half of 2024 might be possible.

The post Shiba Memu price forecast after presale extension appeared first on CoinJournal.

• Ordinals (ORDI) price spiked more than 45% on November 7 as Binance announced trading support for the token.
• The short term outlook could be one where Ordinals price rises in tandem with bitcoin price.
• Meanwhile, Memeinator (MMTR), a new AI meme coin, is attracting huge interest after Binance’s recent listing of Memecoin (MEME) sparked interest in these tokens.

Ordinals (ORDI) price was skyrocketing on Tuesday morning as the market’s interest in BTC inscriptions rose sharply. The spike follows news that Binance, the world’s largest crypto exchange by trading volume, will add trading support for ORDI.

ORDI price rose to a high of $28.62 in May as the frenzy around bitcoin inscriptions pushed transaction fees higher as network congestion impacted Bitcoin.

What does listing on Binance mean for Ordinals price and what is it likely to mean for new projects like Memeinator (MMTR)?

Binance to list Ordinals (ORDI)

Binance has announced that it will list the Ordinals (ORDI) token and open trading for ORDI/BTC, ORDI/USDT and ORDI/TRY spot pairs at 10:00 (UTC) on November 7. The announcement has seen the price of ORDI surge by more than 45% in the past 24 hours. 

Cumulatively, ORDI price gains are currently more than 217% over the last 30 days.

Ordinal inscriptions are digital assets representations on a satoshi, with unique information forever stored on the Bitcoin network. These inclusion of text, images, audio or video on satoshis bring NFTs to Bitcoin. 

Data shows there have been over 38 million ordinal inscriptions so far, and demand for these appears to be getting fresh impetus from the potential rally for crypto.

What is Memeinator?

Memeinator is a new meme coin project that seeks to dominate this market segment by seeking out and destroying all weak meme tokens.  Its strategy is to combine powerful marketing and innovative product launches with real value utility.

The Memeinator network will be powered by the MMTR token, which will bring the benefit of staking, NFTs and gaming – the latter in the form of an action game – to holders.

At the heart of the project is the integration of AI with blockchain technology. AI not only aligns Memeinator with a powerful narrative, but also offers the project an edge over would-be competitors. 

(More details about how the Memeinator works can be found on the official presale page.)

Ordinals price prediction

At the moment, most altcoins are eyeing an upward momentum amid the rise in Bitcoin price, which hovers near $35k and is forecast to rally higher in coming months. 

The confluence of bullish factors for both BTC and higher beta alts is likely to catapult ORDI, the Memeinator and other emerging gems higher if the anticipated bull market comes into full swing. 

ORDI is currently poised near the $12.58 resistance area. If bulls break past this supply wall, the main target in the next few weeks could be the resistance at $16.50. ORDI/USD could aim for $20.00 in this window. 

Memeinator price prediction

As the broader crypto market warms up to a potential “Santa Claus” rally, this positive outlook is also being witnessed in the meme coin world. 

The meme market cap was up 4% in the past 24 hours at the time of writing, climbing to above $17.5 billion as Dogecoin, Shiba Inu and Pepe recorded notable gains.

Binance’s listing of Ordinals comes days after the exchange added trading support for Memecoin (MEME), sparking fresh interest in memecoins. One of these is Memeinator, whose presale has already raised more than $1.1 million.

While Memeinator is a new token and therefore largely prone to price volatility, the listing on top exchanges like Binance could have a significant impact on its value. This is a picture that could materialize for MMTR when it launches in early 2024 as outlined on the project roadmap.

Priced at $0.0125 at the current presale stage, MMTR is expected to rise throughout the other stages to hit $0.0485.

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