Schlagwort: crypto business

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MATIC is up by 6% today following Robinhood support

MATIC is up by more than 6% today as the cryptocurrency market looks to end the week on a positive note.

MATIC, the native token of the Polygon network, is the best performer amongst the top 20 cryptocurrencies by market cap. The coin has added more than 6% to its value in the last 24 hours, outperforming the broader market. 

The broader crypto market is also recovering from its recent decline and could end the week on a positive note. The total market cap now stands around $990 billion, up by more than 1% today.

Bitcoin maintains its position above $20k and is up by more than 1% over the last 24 hours. Ether is eyeing the $1,600 resistance point after adding 3% to its value today.

MATIC’s positive performance comes after it announced that Robinhood had launched support for deposits and withdrawals of MATIC on the Polygon Proof-of-Stake (PoS) chain.

The Polygon team said the move is expected to bring all of the benefits of Ethereum’s Layer-2 (L2) solutions to Robinhood users for the first time. Some of these benefits include faster transactions and lower fees as compared to Ethereum.

Key levels to watch

The MATIC/USD 4-hour chart is positive, as Polygon has been performing well over the past 24 hours. The technical indicators show that MATIC’s metrics are improving following a slump earlier this week.

The MACD line is above the neutral zone, indicating bullish momentum for MATIC. The 14-day RSI of 65 shows that MATIC could be heading into the overbought region if the positive momentum is maintained.

At press time, MATIC is trading at $0.8853 per coin. If the bulls remain in control, MATIC could surge past the first major resistance level at $0.9489. 

However, unless there is an extended bullish run, MATIC could find it hard to break past August’s high of $1.057 in the near term. 

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DEX aggregator 1inch announces 300,000 OP token airdrop on Optimism network

Decentralized exchange aggregator 1inch has announced that it will conduct a 300,000 OP token airdrop to 1inch wallet users on the Optimism Network, which is an Ethereum Layer 2 scaling solution.

The OP tokens will be equally distributed between all wallets that have made swaps through the 1inch wallet on Optimism Network. However, wallets involved in a Sybil attack, where an attacker uses multiple wallet addresses for malicious activities, will not be included in the distribution.

The Airdrop is scheduled for September 1.

1inch expansion on Optimism

1inch became integrated on Optimism in August 2021 with the aim of reducing transaction fees and improving throughput for its users. Optimism has the potential of processing up to 2,000 transactions per second (TPS), which is far more than what Ethereum can handle.

1inch co-founder Sergej Kunz in a statement said:

“Optimism is one of the most efficient and popular L2 solutions. Since 1inch expanded to Optimism, we have seen substantial activity on that network, and this reward will come as an extra incentive for them to use 1inch on Optimism.”

According to 1inch, more than 45,000 wallets have used 1inch on Optimism with 28,600 performing most of their transactions on the Optimism network.

Optimism’s layer 2 Optimistic Rollup scaling solution leverages the security of Ethereum while reducing the latency and costs of transactions. It currently has a locked value of over $900 million and has seen a steady rise in transactions for the first half of the year.

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Wave Financial acquires Swiss based Criptonite Asset Management

SEC regulated Waves Financial plans to use the acquisition to expand its reach across Europe and globally.

Wave Financial, a digital asset investment manager regulated by the US Securities and Exchange Commission (SEC), has acquired Geneva based crypto asset manager Criptonite Asset Management, according to a press release shared with CoinJournal.

Per the announcement, the acquisition is subject to regulatory approval. However, Los Angeles-based Wave Financial has taken a minority stake in Criptonite and expects to complete a full acquisition – the company’s first in Europe – by the end of the year.

The acquisition comes after an initial strategic partnership between the two companies in 2021.

Demand for managed digital asset funds

Criptonite is regulated by Swiss Financial Markets Supervisory Authority (FINMA) and its managed digital assets-focused products are targeted at institutional and accredited investors only.

Europe has seen this group of investors increasingly look for exposure to the crypto investment asset class, particularly around digital asset funds.

The demand has also seen multiple offerings, including crypto exchange-traded funds (ETFs) and exchange-traded products (ETPs), hit the European market. On the growing list of providers are companies such as ETC Group, Fidelity International, Grayscale and Valour Inc.

By acquiring Criptonite, Wave is positioning itself towards curving a share of the market to provide its digital asset funds and products to qualified investors.

Matteo Dante Perruccio, President International at Wave Financial commented:

“We have seen unprecedented demand from institutional and other accredited investors for professionally managed digital asset funds in Europe. There seems to be a flight to quality taking place, so it makes sense to take our relationship with Criptonite to the next level.”

According to Perruccio, Wave Financial’s acquisition of the Swiss firm is its first outside the United States. However, the company plans to seal further partnerships and acquisitions across the globe to bring its diverse products and solutions to investors.

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Robinhood’s crypto division slapped with a $30 million fine

The crypto division of the popular trading app Robinhood has been fined $30 million by the New York State Department of Finance Services for allegedly violating cybersecurity regulations and anti-money laundering laws.

The New York State Department of Financial Services accused the trading app company of failing to use proper resources to stop illicit trading activities on the platform.

A press release on this matter notes:

“All of these deficiencies resulted from what the department found were significant shortcomings in the management and oversight of RHC’s compliance programs, including a failure to foster and maintain an adequate culture of compliance. The department also discovered that adequate resources were not devoted to RHC’s compliance programs, particularly as it grew, which exacerbated these issues.”

Robinhood is now being investigated further and will be required by the department to hire the services of an independent monetary consultant who will regularly evaluate its compliance efforts and enforce remedies when necessary.

Failing to hire and train staff

In addition to failing to prevent anti-money laundering activities, Robinhood was also accused of failing to hire and train its staff to prevent illicit financial behaviour. The department said that Robinhood did not take note of the apparent trading risks and therefore didn’t take the necessary actions to prevent illicit behaviour.

In its defence, Robinhood through its associate general counsel, Chery Crumpton said in an interview:

“We have made significant progress building industry-leading legal, compliance, and cybersecurity programs. We will continue to prioritize this work to best serve our customers. We remain proud to offer a more accessible, lower-cost platform to buy and sell crypto and are excited to continue to grow our business in a responsible manner with new products and services that our customers want.”

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Babylon Finance to shut down on November 15: BABL price falls by 91%

Babylon Finance, the protocol for DeFi asset management, has issued a statement saying that it shall shut down its services on November 15.

This comes after the firm failed to recover from the $80 million Rari/FEI hack that took place in April this year.

The Rari/FEI hack

Prior to the Rari/FEI hack, Babylon Finance was operating perfectly and it had established a top 10 lending pool on Rari, a protocol that allows users to supply and borrow any asset from its Fuse pools to generate yield.

Rari users can create pools with a selection of Ethereum-based digital assets, like Babylon Finance’s native token, BABL, and other users can contribute money to those pools to receive rewards. At its peak, Babylon Finance held $30 million worth of different cryptocurrencies on Rari and was one of the top lending pools on Rari. $10 million worth of the assets were supplied by users.

The Rari/FEI hack caused the protocol $3.4 million and in the following two days, customers had withdrawn 75% of the TVL.

Following the exploit, Babylon’s $10 million loan market on Rari, Fuse, was suspended because BABL could no longer be used as security in borrowing funds on Rari.

The Babylon Finance token, BABL

Following the news, the price of the BABL token has dropped by over 91% in the last 24 hours and it is currently trading at $0.4563 according to Coinnmarketcap.

According to a press release by Babylon Finance:

“Since the token supply is finite, non-inflationary, and only 10% remains in the treasury, the fall has eliminated any chance of further fundraising initiatives.”

The Babylon Finance team has said that starting on September 6, the firm would combine all its treasury holdings and distribute them to BABL holders. In addition members of Babylon Finance must withdraw their money before November 15.

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