Schlagwort: crypto business

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OKX picks Standard Chartered as its institutional crypto custodian

  • OKX announces partnership with Standard Chartered to offer crypto custody services to institutional clients.
  • Standard Chartered has a strong presence in the crypto industry.
  • A trading desk and custody solution are among its top solutions.

OKX has partnered with Standard Chartered in a collaboration that will see the banking giant become the crypto exchange’s official third-party crypto custodian.

Specifically, Standard Chartered is now the crypto custodian for OKX’s institutional clients.

OKX eyes further institutional adoption of crypto

According to OKX chief commercial officer Lennix Lai, the partnership is part of the crypto exchange’s continued evolution into one of the world’s top crypto companies. Standard Chartered will help the exchange offer its institutional customers a platform to securely enter the growing digital assets market.

The partnership allows clients the option of separating their trading from custody, Lai added.

“Our institutional services already include advanced trading features, robust risk management tools, and custody solutions. Adding Standard Chartered to our custody offerings allows us to integrate digital assets more seamlessly into the traditional financial ecosystem, making it easier for institutional players to engage confidently in this space.”

Collaboration with OKX adds to Standard Chartered’s growing footprint in the crypto space. Its recent expansion includes the launch of a digital asset custody solution in the United Arab Emirates. The bank’s crypto custody service allows institutional clients to custody Bitcoin (BTC) and Ethereum (ETH), with more assets to be added.

Notably, Standard Chartered also offers a spot crypto trading desk, and has a footprint in the Ethereum exchange-traded fund market.

The post OKX picks Standard Chartered as its institutional crypto custodian appeared first on CoinJournal.

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Bitrue gets Virtual Asset Service Provider approval in Lithuania

  • Bitrue has received VASP approval in Lithuania to offer crypto exchange services.
  • The company aims for EU expansion by pursuing the Markets in Crypto-Assets license.
  • Lithuania plans regulatory changes to reduce the presence of crypto firms in the country.

Crypto exchange Bitrue has announced its successful registration as a Virtual Asset Service Provider (VASP) in Lithuania, a significant step that allows the Singapore-based platform to offer both crypto exchange and custody services in the European country.

This approval, granted by Lithuania’s Financial Crime Investigation Service, Finansinių nusikaltimų tyrimo tarnyba, underscores Bitrue’s commitment to adhering to regulatory compliance and anti-money laundering standards.

Adam O’Neill, Bitrue’s Chief Marketing Officer, emphasized the importance of regulation in fostering a legitimate cryptocurrency industry. He stated, “Regulation is a vital component towards the development and legitimization of the cryptocurrency industry, and we commend Lithuania for being a shining example of how to guide and encourage companies in this space to flourish within national frameworks.”

O’Neill also welcomed potential legislative developments globally, expressing confidence that such measures would enhance trust in web3 businesses and improve the overall safety of the industry.

Bitrue eyeing MiCA Crypto-Asset Service Provider license

The Lithuania approval comes at a pivotal time as Lithuania is set to reassess its stance on the crypto industry. Recently, Simonas Krėpšta, a board member of the Bank of Lithuania, revealed plans for a regulatory overhaul intended to reduce the presence of crypto firms in the country.

Krėpšta noted that the crypto industry has “failed in a lightly regulated environment,” citing substantial evidence of failures and embezzlement cases from the U.S. and other European nations.

The VASP registration in Lithuania aligns with Bitrue’s long-term ambitions as the company aims to pursue the Markets in Crypto-Assets (MiCA) Crypto-Asset Service Provider license.

The MiCA Crypto-Asset Service Provider license would facilitate the platform’s expansion across the European Union and the European Economic Area under the new regulatory framework. While the company has not disclosed a specific timeline for this endeavour, it has committed to providing updates on its progress.

As the regulatory landscape evolves, Bitrue’s approval marks a proactive step in navigating the complex world of cryptocurrency compliance and operations.

The post Bitrue gets Virtual Asset Service Provider approval in Lithuania appeared first on CoinJournal.

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Vantard excites investors as Trump crypto project eyes lift

  • Vantard is a new project offering access to an index of the top Solana meme coins.
  • The project’s token sale is ongoing, with VTARD attracting a lot of investor attention.
  • World Financial Liberty, the project by Donald Trump, recently raised $14 million in a token sale and is eyeing a stablecoin.

World Liberty Financial, the crypto project backed by Donald Trump, is eyeing further traction in the market with a stablecoin venture. Trump has garnered a lot of attention as a pro-crypto candidate, and tokens related to him, including several meme coins, are performing well amid anticipation of his potential election victory in November.

But as traders position with likely gems, a new investment opportunity has surfaced and it’s creating a massive buzz. That project is Vantard (VTARD), the world’s first decentralized meme coin index fund.

World Liberty Financial to launch stablecoin

On Oct. 28, reports indicated that World Liberty Financial, a decentralized finance project that raised $14 million in its WLFI token sale, is looking to launch its own stablecoin. The news comes on the back of Paxos co-founder Rich Teo joining the World Liberty project to help with the said stablecoin’s development.

Paxos itself has launched multiple stablecoins, including the recently unveiled yield-bearing US-pegged token Lift Dollar (USDL).

Stablecoins as an industry is also massive today, with a market cap of over $177 billion. Dominant in the space are Tether’s USDT and Circle’s USDC. However, other players looking to make a mark are PayPal with its PayPal USD (PYUSD) and Ripple with its RLUSD.

World Liberty Financial’s entry also comes amid increased focus on stablecoins, with stringent rules in the EU’s MiCA and elsewhere. The US regulatory space is also focused on proper regulation of the industry, and a potential Trump win could raise issues if he’s to have a voice on legislation likely to have a bearing on the project he launched.

WLFI and the stablecoin launch may therefore be key aspects of the Trump crypto project to watch in coming days and months.

What is Vantard (VTARD)?

Vantard is a new project that seeks to offer a simple investment opportunity for meme coin lovers – particularly Solana based meme coins.

With the SOL meme market currently valued at over $11 billion, there are several top projects likely to explode amid a resurgence for the market. Vantard’s Meme Index Fund offers a basket of the very best of Solana meme coins. This includes blue chips like dogwifhat, Bonk and Popcat, and new outperformers Goateus Maximus and Moo Deng.

The VTARD token is the utility token of the Vantard platform that brings the index to users. The fund will invest in the meme coins – with regular rebalancing. Moreover, the fund will distribute profits to VTARD holders. Access to this token is currently available in a presale that launched on Oct. 24.

Crypto investors buy VTARD

After hitting the market with a pre-seed round that swiftly raised $500k within three hours, VTARD has stormed through the next stage as the frenzy builds up.

In its latest round, the Vantard seed round has hit $200k. With the next stage seeing VTARD price increase from $0.00011 to $0.00012, buying now may offer a better deal.

Interested investors keen on the meme supercycle can buy VTARD with USDC.

More information about the project and how to join the token sale is available on the official Vantard presale page.

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Donald Trump’s World Liberty Financial (WLFI) planning to launch stablecoin

  • Trump’s WLFI plans to launch a dollar-pegged stablecoin after raising $14M.
  • The project faces challenges, with only 4.7% of its $300M token sale target met.
  • Trump opposes a US CBDC and vows to outlaw government-issued stablecoins.

Donald Trump’s World Liberty Financial (WLFI) is gearing up to enter the cryptocurrency market with plans to launch a stablecoin linked to the US dollar.

Fresh off raising $14 million in initial funding, the venture aims to capitalize on the growing demand for stablecoins, which serve as stable parking spots for traders in the volatile crypto landscape.

WLFI raised $14M and plans for a dollar-pegged stablecoin

While the WLFI team is still developing the stablecoin and establishing safety protocols, sources indicate that bringing the project to fruition may take some time.

However, should Trump regain the presidency, he would wield significant influence over the regulatory environment surrounding stablecoins, potentially reshaping the landscape for his own financial venture.

Alongside this initiative, Trump has articulated a broader financial vision that opposes a US central bank digital currency (CBDC), promising to outlaw any government-issued stablecoin if re-elected. This stance aligns with his commitment to preserving the tax cuts from his 2017 Tax Cuts and Jobs Act, which is set to expire in 2025.

Trump aims to maintain these tax reductions, cut corporate tax rates to 15%, and allow immediate deductions for equipment and research investments, all of which are designed to stimulate economic growth.

Despite the ambitious goals for WLFI, the project faces challenges in a competitive market. The initial $300 million token sale has seen limited success, with only $14.24 million in sales reported, representing just 4.7% of its public sale target.

The project’s website even experienced a crash during the token sale, reflecting the intense interest surrounding Trump’s foray into decentralized finance.

As WLF navigates the regulatory landscape and works towards launching its stablecoin, the implications of Trump’s political aspirations and financial strategies will undoubtedly play a pivotal role in shaping its future within the crypto industry.

The post Donald Trump’s World Liberty Financial (WLFI) planning to launch stablecoin appeared first on CoinJournal.

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Bitpanda eyeing a potential initial public offering (IPO)

  • Bitpanda is considering a potential IPO in Frankfurt, backed by Peter Thiel.
  • The company reported €100 million in Q1 2024 revenue, rebounding from previous losses.
  • Discussions are ongoing, with a possible timeline for the IPO set for 2025.

Bitpanda GmbH, a Vienna-based trading platform, is reportedly considering a range of strategic moves, including a potential initial public offering (IPO) in Frankfurt.

Backed by prominent investors such as billionaire Peter Thiel, Bitpanda is currently collaborating with banking giants Citigroup Inc. and JPMorgan Chase & Co. to explore its options, as revealed by sources familiar with the discussions.

The possible Bitpanda IPO

Established in 2014, Bitpanda has rapidly positioned itself as a leading trading platform in Europe. The company gained significant recognition in August 2021 when it was valued at $4.1 billion following a successful $263 million funding round. This round saw substantial investments from notable backers, including Thiel’s Valar Ventures and billionaire financier Alan Howard.

Bitpanda’s recent financial performance indicates a robust recovery from previous challenges. The company reported over €100 million (approximately $108 million) in revenue for the first quarter of 2024, alongside a pre-tax profit of €13.6 million ($14.71 million) in 2023. This marks a notable turnaround from the losses exceeding €130 million experienced in 2022.

The discussions around an IPO come amid a broader surge of interest in digital asset platforms, fueled by recent regulatory developments in the United States, including the approval of spot Bitcoin exchange-traded funds (ETFs).

This regulatory shift has invigorated market sentiment and increased investor appetite for platforms like Bitpanda, which specializes in cryptocurrency trading as well as equity derivatives and commodities.

If the IPO materializes, it could elevate Bitpanda’s valuation way above $4 billion, according to insiders. However, the company is also weighing the option of a full sale, which remains a viable alternative in its strategic assessment.

As of now, no final decisions have been reached, and discussions are still in the preliminary stages, with a potential timeline for any move set for 2025.

To further enhance its service offerings, Bitpanda has recently integrated Deutsche Bank IBANs, enabling clients in Germany to facilitate real-time fund transfers to and from their brokerage accounts.

As Bitpanda navigates this exciting phase, the cryptocurrency community is watching closely, eager to see how the company will evolve in the ever-changing landscape of digital assets.

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