Schlagwort: crypto business

• Swift announces plans to streamline adoption of digital assets, including regulated stablecoins.
• Growth in the real-world assets (RWA) market, CBDCs and stablecoins are major reasons for Swift’s initiatives across the blockchain space.

Swift, the financial messaging network supporting the international payments system, is working towards a broader adoption of digital assets and currencies. This includes the use of regulated crypto assets.

According to Swift, the goal is to enable network members to tap into their Swift connection for transactions that leverage both traditional currencies and digital assets.

Swift eyes regulated digital assets

The announcement on Sept. 11 came as Swift said it’s moving forth to the next stage of this initiative after a series of pilot programs. Partnerships with blockchain and crypto platforms have been part of the progress, with one notable collaboration involving Chainlink.

A lot of the movement has come amid projections of fierce competition for Swift from blockchain alternatives. The piloting of alternative platforms have also seen Swift seek to unlock the benefits of tokenization for its members.

We’re paving the way towards real-world solutions that will enable our members to transact interchangeably with regulated #DigitalAssets and currencies on the Swift network.

👉 Discover what’s next on this exciting journey: https://t.co/SUwRPAtcdg#DigitalCurrencies #innovation pic.twitter.com/SPn0caIHgJ

— Swift (@swiftcommunity) September 11, 2024

Swift notes that blockchain interoperability experiments have revealed how the network’s infrastructure is capable of facilitating tokenized value transfers across both public and private blockchains.

Real-world assets aside, Swift has seen key collaborations across the central bank digital currencies space. These sectors, which have grown amid an explosion in stablecoin use, are what the interbank messaging provider believes could work into real-world solutions for its members.

Forecasts for RWA market

Various forecasts for the industry, including Standard Chartered and Synpulse’s estimate that the RWA market will reach $30 trillion by 2034, further add to this perspective.

Swift plans to interlink traditional and emerging digital assets amid the tokenization boom. This is the path to real-world solutions that enable multi-ledger delivery-versus-payment and payment-versus-payment transactions, it said.

When launched, both DvP and PvP aim at allowing for the real-time purchase and exchange of tokenized assets.

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• eToro has agreed to cease most of its crypto trading activities after settling with the SEC.
• the company will pay a fine of $1.5 million and delist all coins except Bitcoin, Ethereum and Bitcoin Cash.

eToro will end most of its crypto trading activities following the company’s settlement with the US Securities and Exchange Commission.

A SEC press release on Sept. 11 said that eToro USA had agreed to a settlement with the regulator over charges of operating an unregistered broker and clearing agency. The trading platform will pay $1.5 million in settlement and will “cease and desist” from any further violations of federal laws related to the offering of unregistered securities.

eToro will now only offer a limited set of cryptocurrencies on its platform, the SEC wrote in the announcement.

“By removing tokens offered as investment contracts from its platform, eToro has chosen to come into compliance and operate within our established regulatory framework. This resolution not only enhances investor protection, but also offers a pathway for other crypto intermediaries,” Gurbir S. Grewal, director of Division of Enforcement at SEC, said.

eToro to list only three crypto assets

The SEC settlement has seen eToro announce changes to its crypto offerings. As part of the agreement, the platform will only offer US customers access to Bitcoin, Ethereum and Bitcoin Cash.

“From September 11, 2024 eToro users based in the United States are only able to open (buy) new crypto positions in BTC, BCH, and ETH. It is not possible to open new positions in any other cryptoassets,” eToro said in its announcement.

US customers holding other crypto assets on eToro will have 180 days from the SEC’s order date to withdraw their assets to the eToro wallet. This will be open until March 11, 2025.

eToro will, within a week of the end of this timeline, liquidate any cryptocurrencies not transferred and return the proceeds to customers. The key date users might want to note is March 18, 2025.

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• Grayscale’s launch of SUI Trust has boosted SUI price by over 16% to above $1.
• The new Grayscale trust provides institutional investors with a new entry point into SUI.
• Institutional endorsements are increasingly influencing cryptocurrency valuations.

Grayscale, a prominent cryptocurrency asset management firm, has announced the launch of its Grayscale SUI Trust.

The new Grayscale trust is designed specifically for accredited investors, providing them with a unique opportunity to invest in SUI and aligns with Grayscale’s broader strategy to enhance institutional investment pathways into the cryptocurrency market.

By leveraging its market presence, Grayscale aims to drive interest and capital inflow into promising altcoins like SUI.

Impact on SUI price

Following the announcement, SUI’s price experienced an impressive 16.63% increase, climbing from $0.89 to $1.04.

This rapid ascent underscores the influence of institutional endorsements on the valuation of cryptocurrencies, demonstrating how such endorsements can rapidly boost investor confidence.

The immediate market reaction to the Grayscale SUI Trust launch reflects a growing trend of institutional involvement in digital assets. Analysts have noted that the substantial price increase is driven by heightened interest from both retail and institutional investors.

This trend illustrates the growing legitimacy and acceptance of alternative cryptocurrencies, supported by endorsements from established financial institutions.

The broader cryptocurrency market, including major assets like Bitcoin (BTC), is also experiencing notable movements.

The launch of the Grayscale SUI Trust not only elevates the profile of SUI but also underscores the pivotal role of institutional investment in shaping cryptocurrency markets.

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• Flowcarbon have refunded investors after failing to launch the Goddess Nature Token (GNT).
• The GNT token was meant to tokenize carbon credits but faced market and regulatory challenges.
• Flowcarbon raised $70M in funding but continues to face delays in the carbon market.

Flowcarbon, a blockchain-based carbon credit platform co-founded by former WeWork CEO Adam Neumann, has begun refunding investors after the highly anticipated launch of its “Goddess Nature Token” (GNT) was cancelled.

The startup, which promised to revolutionize carbon markets by tokenizing carbon credits, cited tough market conditions and resistance from carbon registries as the primary reasons behind the failure to launch.

The failed GNT token launch

Some investors, including the prominent venture capital firm Andreessen Horowitz, have been waiting over a year for the launch, which never materialized.

The refunds, confirmed by Flowcarbon’s spokesperson reportedly began a few weeks ago. According to the spokesperson, the refunds to retail GNT buyers were ready since last year but have been delayed due to delays in the industry.

Notably, the refund process required purchasers to sign waivers of claims against the company and agree to confidentiality terms.

The GNT was designed to be backed 1:1 with carbon credits, certificates that large corporations use to offset their carbon emissions. Tokenizing these credits would have allowed broader investor participation in the carbon market.

Despite its promising concept, Flowcarbon failed to overcome the technical and regulatory challenges associated with the project.

However, despite the setback, Flowcarbon remains active in the climate finance sector. The startup raised $70 million in Series A funding in May 2022, with major backers like Andreessen Horowitz, General Catalyst, and Samsung NEXT. While at least $38 million of that sum came from the sale of Flowcarbon’s token, it remains unclear if retail investors were included.

The broader market for energy and environment-related tokens currently holds a market cap of $186 million, with Powerledger’s POWR and Energy Web’s EWT accounting for 94% of that value.

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