Schlagwort: crypto business

• Standard Chartered is eyeing a spot cryptocurrency trading desk for Bitcoin and Ether.
• The bank would become the first global banking giant to make a foray into spot crypto trading.
• Standard Chartered backs institutional crypto trading platform Zodia Markets, an arm of Zodia Custody.

Standard Chartered Plc. is reportedly setting up a spot trading desk for Bitcoin (BTC) and Ether (ETH), Bloomberg reports.

Standard Chartered’s crypto desk to launch in London

According to people familiar with the development, Standard Chartered’s new crypto trading desk will be based in London and is close to going live. Furthermore, the crypto desk is set to be part of the banking giant’s FX trading unit.

Standard Chartered is a leading multinational bank and investment giant and its foray into spot crypto, when it happens, will mark a key milestone for global banks.

Over the past few years, banks such as Goldman Sachs have traded crypto derivatives. However, the strict regulatory landscape and other rules have meant that no major bank has dealt directly with the trading of underlying assets such as Bitcoin and Ethereum.

Per the Bloomberg report, Standard Chartered has worked closely with regulators as it looks to offer products and services that cater to growing demand from institutional clients. 

The trading desk for BTC and ETH aligns with the bank’s “strategy to support clients across the wider digital asset ecosystem, from access and custody to tokenization and interoperability,” it said in a statement.

This move adds to recent developments such as Standard Chartered’s backing of FCA-regulated institutional crypto trading platform Zodia Markets. 

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Key takeaways

• Bitcoin has slipped below $65k, losing more than 4% of its value this week.
• Memeinator is now trading on MEXC and Uniswap exchanges.

Bitcoin could dip below $64k soon

Bitcoin, the leading cryptocurrency by market cap, has been underperforming over the last few days. It has lost more than 4% of its value this week and could drop below $64k soon.

At press time, the price of Bitcoin stands at $64,182, down by 2% in the last 24 hours. The poor performance comes as bears take control of the market. The broader crypto market has been choppy in recent days, with no clear direction in terms of price action for most cryptocurrencies. 

What is Memeinator?

Meme coins have been some of the biggest winners in this cycle and more are coming that offer unique value propositions to investors and users. Memeinator is one of the coins that provides value to investors and users. 

Memeinator is a project that provides value to content creators who use memes. The team is rolling out several products to help eliminate unworthy memes in the market and ensure users only have access to quality memes.

With its utility, the development team wants Memeinator to reach a market cap of $1 billion, which could make it one of the leading meme coins in the crypto space. 

The primary function of the Memeinator tool is to destroy worthless memes on the internet, allowing users access only quality memes. 

Memeinator starts trading on MEXC and Uniswap

The memeinator presale ended a few weeks ago, with the project raising nearly $8 million from investors. The MMTR price was sold for $0.0292 by the end of the presale and launched for a whopping price of $0.0476 on MEXC, allowing investors to enjoy more than 100% ROI. 

With the presale over, the MMTR is now available for purchase on the MEXC and Uniswap crypto exchanges. Users can easily purchase on these exchanges, with the MMTR/USDT pair now live. 

Should you buy MMTR on MEXC and Uniswap?

The Memeinator token has finally launched on two major crypto exchanges and is available to the general public. The MMTR token could be an excellent addition to investors’ portfolios thanks to the rise of memecoins and Memeinator’s value proposition to users. 

The Memeinator tool will offer excellent value to investors as it will help eliminate worthless memes. MMTR is the native token of the Memeinator ecosystem. The team is currently working on developing the Memeinator AI technology, which would enable users to leverage AI to analyse and evaluate memes on the internet.

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• CertiK exposed a vulnerability, extracting $3 million before reporting it to Kraken.
• Kraken patched the bug quickly after the alert from CertiK.
• CertiK has returned the funds after some procedural disputes.

Kraken has successfully reclaimed nearly all of the $3 million taken during a controversial “whitehat” hack orchestrated by blockchain security firm CertiK. Kraken’s Chief Security Officer, Nick Percoco, confirmed the return of funds, with only a small amount lost to transaction fees.

The Whitehat hack highlighted critical issues in ethical hacking practices and the protocols surrounding vulnerability disclosures.

How did the Kraken whitehack hack unfold?

According to the chronology of events detailed by CertiK, the saga began when CertiK identified a serious vulnerability in Kraken’s system that allowed technically adept individuals to inflate their account balances artificially.

Exploiting this flaw, CertiK withdrew $3 million from Kraken’s Treasury as proof of the vulnerability’s severity. Although CertiK reported the issue in June, it acted only after securing the funds, a move that drew significant criticism from Kraken and the wider crypto community.

Kraken swiftly addressed the vulnerability within hours of being informed, ensuring that no client assets were compromised. Percoco emphasized that the security hole was promptly patched, making recurrence impossible.

Despite the quick fix, the manner in which CertiK conducted its operation — particularly its delay in returning the funds — raised serious questions about its adherence to standard whitehat bounty protocols.

CertiK’s unorthodox “whitehat” hack drew criticism

Kraken’s discontent stemmed from CertiK’s failure to follow the established procedures for whitehat activities.

Typically, whitehat hackers report vulnerabilities without extracting excessive funds, returning any taken amounts immediately.

CertiK, however, retained the $3 million until Kraken provided an estimate of the potential risk, an action Kraken perceived as unnecessary and uncooperative.

CertiK defended its approach by claiming that the extensive withdrawal was crucial to thoroughly test Kraken’s security measures and alert systems, which, according to CertiK, failed to trigger alarms even after substantial losses.

Furthermore, CertiK contended that it consistently intended to return the funds and accused Kraken’s security team of pressuring its employees with unrealistic repayment demands and mismatched amounts of cryptocurrency.

Ultimately, the funds were returned, albeit in a different cryptocurrency amount than Kraken had specified.

Since Kraken has not provided repayment addresses and the requested amount was mismatched, we are transferring the funds based on our records to an account that Kraken will be able to access.

— CertiK (@CertiK) June 19, 2024

CertiK maintained that it never sought a bounty for its actions and focused solely on ensuring the vulnerability was resolved.

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• BitFlyer, a major Japanese exchange, is angling to acquire FTX Japan, a subsidiary of the bankrupt FTX exchange.
• The exact value of the acquisition hasn’t been made public though it is expected to be billions of yens.
• The acquisition is poised to reshape Japanese crypto landscape with robust rebranding plans.

In a strategic move poised to reshape Japan’s cryptocurrency landscape, BitFlyer, one of the country’s leading cryptocurrency exchanges, is on the brink of acquiring FTX Japan according to a local source.

Reports suggest that the acquisition deal is valued at billions of yen, marking significant development following FTX’s bankruptcy in 2022.

BitFlyer’s market consolidation

BitFlyer’s acquisition of FTX Japan represents a calculated response to market dynamics. By integrating FTX Japan under its banner, BitFlyer aims to foster a more resilient and trustworthy ecosystem for cryptocurrency investors and enthusiasts alike. With FTX’s parent company facing bankruptcy proceedings in the United States, the Japanese subsidiary’s sale signifies a crucial step towards market consolidation.

Although FTX Japan is one of the many subsidiaries affected by FTX’s collapse in November 2022, the exchange has successfully argued that its customers’ assets are not included in the FTX’s bankruptcy proceedings and even resumed withdrawals in February 2023.

The strategic acquisition not only reaffirms BitFlyer’s commitment to growth but also positions it as a pivotal player in shaping the future of digital asset management in Japan.

By purchasing all shares of FTX Japan, BitFlyer aims to leverage its operational expertise and brand strength to revitalize the subsidiary.

Beyond expanding its market footprint, BitFlyer intends to implement robust rebranding strategies for FTX Japan.

This acquisition is expected to include substantial investment to bolster FTX Japan’s infrastructure and capabilities, potentially setting new standards for reliability and service excellence in Japan’s crypto market.

The initiative seeks to mitigate lingering concerns among stakeholders following FTX’s tumultuous financial history. Moreover, the move could catalyze further consolidation within the Japanese crypto exchange sector, prompting competitors to innovate and enhance their offerings to remain competitive.

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