Bitcoin News and Finance: What You Need to Know

German investment platform Trade Republic and digital asset exchange Crypto.com have registered as crypto service providers in Italy. Since February, the financial authorities in Rome maintain a registry for all cryptocurrency platforms permanently operating in the country. More Companies Register as Providers of Crypto Services in Italy Germany-based investment platform Trade Republic and Singapore-headquartered digital currency exchange Crypto.com announced their registrations as crypto operators in Italy on Tuesday, Reuters reported. The news comes after other major crypto platforms like Binance, the world’s largest exchange by trading volume, and leading U.S. trading platform Coinbase did the same, earlier. The special registry for crypto service providers working in the Italian market was established by the Ministry of Economy and the brokerage regulator Organismo degli Agenti e dei Mediatori (OAM) in February of this year. It lists all cryptocurrency operators with a presence...

The African continent may not be the biggest crypto/blockchain market yet but the growing adoption of the technology illustrates that this will likely be a key market in the future. For instance, instead of being seen or used as a tool for speculative trading, crypto is proving to be a more convenient and cheaper way of sending remittances. In countries whose economies have been devastated by inflation, cryptocurrencies are an alternative way of storing value. As more people on the continent understand these attributes of cryptocurrencies and the underlying technology, their demand for digital assets also increases. As policymakers from other jurisdictions work on finding ways to stop or slow the adoption of this fintech, it becomes imperative that the African crypto story gets told more frequently. Bitcoin.com News has been one of the media platforms to regularly cover stories, events and individuals making a difference in Africa crypto’s space. Now, in addition to regular Africa...

The U.S. Department of Justice (DOJ) has seized $500K in ransom payments and cryptocurrency from a state-sponsored North Korean group. “We are returning the stolen funds to the victims,” Deputy Attorney General Lisa O. Monaco said, adding that the seized funds include ransoms paid by health care providers in Kansas and Colorado. DOJ Seizes Crypto From North Korean State-Backed Group The U.S. Department of Justice (DOJ) announced Tuesday that it has seized and forfeited approximately $500K from North Korean ransomware actors and their conspirators. The department added that it has filed a complaint “in the District of Kansas to forfeit cryptocurrency paid as ransom to North Korean hackers or otherwise used to launder such ransom payments.” The DOJ stated: In May 2022, the FBI filed a sealed seizure warrant for the funds worth approximately half a million dollars. The seized funds include ransoms paid by health care providers in Kansas and Colorado. Deputy Attorney General Lisa O...

Grayscale Investments has explained that there may be another 250 days of the current bearish crypto market, citing patterns in previous cycles. In addition, “Bitcoin is 222 days off the all-time high, which means we may see another 5-6 months of downward or sideways price movement,” the world’s largest digital asset manager detailed. Grayscale’s Crypto Market Outlook Grayscale Investments, the world’s largest digital asset manager, published a report titled “Bear Markets in Perspective” this week. The firm explained: “The length, time to peak and trough, and recovery time to previous all-time highs in each market cycle may suggest that the current market may resemble previous cycles, which have resulted in the crypto industry continuing to innovate and push new highs.” The report details: Crypto market cycles, on average, last ~4 years or approximately 1,275 days. While most bitcoiners are familiar with market cycles based on bitcoin’s halving cycle, Grayscale has defined an...

Tesla has converted approximately 75% of its bitcoin into fiat currency. The cryptocurrency sales left the electric car company holding digital assets worth $218 million. “We are certainly open to increasing our bitcoin holdings in the future,” Tesla CEO Elon Musk said, adding: “W e have not sold any of our dogecoin.” Tesla Sold About 75% of Its Bitcoin Holdings Elon Musk’s electric car company, Tesla, released its Q2 earnings report Wednesday. The company wrote: As of the end of Q2, we have converted approximately 75% of our bitcoin purchases into fiat currency. Conversions in Q2 added $936M of cash to our balance sheet. Tesla’s Q2 balance sheet shows net digital assets of $218 million, down from $1.26 billion in the previous quarter. The company also said its Q2 year-on-year operating income was impacted by bitcoin impairment. The electric car company’s statement of cash flows shows proceeds from digital asset sales of $936 million. The only other time Tesla’s cash flow state...

Simone Mazzuca is the creator of EURST – the first representative euro stablecoin, 100% asset backed with US Dollars and live audited. EURST is providing one of the most secure and reliable stablecoin structures on the euro market to serve as a bridge to the digital economy. Mr. Simone Mazzuca is the Director and Founder of the Wallex group and the creator of EURST . He recently joined the Bitcoin.com News Podcast to talk about the current state of stablecoins including such topics as regulations, integration with the banking systems, CBDCs and institutional use cases: Wallex is a group of financial institutions founded in 2020 working on bridging the gap between traditional finance and the crypto spaces. Wallex is the full ecosystem of assets and digital assets, including AML, Compliance, neobanking, custody, trustee, payments, trading, alternative and decentralized investment, tokenization, wealth management, White label solutions and customer experience support services. Simo...

The Federal Bureau of Investigation (FBI) has issued a warning about fake cryptocurrency apps defrauding investors. “The FBI has identified 244 victims and estimates the approximate loss associated with this activity to be $42.7 million,” said the U.S. law enforcement agency. FBI’s Crypto App Warning The cyber division of the Federal Bureau of Investigation (FBI) issued a notice Monday warning investors and financial institutions about fraudulent cryptocurrency applications. The notice states: The FBI is warning financial institutions and investors about cyber criminals creating fraudulent cryptocurrency investment applications (apps) to defraud cryptocurrency investors. The FBI explained that it has observed cybercriminals contacting U.S. investors, claiming to offer legitimate crypto investment services. The criminals then convinced investors to download fraudulent mobile apps. The notice continues: The FBI has identified 244 victims and estimates the approximate loss assoc...

On July 19, the digital asset company Bitgo announced it has partnered with the Near Foundation and will be “the first qualified custodian to support the protocol and its assets, including its native token.” The collaboration will give institutions holding near protocol (NEAR) tokens the ability to store and stake the coins via Bitgo’s platform. Bitgo Partners With the Near Foundation The digital asset financial services firm Bitgo has inked a partnership deal with the Near Foundation , the non-profit foundation headquartered in Switzerland that’s responsible for the development and core governance for the Near protocol. The Near protocol is an open-source, carbon neutral, public proof-of-stake (PoS) blockchain that uses the Nightshade consensus mechanism. The Palo Alto, California-based company Bitgo says that through the new partnership, “institutions holding [near protocol] tokens will now be able to custody and stake these tokens via hot wallets and qualified custody wallets ...

Gemini, the cryptocurrency exchange owned by the Winklevoss twins, is laying off more staff. According to reports, the company is axing 7% of its current workforce, as it engages in significant cost-cutting policies. This is the second wave of layoffs at Gemini, after the company laid off 10% of its staff less than two months ago. Gemini Lays Off More Staff Gemini, a regulated, U.S.-based cryptocurrency exchange founded by the Winklevoss twins , is reducing the size of its workforce, according to sources. While the exchange did not make an internal announcement for this round of layoffs, it is estimated that it laid off 7% of its current workforce, with 68 employees leaving the company. However, the extent of the layoff plan could be even bigger, with leaked documents pointing out that the company might fire more of its staff to reach a workforce number of 800 employees, implying that 150 more employees could be laid off to reach this goal. The company had 950 employees at the mome...

The Financial Superintendence of Colombia presented a project that seeks to bring clarity to how links between banks and virtual asset service providers (VASPs) will be handled in the future. The document defines certain key concepts and determines a set of prerequisites that banks need to verify before accepting virtual asset service providers as customers. Virtual Asset Service Providers to Be Regulated in Colombia Regulation is becoming a key goal for countries in Latam, where cryptocurrency adoption is growing at significant rates. Now, the Financial Superintendence of Colombia has presented a document that seeks to establish norms regarding the requirements cryptocurrency exchanges and custody providers must meet to be serviced as customers by banks. The project defines key concepts such as virtual asset service providers (VASPs), and virtual assets in the scope of the regulation. In the same way, it establishes that virtual asset service providers will have to be connected ...

Transactions with digital assets backed by precious metals are beginning in Russia with the launch of a token for palladium. The rare metal, which is used in jewelry and has some high-tech applications, is not a publicly available asset in the Russian Federation. Atomyze and Rosbank Issue Digital Token for Palladium The Russian unit of Atomyze, a platform that specializes in the tokenization of commodities, and Rosbank, are starting transactions with digital financial assets (DFAs) based on precious metals. The first one is the issuance of a token for palladium, the holders of which will have the rights to a monetary claim equivalent to the market value of the metal, Atomyze announced in press release. Palladium is not a public asset on the Russian market, the Prime business news agency noted, reporting on the deal. At the same time, it is viewed as a promising investment. Palladium is used as a substitute for platinum in jewelry and the global demand for platinoids is growing. It ...

Harvard Professor of Economics and former chief economist at the International Monetary Fund (IMF) Kenneth Rogoff says central banks and governments are “way behind the curve” in regulating cryptocurrencies. He added that officials throw out the idea of having central bank digital currencies (CBDCs) “to distract the conversation.” Harvard’s Professor on Cryptocurrency Regulation American economist Kenneth Rogoff discussed cryptocurrency regulation and central bank digital currencies (CBDCs) in an interview with Bloomberg Monday. Rogoff is the Thomas D. Cabot Professor of Public Policy and a professor of economics at Harvard University. He also served as chief economist at the International Monetary Fund (IMF) from 2001–2003. The Harvard professor described: I think central banks are way behind the curve, and governments in general, in regulating cryptocurrencies. They throw out the idea of having CBDCs to distract the conversation. Commenting on the U.S. issuing a digital dolla...

A panel of “industry experts” has predicted that ethereum will bottom out at $675 before the year-end. They have “considerably lowered” their ether predictions since the start of 2022 and are now expecting the price of the cryptocurrency to end the year at $1,711 before rising to $5,739 by 2025, and $14,412 by 2030. Expert Panel’s Ethereum Price Predictions Price comparison portal Finder updated its ether ( ETH ) price predictions Monday. The company measures expert predictions of the future ethereum price using weekly and quarterly surveys. Its latest quarterly survey, conducted in July, “asks a panel of 54 industry experts for their thoughts on how ethereum will perform over the next decade,” Finder explained. According to the latest predictions by Finder’s panel of experts, ether will be worth $1,711 by the end of this year. It will then rise to $5,739 by 2025, and $14,412 by 2030. However, the panel expects the price of ether to first bottom out at $675. Finder detailed: Whi...

In partnership with Unstoppable Domains, Bitcoin.com is making it easier than ever to use cryptocurrency as a payment method. Users of the multichain Bitcoin.com Wallet can now send cryptocurrency to the full range of domains offered by the blockchain-based domain provider. This means, for example, that people can send bitcoin to a human-readable address like ‘elizabeth.crypto’ rather than to the long and complicated wallet addresses that are native to the Bitcoin protocol (eg. bc1qar0srrr7xfkvy5l643lydnw9re59gtzzwf5mdq). “Cryptocurrency is a powerful force for creating economic freedom in the world, but adoption has been stifled by the frankly poor user experience — and the industry-standard usage of complex wallet addresses is a key pain point,” said Bitcoin.com CEO Dennis Jarvis. “Unstoppable Domains’ human-readable addresses are a big step in the right direction, which is why we’re proud to support them in our fully self-custodial wallet.” Unstoppable Domains is one of thr...

Bitcoin.com sponsors the launch of a brand new crypto casino BitSpinCasino with support for gaming with various cryptocurrencies and a smashing welcome offer of up to 3 BTC ! Play Exciting Casino Games With BTC , BCH , ETH , EUR, AUD, JPY & Many More Bitcoin as a form of value-driven technology is inarguably the most revolutionary idea that has been actualized in the modern arena of cross-border fintech innovation. Be it peer-to-peer payments, store of value, speculative trading, or digital transactions for goods and services, Bitcoin has fundamentally changed the way we think about money and subsequently, how money should be conducted around us. Launch of a New Crypto Casino In this vast arena of blockchain innovation and industry-building, Bitcoin.com has garnered a reputation for being the most accessible crypto brand by creating products that are easy to access, fun to interact with, and trusted by millions. Up until 2016 when Bitcoin.com launched Bitcoin.com Games, crypto...

The Seychelles-based crypto trading app, OKX, recently became the latest virtual assets service provider to be granted a provisional licence to provide its services in the United Arab Emirates (UAE). The provisional licence allows OKX to extend certain exchange products and services to pre-qualified investors and financial service providers. OKX Allowed to Extend Certain Exchange Products The Dubai digital asset regulator, the Virtual Assets Regulatory Authority (VARA), recently granted the Seychelles-based crypto trading platform OKX a “provisional virtual assets license to provide services to qualified investors in the UAE.” According to a statement released by OKX, this license “allows it to extend certain exchange products and services to pre-qualified investors and financial service providers.” Remarking on the VARA’s decision to grant the provisional license, OKX general manager for Dubai, Lennix Lai said: The MENA region is one of the fastest-growing markets for our indus...

On Monday, Christie’s, the leading British auction house founded 256 years ago in 1766, announced the launch of a new venture fund called Christie’s Ventures. According to the announcement, the company’s venture arm plans to focus on “[Web3] innovation, art-related financial products and solutions, and technologies that enable seamless consumption of art.” Christie’s Ventures to Foster ‘Web3 Innovation, Art-Related Financial Products’ The British auction house Christie’s has revealed a new venture fund that aims to support “emerging technology and fintech companies.” The firm said that it plans to work in unison with its portfolio startups in order to accelerate growth and push Christie’s activities into innovative directions. “Christie’s Ventures will start by exploring three broad categories,” the company said on July 18. “[Web3] innovation, art-related financial products, and solutions and technologies that enable seamless consumption of art.” With premises located in London, ...

Nasdaq-listed cryptocurrency exchange Coinbase has obtained regulatory approval to offer crypto services in Italy. “Coinbase is committed to bringing the power of our full product suite to customers across Europe,” the company said. Coinbase Approved in Italy Cryptocurrency exchange Coinbase (Nasdaq: COIN) announced Monday that it has secured regulatory approval to provide crypto services in Italy. The company’s vice president of International and Business Development, Nana Murugesan, explained in a blog post: Today, we’re able to announce a key milestone … securing approval from Italian regulators to provide ongoing crypto services to its residents. “The new requirement implemented by the Organismo Agenti e Mediatori (OAM), mandated that all companies offering crypto trading, custody or other services, meet set criteria,” the executive described. “Coinbase serves customers across almost 40 European countries through dedicated hubs in Ireland, the U.K., and Germany,” Murugesan...

U.S. Senator Elizabeth Warren says that “too many crypto firms have been able to scam customers and leave ordinary investors holding the bag while insiders make off with their money.” She stressed the need for stronger rules, urging the Securities and Exchange Commission (SEC) and Congress to take action on crypto regulation. U.S. Senator Says Crypto Needs Stronger Regulation U.S. Senator Elizabeth Warren (D-MA) voiced her concerns about cryptocurrency investing in an interview with Yahoo Finance Live last week after several crypto firms filed for bankruptcy protection . Calling on the U.S. Securities and Exchange Commission (SEC) to act, she emphasized: Congress needs to act, but the SEC has a responsibility to use its authorities to put guardrails in place and crack down on crypto actors that break the rules. “I’ve been ringing the alarm bell on crypto and the need for stronger rules to protect consumers and financial stability,” the senator added. Last week, crypto lender C...

The .metaverse, .vr, .web3 and variety of top-level domains are now available for minting on Quik.com. Embrace yourself and your holdings on the web and its decentralized nature with this offer valid for a limited time. Check out Metaverse Domains on Quik now. Connecting the sellers and buyers in the most convenient way with a P2P peer-to-peer validated network, this platform has the most generic offerings for users and investors. This platform offers users a wider approach towards the NFT domain technology. It offers cost-effective, quick, and secure service. The system is built on the protocols ERC-721, ERC-115, and BEP-721, BEP-1155, and it provides a decentralized, secure environment with user-oriented services and secured transactions. These blockchain-based domains on Quik.com allow users to read the entire content and history of a product on the network. These domains themselves have benefits that set them apart from conventional domains. They are ICANN-free. These domai...

The Dutch central bank has fined cryptocurrency exchange Binance 3.325 million euros for offering crypto services in the Netherlands without the legally required registration. Binance has appealed against the fine and has now submitted an application to register with the central bank. Binance Fined by Dutch Regulator The Dutch central bank, De Nederlandsche Bank (DNB), revealed Monday that it has fined Binance Holdings Ltd. for offering crypto services without registration as required by law. The administrative fine of 3.325 million euros ($3.4 million) was imposed on the cryptocurrency exchange on April 25, the DNB said, elaborating: The fine was imposed because Binance offered crypto services in the Netherlands without a legally required registration with DNB. That’s prohibited. The central bank stressed that companies wanting to offer crypto services in the Netherlands must register with it as mandated in the Money Laundering and Terrorist Financing (Prevention) Act. The reg...

Tony Hawk, one of the most popular skateboarders in the world, is planning to build a skateboard park in the metaverse. The initiative, which will be completed in partnership with The Sandbox and Autograph, will also create voxel representations of the skateboarder as NFTs, that will be able to be used in The Sandbox metaverse world. Tony Hawk Takes Skateboarding to the Metaverse More and more athletes are taking their activities to the metaverse for their fans to enjoy and connect with them in these virtual worlds. Tony Hawk, one of the most popular skateboarders in the world, has announced he will build a digital skateboarding park in the metaverse. The venue will be built in partnership with The Sandbox, an ethereum based metaverse experience, to create a park where players can take their NFTs and skateboard freely. The skateboarder will also collaborate with Autograph , a high-profile NFT company co-founded by Tom Brady, to produce NFTs based on his most memorable moments and ...

PRESS RELEASE. Unagi is shifting the way sports fans interact with their favorite sports clubs through their innovative free-to-play and play-to-earn fantasy sports game: Ultimate Champions. Live since April 2022, the company has shaken the industry with several trailblazing successes including: Launching its fantasy football game with over 40 clubs , including the English Premier League powerhouse Arsenal FC Registering more than 20K active users in only 30 days Inking a pioneering deal with the EuroLeague , including 38 of the biggest basketball teams in Europe such as Real Madrid and Barcelona The fantasy sports market is estimated to grow to USD 50bn by 2030 and is ripe for disruption. Gen Z consumers increasingly expect dynamic gameplay models, in-game ownership and a play-to-earn experience. Ultimate Champions offers the following advantages relative to traditional fantasy providers: Gameplay: The game leverages more than 50 data points per athlete per match to sco...