Switching to the Satoshi standard and Lightning Network connectivity makes Bitcoin more tangible and easy to use. AAX has made the first move in the crypto space, already providing BTC to SAT
Protocol Labs Joins the Crypto Climate Accord to Drive Decarbonization of Crypto Networks
Protocol Labs, an open-source R&D lab that builds protocols, tools, and services to radically improve the internet including Filecoin and IPFS, has joined the Crypto Climate Accord (CCA). Alongside ConsenSys, the Web3 Foundation, and CoinShares, among others, Protocol Labs joins over 170 leading organizations helping advise, develop, and scale solutions in support of the CCA.
Aligned in the mission to transition the blockchain industry to renewable energy, as an official supporter, Protocol Labs is committing to driving the development of Web3 initiatives toward net-zero emissions. Launched in 2021 and co-convened by nonprofits by Energy Web, the Alliance for Innovative Regulation, and RMI, the Crypto Climate Accord was inspired by the Paris Climate Agreement and serves as a private sector-led initiative to accelerate the development and adoption of open-source decentralized solutions and good practices that decarbonize the crypto industry.
As a new member of the CCA, Protocol Labs collaborated with Energy Web on the first showcase of an open-source solution to decarbonize Filecoin, the world’s largest decentralized storage network. Building an open-source solution for renewable energy purchasing by crypto miners, the showcase saw six Filecoin storage providers purchase verified renewable energy from 3Degrees using Energy Web Zero, a renewable energy search engine. Integrating renewable energy data from Energy Web Zero into the Filrep reputation system allows clients to factor renewables into their decision when choosing a storage provider. Each record on Filrep points to averification page in Energy Web Zero, showing where the energy was produced,
documenting the renewable source, and providing an attestation certificate proving ownership of the corresponding renewable energy credits. In other words, this solution makes it easy for Filecoin storage providers to decarbonize and prove their green credentials
to boost their reputation.
Angie Maguire, Head of Growth and Marketing at Protocol Labs, said, “Numerous
projects in the ecosystem are already seeking to address the environmental impact of the blockchain space, choosing Filecoin as the best place to build projects for the NFT economy, digital identity, decentralized finance, and data preservation.
We are laser-focused on developing solutions to support and encourage use of renewable energy sources among storage providers and set the standard on energy consumption transparency, so clients on the network can make an informed decision.”
Introducing a sustainable alternative for artists and patrons in the booming NFT market, Protocol Labs and ConsenSys introduced a new NFT protocol to the market called Palm earlier this year.
Palm operates on its own energy-efficient Ethereum sidechain and has an accompanying $PALM token. The first artist to come on board with Palm is world-renowned artist Damien Hirst, who released a collection entitled ‘The Currency Project”.
Dubai-based crypto exchange BitOasis raises $30 million Series B to accelerate growth
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Dubai-headquartered digital asset exchange BitOasis has raised $30 million in a Series B round co-led by US VC firm Jump Capital and returning investor Wamda, it announced in a statement today. The round was also joined by Alameda Research, Global Founders Capital, and existing investors including Pantera Capital, Digital Currency Group, and NXMH.
Founded in 2015 by Ola Doudin and Daniel Robenek, BitOasis enables users in the Middle East to buy, sell and store crypto assets, including Bitcoin, Ethereum, Ripple, Tether, Bitcoin Cash, Litecoin, and a few others. According to its website, its services are currently available in UAE, Saudi Arabia, Kuwait, Bahrain, and Oman, Egypt, Jordan, and Morocco but the withdrawals are only available in AED for banks in the UAE, Kuwait, Bahrain, and Oman.
It claims to be the oldest crypto exchange in the region but now faces competition from different players including Coinbase-backed Bahrain-headquartered Rain.
BitOasis wants to build the largest and most trusted cryptocurrency platform in the region, stated its co-founder and CEO Ola Doudin in a statement, “our latest investment round serves as a vote of confidence in the BitOasis growth story. It further speaks to the state of interest in the MENA region’s growing crypto ecosystem, with global investors and venture capital heavyweights backing the region’s home-grown businesses.”
She also said that the latest funds will equip the company with the resources they need to expand their regional presence while ensuring high standards of regulatory compliance, “We work proactively with regulators across the region and will acquire licenses where available.”
Peter Johnson, Partner at Jump Capital, said, “We are thrilled to be backing BitOasis as they continue to scale the leading crypto platform in the Middle East. The company perfectly embodies the elements we seek when investing in international crypto exchanges – an exceptional team that deeply understands the market, a focus on regulatory compliance, and an ability to build a leading consumer brand.”
Fares Ghandour, Partner at Wamda, commented, “BitOasis is testament to the fact that you need passionate founders, a solid team, and a culture of unity to build a resilient and world-class business, and that’s exactly what this company is. Wamda is as proud as ever to back the region’s leading and most credible exchange since their inception.”
The startup plans to use the funds for geographical expansion and solidify its presence in existing markets.
METACO Opens Singapore Office Amid Rising Digital Asset Demand from Financial Institutions in APAC
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METACO, the leading provider of security-critical software and infrastructure to the digital asset ecosystem, today announces the launch of its Asia Pacific headquarters in Singapore, with a strong team managed by newly appointed Managing Director APAC, Patrick Enjalbal.
With demand accelerating for institutional-grade digital asset custody and trading infrastructure, the opening of the Singapore office and expanded APAC headcount demonstrates METACO’s commitment to offering best-in-class services to existing and future customers in the region, allowing the company to continue enabling banks and other institutions to safely enter the crypto economy through Harmonize, its digital asset orchestration system.
METACO has appointed Patrick Enjalbal, a former Director at Singapore-based financial technology consultancy, Luxoft, as its Managing Director APAC. Patrick brings over two decades of experience advising and managing the successful deployment of institutional-grade financial technology solutions in APAC and beyond. Martin Frick has also joined as Senior Sales Advisor. Frick was previously the Managing Director of Temenos APAC, where he led operations for the banking software provider across the region. In addition to leadership appointments, APAC headcount in business development and operations has increased significantly, with further expansion expected in the coming months.
Andre Israel, COO at METACO, commented, “We are proud to announce the launch of our Singapore office and the appointment of Patrick Enjalbal as Managing Director APAC, ably assisted by Martin Frick. METACO continues to grow at a significant pace, and this expansion will enable us to cater to high levels of demand in the region, as well as continue offering best-in-class services to our existing APAC customers and partners.”
METACO enables institutions to secure, trade, and manage any cryptocurrency or digital asset. As institutions expand their digital asset operations, they often need to work with multiple third-party self-custody vaults, sub-custodians and liquidity providers. This creates institutional challenges in terms of security, and scalability, with a proliferation of access points weakening end-to-end processes. As a digital asset orchestration system, METACO Harmonize provides the unifying governance solution to manage this complexity and mitigate the risks for institutional digital asset managers in working with various partner solutions.
Patrick Enjalbal, Managing Director APAC at METACO, commented, “I’m thrilled to join the deeply talented team at METACO at such a pivotal time in the growth of the company. Over the coming months, we are looking to scale our operations in APAC to cater to the significant levels of interest that we are seeing from institutional clients in digital asset orchestration, integration and management.”
Alex Manson, Global Head of SC Ventures and Board Member at METACO, commented:
“It is clear that digital assets are here to stay, and furthermore that this particular market will experience extraordinary developments over time. Financial institutions are well placed to capitalize on this market opportunity, and we have already observed increased levels of adoption by banks and wealth managers in APAC. We are pleased to see our strategic partner METACO strengthening their presence in the region, driven exactly by this high demand for best-in-class secure and agile infrastructure for digital asset management.”
Robo-advisory firm Betterment reaches unicorn valuation
Robo advisor Betterment has reached a Unicorn-level valuation of $1.3 billion after securing $160 million in growth capital comprised of a $60 million Series F equity round and a $100 million credit facility. The Series F round was led by Treasury, with participation from existing investors, including Kinnevik, Bessemer Venture Partners, Francisco Partners, Menlo Ventures, Anthemis Group, Globespan Capital Partners, Citi Ventures, and The Private Shares Fund, as well as new investors Aflac Ventures and ID8 Investments.
The $100 million credit facility was established with ORIX Corporation USA’s Growth Capital group and Runway Growth Capital. ORIX’s Growth Capital group acted as the lead arranger and agent.
Founded over a decade ago, the independent digital advisor offers a suite of automated investing and retirement solutions alongside everyday services for spending and saving.
In March, Betterment acquired the US book of rival Canadian Robo advisor WealthSimple. The deal saw WealthSimple pull out of the US market and gave Betterment about 17,400 additional customers with assets under management of $190 million. At the time of the acquisition, Betterment had 600,000 customers and $28 billion in AUM.
“From day one, Betterment’s mission has been to make people’s lives better with easy-to-use, personalised investment solutions. The record growth and demand for Betterment products and services prove how well we deliver,” said Sarah Levy, Betterment’s CEO. “We’re using these funds to further cement our category leadership with rapid innovation on top of our already differentiated product suite and unique, multi-pronged distribution model that serves retail investors, advisors and small businesses.”
Migrant remittance network TransferGo seals $50 million funding round
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London-based remittance outfit TransferGo has closed a $50 million Series C round led by Elbrus Capital and Black River Ventures. The firm connects 3.5m customers across 160 markets. Despite a challenging economic environment for migrant workers it has experienced prolific, sustained growth at 80x year-on-year during the pandemic.
Since its launch, TransferGo has processed 13.5m international and local transactions, amounting to over $6bn in money flow.
Daumantas Dvilinskas, founder and CEO, says: “Since launch in 2012, we’ve grown the company from an acorn of an idea to a workforce of over 200 people based all around the world. With the additional funding, our next chapter of growth will see us in an even stronger position to keep innovating and developing our product offering, for hardworking migrants all across Europe.”
The latest fundraise, which included participation from existing investors Hard Yaka, VEF, SmartHub and Milano Investments, brings the total raised to date for the company to $77m.
Siam Commercial Bank preps VC fund as it looks to become a regional fintech player
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Siam Commercial Bank (SCB) is joining forces with Thai conglomerate Charoen Pokphand (CP) Group to create a venture capital fund that will invest up to $800 million in areas such as blockchain, digital assets and fintech. The partners will take 50:50 ownership of the global Disruptive Technology Venture Capital Fund, with each contributing $100 million of capital. Another $400 million to $600 million will be sought from external limited partners.
The move builds on SCB’s decision last year to set up a digital technology investment arm called SCB 10X, which will manage the fund alongside CP Group.
Arthid Nanthawithaya, CEO, Siam Commercial Bank, says: “Financial services in the future will be very different from today. Blockchain-enabled financial services have the potential to broaden financial inclusion, facilitate open access, and encourage innovation. CP Group and SCB Group bring together unique value-add propositions to both startups and investors.”
Separately, the bank has set up SCBX as a “mothership company” designed to enable it to become a “regional financial technology conglomerate” by 2025, with the goal of building a 200 million strong customer base.
SCB will “no longer be a bank in the original sense of the word, instead of transforming into a financial technology group with a stronger banking business as part of the group,” says a statement.
According to Nanthawithaya: “SCB must no longer limit itself to the traditional banking business, but rather take advantage of its financial strength to accelerate its aggressive expansion into other types of financial businesses that the market demands, build technological capabilities, and manage a large technology platform to keep pace with global players.”
Persistence Partners with BridgeTower Capital to Offer Institutional Access to Liquid Staking
Singaporean Persistence, the multi-asset protocol focused on liquid staking, NFTs, and commodities, today announces that it has partnered with BridgeTower Capital, the global private equity firm focused on blockchain infrastructure and bridging digital assets to traditional institutional investors.
BridgeTower has become a leading institutional participant of Persistence’s new liquid staking product, pSTAKE. pSTAKE unlocks the true potential of Proof-of-Stake (PoS) tokens by unlocking the liquidity of staked assets–a market currently in excess of $100 billion.
Token holders of pSTAKE supported PoS networks can mint 1:1 pegged ERC-20 staked representative tokens for their native PoS assets. Subsequently, these assets can be utilized within the existing Ethereum DeFi ecosystem to generate additional yield. Since its launch in July, over $5M in total value has been locked on pSTAKE, with that figure continuing to accelerate at pace following the solution’s recent uncapped launch.
BridgeTower Capital in the last quarter has allocated over $200M to its staking infrastructure and will aggressively continue to build its services offerings and assets.
Tushar Aggarwal, CEO and Founder of Persistence commented, “I’m thrilled to see the extraordinary levels of engagement on pSTAKE since launching last month. There is now over $5M in total value locked on the protocol, and this continues to rapidly accelerate following the recent launch of the uncapped version of pSTAKE. Our partnership with BridgeTower Capital can help unlock the next exciting phase of growth for the platform and ensure that institutions, as well as the wider crypto community, can benefit from unlocking the liquidity of their staked assets.”
In addition to the pSTAKE integration, the partnership also includes the shared launch of validator nodes for multiple Proof-of-Stake networks. By combining expertise from their respective bases of Singapore and Switzerland, the firms hope to drive the adoption of staking and DeFi solutions globally.
“We have worked hard to create sustainable blockchain infrastructure serving institutional and regulated opportunities,” said BridgeTower Chief Executive Officer Cory Pugh. “We have services across several networks including Algorand, Solana, Polkadot, Avalanche, Akash, Terra and Persistence itself, and are preparing to launch Helium and Ethereum 2.0.”
pSTAKE is one of a range of DeFi products that form the Persistence ecosystem, including AUDIT.One, a staking-as-a-service solution for institutions, and Comdex, an agri-commodities decentralized exchange (DEX).
SEBA Bank secures the first institutional licence to custody Collective Investment Schemes for Digital Assets in Switzerland
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SEBA Bank, a FINMA licensed Swiss Bank providing a seamless, secure, and easy-to-use bridge between digital and traditional assets, today announced that the bank has been granted a licence to act as a custodian bank for Swiss collective investment schemes pursuant to Art. 72 CISA (KAG).
This is the first licence granted in Switzerland by the Swiss Financia Market Authority (FINMA) to a custodian bank focused on digital assets. The CISA licence will accelerate SEBA Bank’s growth by extending its institutional-grade digital asset custody services to Swiss domiciled mutual funds in the fast-evolving digital assets space. This is an important new institutional capability in the evolution of digital assets investments across Europe.
This new licence extends SEBA Bank’s fully integrated digital asset investment activities by offering digital custody services for Swiss domiciled mutual funds and is an important new enabler of liquid investment funds with crypto or other digital assets as an underlying investment class.
Guido Buehler, CEO of SEBA Bank, states, “Two years ago SEBA Bank received a Swiss banking and securities firm licence and is now enjoying excellent business momentum as institutional adoption of crypto & digital assets accelerates globally. With our new CISA licence, SEBA Bank continues its pioneering role in the institutional digital asset space. Asset Managers can now offer strategies based on crypto or other digital asset underlying to a broader audience utilizing Swiss-based mutual fund structures secured by SEBA Bank as the CISA-licensed custodian.”
Exclusive: China’s Crypto Ban -Transcription of the official Chinese note against Crypto
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Finsight News publishes the transcription of the Chinese official statement on the crypto ban in both Chinese and English. China banned all crypto transactions and vowed to stop illegal crypto mining, delivering the toughest blow yet to the trillion-dollar industry. Crypto-related transactions will be considered illicit financial activity, including services provided by off-shore exchanges, the People’s Bank of China said on its website.
近日，人民银行等十部门发布《关于进一步防范和处置虚拟货币交易炒作风险的通知》（以下简称《通知》）。人民银行有关负责人就相关问题回答了记者提问。
1.《通知》的出台背景是什么？
近年来，比特币等虚拟货币交易炒作活动盛行，扰乱经济金融秩序，滋生洗钱、非法集资、诈骗、传销等违法犯罪活动，严重危害人民群众财产安全。按照党中央、国务院决策部署，人民银行会同有关部门出台一系列政策措施，明确虚拟货币不具有法定货币地位，禁止金融机构开展和参与虚拟货币相关业务，清理取缔境内虚拟货币交易和代币发行融资平台，持续开展风险提示和金融消费者教育，取得积极成效。为建立常态化工作机制，始终保持对虚拟货币交易炒作活动的高压打击态势，人民银行等部门结合新的风险形势，在总结前期工作经验的基础上，起草了《通知》。
Recently, ten departments including the People’s Bank of China issued the “Notice on Further Preventing and Disposing of the Risks of Hype in Virtual Currency Transactions” (hereinafter referred to as the “Notice”). The relevant person in charge of the People’s Bank of China answered reporters’ questions on related issues.
1. What is the background of the “Notice”?
In recent years, Bitcoin and other virtual currency transaction hype activities have prevailed, disrupting economic and financial order, breeding money laundering, illegal fund-raising, fraud, pyramid schemes and other illegal and criminal activities, seriously endangering the safety of people’s property. In accordance with the decision and deployment of the Party Central Committee and the State Council, the People’s Bank of China, in conjunction with relevant departments, has introduced a series of policies and measures to clarify that virtual currencies do not have legal tender status, prohibit financial institutions from developing and participating in virtual currency-related businesses, and clean up and ban domestic virtual currency transactions and token issuance financing The platform continued to carry out risk warning and financial consumer education, and achieved positive results. In order to establish a normalized work mechanism and always maintain a high-pressure crackdown on virtual currency trading activities, the People’s Bank of China and other departments have combined the new risk situation and drafted the “Notice” based on the previous work experience.
2.《通知》对虚拟货币和相关业务活动如何定性？
我国对虚拟货币的监管政策是明确的、一贯的。《通知》再次强调具有非货币当局发行、使用加密技术、分布式账户或类似技术、以数字化形式存在等特点的虚拟货币，如比特币、以太币等，包括泰达币等所谓稳定币，均不具有与法定货币等同的法律地位，不能作为货币在市场上流通。《通知》明确指出，虚拟货币兑换、作为中央对手方买卖虚拟货币、为虚拟货币交易提供撮合服务、代币发行融资以及虚拟货币衍生品交易等虚拟货币相关业务全部属于非法金融活动，一律严格禁止，坚决依法取缔；境外虚拟货币交易所通过互联网向我国境内居民提供服务同样属于非法金融活动。
2. How does the “Notice” characterize virtual currencies and related business activities?
China’s country’s regulatory policies on virtual currencies are clear and consistent. The “Notice” once again emphasizes that virtual currencies that are issued by non-monetary authorities, use encryption technology, distributed accounts or similar technologies, and exist in digital form, such as Bitcoin, Ethereum, etc., including so-called stable currencies such as TEDA, are not It has the same legal status as legal tender and cannot be circulated in the market as currency. The “Notice” clearly stated that virtual currency exchange, virtual currency trading as a central counterparty, provision of matching services for virtual currency transactions, token issuance financing, and virtual currency derivative transactions are all illegal financial activities and are strictly prohibited. , Resolutely banned in accordance with the law; overseas virtual currency exchanges to provide services to Chinese residents through the Internet are also illegal financial activities.
3.《通知》提出哪些工作措施？
一是建立部门协同、央地联动的常态化工作机制。中央层面，人民银行、中央网信办、公安部等十部门建立协调机制，整体统筹和推动工作落实；地方层面，各省级人民政府落实属地风险处置责任，依法取缔打击本辖区虚拟货币相关非法金融活动。
二是加强对虚拟货币交易炒作风险的监测预警。人民银行、中央网信办完善虚拟货币监测技术平台功能，提高识别发现虚拟货币交易炒作活动的精度和效率。金融机构和非银行支付机构加强对涉虚拟货币交易资金的监测工作。各部门、各地区加强线上监控、线下摸排、资金监测的有效衔接，建立信息共享和交叉验证机制。
三是构建多维度、多层次的虚拟货币交易炒作风险防范和处置体系。金融管理部门、网信部门、电信主管部门、公安部门、市场监管部门密切协作，从切断支付渠道、依法处置相关网站和移动应用程序、加强相关市场主体登记和广告管理、依法打击相关非法金融活动等违法犯罪行为等方面综合施策，有关行业协会加强会员管理和政策宣传，全方位防范和处置虚拟货币交易炒作风险。
3. What work measures are put forward in the Notice?
First, a normal working mechanism featuring departmental coordination and central-local interaction shall be established. At the central level, the People’s Bank of China, the Office of the Central Cyberspace Affairs Commission, the Ministry of Public Security and other ten departments shall establish coordination mechanisms to make overall planning and promote the implementation of work; At the local level, all provincial people’s governments shall fulfill the local responsibility for risk disposal, and legally ban and crackdown on illegal financial activities related to virtual currencies within their respective jurisdictions.
Second, monitoring and pre-warning of the speculation risks in virtual currency trading shall be strengthened. The People’s Bank of China and the Cyberspace Administration of China shall improve the functions of the virtual currency monitoring technical platform, and improve the accuracy and efficiency of identifying and discovering virtual currency trading speculation. Financial institutions and non-bank payment institutions shall strengthen the monitoring of funds involved in virtual currency transactions. All departments and regions shall strengthen the effective connection between on line monitoring, offline mapping, and fund monitoring, and establish an information sharing and cross-validation mechanism.
Third, we shall establish a multi-dimensional and multi-level system for the prevention and disposal of risks generated from virtual currency trading speculation. The financial management departments, network and information departments, competent telecommunications departments, public security departments, and market regulatory departments shall closely cooperate to comprehensively take measures in such aspects as cutting off payment channels, legally disposing the relevant websites and mobile applications, strengthening the registration and advertising management of relevant market players, and legally cracking down on illegal and criminal activities such as relevant illegal financial activities. Relevant industry associations shall strengthen member management and policy publicity, and comprehensively prevent and dispose of the speculation risks of virtual currency transactions.
4.后续有什么工作安排？
打击虚拟货币交易炒作是党中央、国务院作出的重要决策部署，是贯彻以人民为中心的发展理念、落实国家总体安全观的必然要求。各部门、各地区将认真贯彻落实《通知》提出的各项举措，构建中央统筹、属地实施、条块结合、共同负责的长效工作机制，始终保持高压态势，动态监测、及时处置相关风险，坚决遏制虚拟货币交易炒作风气，严厉打击虚拟货币相关非法金融活动和违法犯罪活动，依法保护人民群众财产安全，全力维护经济金融秩序和社会稳定。
4. What are the follow-up work arrangements?
Cracking down on the virtual currency trading speculation is an important decision and arrangement made by the CPC Central Committee and the State Council, and an inevitable requirement for implementing the people-centered development concept and the national overall security concept. All departments and regions shall conscientiously implement all the measures set forth in the Notice, establish a long-term effective work mechanism under the overall planning of the Central Government, implemented in a territorial manner, integrated by departments and blocks, and jointly responsible for the work, always maintain a high-pressure situation, conduct dynamic monitoring and timely disposal of relevant risks, resolutely curb the hype surrounding virtual currency trading, severely crack down on illegal financial activities and illegal and criminal activities related to virtual currencies, protect the property safety of the people in accordance with the law, and make all efforts to maintain the economic and financial order and social stability.
The translation is approximate and follows entirely the script published originally on the Chinese website. The original can be viewed here: http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4348556/index.html
China to issue a nationwide ban on cryptocurrency mining
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China intensified a crackdown on cryptocurrency trading on Friday, vowing to root out “illegal” activity in trading of bitcoin and other virtual currencies and issuing a nationwide ban on cryptocurrency mining.
China’s State Council, or cabinet, vowed in May to crack down on bitcoin mining and trading as part of efforts to fend off financial risk.
Ten Chinese government agencies, including the central bank as well as banking, securities and foreign exchange regulators, said in a joint statement that they would work closely to maintain a “high-pressure” crackdown on speculative trading of cryptocurrencies.
The People’s Bank of China said cryptocurrencies must not circulate in markets as traditional currencies and that overseas exchanges are barred from providing services to mainland investors via the internet.
The PBOC also barred financial institutions, payment companies and internet firms from facilitating cryptocurrency trading.
The government will “resolutely clamp down on virtual currency speculation, and related financial activities and misbehaviour in order to safeguard people’s properties and maintain economic, financial and social order,” the People’s Bank of China said in a statement on its website.
Bitcoin, the world’s largest cryptocurrency, dropped as much as 5 percent after the PBOC’s announcement having earlier been down about 1 percent.