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Billboard Launches ChartStars NFT to Celebrate Music Achievements

By
Adam Barry
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0

Billboard and Universal Music Group (OTCMKTS: UNVGY) (UMG) are partnering to launch ChartStars. ChartStars in a non-fungible token (NFT) collection of digital collectibles. The NFT will use Flow Blockchain, which is environmentally friendly.

ChartStars is the first Billboard NFT project for music fans. It will include several artist-based artworks to mark their achievements on the Billboard Charts. Moreover, the collectibles will include licensed art, album photography, and short clips from music videos.

Billboard will also build gamification into the platform via challenges and collector leader boards. It will even incorporate actual utility into smart contracts, including access to live events hosted by Billboard.

UMG has had several UMG achievements

Billboard and UMG plan to release the first ChartStars NFTs in May. UMG will leverage Billboard’s roster of famous labels and artists to highlight songs that reach the Top 25 on the Billboard Charts. They will also include other achievements such as historical records, the length of time a song spends on the charts, number of songs an artist simultaneously has on the charts, among others.

UMG itself has had a significant accomplishment on the billboard chart. The company managed to have 9 of the top 10 on the chart. This has only been done six times since Billboard started. UMG also had a song place No.1 for 38 consecutive weeks.

Billboard will partner with Unblocked

Billboard will also collaborate with Unblocked, which will partner with it on the technology aspect of the ChartStars project. Unblocked has support from Dapper Labs, which was part of the NBA Top Shot project.

Billboard will accept credit cards as payments for its digital collectibles. It will also work on the Flow Blockchain platform, which is more sustainable.

According to the President of Billboards, Julian Holguin, the collectible will use visually appealing artistry to commemorate and celebrate ground-breaking achievements on the Billboard Charts. Furthermore, the companies will try to make the project authentic for music fans by competing for real-life prices. Holguin adds that Billboard is excited to work with UMG as they share values like putting their fans and artist first.

The Executive Vice President of Digital Strategy for UMG, Michael Nash, adds that Billboard is coming up with a new way to celebrate iconic moments for fans and artists.

China’s Ban on Cryptocurrencies Decrease the Volume of Its Crypto Assets to Zero

By
Adam Barry
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0

Chinese trade organizations frequently find means to diversion any trade prohibitions their government efficient. For example, the country implemented various crackdowns on crypto-assets; however, the trade organization found ways to get past them.

The country’s financial institutions recently revealed that bitcoin transactions significantly declined from a minimum of 90% to an estimated 10%. In addition, the Chinese Central Bank published a comprehensive report reviewing the effects of the crypto crackdown in the country’s economy.

The report alleged that the ban on cryptocurrency transactions eliminated the excitement accompanying cryptocurrency transactions, thus increasing a spree of crimes.  

How China decided to ban all crypto activities 

Various platforms translated the report; thus Google highlighted that the significant legal prohibition of cryptocurrency trading led to multiple illegal activities such as crime fundraisers. Since its inception, the country has been among the countries that prohibited trading cryptocurrencies.

China first banned the trading of crypto assets when it was introduced in the country, sometimes in 2013, by prohibiting financial institutions from authorizing Bitcoin transactions. The country further stood its ground when the cryptocurrency transactions began in 2017.

In 2021, China increased its efforts to crack down on crypto mining by increasing several regulations and effective operations to stop any crypto activity. Finally, the country ruled that all cryptocurrency activities were illegal and imposed penalties for anyone defied the law.

The consequences of China’s ban on the trading of cryptocurrencies

A publication from Statista revealed that the country’s yearly portion of Bitcoin capacity in the digital yuan reduced significantly following a ban on cryptocurrencies. Statista also revealed that the crypto value in China reduced to zero in 2018 following its first ban.

The decentralized form of the crypto asset (Bitcoin) is challenging to prohibit as an organization or an individual does not own or control it. Following the country’s ban on trading cryptocurrencies locally, several traders utilized foreign and digital cryptocurrency platforms through a VPN.

Other governments that have restricted the trading of cryptocurrencies include Beijing. As a result, the traders ran to platforms such as decentralized finance to continue with cryptocurrency mining but under anonymous names.

Ripple XRP LIQUID INDEX (NASDAQ: XRPLX) Files Appeal to DPP Ruling Claiming That the SEC Should Be Liable 

By
Adam Barry
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0

The Securities and Exchange Commission’s (SEC) lawsuit against Ripple LIQUID INDEX (NASDAQ: XRPLX) became famous, and an adequate amount of information was issued to the public. James K. Filan, the Defense Attorney, recently highlighted that the company appealed the Judge’s decision and served the SEC with the relevant opposition.

The Defense Attorney further revealed that the SEC demands that the company submit notes gathered by Matthew Estabrook, a former known SEC official.

During a statement issued by Filan, the attorney revealed that both Defendants filed their responses to the SEC’s application. The SEC based the application on partial Reconsideration and Clarification of the Judge’s decision. However, the Defendants strongly opposed the application and stated that the authority was out to waste the court’s time.

The targeted notes released to the public in January  2022

Following the original public filings conducted in 2012, and through another memo sent by the company to the authority, the Defendants have a convincing argument. The targeted tokens were not part of the Federal Security laws; thus, the authority merely issued advice to the company, strengthening their case.

In 2022, news spread that Elaid Roisman and Brad Garlinghouse conducted a meeting when the person in question, Estabrook, was preparing to leave the authority. The court documents alleged that before the meeting began, the company asked the authority to release Estabrook’s notes.

However, the authority alleged that the DPP declined to send the notes to the company, thus forcing Ripple to investigate because the notes were public protected, meaning that it was the public’s property.

Investors’ prediction on the company’s product prices following the lawsuit

As noted from the above revelations, the asset price for the Token is increasing in the grand scheme of the larger market. The Token is presently trading at $0.7655 and rose to 10.31%; however, it recently dropped by 1.87%, thus awarding it a market value of $36 billion.

If consumers’ desire to purchase Ripple’s tokens increases, the company shall continue to record success. As a result, investors predict that Ripple’s crypto value has the potential to increase before 2022 comes to a close.

Russia Implements a Legislation That Limits the Number of Cryptocurrency Transactions

By
Adam Barry
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0

Russia recently implemented a law limiting the number of cryptocurrencies bought by its citizens following legislation regulating its use. The Ministry of Finance sponsored the legislation and publicly stated that it supports Bitcoin and other digital assets.

The country placed various limitations on the transaction, including Bitcoin, limited to $ 7,700 annually. Russian citizens who intend to invest in Bitcoin will be limited to the purchase limit and undergo various demanding procedures that evaluate their knowledge of their crypto purchases. This move could allow the country to reduce crypto scams.

The legislation suggested that potential investors will be required to highlight their knowledge of the digital assets before purchasing the desired assets. The country also imposes tests that will decrease their Bitcoin value to $650 each year if they fail the tests. 

Russia’s efforts to regulate crypto transactions in the country

The legislation concludes the struggle between Russia’s high financial institutions tasked with creating methods to control crypto transactions. President Vladimir Putin requested the sectors develop clear guidelines on the crypto transaction. The President reiterated the benefits of mining cryptocurrencies. At the same time, Sergey Katyrin, Russia’s chamber of commerce chairman, requested the finance ministry to introduce cryptocurrencies as a compelling opportunity instead of terming it a grey zone.

The Central Bank of Russia suggested that the country develop a bank that only deals with cryptocurrencies and related transactions and predicts a threat to Russia’s financial stability. The Ministry of Finance began developing measures on the transaction of crypto assets following the Central Bank of Russia’s recommendation.

Russia’s final decision on the implementation of cryptocurrencies and digital assets

The financial authorities resolved to implement rules that provide the way forward on cryptocurrencies following the President’s request. The focus on cryptocurrencies follows the increased adoption rate in neighboring countries. However, recent studies highlighted that the country’s crypto wallets are inactive; thus, the implementation might not be helpful.

In 2021, Russians authorized the investment in crypto assets after the President executed a law regulating assets transactions. However, the implemented law did not issue a limit on the spending of the currency, thus altering the field entirely.

Fidelity International Launches FBTC in Europe

By
Adam Barry
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0

Fidelity International has entered the European cryptocurrency market by releasing a Bitcoin exchange-traded product. The firm will list the Fidelity Physical Bitcoin ETP (FBTC) on the Frankfurt and Deutsch Boerse stock exchange. FBTC is one of the region’s cheapest ETPs.

This product has a 0.75% expense ratio. Analysts also expect it to earn a listing in the coming weeks. FBTC’s custodian will be Fidelity Digital Assets. Meanwhile, Eurex will be responsible for its central clearing. In other cases, the ETP transferring administrator will be Brown Brothers Harriman.

Fidelity launched its product after a survey

The ETP is to attract professional and institutional clients. The reason is that Fidelity launched it after it carried out a survey that revealed that the percentage of institutions that planned to enter the crypto space was 70%.

The survey also found that more than 90% of parties interested in digital assets hope their client’s portfolio or institution will have an allocation in about five years. For Fidelity, rolling out the ETP is its first step in digital assets product capability.

According to Fidelity International’s managing director in Europe, Christian Staub, cryptocurrency interest is rising. As a result, more of the firm’s clients hope for a safe and effective way to venture into the space. FBTC fulfills their needs by allowing them to enter the crypto market in a secure, simple, and familiar manner.

This move comes after the firm’s approval-seeking application for an exchange-traded fund (ETF). The investment firm states that its product will track the performance of companies marketing and developing Metaverse-related products.

More European firms are rolling out ETPs

Fidelity is not the only European institution to launch an ETP. It will also not be the last as the demand for ETPs increases. Another firm that was released in ETP is Invesco. This firm launched an Invesco Physical Bitcoin ETP (BTIC) in November 2021 on the Deutsch Boerse exchange.

Other firms that rolled out ETPs include Valour, a subsidiary of DeFi Technologies, which launched Cardano (ADA) and Polkadot (DOT) ETPs.

Fidelity has also made moves to launch an ETF in the U.s However, U.S regulators rejected the company’s proposal to list Wise Origin Bitcoin.

The RCMP Launches An investigation On Kraken and Coinbase CEOs

By
Adam Barry
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0

The Royal Canadian Mountain Police (RCMP) has launched an investigation on the Tweeter accounts of Kraken and Coinbase CEOs. The CEOs of the cryptocurrency exchanges have been accused of using their platforms to push for custody of digital assets this violating sanctions to reduce trucker protest in the country.

The CEOs don’t approve the Emergency Act

The Ontario Securities Commission (OSC) reported these tweets to the RCMP. The securities regulator thought the CEO gave people tips to bypass the fund restrictions.

This all comes after Justin Trudeau, Canada’s Prime Minister, invoked the Emergency Act, sanctioning cryptocurrency transactions to disrupt funds for protestors.

Jesse Powell, the CEO of Kraken, and Brian Armstrong, the CEO of Coinbase, have stated that they disagree with the regulator invoking the Emergencies Act. They also approve non-custodial crypto wallets.

Armstrong has expressed concern that Canada, which stands for economic freedom, would do such a thing. Powell, on the other hand, advises people not to use their custodial wallets to fund causes directly as freeze orders could come. He instead urges them to withdraw funds to non-custodial wallets.

Non-custodial wallets are hard to confiscate

Non-custodial wallets make it harder for law enforcement to freeze or confiscate funds because people hold them directly instead of using third parties such as cryptocurrency platforms. For instance, the Ontario Superior Court of Justice sent a Mareva Injunction to the self-custodial Bitcoin (BTC),  Nunchuck, that demanded it disclose information and freezes funds that were allegedly linked to the Freedom Convoy Campaign, 2022.

However, the team couldn’t respond to the request because the wallet was self-custodial. They instead stated that the only information they had on their users was their email addresses. Furthermore, as they didn’t have keys to wallets, they couldn’t freeze assets.

The team also added that they couldn’t stop anyone from moving assets. Additionally, their design didn’t let them know the location, value, nature, and existence of their user’s assets.

According to Kristen Rose, the manager of public affairs at OSC, the regulator knows of the tweets made by Armstrong and Powell. As they understand what they could imply, the OSC has reached out to relevant authorities such as the RCMP.

Geopolitical Tensions and Inflations Have Made Gold-backed Stablecoins Popular

By
Adam Barry
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0

Gold-backed stablecoins have become more popular due to current geopolitical tensions and high inflation. Since February began, gold prices have increased by 4.67%, the highest for the month. As a result, this has increased gold-backed stablecoins trade volume.

Gold-backed stablecoins refer to digital assets that rely on physical gold. Reports indicate that Tether Gold and PAX Gold are the gold-backed stable coins with the highest value. Tether Gold has a market value of $200 million while PAX Gold is $420 million. Both Tether Gold and PAX Gold have doubled their value since September.

Traditional investors prefer gold-backed stablecoin

Trading volume and market cap for USD-backed stablecoin have become dormant. Unfortunately, very few exchanges offer gold-backed stablecoins. Despite its rarity, traditional investors prefer it as it presents them with more familiarity. Investors also believe that gold is more resistant to geopolitical tensions and inflation.

According to Oanda’s senior market analyst, Edward Moya, while many investors want to venture into cryptocurrency, there are concerns as the currency is volatile. However, with gold-backed stablecoin, there is little volatility. Moreover, the outlook for gold in 2022 seems to be increasing. For this reason,  the interest in gold-backed stablecoins could increase.

Quantum Economics CEO and former senior analyst at eToro, Mati Greenspan, explains that more gold-backed tokens are being issued. However, such tokens come with little profit since the price doesn’t change significantly.

Bitcoin has a higher value than gold tokens

Gold tokens now have a collective value of $800 million. Despite this, Bitcoin has managed to stay ahead at $800 million. Moreover, the price of gold doesn’t experience significant changes as it used to compared to cryptocurrency, which is at an all-time high.

Bitcoin investors also believe that the cryptocurrency could withstand geopolitical tensions. However, inflation and the tension between Russia and Ukraine seems to have affected the cryptocurrency and gold markets. When the tensions began at the end of January, about $1.6 billion went into the most significant gold firm in the world. However, as Russia escalated the tension, cryptocurrencies, including Bitcoin went down.

While gold-backed tokens seem to be outgrowing cryptocurrency in general, experts still want against its dependability. Fortunately, gold prices have risen significantly.

The State of New York Intends To Be the Crypto Capital of America

By
Adam Barry
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0

The intent of creating relevant legislation regulating the trading and exchange of crypto assets encountered several encumbrances, and thus most operators want to participate. New York plans to examine and pass any proposed bills enacted and is aware of the effects of crypto in the economy.

Legislators plan to create laws to protect parties involved in cryptocurrency

To preserve the interstate competition between cryptocurrency firms and the traditional forms of payment, the legislators intend on enacting rules that protect the parties involved. Following the legislative announcement, various crypto platforms want to create legislation that will be effective and suitable.

Various financial institutions, such as Digital Currency Group and others, are developing crucial investments that sway the arriving of the ultimate conclusion. In addition, the New York legislature will affect the enacted legislations in other states and eventually the U.S.

Obtaining a crypto license in New York might be expensive; thus, investors will opt for states that possess fewer rules, such as Texas. However, the director of Blockchain.com, Lane Kasselman, stated that crypto firms must take advantage and participate in developing the regulations.

The mayor of New York, Eric Adams, voiced his support for crypto transactions and promised to make the state the financial capital of crypto assets. Other influential government officials supporting the currency include Eric Soufer, the former advocate to the state’s Attorney-general.  Soufer stated that if the crypto firms want to assist in arranging the scheme of crypto regulations, then the lobbyists should begin at the Federal level and not the state level only.

Cryptocurrency firms show interest in the U.S derivatives market

 Meanwhile, more cryptocurrency companies are trying to enter the U.S derivatives market, which is highly regulated. The move is due to retail traders increasing the demand for betting on digital assets.

Moreover, crypto derivatives have risen to nearly $3 trillion in the last month. This amount was about 61% of cryptocurrency trading. The activities were mainly in offshore venues where there would be little regulation.

Cryptocurrency companies are not trying to obtain beachheads in the U.S, where they could face many regulations. Many of them opt to buy smaller U.S-based companies with the authorization to operate.

Russia’s Ministry of Finance and the Bank of Russia at Odds on the Cryptocurrencies Implementation

By
admin
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0

The Russian Ministry of Finance proposed a bill that regulates the use of cryptocurrencies other than prohibiting their use. The Ministry recently launched the proposed bill and sent it to its parliament for deliberation and amendments.

During the launch, the Ministry stated that the creation and development of the digital assets in the country, combined with the relevant regulations, provides a legal market for its users. The Ministry further emphasized that the proposed bill does not validate any form of digital currencies with the legal tender due to the consumers using the currency as a form of investment.

The proposed bill gives rules for crypto investors and operators 

The proposed bill introduces a license for all or any company, investment firm, or platform enhancing the circulation of cryptocurrencies and other digital assets. The Ministry also introduces new regulations that the cryptocurrency operators and investors ought to follow, including data privacy. In addition, the proposed bill allows for the trading of authorized cryptocurrencies through regulated bank accounts suggested by both the platforms and banks while instituting consumer procedures.

Digital asset platforms and operators are also required to caution the consumers on the dangers and potential losses that accompany the trading of cryptocurrencies. Therefore, the Finance Ministry shall allow crypto operators and platforms that fulfill the law’s requirement to a maximum 600,000 rubles (equivalent to $7900) trade limit annually. However, the operators that fail to achieve the required mandates will acquire a 50,000 rubbles (Equivalent to $650) trade limit a year.

The Ministry of Finance ignored the ban from the Bank of Russia 

The Ministry launched the proposed bill following the Bank of Russia’s announcement of its framework on the prohibition of cryptocurrencies. However, the Ministry ignored the bank’s framework after the latter sent it for a review. The bank’s stance on crypto assets is that no financial institution should be authorized to transact or trade in any form of cryptocurrency. The bank also intends to prohibit any commercial ad supporting or encouraging cryptocurrencies. The two bodies were to discuss the matter. However, all efforts failed as they each launched contradicting crypto positions.

Coinbase Partners With One River Digital Assessment Management to Launch ONE Digital SMA

By
Adam Barry
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0

Coinbase and One River Digital Assessment Management are partnering to launch an institutional platform. Coinbase Prime members will get exclusive access to the account the companies created for institutional investors.

Only Coinbase Prime users will have access to the product

Coinbase states that creating a ONE Digital SMA will expose the firm to more digital investments indexes and strategies in a user-friendly account that it will manage separately. Only Coinbase Prime members will have access to it.

The separately managed accounts (SMA) are an alternative to traditional financial institutions that use mutual funds. With SMAs, the investors directly hold their assets. They also use an external management portfolio to monitor them.

One River integrated the ONE Digital SMA while Coinbase powered it. The product allows institutional investors to utilize ONE Digital SMA and leverage One River’s expertise while directly holding their assets through the platform.

Coinbase Prime offers improved trading capabilities and a model that Coinbase protects assets belonging to people with high net worth. Coinbase believes that ONE Digital SMA is a vital tool for wealth managers to give their clients crypto access via direct ownership of digital assets, and the ability to enhance returns using value-added systems such as stalking and transparency. Furthermore, wealth managers will have an easier time managing large portions of client assets.

Corporations that invested in the $41 million Series A fundraising of One River are Goldman Sachs, Liberty Mutual, and Coinbase Ventures. The fundraising goal was to improve exposure and adoption of digital assets with institutions in the U.S and other countries. One River Asset Management currently manages assets worth about $2.3 billion.

Coinbase works to meet investor needs

Coinbase Prime is a preferred platform for financial tech firms, brokerages, and exchanges. However, the firm has realized that most of its clients prefer holding their assets in individual accounts while maintaining the quality of traditional investments. Therefore the coolant came up with ONE Digital SMA to meet its clients’ needs.

Coinbase has also been quick to address the need of its investors. The firm has integrated innovative technologies to give its clients efficient services. For instance, it partnered with Enfusion in December 2021 to make crypto trading seamless for institutional investors.

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