A subsidiary of the German multinational company Deutsche Börse Group has been granted four licenses by the German Federal Financial Supervisory Authority or Bafin. The licensing of the subsidiary helps to distinguish its product offering “as one of the few to meet these exceptionally high standards.” Cementing Crypto Finance’s Position in the European Digital Asset […]
Bitcoin News
Bitcoin ETF Hype: Bloomberg Intelligence Envisions $100 Billion Market If Regulatory Approval Granted
As Bitcoin (BTC) continues its upward trajectory toward ,000, the long-awaited arrival of a US spot Bitcoin exchange-traded fund (ETF) could open the floodgates of digital currency investing for institutional and retail investors.
Notably, Bloomberg Intelligence estimates that the potential spot Bitcoin ETF market could reach a staggering 0 billion, signaling a breakthrough for cryptocurrencies on Wall Street.
Inquiries Surge As Spot Bitcoin ETF Looms
The anticipation surrounding Bitcoin ETFs stems from the expected regulatory approval by the US Securities and Exchange Commission (SEC). After a decade of rejecting various applications, the SEC is on track to green-light ETFs that will enable the buying and selling Bitcoin within a tax-efficient and cost-effective framework.
This pivotal regulatory shift has sparked optimism among digital asset proponents, who see this as a redemption opportunity following the industry’s recent challenges.
Respected heavyweights such as BlackRock, Fidelity, and Invesco are expected to participate in the spot Bitcoin ETF market. Collaborations like the one between Galaxy Digital Holdings and Invesco further emphasize the growing interest from reputable financial institutions.
On this matter, Galaxy Digital recently hosted a conference call attended by approximately 300 investment professionals, discussing strategies for allocating investments to Bitcoin in anticipation of the ETF debut.
According to Bloomberg, wealth managers and financial advisers are increasingly intrigued by the potential of Bitcoin ETFs. Professionals like Jeff Janson at Summit Wealth have received inquiries from investors of all ages, indicating a growing appetite for digital assets in portfolios.
Coinbase suggests that ETFs will attract immediate inflows and reshape the market through fresh lending and derivatives trades. However, it is important to note that this transformation will take time to unfold fully.
The imminent launch of Bitcoin ETFs represents a significant milestone for the cryptocurrency industry, potentially catapulting it into the mainstream financial landscape.
As estimated by Bloomberg Intelligence, the projected 0 billion market for spot Bitcoin ETF underscores the growing confidence and widespread interest among investors.
BTC’s Dominance Unshaken
According to a recent report by CoinShares, Bitcoin has maintained its dominance in the cryptocurrency market, experiencing a notable inflow of 5 million.
This surge in investment comes as the last eight weeks of inflows alone account for approximately 3.4% of the total assets under management.
Interestingly, while Bitcoin saw substantial inflows, there were outflows of approximately .5 million from short-Bitcoin positions the previous week. This suggests that investors are increasingly optimistic about BTC’s future and its potential for further growth.
In line with the above, the report suggests that this positive BTC sentiment is closely linked to the expected approval of a spot Bitcoin ETF in the United States.
At the time of writing, BTC is trading at ,100, up 1.7% in the past 24 hours, with expectations that the largest cryptocurrency on the market can once again break through the ,000 mark and consolidate above it to target the ,000 mark.
However, it remains to be seen whether the SEC’s approval of spot Bitcoin ETFs will be the main catalyst for further gains in the coming months or whether a rejection could cause BTC to test investor confidence and lower support levels.
Featured image from Shutterstock, chart from TradingView.com
German Banking Giant Commerzbank Granted Crypto Custody License
Commerzbank has made a significant stride in the digital asset sector by becoming the first German full-service bank to receive a Crypto Custody License. Commerzbank believes the breakthrough positions the bank at the forefront of the burgeoning crypto market in Germany. The firm discloses that the license, granted under the German Banking Act, marks a pivotal move for Commerzbank to develop a comprehensive range of digital asset services, with a focus on crypto assets.
Commerzbank Leads German Banking Sector With First Crypto Custody License, Eyeing Digital Asset Expansion
According to the firm, the acquisition of the Crypto Custody License by Commerzbank is a monumental step in the bank’s journey into the digital asset space. Under the terms of Article 1 Section 1a Sentence 1 No 6 of the German Banking Act (KWG), this license empowers Commerzbank to securely manage and store crypto assets.
Commerzbank stands as a major banking entity in Germany, boasting total assets amounting to €534 billion by September 2022’s end. Catering to an estimated 26,000 corporate clientele groups, the bank also extends its services to nearly 11 million individual and small-business patrons within Germany.
This license is seen as a crucial enabler for the bank to delve deeper into digital asset services, aligning with the growing demand for secure and compliant crypto asset management solutions. The bank’s announcement explains that Commerzbank’s immediate goal is to establish a secure platform that adheres to regulatory standards for its institutional clients.
The Commerzbank crypto platform will focus on providing custody services for digital assets, leveraging blockchain technology. This initiative is part of the bank’s broader strategy to integrate digital innovation into its service offerings, responding to the evolving needs of its client base in the digital economy. The bank’s chief operating officer, Dr Jörg Oliveri del Castillo-Schulz, emphasized the importance of this development.
“Now that we have been granted the licence, we have achieved an important milestone,” the German bank’s COO said in a statement. “This highlights our ongoing commitment to applying the latest technologies and innovations, and it forms the foundation for supporting our customers in the areas of digital assets.”
What do you think about the German banking giant getting its crypto custody license? Share your thoughts and opinions about this subject in the comments section below.
Vitalik Buterin Granted Taiwan Employment Gold Card
Ethereum founder Vitalik Buterin has received a permit that will allow him to legally reside and work in Taiwan. Speaking at a meeting with the country’s minister of digital affairs, Buterin said that the card will make it easier for him to visit the island nation and its Ethereum community.
Taiwan’s Digital Minister Presents Buterin With Kuai Kuai Snacks and Work Permit
Authorities in Taipei have granted Vitalik Buterin, a leading figure in the crypto space, a Taiwan Employment Gold Card, local media revealed, quoting the country’s ministry responsible for digital development.
The Russian-Canadian programmer, best known for co-founding ethereum (ETH), the cryptocurrency with the second-largest market capitalization after bitcoin (BTC), was received this week by Taiwan’s Minister of Digital Affairs, Audrey Tang.
During the meeting, the crypto entrepreneur remarked that Taiwan is home to a robust Ethereum community. He also noted that the card will allow him to visit the island more easily in the future, the Taiwanese FTV channel reported.
The government official spoke with Buterin in Chinese, taught him an old Taiwanese song and presented him with Kuai Kuai snacks. People in Taiwan often put snacks of this brand next to machines and devices due to a popular belief that this will ensure their error-free operation.
The Taiwanese government launched the Gold Card program in 2018, hoping to attract highly qualified specialists from various priority sectors of the economy. The card gives holders the right to live and work in the country for up to three years.
Buterin was born in 1994 in the small Russian city of Kolomna, Moscow Oblast, but when he was six his family moved to Canada where he grew up. In 2013, at just 19 years of age, he developed the concept for the Ethereum cryptocurrency which was launched in 2015.
In 2021, when the price of ETH exceeded ,000 per coin during the latest crypto boom, Vitalik Buterin was named the world’s youngest cryptocurrency billionaire by Forbes magazine. He was only 27 years old at the time.
In April 2022, Buterin became a citizen of crypto-friendly Montenegro. He was granted the citizenship as part of efforts by the government in Podgorica to attract investments and develop the blockchain sector of the small Southeast European nation.
Do you think Vitalik Buterin will visit Taiwan more frequently with the Gold Card and get involved deeper with the development of the country’s crypto sector? Tell us in the comments section below.
Crypto․com Granted Registration Approval in the Netherlands
Digital asset exchange Crypto․com has been approved for registration as a crypto service provider in the Netherlands. The regulatory nod comes after a review of its business operations and compliance with the Dutch anti-money laundering legislation, the company pointed out.
Trading Platform Crypto․com Adds Another Regulatory Approval in Europe
Cryptocurrency exchange Crypto․com has secured an approval for registration with the Dutch central bank as a provider of crypto services in the Netherlands. The confirmation follows a comprehensive review of its compliance with the country’s Money Laundering and Terrorist Financing (Prevention) Act, the company noted in a press release.
Crypto․com’s CEO Kris Marszalek described the registration approval from De Nederlandsche Bank (DNB) as a significant milestone for the company’s business and a testament to its commitment to compliance. He was also quoted as stating:
Collaborating with regulators to responsibly advance the crypto and blockchain industry is of paramount importance to Crypto.com.
Marszalek further emphasized that the exchange looks forward to continuing to work with the DNB and other regulators around the world. With the Dutch registration, the trading platform adds another approval from authorities in Europe amid increased regulatory uncertainty and scrutiny for the industry in many jurisdictions.
The Singapore-based crypto exchange has already obtained its license as a Major Payment Institution (MPI) for digital token payments, e-money issuance, account issuance, and cross-border and domestic money transfer services from the city-state’s monetary authority. It has registrations and authorizations in the U.S., Australia, Dubai, and South Korea.
On the Old Continent, Crypto․com has received registration as a Digital Asset Service Provider (DASP) from the Financial Markets Authority (AMF) of France and registration approval as a crypto asset business from the U.K.’s Financial Conduct Authority (FCA). The crypto firm is registered as a Virtual Asset Service Provider (VASP) in Spain as well and has registrations in Italy, Greece and Cyprus.
Crypto․com’s approval in the Netherlands comes after the decision of to pull out of the Dutch market after failing to obtain registration as a crypto service provider. Sayings it wants to focus on fewer regulated entities in Europe, the world’s largest exchange for digital assets also applied for deregistration in Cyprus, canceled its U.K. authorization, and withdrew its license applications in Germany and Austria. In the past months, Binance has been under increased pressure from regulators around the world.
The EU is yet to implement its package of comprehensive regulations for the sector, the Markets in Crypto Assets (MiCA) law. A provisional agreement on the legislation was reached in June 2022, EU lawmakers voted to approve it in April of this year and the EU Council adopted the new rules in May. However, their Union-wide implementation is expected to take another 18 months.
What future do you see for cryptocurrency exchanges operating in Europe? Share your thoughts on the subject in the comments section below.
Crypto Exchange Bybit Granted In-principle Approval to Operate in Kazakhstan
Cryptocurrency exchange Bybit has received an in-principle approval to work in Kazakhstan, a jurisdiction increasingly seen by crypto companies as a gateway to the former-Soviet space. The trading platform wants to expand its presence in the region and other emerging markets.
Bybit on Route to Winning Kazakhstan Crypto License
Singapore-based Bybit, one of the world’s leading crypto spot exchanges, is now a step closer to becoming a licensed crypto operator in Kazakhstan. On Tuesday, the company announced it has obtained in-principle approval from the Astana Financial Services Authority (AFSA).
“The in-principle approval subjects Bybit to pre-conditions leading to permanent authorization upon Bybit’s completion of the full application process,” a press release explained. When licensed, it will be able to operate as a digital asset exchange and custody service provider.
AFSA is the regulatory body overseeing the Astana International Financial Centre (AIFC), Kazakhstan’s financial hub based in the capital Nur-Sultan (formerly Astana). Under the country’s current rules, only platforms registered there are allowed to offer such services.
Bybit noted that Kazakhstan is a gateway to the Commonwealth of Independent States (CIS), a regional organization uniting several former-Soviet states. The exchange believes this is a fast-growing market which is rapidly embracing cryptocurrencies and related activities such as mining and blockchain development.
“We are delighted to receive an in-principle approval from AFSA. We believe in the promising potential of the CIS and are eager to open up our world-class trading platform for crypto enthusiasts in the region,” Bybit co-founder and CEO Ben Zhou stated.
Kazakhstan became a mining hub following China’s crackdown on the industry in 2021 but has since tried to limit electricity consumption in the sector blamed for the country’s power deficit. It also took steps to regulate the crypto space through new legislation.
“It has always been our primary objective to operate our business in compliance with relevant rules and regulations. Bybit firmly supports the regulatory objective of establishing a compliant, secure, and transparent cryptocurrency industry to benefit users,” Ben Zhou added.
Bybit’s announcement comes after the world’s largest crypto exchange by daily trading volume, Binance, obtained in-principle approval to work with cryptocurrencies in Kazakhstan last August and was eventually granted full license in October 2022.
Do you think Kazakhstan will license more global cryptocurrency exchanges? Tell us in the comments section below.
ECB President Lagarde on De-Dollarization: Reserve Currency Status Should No Longer Be Taken for Granted
European Central Bank (ECB) President Christine Lagarde has warned that the U.S. dollar’s reserve currency status “should no longer be taken for granted.” Acknowledging de-dollarization efforts by various countries, she stressed: “New trade patterns may have ramifications for payments and international currency reserves.”
ECB’s Christine Lagarde on De-Dollarization and Alternative Currencies
The president of the European Central Bank (ECB), Christine Lagarde, shared her thoughts on the de-dollarization trend happening across the globe in an interview with the Council on Foreign Relations last week.
Noting that the U.S. dollar has become “the international, the global reserve, and the transaction currency” with the euro in second place, she warned that “new trade patterns may have ramifications for payments and international currency reserves.” The ECB president continued: “In recent decades, China has already increased over 130-fold its bilateral trade in goods with emerging markets and developing economies, with the country also becoming the world’s top exporter … New trade patterns may also lead to new alliances.”
Lagarde added, “Recent research indicates that there is a significant correlation between a country’s trade with China and its holding in renminbi as reserves.” Noting that “One study finds that alliances can increase the share of a currency in the partner’s reserve holdings by roughly 30 percentage points,” the ECB chief cautioned:
All this could create opportunities for certain countries seeking to reduce their dependency on our Western payment system and currency frameworks.
However, Lagarde emphasized: “These developments do not point to an imminent loss of dominance for the U.S. dollar or for the euro … So, so far the data do not show substantial changes in the use of international currencies.” Nonetheless, she admitted that data do suggest:
International currency status should no longer be taken for granted, and that we should be really attentive to the currency in which trade transactions are organized.
A growing number of countries are using local currencies for trade settlements instead of the U.S. dollar. In addition, the BRICS nations (Brazil, Russia, India, China, and South Africa) are reportedly creating a new type of currency that will further reduce their dependence on the USD.
What do you think about the statements by ECB President Christine Lagarde? Let us know in the comments section below.
Geeq granted a US patent for the protocol’s security and scalability features
Geeq, a Canada-based blockchain company, has been granted a patent in the United States for features of its multi-blockchain, layer-zero protocol’s security and scalability systems, according to a press release.
Details found in the patent’s application describe a technology termed “Proof of Honesty,” which is Geeq’s alternative to predominant proof-of-work and proof-of-stake consensus mechanisms. Additionally, Geeq alleges that its system of federated blockchains is able to ensure security and achieve “infinite scalability.” According to the patent application:
“If there is at least one honest node, it will write an honest block to a valid chain. Users are able to discover honest chains and will always choose it for their transactions. Dishonest chains become orphaned.”
Geeq also claims that having flexibility built into the protocol, which can create additional chains during periods of increased network activity and then merge chains when transaction volume decreases, keeps the cost of transactions more affordable as well as 99% Byzantine fault-tolerant.
In the press release, Geeq CEO Ric Asselstine noted that gaining the approval of the patent “marks a critical point in time for Geeq as we push forward aggressively with the development of transformative solutions for previously intractable problems.”
One of these “previously intractable problems” is the poor user experience when using blockchain technology due to the complexities of interacting with smart contracts. Geeq noted in the press release that instead of having users interact directly with smart contracts, a suite of applications that facilitate the most common types of transactions makes it so that “the end user is able to focus on what they gain rather than worry about potential exploits, complex coding dependencies, or the downstream effects of governance decisions.”
In a company blog post, Geeq stated that its launch strategy would not include a private nor public beta but would instead consist of soft-launching features as they are developed and fixing bugs as they are found — reminiscent of Telsa’s software updates that rollout new features over time or security fixes included in every iOS update.
Geeq has also received funding from major players in the space such as GEM Capital, which committed million in August 2022. Geeq CEO Asselstine said with this funding, the company/protocol is now “ready to bring enterprise and individuals into the metaverse and Web3.”
How Verasity’s Proof of View (PoV) is Granted a US Patent and Stopping Fake Views
Considering the fact that we are in the internet age, there’s never been more content available and produced. So, whether it’s news updates or video, content is on an exponential increase globally.
According to research, there has been a significant rise in the number of eSports and video viewers. In 2019, it was recorded that there were about 245 million casual viewers and 198 million enthusiasts – an audience total of 443 million. For video viewers: according to Statista, In 2018, the Number of Digital Video Viewers In the United State amounted to 228.8 million and it was envisaged to reach 248.9 million by 2022.
Interestingly, many online users haven’t realized that what they’re presented with as search results are being manipulated behind the scenes. Yes, several companies and people manipulate the system just to make money or boost their visibility with fake views. Hence, the combination of these fake views on advertising-funded content is depleting the true value of content.
Over the years, the biggest problem for advertisers and brands has been fake views. Over 50% of the spend on online advertising is for views that are not seen by people. As you can imagine this is very expensive in a 0B industry where half the spend is fake. Companies have been trying to fight this for years with little success. Thanks to Proof-of-View innovation, a proprietary blockchain technology that makes sure that video (content and ads) viewed on the platform are authentic views, verified and recorded as an immutable public record.
Over the last 3 years, Verasity has been able to develop Proof of View — which enables its users ( advertisers and brands) to differentiate between real and fake views on the blockchain. Interestingly, this innovation has now been granted a US patent. In fact, this unique innovation unlocks the ability to gain the true value of content by stopping fake views.
How Verasity’s Proof of View is sustaining the Ecosystem of Viewers, Creators, Brands and Advertisers
Normally, a great piece of content gets shared organically and still soars as more people enjoy it. But that isn’t the case anymore. Due to the increasing amount of content released every day, it’s challenging for great content to get noticed. This has led people to falsify the system — by faking social proofs and companies — by buying ad bots that facilitate fake video views to monetize fake engagement.
Regrettably, the viewers are on the receiving end. Videos inflated with fake views are often disappointing and of poor quality. Many advertisers are still paying to run their ads on these “popular” videos — not knowing their ads are only being viewed by bots. Even creators who purchase fake views get stuck in a cycle — paying to maintain their ad revenue while living in fear of losing their channels. Moreover, the legitimate ones who don’t buy views are also at a disadvantage as their videos don’t get high enough engagement stats to attract sufficient ad-paying opportunities.
Verasity’s Proof Of View is a game-changer. Its video-sharing technology removes the influence that fake views have on how content is ranked, or surfaced or valued.
By the process of eliminating fake views, the Verasity ecosystem is able to create a more valuable platform for viewers, creators, advertisers and brands.
For Creators:
- It’s finally a level playing field. By building a real, engaged audience you can grow the value of your content and be fairly monetized for it.
For Viewers:
- It ensures that the content that is recommended and surfaced has been seen and engaged by real users. Therefore, a true value for the content can be established and the most appropriate content for the viewer is surfaced.
- As viewers transact directly with creators, content can be accurately valued by the audience rather than being manipulated by a third party.
For Advertisers and Brands:
- Your ads get seen by real individuals (users) — no more inflated metric. Get real views and real reach. Pay for what you get for instead of fakes!
- And by using the Verasity rewarded player, you pay viewers directly for their attention, reach engaged and opt-in audiences rather than people just waiting for the “skip” button.
In the process of removing the influence of fake views, Proof of View (PoV) improves the whole video ecosystem, thereby promoting transparency and trust. And as a result, the CPMs that advertisers are willing to pay increases significantly – as much as 10 times to prove that brands are getting real viewers watching real views!
Officially, Verasity is now granted a US patent.
Recently, Verasity officially received the Notice of Allowance for US Patent No 16/023,354 for System and Method of Proof of View via Blockchain. This means that Verasity’s Proof-of-View (PoV) is protected as unique technology and can’t be copied by others for 17 years. This makes the technology much more valuable for them and ensures that only Verasity will be providing it to ad networks and brands and can reap the very significant monetary benefits.
Verasity is leading the pack in providing proprietary technology to uniquely reward gamers, viewers, and publishers and to protect advertisers and brands from fake views.
Verasity’s Proof of View is Granted a US Patent
It’s no longer news that there has been a significant increase in the number of eSports viewers. In 2019, there were about 245 million casual viewers and 198 million enthusiasts – an audience total of 443 million. Newzoo forecasts that by 2023 the annual growth rates of viewers will be approximately 10.4%. Newzoo also released a new highlight on European eSports audiences growth — for both enthusiasts and occasional viewers:
These whopping numbers are for eSports viewers alone; you can imagine the volume of viewers for other content — news articles, videos, etc. Considering the fact that we are in the social age of the internet, there’s never been more content available and produced. Whether it’s news updates or video, content is increasing exponentially every day globally.
But what many people haven’t realised is that they’re presented with search results that are manipulated behind the scenes. Companies and people manipulate the system just to drive their own agenda: to make money or boost their visibility with fake views. Consequently, the combination of fake views on advertising-funded content is causing the true value of content to be misrepresented and the value lowered which is bad news for the content creators, advertisers and ultimately the viewers.
The biggest problem for advertisers and brands are fake views. Over 50% of the spend on online advertising is for views that are not seen by people. As you can imagine this is very expensive in a 0B industry where half the spend is fake. Companies have been trying to fight this for years with little success. Verasity developed Proof of View over the last 3 years and was granted a US patent. What this means is that all views will be available for advertisers and brands to see on the blockchain and will be able to differentiate between real views and fake views. For real views, advertisers pay as much as 10x versus for views where they buy them via a programmatic engine and have no idea their value.
Thanks to Verasity’s Proof-of-View innovation, a proprietary blockchain technology, ensures that video (content and ads) viewed on the platform are real bonafide views verified and recorded as an immutable public record. Proof-of-View( PoV) unlocks the ability to gain the true value of content by stopping fake views.
How Verasity’s PoV is preserving the Ecosystem of Viewers, Creators, Brands and Advertisers
Normally, a great piece of content would be shared organically and still grow as more people enjoy it. But that isn’t the case anymore. Due to the increasing amount of content released every day, it’s harder for great content to get noticed. This has led people to game the system — by faking social proofs and companies — by buying ad bots that facilitate fake video views to monetize fake engagement.
Unfortunately, the viewers are on the receiving end. Videos inflated with fake views are often disappointing and of poor quality. Many advertisers are still paying to run their ads on these “popular” videos — not knowing their ads are only being viewed by bots. Even creators who purchase fake views get stuck in a cycle — paying to maintain their ad revenue while living in fear of losing their channels. Moreover, the legitimate ones who don’t buy views are also at a disadvantage as their videos don’t get high enough engagement stats to attract sufficient ad-paying opportunities.
Verasity’s Proof Of View is a game-changer. Verasity’s video-sharing technology removes the influence that fake views have on how content is ranked or surfaced or valued. PoV is designed to ensure that all video views are real and watched by real people giving real value back to good content.
By the process of eliminating fake views, the Verasity ecosystem is able to create a more fair and valuable platform for viewers, creators, advertisers and brands.
For Viewers:
- It ensures that the content that is recommended and surfaced has been seen and engaged by real users. Therefore, a true value for the content can be established and the most appropriate content for the viewer is surfaced.
- As viewers transact directly with creators, content can be accurately valued by the audience rather than being manipulated by a third party.
For Creators:
- It’s finally a level playing field. By building a real, engaged audience you can grow the value of your content and be fairly monetized for it.
For Advertisers and Brands:
- Your ads get seen by real individuals (users) — no more inflated metric. Get real views and real reach. Pay for what you get for instead of fakes!
- And by using the Verasity rewarded player, you pay viewers directly for their attention, reach engaged and opt-in audiences rather than people just waiting for the “skip” button.
Proof of View (PoV) improves the whole video ecosystem by removing the influence of fake views — promoting transparency and trust. As a result the CPMs that advertisers are willing to pay increases significantly – as much as 10 times to prove that brands are getting real viewers watching real views!
Verasity is now granted a US patent.
Recently, Verasity officially received the Notice of Allowance for US Patent No 16/023,354 for System and Method of Proof of View via Blockchain. This means that Verasity’s Proof-of-View (PoV) is protected as unique technology and can’t be copied by others for 17 years. This makes the technology much more valuable for Verasity and ensures that only Verasity will be providing it to ad networks and brands and can reap the very significant monetary benefits.
Verasity is leading the pack in providing proprietary technology to uniquely reward gamers, viewers, and publishers and to protect advertisers and brands from fake views.