Značka: paxos

Latin America’s largest digital bank will allocate 1% to BTC, offer crypto investment services

Nubank, the largest digital bank in Brazil and Latin America, announced that it has partnered with Paxos to allow the bank’s customers to buy, sell and store cryptocurrencies directly through Nubank.Along with the launch of the new cryptocurrency transaction services, Nubank announced it will allocate roughly 1% of its net assets to Bitcoin (BTC) through the cashier of Nu Holdings, a company that controls the Nubank Group.“This move reinforces the company’s conviction in Bitcoin’s current and future potential in disrupting financial services in the region,” Nubank said, as translated by Cointelegraph. According to a statement from Nubank sent to Cointelegraph, the purchase of Bitcoin and Ethereum (ETH) can be made from US$ 0.2 (or 1 BRL) and will be made available in May. The crypto investment service will be fully implemented by the end of June. “There is no doubt that cryptocurrencies are a growing trend in Latin America,” explained Nubank founder and CEO David Velez. “We have been following the market closely and we believe that there is transformational potential in the region.”Nubank also informed that the integration with cryptocurrencies aims to expand and improve access to this growing market, eliminating complexity and friction for customers to buy, hold and sell digital currencies through the app without the need to open new accounts or transfer cash.The company confirmed plans to expand beyond just BTC and ETH offerings in the future but didn’t elaborate on which assets will be included.Through a set of APIs, Paxos will enable Nubank to offer crypto-enabled services to customers, as Mercado Livre and PayPal also do in partnership with Paxos.Nubank is said to have more than 50 million customers in Brazil alone. According to Paxos, its partnership with the digital bank represents an important strategic move as Latin America continues to grow into a crypto hub.Brazil firmly bets on digital money!The country is the latest to announce CBDC adoption. The sovereign national digital currency will be based on the national fiat and would have a fixed supply quite similar to Bitcoin. pic.twitter.com/nWu0RAfJyB— Cointelegraph (@Cointelegraph) April 13, 2022Nubank and BitcoinAlthough this is the first time that Nubank offer customers the ability to purchase BTC and ETH outright, the bank is not new to digital assets. Through Nulinvest, a platform that Nubank acquired in 2020 when it was called Easynvest, the bank already allows customers to purchase investment funds with exposure to the digital asset market. With the acquisition, Nubank also started to offer QBTC11, an exchange-traded fund that’s 100% allocated to Bitcoin, managed by QR Asset Management and belonging to the QR Capital group.Meanwhile, a securities filing earlier this year revealed that Warren Buffett’s Berkshire Hathaway had purchased $1 billion in Nubank shares in the fourth quarter of 2021. The move is said to have given the Oracle of Omaha indirect exposure to the digital asset market.Indonesia and Brazil are leading the world in terms of the share of cryptocurrency investors among the general population, according to a new report by Gemini. https://t.co/eBympWuxt4— Cointelegraph (@Cointelegraph) April 4, 2022

Related: Coinbase to reportedly buy the $2.2B Brazilian unicorn behind Mercado BitcoinNubank isn’t the only local financial institution looking to offer crypto investment services. Another Brazilian bank that will also offer Bitcoin investment services to its customers is BTG Practual. The bank’s president, Roberto Sallouti, recently announced that the bank will launch its own crypto exchange in roughly two months. “We will have our cryptocurrency trading platform in up to two months [..] BTG’s proposal is to have a complete investment platform for our clients,” he revealed.

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Paxos secures approval from Singapore’s financial regulator

The Monetary Authority of Singapore, or MAS, has granted stablecoin issuer Paxos regulatory approval to offer crypto services to local companies.In a Thursday announcement, Paxos said it had received a license from Singapore’s financial regulator allowing the firm to provide blockchain and crypto services under the country’s Payment Services Act. The stablecoin issuer said the regulatory approval would help support its partners in expanding services into Asia.“We’re excited to have MAS as our regulator, and with their oversight, we’ll be able to safely accelerate consumer adoption of digital assets globally by powering regulated solutions for the world’s biggest enterprises,” said Paxos Asia co-founder and CEO Rich Teo.Paxos was one of the first crypto firms to receive a BitLicense allowing it to operate in New York, as well as a charter from the New York Department of Financial Services in 2015 while operating under the name ItBit. In April 2021, the United States Office of the Comptroller of the Currency granted the stablecoin provider a federal charter to form a national trust bank. Related: Trust is key to mainstream adoption for stablecoins, says Paxos CEOAs of December 2021, Singapore’s monetary authority reportedly denied regulatory approval for 103 out of 170 license applications from crypto firms seeking to operate in the country. However, companies including Bitstamp Limited, Coinbase Singapore and Gemini Trust are listed as having been granted an exemption from holding a license. Binance’s Singapore arm reportedly stopped operations in February, and Huobi Global announced it would be closing accounts of all Singapore-based users at the end of March. In addition, Singapore reportedly cracked down on crypto ATMs in January following the MAS issuing guidelines targeting crypto firms advertising services.Founded in 2012, Paxos is behind Paxos Standard (PAX), Binance USD (BUSD), PAX Gold (PAXG) and Pax Dollar (USDP).

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Crypto in the House: Execs on the march, US partisan politics and Web3

On Dec. 8, top executives from six major crypto companies faced the United States House of Representatives’ Financial Services Committee during a special hearing on digital assets. While the tone of the conversation was largely proclaimatory, the industry reacted with an optimistic buzz — it seems that crypto is bound to become a hot topic on the Hill for years to come.The meeting that took place in Congress also garnered much attention from mainstream media. What’s notable is the fact that this hearing is the first time that the industry’s senior leaders (aka “crypto moguls”) directly expressed the fears and hopes of the $2.2-trillion sector to U.S. legislators.The industry representatives who were summoned to testify at the hearing included Jeremy Allaire, CEO of Circle; Sam Bankman-Fried, CEO of FTX; Chad Cascarilla, CEO of Paxos; Denelle Dixon, CEO of the Stellar Development Foundation; Brian Brooks, CEO of Bitfury; and Alesia Haas, chief financial officer of Coinbase. this is the first positive public hearing on crypto that I can remembercongress seems to have done their homework, industry seems prepared and synchronizedstill not sure what stellar is doing therevery bullish – could be the start of a trend— Vance Spencer (@pythianism) December 8, 2021Some of the key legislators who actively engaged with the crypto industry captains were Representative Pete Sessions, a Republican from Texas; Rep. Maxine Waters, a Democrat from California; Rep. Gregory Meeks, a Democrat from New York; Rep. Brad Sherman, a Democrat from California; Rep. Patrick McHenry, a Republican from North Carolina; Rep. Blaine Luetkemeyer, a Republican from Missouri; and Senator Sherrod Brown, a Democrat from Ohio. So, here’s how it went down on the big day.Key argumentsAllaire supported this point with an example from his firm’s operations: “Just in the past several weeks, Circle has signed on institutional customers who are using these services for small-business payments, international remittances and efficient payments for remote workers.” As he optimistically stated, soon “Dollars on the internet will be as efficient and widely available as text messages and email.”Brooks took the message even closer to key political tensions of the day as he emphasized the opposition between tech behemoths such as Meta (formally Facebook) and the decentralizing impulse of crypto: At the center of the CEOs’ narrative was the humanitarian significance of digital assets and their developmental potential. Cascarilla framed crypto as a “really powerful tool for democratization of access.” The point of crypto is to have true decentralization, and the projects that succeed will be the projects that achieve that. Bitcoin succeeded because there were literally millions of participants in the node network, and so there is no CEO of Twitter to deplatform you, there’s no CEO of JPMorgan to take away your credit card.It was also Brooks who laid out the powerful promise of the blockchain-powered Web3 era. Aside from the fiery rhetoric, the message from the industry leaders was crisp and straightforward: It’s about time to bilaterally reconsider the rules of the game and put an end to the government’s suspicious paternalism. The industry is still being overseen by several federal agencies, state-by-state regulation is a mess, and the Securities and Exchange Commission is trying to hold its grip, characterizing digital assets as securities. Well #crypto community… engagement in Washington is working! I think it’s clear from today’s hearing that we’ve turned a corner. Keep building. We’ll keep educating. #wagmi— Kristin Smith (@KMSmithDC) December 8, 2021

The last point was clearly emphasized as the main problem: Coinbase’s Haas proposed deeming blockchain-based tokens as digital property or a way to record ownership, which would put them outside of the SEC’s jurisdiction.Brooks didn’t spare words when highlighting the dysfunctional patterns of the current situation: “What happens in the United States is you have a new crypto project, and you walk into the SEC, and you describe it in great detail, and you ask for guidance, and they say, ‘We can’t tell you’ and ‘You list it at your own peril.’”I’m surprised that after the congress hearings we didn’t get a pump! Today was a big day for crypto in the US! The hearings were super constructive and the senators were extremely positive! Incredible— Ran NeuNer (@cryptomanran) December 8, 2021

Political divisionsThe Dec. 8 hearing once again brought out a division regarding crypto-related issues that exists along party lines. Democrats focused their attention on investor protection and volatility, framing the industry as a potential threat to both uninformed investors and the global economy (environmental concerns were also mentioned.)“Currently, cryptocurrency markets have no overarching or centralized regulatory framework, leaving investments in the digital assets space vulnerable to fraud, manipulation and abuse,” as Waters, who chairs the Financial Services Committee, put it.Related: Lines in the sand: US Congress is bringing partisan politics to cryptoSherman, one of the industry’s most consistent critics, expressed this anxiety in a quite vague, if not cryptic, form: “The powers in our society on Wall Street and in Washington have spent millions, and are trying to make billions or trillions, in the crypto world.” Republican legislators, who — following a decades-old pattern of the American electoral system — are projected to win the majority in Congress in the next midterm elections, demonstrated a pragmatic approach.My hope is that Congress will work with the digital asset market in its infancy to help Americans prosper and progress us forward as leaders on the world stage.https://t.co/m6iKPql03Q— Pete Sessions (@PeteSessions) December 11, 2021

In the words of McHenry, who is poised to chair the Financial Services Committee if the GOP wins back the House:This technology is already regulated. Now, the regulations may be clunky, they may not be up to date. I ask my friends, my policymaker friends here on the Hill, this question: Do you know enough about this technology to have a serious debate?Sessions went even further and gave an outright cheer to the industry, uttering a promise to support it: “I am tremendously impressed that from what I see, a lot of the ingenuity, a lot of entrepreneurial spirit, and lots of advice about the future, about where this can grow, is, I think, very important for us to listen to.”Industry responseDespite certain disagreements between legislators, the hearing sparked a largely positive reaction from the crypto community, with Jake Chervinsky, head of policy at the Blockchain Association, calling it “the most positive, constructive, & bipartisan public event on crypto I’ve seen in Congress” and other experts largely projecting similar vibes.Today’s HFSC hearing was the most positive, constructive, & bipartisan public event on crypto I’ve seen in Congress — ever. I mean that literally.It’s a testament to the effectiveness of industry & community engagement in DC in recent months. We’ve made shockingly big progress.— Jake Chervinsky (,) (@jchervinsky) December 8, 2021

Some representatives also projected an empathic epigraph in the aftermath of the hearing. Perhaps the most eloquent reaction belongs to Meeks, who demonstrated a moderate optimism toward the industry’s future:The future of innovation in the financial markets is inevitable.The use of digital assets can help underserved communities access additional financial tools – but we must make sure there is global coordination around regulation. pic.twitter.com/2DbvTZKMvp— Rep. Gregory Meeks (@RepGregoryMeeks) December 8, 2021

The silence of crypto critic Sherman, normally an active Twitter user, was also notable.What’s nextThe overall optimistic mood of the hearing stands in contrast to some of the recent regulatory actions taken by the U.S. government. For one, the SEC denied WisdomTree’s application for a spot Bitcoin exchange-traded fund after seven months of consideration, keeping it impossible to invest in a regulated financial product providing direct exposure to the world’s oldest cryptocurrency.Surely, the hearing will not be the last turn in the crypto-government conversation, even for 2021. Already, a hearing on stablecoins took place before the Senate Banking, Housing and Urban Affairs Committee on Dec. 14. As Representative McHenry put it, “Congress must work to fully understand and embrace these innovative new technologies, like #crypto.” It looks like everyone should brace for a busy 2022 in crypto policy and regulation.

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