BlockFi has drawn attention from securities regulators in New Jersey, Texas, Alabama, and Vermont.
Regulators believe it is offering unregistered securities.
Crypto lender BlockFi is facing lots of questions from state regulators. It just bought a little more time to address some of them.
According to BlockFi CEO Zac Prince, the New Jersey Bureau of Securities has extended a deadline to stop offering its BlockFi Interest Account (BIA) in the state to September 2.
The state’s attorney general originallyfiled a cease and desistagainst the company on July 19, demanding that new BIAs, which promise up to 7.5% annual returns on deposited crypto, cease by July 22.
“Our rules are simple: if you sell securities in New Jersey, you need to comply with New Jersey’s securities laws,” said Acting Attorney General Andrew J Bruck at the time.
That was the first in a series of actions by state securities regulators against the upstart lender. New Jersey was quickly joined byAlabama,Texas, and, just this weekend,Vermont.
In ablog post today, Prince spun it as potentially good news: “We’ve said time and again that the key to our industry’s success is appropriate regulation. Ultimately, we see this as an opportunity for BlockFi to help define the regulatory environment for our ecosystem.”
Whereas much of the conversation about cryptocurrency regulations relates to whether certain digital assets are unregistered securities, state securities regulators are preparing to argue that the BIA productitselfis an unregistered security offering, or an investment contract that hasn’t been vetted by the Securities and Exchange Commission or their state-level counterparts.
The Texas State Securities Boardput itsimply in a July 22 cease and desist: “They are not registered with the Texas State Securities Board to offer or sell securities in Texas, as required by Section 12 of the Securities Act, and the BIAs are not registered or permitted for sale in Texas, as required by Section 7 of the Securities Act. Accordingly, Respondents are violating laws designed to protect Texans.”
BlockFi Interest Account accept a variety of stablecoins, including Tether and Gemini USD, as well as Bitcoin, Litecoin, and other crypto assets.
Prince today vowed to “fight for your rights to earn interest on your crypto assets.”
Ghana’s vice president Dr. Mahamudu Bawumia believes that African governments need to embrace digital currencies to facilitate trade throughout the continent.
As reported by Ghanaweb Bawumia outlined his argument during the Fifth Ghana International Trade and Finance Conference, which boasted the theme of “Facilitating Trade and Trade-Finance in AfCFTA; The Role of the Financial Services Sector.” He argued that trade between African countries demands a “single central payment” system. Currently, moving goods over African borders is costly and time-consuming. A digital payments system, Dr. Bawumia believes, would rectify these issues.
Related:Can blockchain make a difference? Africa sees vast monetary potential
“Digitization has also become one of the most consequential policies of the Nana Akufo-Addo government,” said Dr. Bawumia.
“When the scourge of the COVID-19 pandemic hit and forced many economies into partial and total lockdowns, it reinforced the need to pursue digitization.”
The Vice President also discussed Ghana’s recent payment initiatives, such as Mobile Money Interoperability. Dr. Bawumia notes these services have “shown that more people can be financially included, and this needs to be rolled out across Africa to ensure the growth of the AfCFTA vision.”
Related:Tanzanian president urges central bank to prepare for crypto
Earlier this year, The Bank of Ghana (BoG) revealed it has a central bank digital currency (CBDC) in development. Dr. Bawumia noted the bank’s intent and believes it will bring the country credibility in the digital space.
African countries have long been exploring crypto and other forms of digital currency. Nigeria is planning its own CBDC called GIANT, set to launch this October, even after its central bank banned financial institutions from working with crypto exchanges. Tanzania, which banned cryptocurrencies back in 2019, has plans to reverse its course and implement crypto-positive regulation after its President, Samia Suluhu Hassan, spoke favorably of Bitcoin.
Fast Money trader Brian Kelly was on the show recently to talk about Bitcoin’s recent price surge. The surge which had happened at the end of the weekend had seen the price of Bitcoin rise over 10% to surpass $39,000, gaining over $4,000 within a day.
Brian Kelly agreed with show host Melissa Lee saying that the short-covering contributed to the price surge. Kelly explained that a high number of short coverings around the asset saw the price shooting up as the weekend drew to a close. A lot of factors have been speculated to have given rise to the price spike.
Related Reading | Bitcoin To Reach New All-Time Highs, Market Strategist
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Rumors of Amazon integrating Bitcoin on its platform had been the front-running theory behind the price spike. But Kelly explained that the rumors were only part of the reason that the digital asset had seen significant movement. Outlining other factors that contributed to the rally.
Catalyst For Price Spike
Brian Kelly addressed the speculations of the Amazon news being the main catalyst for Bitcoin’s price surge. Kelly explained that the Amazon news had been out in the market about a week before the momentum picked up.
According to Kelly, the high amount of shorts coupled with the news of Amazon and Tether’s news led to a “big short squeeze” as the weekend drew to a close, which is when the market is usually less liquid than usual.
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BTC price breaks $40,000 for the first time in over a month | Source: BTCUSD on TradingView.com
The short squeeze had seen over $1 trillion shorts liquidated in a matter of 24 hours as the price surged. With Bitcoin contributing over 70% of this amount, seeing over $800 million shorts liquidated in the same period of time.
Following the short squeeze has been a bounce-back of the trading volume and volatility levels of Bitcoin, which had been trending at yearly lows for about a month. The digital asset has since picked up momentum and the market seems determined to ride out this wave for as long as possible.
Still Bullish On Bitcoin
Kelly responded to a question regarding the price of the asset bouncing back before reaching $40,000. Saying that the bounce had come as no surprise. Kelly personally remains bullish on bitcoin. “The real game here is whether or not it is going to be adopted as an institutional asset,” Kelly said. “And I don’t see anything that has changed my mind on that.”
Continuing on, Kelly added the decision of the federal bank and federal reserve to keep printing money could be a determining factor. To which Kelly said, “By my score, I don’t see how they cannot continue to print.”
Related Reading | Bitcoin Price Drops $1,000 In 12 Hours After Amazon Dispels Bitcoin Integration Rumors
The rate at which the Fed prints fiat money continues to be a concern for investors. This could lead to inflation if the amount of paper money being printed is not controlled. To this end, Bitcoin becomes an attractive asset for investors who are worried about inflation. Given the limited supply of the asset, there is simply no way for an individual or government to print or make more coins. Hence, fighting inflation.
Bitcoin continues to see bullish movement. At the time of this writing, the asset price has now broken $40,000 and continues to trend upward.
Featured image from NBC News, chart from TradingView.com
Payment provider company PayPal said its users may not have much longer to wait to have greater crypto functionality through the platform.
During PayPal’s Q2 2021 investor update call today, CEO Dan Schulman said the initial version of the company’s super app wallet was “code complete.” The PayPal president said the company planned for the wallet to be fully ramped in the United States in the next several months.
The super app wallet will feature high yield savings, early access to direct deposit funds, messaging capability, “additional crypto capabilities,” and more. Schulman said each wallet would be “unique, driven by advanced AI and machine learning capabilities.”
PayPal reported that it had more than 400 million active user accounts as of June 30, with $311 billion in total payment volume for the second quarter of 2021. The firm also added 14.5 million new active accounts, bringing its user base to 392 million. Venmo, the PayPal-owned payments firm which launched crypto trading in April, had roughly $58 billion in total payment volume for the second quarter of 2021, with 76 million active accounts.
“We’re one of a few payments companies to allow consumers to use cryptocurrency as a funding source,” said the PayPal CEO. “We’re also seeing strong adoption and trading of crypto on Venmo.”
Related:PayPal users will be able to withdraw crypto to external wallets
Earlier this month, PayPal announced it would be increasing the limit on crypto purchases for certain users based in the United States from $20,000 to $100,000. The payments firm initially said it would be entering the crypto space in October 2020, later allowing eligible customers to use crypto for trading and payments.
Crypto custody bank Anchorage Digital will be providing digital asset services for the United States Marshals Service for seized funds related to federal crimes.
In a Wednesday announcement from Anchorage, the digital asset platform said the U.S. Marshals Service, or USMS, “seized some amount of digital assets in recent years” which required a partner in the space to provide certain financial services. Anchorage will be responsible for custodying, liquidating, and other actions as part of the forfeiture process.
Anchorage co-founders Diogo Mónica and Nathan McCauley cited the platform’s “stringent processes and procedures” as likely factors in the USMS decision.
According to a 2019 proposal, the U.S. Marshals’ office had been seeking a digital asset platform capable of accounting, customer management, audit compliance, managing blockchain forks, wallet creation, and the transformation of token assets into coin assets. The federal agency has seized thousands of Bitcoin (BTC), Ether (ETH), and other cryptocurrencies, regularly auctioning off the confiscated funds to the public.
Some estimates put the amount of Bitcoin the USMS has seized since 2014 at more than 185,000 BTC — roughly $7.5 billion at the time of publication — which includes funds from the now defunct marketplace Silk Road. However, other government officials may still be responsible for crypto seized from DarkSide hackers following a ransom paid for the attack on the Colonial Pipeline system earlier this year.
Related:A legal asset after all? Governments are cashing in on seized crypto
As the first crypto firm to receive a charter from the U.S. national bank regulator in January, Anchorage has steadily expanded into the crypto market. The company raised $80 million in February and later partnered with Prometheum to launch an alternative crypto trading system.
Popular crypto trader and market analyst Jason Pizzino says Bitcoin must hold a crucial price level to have a shot at rallying to $47,000.
In a new video, hestressesthat despite the recent surge in bullish momentum, BTC still needs to consolidate above a key support area in order to avoid a bull trap.
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“We’re not out of the woods just yet. We are needing to hold and consolidate above our major zones. So [the] major [zone] is around the $36,000 level…You can see a lot of our 50% levels coming out at $35,000, and we have tops at $36,000. So if we can consolidate above that, that’s gonna give us strength to move to the next stage, the next stepping stone, which is around $42,000, and then the next stepping stone at $47,000.”
At time of writing, Bitcoin is trading at $39,727, according to CoinGecko.
Taking a look at smart contract platform Cardano (ADA), Pizzino says the altcoin is continuing to show signs of weakness against Bitcoin.
“The idea here is that we wanna be trading or buying into an uptrend. The [ADA/BTC] chart is still in a downtrend. This [0.000033 BTC ($1.30) level] looks like it’s really trying to hold, get it into a green day and start to hold some BTC levels. It’s really trying, but we just don’t get that pushback. So Cardano against Bitcoin is still trending down.”
Looking at ADA/USD, Pizzino says that while the pair is showing some strength, it needs to move above a crucial resistance level to sustain its bullishness.
“Cardano/USD, of course, is trending up because Bitcoin/USD is up… We just broke through 50% ($1.26 level)… We need to stay above $1.30 and hold that to have some hope…
And I’m looking at a bit more of a longer-term time frame than just the daily or the four-hourly. I’m waiting for a solid low to be put in and then we start to break up again.”
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Inflation is currently higher than the Federal Reserve expected, a tendency that will likely continue for the coming months confirmed Powell.
The market hasn’t reacted strongly to the news as Bitcoin continues to hover around $40,000.
Powell expect the Delta variant to have lower implications on the state of the economy than previous waves.
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During the highly-expected Federal Reserve meeting on Wednesday Afternoon, Chair Jerome Powell confirmed that inflation was set to continue for the dollar, perhaps even more than previously expected.
Inflation Set to Continue
Good news for the crypto markets came out of the latest Federal Reserve meeting as Federal Reserve Chair Jerome Powell confirmed that inflation could turn out the be higher and more persistent than expected. However, the Fed still expects to be able to curb that number back down to their 2% objective.
“Inflation is running well above our 2% objective, and has been for a few months, and is expected to run certainly above our objective for a few months before we believe it’ll move back down toward our objective. The question of whether we’ve met that objective, formally, is really one for the committee to make,” Powell said.
As the crypto market expected the news, Bitcoin hasn’t had a clear reaction to these recent announcements. Bitcoin is still hovering around $40,000 as the market confirms its recent bullish tendency.
Higher inflation is an upward catalyst for the price of Bitcoin due to the crypto asset’s status as a hedge against such inflation. In addition, the dilution of the dollar reduces the most widely-used denominator often compared to Bitcoin.
Nevertheless, investors were particularly wary of potentially bad news in the Fed meeting that could derail Bitcoin’s current upward trajectory. While Powell recognizes that inflation is currently above the Fed’s prediction, that isn’t enough to cause a change in the US monetary policy as of yet.
Answering those who believe the Delta variant of Covid will have a similar effect on the economy than the first wave in March 2020, Powell answered:
“With successive waves of Covid over the past year and some months now, there has tended to be…less in the way of economic implications from each wave, and we will see whether that is the case with the Delta variety.”
Disclaimer: The author held ETH at the time of writing.
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Ethereum is outperforming other cryptocurrencies this year, a Coinbase report says.
Total exchange volume has shot up 1,461% to $1.4 trillion.
This is mainly down to institutions having more interest in decentralized finance, says the U.S.-based exchange.
More money than ever before is being pumped into Ethereum—and it’s largely down to big Wall Street players taking an interest in the cryptocurrency, and DeFi, according to a new report.
Coinbase, the biggest exchange in the U.S., said in itshalf-yearly reviewthat Ethereum has outperformed all cryptocurrencies, including Bitcoin, in the first six months of this year, when it comes to growth and trading volume.
Total exchange volume for Ethereum shot up 1,461% in the first half of 2021 to $1.4 trillion, the report said (During the same period in 2020, it was a mere $92 billion.) Trading volume for Bitcoin, by comparison, only increased by 489%—though it still nearly doubled ETH’s total volume.
Ethereum has also skyrocketed in value this year. “The second most valuable crypto asset appreciated 895% over the 12-month period and 210% over the 6-month period ending June 30,” the report, authored by Brian Foster, read.
So what’s behind the rise of Ethereum in 2021? According to Coinbase, it comes down to one word: DeFi. “Increasing usage of DeFi protocols built on Ethereum, validating the network’s value as a global financial utility and platform for developers,” was a key reason, the report said.
DeFi—or decentralized finance—refers to projects that aim to revolutionize and replace the current methods of borrowing, lending, and banking as seen with traditional finance. They’re hugely lucrative and most are built on Ethereum.
Right now, $61.2 billion is “locked-in” to the DeFi ecosystem,accordingto DeFi Pulse data. That refers to the amount of cash running through DeFi projects. The biggest project is Aave, a cryptocurrency lending protocol. Other projects, such as decentralized exchanges, which are like Coinbase but don’t have an intermediary, are also huge. Uniswap, for example, has $5.58 billion locked-in and its exchange does around $295 million in 24-hour volume.
The world of DeFi makes big promises but is hugely experimental: billions can be made—but billions can also be lost. So unregulated is the world of DeFi, that it isparticularly vulnerableto hacks.
But the surge in interest in Ethereum is because institutional investors are eyeing up DeFi, according to Coinbase. The exchange said that its big clients wanted to invest in DeFi products more than before in H1 2021.
“While DeFi was defined by retail investors for the majority of 2020, in H1 2021, we saw a surge in DeFi interest among our institutional client base,” it said, noting that “traditional hedge funds” and “global investment banks” have shown a lot of interest this year.
Though the latest cryptocurrency craze might be risky, it looks like Wall Street doesn’t want to miss out.
Coca-Cola’s first series of NFTs includes this digital bubble jacket.
Coca-Cola
Coca-Cola is harnessing its history of collectibles with a first NFT as marketers continue experimenting with the intersection of cryptocurrency and culture.
The Atlanta-based beverage giant is selling a series of four NFTs—known as non-fungible tokens—that will be sold as a single asset with proceeds benefiting Special Olympics International. NFTs are digital assets backed by blockchain technology and have seen quick adoption this year by artists and cryptocurrency enthusiasts alike. Interest in the sector has prompted companies ranging from Pringles to the entertainment brand Superplastic to create NFTs with the hope of tapping into the crypto-cultural zeitgeist.
For its digital asset debut, Coca-Cola partnered with Tafi—a Utah-based startup that makes avatars and other virtual content—to resurrect a pixelated version of Coke’s classic 1956 vending machine. However, instead of cans of soda inside, the “Friendship Box” is meant to be like a “loot box” in video games. Coca-Cola’s own NFT loot box includes a metallic red bubble jacket wearable that is inspired by the company’s old delivery uniforms—but that illuminates with fizz. The series also includes digital versions of Coca-Cola’s 1940s trading cards and a “sound visualizer” that features classic Coke sounds such as a bottle opening and a drink being poured over ice. (Coca-Cola’s auction will begin bidding on July 30 and run through August 2 on OpenSea, online marketplace for NFTs and other crypto collectibles.)
“It really gave us an opportunity to explore the robust space the digital space gives you. This really cool convergence of form and function and aesthetic,” said Joshua Schwarber, senior director of global digital design at Coca-Cola. “So the ability to do things in motion and have artwork come alive or be able to reimagine our assets in new and unique ways to create these multi-sensorial kind of opportunities.”
Coca-Cola has a long track record of creating and selling collectibles in the real world. On the company’s website, a limited edition Norman Rockwell set of four Coca-Cola prints is priced at $400 while a vintage German Trink plastic cooler can be bought for $550. There’s also a Steuben Crystal 125th Anniversary bottle for $275, a 1970 Chevrolet Hauler set for $34.95 and a “First Hundred Years Collector’s Book” for $25.
“We were struck by the fact that the Coca-Cola brand has generated collectability and love over three centuries,” said Tafi President Matt Wilburn. “It’s 1800s, 1900s, and now we’re looking at how do you create an NFT that reflects that brand love over such a period of time. You’re literally creating an NFT which is totally appropriate that it’s timeless—it does not exist in the real world today, but if you’re looking forward to the next century, what does that look like?”
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According to Oana Vlad, Senior Director of global strategy for Coca-Cola’s Trademark division, the NFT space is changing so quickly that the company’s work had to evolve “almost on a daily basis—maybe more quickly than it would on another project.”
As culture moves toward digital worlds, Tafi Chief Operating Officer Ty Duperron thinks people don’t want the same kind of apparel they can already get in real life. The company had already been working Coca-Cola’s physical product team on other digital wearables for Coca-Cola for other brands and platforms. And while they had planned on doing a variety of wearables for the NFT, he said they decided to something “more meaningful than just a fashion piece.”
“We really wanted that beautiful show piece and it evolved into this wearable that reveals another one that generates its own fizz and has its own fluid inside,” Duperron said. “You didn’t have reference points because stuff didn’t exist so we couldn’t just run particle system and call it fizz. There are clear moments and clear ways that fizz needs to react.”
Proceeds from Coca-Cola’s first NFT auction—which includes this digital version of this classic 1956 … [+]vending machine—will benefit the Special Olympics.
Coca-Cola
Coca-Cola is just one of numerous notable brands experimenting with NFTs this year. On Wednesday, Campbell’s commissioned the artist Sophia Change to create its first NFT collection that celebrates the soup company’s newly designed label. And while Taco Bell was among the first to jump on the NFT wagon when it released a series of “limited edition” taco NFTs, even luxury brands like Dolce & Gabbana have released their own high-fashion NFT collections as recently as this month.
Interest has also prompted marketing agencies to create NFT divisions. Earlier this month, VaynerNFT—a new agency created within VaynerMedia—launched with Anheuser-Busch InBev as the beer giant’s NFT agency of record. (Stella Artois auctioned several NFTs earlier this summer even before its parent company began working with Vayner.)
The stakes are high for branded NFTs because people are more likely to buy one from a celebrity than a company, says Gary Vaynerchuck—the cofounder and CEO of VaynerMedia known for his quick adoption of digital platforms. That means companies will have to compete on merit by having the right assets and the right “cultural cachet.” And while he’s bullish on NFTs overall, Vaynerchuck predicts that most branded projects could be “a disaster” without the right approach.
“I know brands, and they’re going to compromise on something that is good for the consumer but not good for them,” he said. “And they’re going to come from a place of selfishness—‘I want this,’ ‘I want that,’ ‘This is important’…They’re going to come from politics, not from consumer-centricality, and it’s going to hurt them.”
The tight-knit fan communities of crypto enthusiasts and artists create a high bar for marketers that want to play in the space. Boye Fajinmi, cofounder and president of The Future Party, says companies need to “have that cultural co-sign in the NFT space” to pull it off. (The Future Party created an NFT for Dole in collaboration with the artist David Datuna—who in 2019 famously ate a banana during Art Basel Miami.)
Fajinmi said some brands seem more focused on creating an NFT than on connecting with the right audiences, adding that NFTs should be taken seriously rather than released as jokes. (Earlier this year, the P&G-owned brand Charmin sold a toilet paper-themed NFT.)
“There’s a really, really strong NFT community,” Fajinmi says. “And I think most of the general population will cool off to it, but I think that community will continue to drive hype. And it’ll be a world where NFTs are just something everyone just does, like ‘Oh we have to NFT it.’”
Multiverse, a decentralized artificial intelligence ecosystem that funds early-stage tech companies, has secured $15 million in investments from some of blockchain’s biggest venture funds.
Samsung Next, a developer ecosystem focused on AI, blockchain and fintech, was among the investors, along with Arrington XRP Capital, Huobi Ventures and Fenbushi, Multiverse announced Wednesday. With the raise, Multiverse now has an implied valuation of $250 million, making it one of the largest ecosystem developer funds at the intersection of blockchain and AI.
The investment will go towards expanding Multiverse’s capacity across engineering, research and marketing. The organization is eyeing a bigger presence in Europe and Southeast Asia.
Related:New Samsung service Paperless adds document disposal to enterprise blockchain
Multiverse allows early-stage project developers to experiment with ideas and solicit feedback as they test their concepts. Platform users themselves can earn rewards for their contributions through the AI token, which is native to the Multiverse platform.
Cliff Szu, co-founder of Multiverse Labs, said his platform provides a safe space for developers to evaluate their ideas and receive feedback from a knowledgeable community.
“Many potential founders decide the risks outweigh the rewards, or simply have no access to external capital, particularly in emerging economies,” he said. “So we are creating a safe space for them to thoroughly evaluate the potential of their ideas, and to learn from a supportive and knowledgeable community that can contribute towards their success at the earliest possible stage.”
Blockchain development studios have been gaining traction recently, as more companies look to foster innovation in the nascent industry. As Cointelegraph reported, crypto unicorn Amber Group has launched a new platform for creators of nonfungible tokens, or NFTs. Subject matter experts within crypto have also made their services available for a mentorship program centered around Solana’s high-performance blockchain.
On the venture capital front, investors have poured billions into blockchain startups this year alone — a feat that was unaffected by the multi-month downtrend in cryptocurrency prices.
