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Blockchain.com Obtains Digital Payment Token License in Singapore

by Blockchain NewsAugust 8, 2023

The Monetary Authority of Singapore (MAS) has granted a Major Payment Institution License (MPI) to the popular cryptocurrency exchange Blockchain.com. With this license, the platform will be able to provide digital payment token services to institutional and accredited investors. On August 7, 2023, it was disclosed that the application had been approved, and on August 1, 2023, the license was issued.

The license comes after Blockchain.com received in-principle approval from MAS in September of the previous year. As of now, there are 3,427 companies that have been granted licenses, with distribution across five key sectors: Banking (205), Capital Markets (1,782), Financial Advisory (579), Insurance (392), and Payments (469). Among the licensees, notable names in the fintech and blockchain industries can be found, including BitRock Capital, Circle, PayPal, BlackRock, Paxos, Revolut, Blockchain Founders Fund, and Alipay. These companies reflect the diverse and growing landscape of financial technology and digital asset services in Singapore.

In a statement on Medium, Blockchain.com CEO and Co-Founder Peter Smith commended the MAS for its “transparent regulatory process that prioritizes crypto industry oversight while allowing innovation to thrive.” The company also expressed its view of Singapore as an attractive city-state for investment and growth, particularly for its institutional customers.

The granting of the license to Blockchain.com is part of Singapore’s broader efforts to establish itself as a hub for the cryptocurrency industry. Earlier on August 7, MAS announced a commitment of approximately $112 million (around 150 million Singapore dollars) to support the financial technology sector, including those in Web3. Additionally, the regulator introduced new rules in July, requiring crypto service providers to hold customer funds in a statutory trust by the end of the year.

Singapore’s regulatory approach has been marked by a balance between oversight and encouragement of innovation. The country has been positioning itself as a favorable destination for crypto firms, with a July report by Galaxy Digital indicating that Singapore-based crypto firms were third in line for crypto startup funding in Q2 2022, trailing only the United States and the United Kingdom.

The approval of Blockchain.com’s license is a significant step in Singapore’s ongoing efforts to foster a regulated and thriving cryptocurrency ecosystem. It reflects the city-state’s commitment to thoughtful regulation that both ensures consumer protection and facilitates technological advancement in the financial sector.

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It is High Time to Rethink Holding Strategies as FTX Crisis Roams, Says Blockchain.com CEO

by Blockchain NewsNovember 11, 2022

Speaking on CNBC’s “Closing Bell” Thursday, Peter Smith deemed the collapse of crypto exchange FTX as “a tragedy and total failure of governance.”

The CEO and co-founder of crypto exchange Blockchain.com noted that there is a need for crypto investors to go back to the drawing board and hold their assets on their own private keys.

Smith explained:

“Crypto is one of the very few assets in the world that you can custody yourself, and I think we’re going to see folks increasingly move back to that model as well as move to a model of trusting regulated companies in the space.”

He added:

“The ultimate reality and the coolest part of crypto is that you can store your funds on your own private key where you have no counterparty exposure.”

The liquidity crisis facing FTX will also include various measures incorporated into the crypto ecosystem, the Blockchain.com CEO pointed out.

For instance, a trend towards regulated cryptocurrency institutions will be the norm, and more crypto investors will emphasise corporate structure.

Smith highlighted that FTX was significantly popular within Silicon Valley-based groups. As a result, it did not emphasise the cryptocurrency economy significantly. He noted:

“This was very much a Silicon Valley momentum play, and we’ve seen that very clearly not work out.”

Some analysts believe Coinbase will be among the major beneficiaries when the greater focus is on regulated crypto entities.

The proof-of-reserves concept is also making circles in the crypto space with the aim of rendering more transparency, Blockchain.News reported.

A proof-of-reserve uses a Merkle or Hash tree for data verification, synchronisation, integrity, and transparency purposes. “What is Proof-of-Reserves? An audit by a 3rd party ensuring that a custodian holds the assets it claims to. A snapshot of all balances held is taken & aggregated into a Merkle tree, a privacy-friendly data structure encapsulating balances,” Crypto exchange Gate.io explained.

Binance CEO Changpeng Zhao (CZ) prompted the proof-of-reserves trend because it would propel more transparency in crypto exchanges by pointing out their digital asset holdings.

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Tagged : Blockchain.com / CNBC / CRYPTO ECOSYSTEM / CRYPTO HOLDING / Cryptocurrencies / FTX / Industry Expert / PETER SMITH

Blockchain.com Accepts Visa Debit Cards for Crypto Payment

by Blockchain NewsOctober 27, 2022

Blockchain.com has accepted Visa debit cards payment to enable users to spend from their crypto balances free of charge, with the opportunity to gain cryptocurrency rewards.

Per the announcement:

“Initially available to US residents, users can spend their crypto or cash within their Blockchain.com Wallet without fees and earn 1% back in crypto anywhere Visa debit cards are accepted.”

Blockchain.com Visa Card seeks to make crypto usage easier, given that it leverages Marqeta’s latest card issuing platform and Visa’s payments network.

Peter Smith, the co-founder and CEO of Blockchain.com, pointed out:

“As one of the crypto industry’s oldest and most trusted platforms, we’re excited to roll out the natural next step to make crypto easy to use in the real world and accessible to as many people as possible.”

He added that the Blockchain.com Visa Card would play an instrumental role in shaping the future of mainstream finance.

Based on Marqeta’s notable Just-in-Time Funding feature, Blockchain.com users will have the chance to seamlessly transact in fiat from their available crypto balances.

This will be made possible because each Blockchain.com Visa card will be linked to an approved Blockchain.com Wallet account.

Simon Khalaf, Marqeta’s chief product officer, stated:

“Blockchain.com has built up a massive user base, and we’re proud that our platform can make it possible for their customers to spend against their cryptocurrency wallet at the point of sale, using the magic of Just-in-Time funding.”

With Marqeta’s 2022 State of Money Movement survey disclosing that 38% of US consumers are crypto owners, it highlighted the surging need for crypto usage in daily scenarios.

Cuy Sheffield, the head of crypto at Visa, noted:

“At Visa, we believe for crypto adoption to grow, it’s critical for it to be easily accepted everywhere. We’re excited to partner with leading crypto wallets and exchanges like Blockchain.com to unlock more ways consumers can use their crypto for everyday purchases.”

Meanwhile, Mastercard recently inked a deal with BitOasis to establish a series of crypto card programs aimed at boosting daily cryptocurrency usage in the Middle East & North Africa (MENA) region, Blockchain.News reported.

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Tagged : Blockchain.com / Crypto Adoption / CRYPTO USAGE / Cryptocurrencies / Debit Card / Industry / Visa

Blockchain.com Gets Regulatory Approval to Operate Crypto Exchange in Dubai

by Blockchain NewsSeptember 10, 2022

London-based crypto firm Blockchain.com announced Friday that it has received regulatory approval to operate its exchange in Dubai, a city in the United Arab Emirates (UAE).

Following the approval, the U.K.-based firm said it has signed an agreement with VARA to allow Blockchain.com to open an office in Dubai, believing it will soon begin offering regulated crypto derivatives products to institutional investors in Dubai. Amongst its plans is to offer transaction and custodial services to retail users in the UAE.

This development from Blockchain.com comes at a time when more and more crypto companies including FTX, Binance and others are expanding their footprints in Dubai.

On March 11, Dubai launched Virtual Asset Licensing (VAL) for crypto businesses. The VAL Act led to the establishment of the Dubai Virtual Assets Regulatory Authority (VARA),

After Dubai began offering virtual asset licenses, many crypto companies set up shops in Dubai, making the Gulf country the latest jurisdiction to become the center of the global crypto industry.

In August, Blockchain.com announced that it had received full regulatory approval from the Cayman Islands Monetary Authority (CIMA) to operate its exchange and clearing house in the Cayman Islands.

Last month, Blockchain.com said the registration is an important part of its global plans to provide services across Europe and across the world, as the exchange just get approval from the Italian regulator.

The exchange said that compliance and regulatory approvals would be sought in each regional country, and the company is also committed to developing in countries such as France, Spain, and the Netherlands.

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Tagged : Bitcoin / Blockchain / Blockchain.com / Dubai / Exchanges / Uae

Crypto Exchange Blockchain.Com Joins Exchanges in Italy

by Blockchain NewsAugust 5, 2022

Blockchain.com, a global cryptocurrency exchange headquartered in the UK, said on Thursday it had registered as a virtual asset service provider in Italy.

The move made the London-based full-stack crypto services platform one of the latest crypto firms to have received such a registration.

The latest approval enables its legal entity to operate in Italy issued by the Italian financial authority Organismo Agenti e Mediatori (OAM). Blockchain.com said the registration it obtained would make it accountable and minimize the prospects for money laundering.

In a statement, the firm said it can now offer its crypto and digital wallet services to Italian users and institutional investors under the financial watchdog.

“This registration strengthens our position to offer services across Europe,” Blockchain.com said.

Why Crypto Firms Are Currently Seeking Regulatory Approval in Italy

Blockchain.com is one of the digital asset providers expected to register afresh with the Organismo degli Agenti e dei Mediatori (OAM), which regulates the cryptocurrency industry in Italy.

In February, Italy’s Ministry of Economy and Finance (MEF) published a new decree that requires cryptocurrency and digital wallet service providers who operate or intend to operate in the Italian territory to enrol in a special section of the register held by the financial regulator Organismo Agenti e Mediatori (OAM).

So far, several major exchanges, including BitGo, Binance, U.S-based Coinbase, Singapore-based Crypto.com, and Luxembourg-based cryptocurrency exchange Bitstamp, among others, have already secured registration with the OAM.

Once the time limits set out in the new requirements have expired, only firms entered in the register will be allowed to offer such services in Italy. To be registered, cryptocurrency providers are expected to have their registered office and operational headquarters in Italy.

The announcement by OAM is part of efforts by global regulators to bring a regulatory framework to the crypto sector, which is subject to patchy rules. Financial stability threats, consumer protection, and illicit use of cryptocurrencies are issues on the agenda.

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Tagged : Blockchain.com / Exchanges / Italy / REGULATORY APPROVAL

Blockchain.com Gets Full Approval to Operate Crypto Exchange in the Cayman Islands

by Blockchain NewsAugust 3, 2022

Blockchain.com, a cryptocurrency exchange headquartered in London, announced that it had received full regulatory approval from the Cayman Islands Monetary Authority (CIMA) to operate its exchange and clearing house in the Cayman Islands.

Following the approval, the Bahamas-based company said it would begin offering regulated crypto derivatives products and trading services to institutional investors in the Cayman Islands, operate a non-fungible token marketplace, and provide over-the-counter Crypto Brokerage Services.

Blockchain.com’s chief commercial officer Lane Kasselman spoke of the development: “The Cayman Islands is a key jurisdiction for us — our parent company is domiciled there, and it is a recognised global financial services hub.”

The exchange said that compliance and regulatory approvals would be sought in each regional country, and the company is also committed to developing in countries such as Dubai, Italy, and others.

Lane Kasselman added that:

“The only way to achieve a permanent regulatory framework for crypto is for industry leaders and regulators to work together to ensure consumer protection and investor trust.”

In March, FTX received a partial license from Dubai, where it mentioned that it would develop a regional headquarters in Dubai.

At the end of March of the same year, Cryptocurrency exchange Blockchain.com secured a Series D investment led by Lightspeed Venture Partners.

The exact amount of the investment was not disclosed, but the financing brought the exchange to a valuation of $14 billion.

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Tagged : Bitcoin / Blockchain / Blockchain.com / CAYMANISLANDS / Crypto / Exchanges

Blockchain.com Gets Full Approval to Operate Crypto Exchange in the Cayman Islands

by Blockchain NewsAugust 3, 2022

The exchange said that compliance and regulatory approvals would be sought in each regional country, and the company is also committed to developing in countries such as Dubai, Italy, and others.

Lane Kasselman added that:

“The only way to achieve a permanent regulatory framework for crypto is for industry leaders and regulators to work together to ensure consumer protection and investor trust.”

In March, FTX received a partial license from Dubai, where it mentioned that it would develop a regional headquarters in Dubai.

At the end of March of the same year, Cryptocurrency exchange Blockchain.com secured a Series D investment led by Lightspeed Venture Partners.

The exact amount of the investment was not disclosed, but the financing brought the exchange to a valuation of $14 billion.

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Tagged : Bitcoin / Blockchain / Blockchain.com / CAYMANISLANDS / Crypto / News

Blockchain.com Slashes 25% Workforce amid Crypto Meltdown

by Blockchain NewsJuly 22, 2022

Massive layoffs continue engulfing the crypto market. Blockchain.com took the latest actions by reducing its workforce by 25%.

Citing harsh bearish conditions, the crypto exchange laid off approximately 150 people and shut down its offices based in Argentina.

Blockchain.com has been on a rapid expansion drive in the last 16 months as a pioneer firm in the cryptocurrency industry, with its staff jumping from 150 to 600. Per the announcement:

“Some 44% of the impacted employees are in Argentina, 26% in the U.S., 16% in the U.K., and the remaining from the rest of the world.”

The recent collapse of crypto hedge fund Three Arrows Capital (3AC) dented the exchange’s financial position after losing $270 million.

Blockchain.com CEO Peter Smith mentioned in a letter to shareholders, “Three Arrows is rapidly becoming insolvent, and the default impact is approximately $270 million worth of cryptocurrency and U.S. dollar loans from Blockchain.com.”

The exchange has also stopped all mergers and acquisitions (M&A), reduced institutional lending, and slowed its establishment in the non-fungible token (NFT) marketplace.

The crypto meltdown being experienced has seen Bitcoin (BTC) shed more than 65% of its value from the all-time high (ATH) price of $69,000 recorded in November last year.

As a result, the market downturn has triggered significant layoffs in the crypto space. For instance, crypto exchange Crypto.com and lending platform BlockFi recently announced plans to cut over 400 jobs globally.

Furthermore, crypto exchange Gemini made the second round of layoffs, citing “turbulent market conditions.” Therefore, it seems the layoffs have mostly affected cryptocurrency exchanges.

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Tagged : Bear Market / Blockchain.com / Crypto / Exchange / Industry / LAYOFF / MELTDOWN / WORKFORCE

Blockchain.com May Suffer $270M in Losses for 3AC’s Insolvency

by Blockchain NewsJuly 10, 2022

Cryptocurrency exchange Blockchain.com may suffer a total of $270 million in losses due to Three Arrows Capital’s inability to repay loans due to the bankruptcy and liquidation of Three Arrows Capital.

Earlier, the embattled cryptocurrency hedge fund, Three Arrows Capital (3AC) filed for Chapter 15 bankruptcy in the U.S. as it looks to preserve its assets in the country.

The woes of Three Arrows Capital were ignited by the collapse of LUNA-UST which the company has a significant amount of exposure to. Three Arrows Capital has been ordered into liquidation by a British Virgin Islands court.

Blockchain.com CEO Peter Smith mentioned in a letter to shareholders that “Three Arrows is rapidly becoming insolvent and the default impact is approximately $270 million worth of cryptocurrency and U.S. dollar loans from Blockchain.com.”

He said that the company deceived colleagues in the cryptocurrency industry and sought legal help to protect its own interests and hold them accountable to the greatest extent possible.

The company said that Blockchain.com is operating well and that the company’s users will not be affected and remain liquid and solvent.

Three Arrows has repaid over $700 million worth of cryptocurrency.

Cryptocurrency exchange Blockchain.com is expected to go public as soon as this year, according to a Bloomberg report in April.

Digital asset lending firm, Genesis Capital, said it would take risks in filing for bankruptcy with Three Arrows Capital but would try to reduce the hedge fund’s bad debt risk as much as possible.

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Tagged : Bitcoin / Blockchain / Blockchain.com / Exchanges / Three Arrows Capital

Crypto Exchange Blockchain.com Expected to Launch IPO This Year: Bloomberg

by Blockchain NewsApril 20, 2022

Cryptocurrency exchange Blockchain.com is expected to go public as soon as this year, according to Bloomberg.

It is becoming a trend for crypto firms to seek the public market pursuit. While Coinbase pioneered these growth metrics when listed on the Nasdaq exchange back in last year April, other outfits, including eToro, and Huobi are also notably considering various public entry routes.

According to an insider, Blockchain.com is actively conducting interviews with banks for the most likely public offering this year.

But the specific IPO time may not happen until next year, but the plan may still change, after all, this is an anonymous private discussion.

Blockchain.com is one of the few crypto unicorns as it was valued at $14 billion. Seeing its continuous growth trend, the company’s Chief Financial Officer Macrina Kgil hinted at the possibility of the firm going public in 2023 in an interview with Forbes.

A few days ago, dubbed as the first crypto deal in the National Football League (NFL), the Dallas Cowboys have chosen cryptocurrency platform Blockchain.com as its “exclusive digital asset partner.”

As reported by blockchain.News on April 7, Cryptocurrency exchange Blockchain.com launched a new asset management brand called BCAM, aimed at institutional investors, family offices, and high net worth individuals.

Currently, it has 37 million verified users with 82 million wallets created.

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Tagged : Bitcoin / Blockchain / Blockchain.com / Enterprise / IPO