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Another Banking Giant Enters Bitcoin & Ethereum, Suspicious ‘Smaller Cryptos,’ Coinbase Ends Brazilian M&A Talks + More News

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Last updated: June 26, 2023 06:54 EDT

Journalist

Sead Fadilpašić

Journalist

Sead Fadilpašić

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About Author

Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

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Last updated:

June 26, 2023 06:54 EDT

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Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

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Adoption news

Liechtenstein-headquarted LGT Bank, which is said to be the largest family-owned private banking and asset management group in the world, announced a partnership with digital assets banking platform SEBA Bank to launch custody and trading services for bitcoin (BTC) and ethereum (ETH). “Digital asset investment services will be fully integrated with traditional assets” within the bank, they said.

Regulation news

MONEYVAL, the Council of Europe’s anti-money laundering and counter-terrorist financing body, stated in its annual report that governments need to step up their efforts and coordination to combat money laundering and terrorist financing by adopting stricter regulation and supervision of the virtual assets sector. They added that they suspect some of the smaller cryptos exist with the express purpose of money laundering, while larger assets are seeing heavy market manipulation. The body said it will be producing a 2022 typologies study, dedicated solely to cryptoasset money laundering trends.
US Securities and Exchange Commission (SEC) member Hester Peirce voiced her opposition to the addition of 20 new jobs on the regulatory agency’s crypto enforcement squad. She stated that the SEC is “a regulatory agency with an enforcement division, not an enforcement agency” and asked, “Why are we leading with enforcement in crypto?”

Exchanges news

Coinbase and Brazilian crypto brokerage 2TM Participacoes SA scrapped talks over a possible acquisition of the brokerage by the platform, Bloomberg reported, citing undisclosed people familiar with the matter. The negotiations, which had financial giant JPMorgan Chase & Co. as their advisor, could have resulted in a controlling acquisition or a minority stake sale, per the report.

NFTs news

Crypto.com announced that it will create a collection of NFTs generated in real-time by the speed, sound, and data of the Formula 1 Crypto.com Miami Grand Prix, capturing each of the 57 race laps.

Investments news

Ryan Watkins, a former analyst at crypto research firm Messari, and Daniel Cheung, who worked at investment advisor Jennison Associates LLC, have formed Pangea Fund Management, a hedge fund that will focus on a “long-only” strategy after receiving USD 85m in funding, according to Bloomberg. Their strategy is focused on taking long positions in three to seven established tokens, they explained.
Digital asset investment manager Valkyrie Investments announced the launch of its latest investment trust called the Valkyrie Avalanche Trust (VAVAX), which invests solely in avalanche (AVAX).
Provider of digital asset data Amberdata announced that it has raised USD 30m in Series B funding led by Knollwood Investment Advisory, with participation from Coinbase, Nexo, Nasdaq Ventures, alongside other investors. This financing will fund product innovation and expand go-to-market in the US and internationally to address the accelerating institutional adoption of digital assets, they said.

Metaverse news

Dubai’s Virtual Assets Regulatory Authority (VARA) announced its entry into the metaverse with the establishment of its Metaverse HQ in the virtual world of The Sandbox (SAND). The watchdog said it is the first regulator in the world to make its debut in the metaverse.
Stokely-Van Camp, the beverage company with the original rights to market and produce Gatorade, could be exploring releasing virtual sports drinks in the metaverse, according to records submitted to the United States Patent and Trademark Office (USPTO). The two applications are for the word ‘Gatorade’ and the sports drink’s ‘G’-shaped orange, black, and white logo to be used in connection with “virtual beverage products” and NFTs.

Taxes news

Indians earning interest on their crypto from platforms outside India have come under taxman’s scrutiny, the Economic Times reported, citing two people familiar with the matter. The tax department is looking to implement additional tax deducted at source (TDS) and equalization levy on such transactions and interest income generated by Indians, it added.

Mining news

Riot Blockchain announced that it mined BTC 508 (USD 19.74m) in April 2022, an increase of approximately 150% compared to the April 2021 production of BTC 203. Additionally, the company sold BTC 250, generating net proceeds of approximately USD 10m, they added.
Argo Blockchain announced that their wholly-owned subsidiary Argo Helios LLC has entered into additional loans under Argo’s equipment financing agreement with bitcoin company NYDIG to secure up to USD 70.6m to recapitalize the purchase of digital asset mining equipment for the company’s flagship crypto mining facility, Helios, in Texas, USA.

Career news

The Centre consortium, which serves as a network governing and standard-setting body for blockchain-based financial services, named Rebecca R. Cohen as its new General Counsel. Cohen previously served as General Counsel for the public safety platform Mark43 and Associate General Counsel for digital currency protocol Worldcoin.
Crypto exchange Bitfinex announced it has appointed Giles Dixon as Head of Licensing. Dixon previously served as a Senior Manager at the audit, tax, and advisory services firm Grant Thornton LLP in Toronto, Canada.