From a price point of view, the cryptocurrency market will end with a whimper as Bitcoin in 2021 (BTC), Ether (ETH) and other digital assets continue to trade well below their previous highs. But the blockchain and crypto business is heating up, as evidenced by the arrival of institutional capital and the flood of venture capital into the room. According to Nischal Shetty, CEO of Indian crypto exchange WazirX, the digital asset revolution is already underway and will continue with or without your involvement.
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Crypto won’t wait for nations to come on board: WazirX CEO
As crypto gains mainstream awareness in 2021, lawmakers around the world are scrambling to regulate the digital asset class. WazirX’s Nischal Shetty believes nation-states will soon find themselves in an arms race to develop and take off local versions of central bank digital currencies, or CBDCs. “We are optimistic that we will gain regulatory clarity and drive acceptance through institutional holdings in retail,” he said. “There’s a $ 2.5 trillion market and it won’t wait for any nation to come on board. ”
FTX wants to get banks to accept stablecoins
Exchange for cryptocurrency derivatives FTX is ready to offer banks $ 1 million in prize money to start accepting stablecoins. The offering, which was published in a Twitter post on Tuesday, is intended to strengthen FTX’s links with traditional finance to help its customers facilitate “almost instant and near-free stablecoins deposits and withdrawals.” While the offer is undoubtedly intriguing, banks are unlikely to commit to supporting stablecoins until federal regulators intervene on the matter.
How much would it cost to convince a bank to accept stablecoins?
If we were to offer a price of $ 1 million to the first bank in each region, is that enough?
Do you work for a bank and want to discuss it?
– FTX – Built by dealers for dealers (@FTX_Official) December 28, 2021
DeBank valued at $ 200 million on private equity round
This week’s biggest funding news came courtesy of DeBank, a cryptocurrency wallet that focuses on decentralized financial solutions. On Tuesday the company announced that it completed a $ 25 million private equity round which was led by Sequoia China, with additional participation from Dragonfly, Hash Global and Youbi, among others. DeBank is now valued at $ 200 million, further underscoring that DeFi-focused startups have attracted a great deal of interest from venture capitalists.
Related: Kevin O’Leary says his crypto holdings could reach 20% of the portfolio
Binance is seeking regulatory approvals in Bahrain and Canada
Binance closes a very turbulent year on a positive note after the cryptocurrency exchange announced that it had an A. had received Few license approvals from Bahrain and Canada. The green light from Bahrain gives the exchange the license to operate as a crypto service provider in the tiny Gulf state. In Canada, however, the picture is a little bleaker. While Binance Allegations that it is licensed to operate in the country after establishing a subsidiary called Binance Canada Capital Market, Ontario’s securities regulator issued a statement Thursday that the provincial stock exchange is “unregistered”. (It should be noted that Binance’s subsidiary is registered as a federal company while the Ontario Securities Commission serves the province of Ontario.) As reported by Cointelegraph, Binance was effectively kicked out of Ontario, Canada’s most populous province, in June after local regulators began cracking down on unregistered trading platforms.
