BlackRock announced that its customers also using Coinbase will have access to the crypto exchange’s Prime program, a crypto trading platform for institutional investors. Shares in Coinbase were up 31% in early trading today.
Read MoreIn an interview with CoinDesk, Antonio Garcia Pascual, Deputy Chief of the Global Market Analysis Division at the International Monetary Fund (IMF), said crypto’s nosedive hasn’t caused a similar downturn in the “real economy.” The crypto sector’s market cap has slid from $3T to $873B since November 2021.
Read MoreFidelity Investments announced that it’s launching employer-sponsored 401(k) plans that invest in Bitcoin. Fidelity administers retirement plans for approximately 23,000 businesses and manages over $11T in assets.
Read MoreOn July 16, Russian President Vladimir Putin signed a law that bans the use of digital assets like NFTs and cryptocurrencies to pay for goods and services within the country. It is still legal to trade, buy, and sell those assets.
Read MoreNexo, a crypto-lending platform with over 4 million users, has offered to acquire Singapore-based crypto services firm Vauld. Vauld management said in a blog post that Terra-Luna’s coin crash and Three Arrows Capital’s loan default sparked its financial difficulties.
Read MoreThe BNPL giant is in talks to fundraise at a $15B valuation. It had previously been valued at $46B.
Read MoreGolden Ark, a marijuana payments startup, has launched a metaverse-based payments system. It’s developed virtual cannabis as a cryptocurrency that supports real-life cannabis authentication and transactions.
Read MoreAxie Infinity, a “play-to-earn” video game in which users receive tokens for playing on the platform and trading characters as NFTs, has seen the value of its tokens decline by more than 90%. Hackers also robbed Axie’s creators of more than $620M in cryptocurrencies.
Read MoreBitcoin’s value dropped as much as 17% after crypto lending platform Celsius froze withdrawals on its platform. Bitcoin fell to its lowest value since December 2020, contributing to crypto’s aggregate value sliding from a high of $3T to below $1T.
Read MoreBinance Labs, the venture arm of Binance, the crypto exchange, announced a $500M fund to invest in Web3 and blockchain technologies. The raise comes a week after Andreessen Horowitz launched a $4.5B crypto fund.
Read MoreThe cryptocurrency exchange announced that select users in the U.S. have access to commission-free trading for hundreds of exchange-listed securities, including both stocks and ETFs.
Read MoreAlex de Vries, a data scientist at the Dutch Central Bank, said the crypto sector’s $1T loss in the past few months may have slowed the growth of data mining, but it hasn’t decreased it. He estimated that, respectively, Bitcoin and Ether use as much electricity as Thailand and Kazakhstan.
Read MoreAccording to Meta’s Head of Fintech, Stephane Kasriel, the company is rebranding Facebook Pay as Meta Pay to emphasize interoperability across its platforms, and to reflect Meta’s investment in the metaverse. People across 160 countries currently use Facebook Pay.
Read MoreTerraUSD’s value spiraled this week after depegging from a 1:1 value with the US Dollar. Its value hovered around 31 cents this morning, but it’s more than doubled since then to 69 cents.
Read MoreTiger Global Management has lost around $17B since the start of the year, meaning it’s erased almost two-thirds of its lifetime gains, according to LCH Investments. Its decline is almost double that of the Nasdaq Composite.
Read MoreThe Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
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