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As the final weeks of 2023 approach, it can be fair to say that one word summarizes a major trend and driving factor in the strategies of cryptocurrency companies over the past few months: licenses.
In a strict regulatory environment, obtaining approval from regulatory bodies is crucial for companies, especially during the cryptocurrency winter.
Some countries have taken a stance to develop a crypto-friendly environment. For example, the United Arab Emirates continues to attract major cryptocurrency companies to its shores, with crypto.com recently obtaining a Virtual Asset Service Provider (VASP) license in Dubai. This license allows Crypto.com's local operations to provide retail and institutional trading, as well as broker-dealer and credit-related services.
Dubai also granted a similar license to institutional crypto custodian Hex Trust. This cryptocurrency company has offices in Hong Kong, Singapore, Vietnam, Dubai, Italy, and France.
Traditional players are also seeking cryptocurrency licenses. According to a November 15 announcement, German bank Commerzbank has obtained a cryptocurrency custody license, reportedly becoming the country's first "full-service" bank to receive such a license.
Additionally, in this week's regulatory headlines, Bitget abandoned its plans to obtain a Virtual Asset Trading Platform (VATP) license in Hong Kong due to business and market-related considerations. Consequently, the exchange will gradually reduce its local operations in the coming weeks.
While licenses are crucial for the operations of cryptocurrency companies, they also represent a new step in the growing connections between the cryptocurrency industry and regulatory bodies worldwide.
This week's Crypto Biz also explores Uniswap's Android application, Cboe entering the cryptocurrency margin futures trading space, and Disney's upcoming launch of a non-fungible token (NFT) platform.
Uniswap Launches Android Wallet App with Built-in Swap Functionality
Uniswap Labs has publicly released an Android mobile wallet application on the Google Play Store. Callil Capuozzo, Vice President of Design at Uniswap Labs, told Cointelegraph that the new application allows users to swap through decentralized exchanges within the app without the need for a separate browser extension. Uniswap has added support for new languages, now including English, Spanish, Japanese, Portuguese, French, and Chinese (both traditional and simplified). It also added a setting that allows users to view cryptocurrency values in local currency. The iOS version of the app was released in April.
Disney and Dapper Labs to Launch NFT Platform
Disney and blockchain company Dapper Labs have collaborated to create a non-fungible token (NFT) platform. According to an announcement, Disney will tokenize iconic cartoon characters from the last century in the upcoming NFT marketplace, Disney Pinnacle. The platform will also include icons from Pixar and heroes and villains from the Star Wars galaxy, uniquely designed as collectible and tradable digital badges. The NFT platform is set to launch later in 2023 and will be available on iOS, Android, and the web.
Cboe to Launch BTC and ETH Margin Futures Trading in January with Support from 11 Companies
Cboe Digital announced the launch of Bitcoin (BTC) and Ethereum (ETH) margin futures trading on January 11, 2024. The company stated that a regulated crypto-native exchange and clearinghouse would become the first to offer spot and leveraged derivative trading on a single platform in the United States. Eleven companies, including cryptocurrency and traditional financial firms, will support this new feature from the launch date. Among them are B2C2, BlockFills, Cumberland DRW, and Talos. Cboe Digital provides trading services for both individuals and institutions and received approval for margin futures trading from the U.S. Commodity Futures Trading Commission in June.
Goldman Sachs Leads $95 Million Funding for Blockchain Payment Company Fnality
Global investment bank Goldman Sachs and BNP Paribas have reportedly led a new funding round for Fnality, a blockchain-based wholesale payments company supported by Nomura Group. Fnality raised £77.7 million (approximately $95.09 million) in the second funding round. Other investors include global exchange-traded fund company WisdomTree and Nomura Securities, an existing investor in Fnality. The new funds will be used to establish a global liquidity management network for wholesale financial markets and new digital payment models for emerging tokenized asset markets. Fnality, founded in 2019, is a UBS-led blockchain project aimed at building digital versions of major currencies for wholesale payments and transactions involving digital securities. |
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Post time 21-11-2023 09:21:06