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State Street to Set Up Digital Unit to Stimulate Growing Crypto Transactions

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State Street Bank is also turning its inclination towards blockchain technology.

US-based custodian bank State Street is in the process of setting up a digital unit to assist clients in their crypto trading, the decision has surfaced weeks after the Boston-based bank Iconic Funds was appointed as an administrator for the Frankfurt Stock Exchange.

State Street is one of the major custodian banks of the USA and oversees assets worth US$ 40. The Head of the bank Nadine Chakker had commented on how the growing financial pressure on the companies has led the bank to adopt cryptocurrency trading as an active asset management tool. The decision was made to assist clients in trading crypto assets with ease and simplicity.

Crypto as a Potential Financial Asset for US Companies

Nadine Chakker had further highlighted how the growing curiosity of the clients regarding crypto has increased by 300% and has contributed significantly to their decision to adopt crypto transactions as a fair trade agreement.

This digital transition of State Street Bank has come after a similar move that was administered by their competitors including Bank of New York Mellon, Standard Chartered, and Northern Trust.

Custodian banks often earn their revenue by providing back-office services that encompass record keeping and trading accounts to fund potential managers. State Street bank by the end of March had managed to generate US$ 40.3 tons under their influence as well as US$ 3.6 was allocated for their own fund’s management.

State Street CEO Chakker had further remarked on how it’s high time that the companies should have crypto transaction acquiring dignified space on their balance sheets.

State Street Crypto Move

The recent shift of State Street will have to abide by the regulations established by US authoritative bodies. The regulatory association has been seeking more intervention in the US crypto market overseeing funds of more than US$ 1.5 tons. The change has been initiated to keep the investors safe from the lack of oversight in crypto agreements which can put the investors on a high-risk pedestal. Due to this development, the bank supervisors had prepared a sprint team to formulate voluntary regulations.

State Street is currently waiting to seek approval from the Securities and Exchange Commission to let their proposal list in the US as legitimate crypto finance trade. Chakker had also said in an interview that a lot of clients have been enthusiastic regarding crypto ETFs but also acknowledges the fact that SEC might take considerable time in accepting their pending requests along with other banks such as VanEck. The bank has further affirmed how it has immersed in constant communication with the regulators in charge to maintain an equilibrium.

State Street Bank is also turning its inclination towards blockchain technology and has stressed the idea of how the world of finance can be transformed using the recent financial advancements by approving crypto and blockchain as the new promising financial assets to deal with.

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Juhi Mirza is an archaeological major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.



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Amber Group Announces New Amber App Referral Program

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Place/Date: Hong Kong – June 15th, 2021 at 8:37 pm UTC · 2 min read
Contact: Amber Group,
Source: Amber Group

Amber Group  the leading crypto trading and technology firm, announced new user perks and an enhanced referral program on its popular crypto finance mobile app – Amber App. Starting today, qualified new users are eligible to receive 18 USDS and up to 16% APR on BTC, ETH, and USD stablecoin deposits.

In addition, current Amber App users are now eligible to win an additional 10 USDS for each qualified referral, an 11% bonus from the referral’s Earn interest (excluding Flexible Earn), and Yield Boost subscription, and up to 34% on trading commissions.

Michael Wu, CEO of Amber Group, said:

“Since the inception of Amber Group, our goal has always been to provide our users with an unmatched crypto finance experience. We now serve users of all levels and hope the new user and referral incentives encourage new crypto adopters to explore the suite of crypto offerings we have built. We look forward to adding even more features and supporting new tokens soon.”

According to Amber Group, though BTC and ETH are still the preferred crypto investments, demand for DeFi tokens is booming. Amber Group has added DOT and BNB to its Flexible Earn feature, allowing users to earn up to 5% APR on their investments by simply depositing the tokens in the Amber App wallet. Amber Group plans on adding over a dozen new tokens to these investment features in the coming months.

In the past 5 months, Amber App has seen 4x growth with registered users crossing 100,000. Amber App now supports three new languages, Japanese, Turkish, and Russian in addition to English, Simplified Chinese, Traditional Chinese, Korean, Spanish and Portuguese. Users are also able to login to the app with their Facebook/Google account.

The Amber App is now available on the App Store and Google Play Store in over 140 countries and regions.

About Amber Group

Amber Group is one of the world’s leading crypto finance service providers, operating 24/7 with a presence in Hong Kong, Taipei, Seoul, and Vancouver. In 2019, the company raised $28 million in Series A funding led by Paradigm and Pantera Capital, with participation from Polychain Capital, Dragonfly Capital, Blockchain.com, Fenbushi Capital, and Coinbase Ventures.



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Bitcoin price hits $41K, then rejects after sellers defend the 200-MA

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The overall mood of the cryptocurrency ecosystem is muted on June 15 with most altcoins trading flat while Bitcoin (BTC) bulls look for a daily close above $41,000 as a sign that the market could be shifting in favor of bulls.

Data from Cointelegraph Markets Pro and TradingView shows that within the last few hours Bitcoin price rallied to $41,330 but the breakout was swiftly met by selling at overhead resistance levels.

BTC/USDT 4-hour chart. Source: TradingView

Another gauge of investor sentiment as highlighted by Rekt Capital is the 200 exponential moving average (EMA), which Bitcoin attempted to surpass on Tuesday but was firmly rejected. 

Bitcoin’s rejection at the 200 EMA was followed by a rapid sell-off to $39,500, showing that a possible move lower is not out of the question.

A few altcoins rally on positive news

Daily cryptocurrency market performance. Source: Coin360

While most of the altcoin market saw muted price action on June 15, Shiba Inu (SHIB) rallied 33% following the revelation that trading for the token would be supported on Coinbase Pro on June 17.

Following the announcement, Chiliz (CHZ) and KEEP also rallied 18% and 10% respectively. 

Icon (ICX) also received a boost following the release of a new Ethereum (ETH) Virtual Machine (EVM) compatible blockchain called ICE. ICE is expected to become the application hub for the Icon project and it will have its own native token.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ICX on June 13, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. ICX price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score began to turn green on June 12 and eventually reached a high of 75 on June 13, 10 hours before the price increased 35% over the next two days.

Other notable altcoin performances include a 22% jump from Amp (AMP) and a 20% gain for iExecRLC (RLC) and Ultra (UOS).

The overall cryptocurrency market cap now stands at $1.685 trillion and Bitcoin’s dominance rate is 44.6%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.