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Texas Grants State-Chartered Banks to Hold Crypto as Valid Financial Asset



The notice has appeared after the Texas regulatory body had recently passed a new bill consenting the crypto proceedings to be recognized under the State’s commercial law.

The Texas regulatory body has issued an order for the state-chartered banks to preserve crypto and Bitcoin assets under their custody.

The process to recognize crypto investments as legal digital currency under commercial law was passed in the state last month. Texas has been growing exponentially well in the proceedings of crypto and bitcoin which has accelerated the judgment of Texas banking authorities in legalizing the crypto transactions as a legitimate and fair way to trade.

The Texas Department on Thursday issued a statement announcing that the local banks have now been granted permission to accept and conduct Bitcoin services in the state.

Texas State Chartered Banks to Store Cryptocurrency Services

Texas regulatory authorities have also mentioned how cryptocurrencies have no physical form stressing the possibility of the currency being stored in the form of blockchain data. This blockchain will consist of a unique data code or private keys that will further grant access to the owner.

The authorities have clarified how the banks will act as a custodian of the crypto services and assist the customers in storing the digital currency on their behalf. The customers willing to submit their Bitcoin transactions for custody will be required to provide a copy of their private keys to the banks or the banks will also prepare new keys to keep track of bitcoin dealings.

The banks will provide complete custody access to the crypto users by offering them various storage options segregated in terms of security and accessibility levels to keep the investors safe from any impending financial hazard.

Texas Passes a Bill on Legalizing Crypto Services under Commercial Law

The notice has appeared after the Texas regulatory body had recently passed a new bill consenting the crypto proceedings to be recognized under the State’s commercial law. Other states of the USA such as Wyoming and Nebraska have also been quite candid about embracing bitcoin as the new digital revolution.

The Federal-chartered banks have also obtained the necessary authorization to provide crypto custody to their consumers and clients.

The banks will also confirm the level of acceptable coverage with the insurance carrier as an active estimate to protect the existing crypto holdings in their custody. The agency further stated that they will provide custody services to their clients after ensuring that the banks have sufficient protocols in place to effectively manage the growing crypto transactions and established governmental guidelines to minimize the risks involved.

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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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SIL Finance Opens Mining on Binance Smart Chain




On 22nd June, the SIL Ethereum-BSC Bridging Program will commence.

Sister in Law Finance (SIL), a single-sided yield aggregator, has announced that it will open its mining operations on Binance Smart Chain (BSC) this week. This happens just after their PowerCurve Initial Decentralized Exchange Offering (IDO), which took place last week on DoraFactory.

SIL Finance has set a chain of events to take place in June. Closure of the BSC Test Drive will take place on the 21st June at 3.00 PM, UTC, and thereafter, the SIL master contract will produce SIL on every succeeding block. Additionally, at 2.00 PM UTC the same day, the NFT Mystery Box buying button will be enabled so that users can purchase SIL NFTs using SIL.

Notably, the NFT interface supports exploring SIL NFT collections or episodes and shopping SIL NFT Mystery Box of the current episode. It also enables examining Mystery Boxes purchased and turning them into concrete cards and examining statistics of these cards.

The NFT Collections are grouped into five classes namely: Common, Uncommon, Rare, Epic, and Legendary. Each of these has an acceleration rate (cast on self) that differs from its deceleration rate (cast on other users). Every episode has a specific number of cards belonging to each class. The OPEN button gives access to the randomness calculation. SIL NFT’s initial episode will be the Sister series inclusive of five faces namely: Advent, Combat, Entanglement, Phantom, and Void.

SIL Finance on Binance Smart Chain

On 22nd June UTC, the xSIL pool will be opened. The pool is a single-token yield pool and it is quite similar to xSushi. However, xSIL users gain 20% of the total profits accrued on all intermediate LP Farming yields in SIL form. The yields include Cake and Burger, among others depending on the underlying liquidity provider (LP) farms. To make use of the xSIL pool, one is required to deposit SIL into the pool and they will start owning SIL from the next block.

Also on 22nd June, the SIL Ethereum-BSC Bridging Program will commence. Through it, Ethereum SIL users will be able to make applications to convert ERC-20 SIL into BEP-20 SIL on BSC. Those that undergo the bridging process successfully will automatically enter the xSIL pool. This will have a 1-week grace period during which bridged users will be unable to withdraw SIL from the xSIL pool. However, after this window expires, users can freely remove SIL from the xSIL pool. Finally, the SIL LP pool will be opened on BSC as SIL trading on the 23rd UTC.

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Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”

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Morgan Stanley Invests in Security Token Startup Securitize




Securitize is going to build a crypto marketplace for trading digital securities.

San Francisco-based blockchain firm Securitize has raised $48 million in a Series B funding round. Morgan Stanley led the funding for Securitize drive alongside the largest investor in the Series A funding round, Blockchain Capital.

Recall that Blockchain Capital led the Series A funding round alongside Xpring Fund and Coinbase Ventures, and raised $12.75 million. This was used to expand operations into Latin America and the Asia Pacific, as well as build an engineering team.

Interestingly, the new venture capital investment is Morgan Stanley’s first investment foray into the blockchain ecosystem. The deal will see Pedro Teixeria, co-head of Morgan Stanley Tactical Value Investing, join Securitize’s board of directors. Teixeria believes the investment is proof- positive of Morgan Stanley’s ability to think ahead of the curve and make long-term investments that will benefit its partners. He claims the investment signals their belief in the growth of digital assets and the adoption of the same.

It is worthy of note that the development comes as the San Francisco firm looks to develop a crypto marketplace, Securitize Markets, for trading digital securities. The market, when launched, will provide liquidity for private capital holdings; allowing investors to trade closely held assets. According to Carlos Domingo, the founder and Chief Executive Officer of Securitize, such a platform boasts great potential and could very well be the future of finance.

Such a convergence as this formed by Morgan Stanley and Securitize suggests that Wall Street is slowly embracing the use of digital assets as securities even as the blockchain technology backing it continues to grow.

About Securitize

Established in 2017, Securitize helps private companies leverage the power of digital assets to raise funds. The firm reports that up to 150 corporations have benefited from its blockchain-based platform, with investors reaching about 300,000. The firm also has a subsidiary that manages assets and offers Bitcoin and USDC yield funds. The crypto yield funds expose accredited and institutional investors to digital assets- cryptocurrencies and decentralized finance.

The Series B funding drive brings the blockchain firm’s total funding to $87.5 million setting the company on course to be the leader in digital assets securities.

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An experienced writer and Fintech enthusiast, passionate about helping people take charge of, scale and secure their finances. Has ample experience creating content across a host of niche. When not writing, he spends his time reading, researching or teaching.

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Amazon (AMZN) Stock Slightly Down as Investors Remain Unperturbed Ahead of Prime Day




There are three key areas that inform the likelihood of a continued upsurge in Amazon (AMZN) shares.

The shares of American multinational technology company which focuses on e-commerce, cloud computing, digital streaming, and artificial intelligence company, Inc (NASDAQ: AMZN) was slightly down in the pre-market as volatility pushed the stock to the red zone. This current trend has failed to take into account the upcoming Amazon Prime Day, a period new offerings are expected to be unveiled.

At the time of writing, AMZN stock is 0.71% down, ar $3,462.20.

For the better part of this year, Amazon shares have not impressed longer-term investors as bear actions has largely kept the stock bound on a close-range for some time. More impressive market activity was triggered early in the day with AMZN inking close to 6 points to beat its Friday close of $3.486,90. The volatility has ushered in a correction, however, the impressions for a good uptick are currently being made evident.

Amazon is a tech giant with businesses cutting across several areas which consumers rely on. The company currently ranks as one of the firms that have the most expensive share, and the growing clamor for a stock split, a call, currently stalled with the earlier announcement of a change in the Chief Executive Position. While the stock split is not necessarily a drawback for the growth of the firm, its implementation is likely to fuel new interests.

Amazon Prime Day and Two Reasons Why Investors May Be Bullish on AMZN Stock

There are three key areas that inform the likelihood of a continued upsurge in Amazon shares, and these are outlined below.

Amazon Prime subscribers are one of the major livewires of the e-commerce giant, with revenues from this service a key aspect of Amazon’s business. There is a scheduled annual “Prime Day”, which is scheduled for June 21-22. This event represents one of the major shopping events of the year and is projected to bring in massive quarterly sales for the company.

With the stock market almost always influenced by growth, irrespective of the quarter its coming from, the stock price may see new bullish moves soon.

Amazon is gaining a good amount of traction when it comes to content streaming per its video services. While Netflix Inc (NASDAQ: NFLX) is arguably one of the biggest players in the streaming world, Amazon Video Prime is set to get new blockbusters this July, a development that can impact stock growth indirectly.

One of the highly anticipated moves, “The Tomorrow War” will begin showing on 2nd July and is billed to feature the star Chris Pratt who will be in the role of a soldier. Other movies in the pipeline include “Making the Cut” and “Luxe Listing Sydney,” all geared to help Amazon keep track of the competition and stay relevant.

Amazon was amongst the biggest beneficiaries during the COVID-19 pandemic and has continued to dominate the e-commerce ecosystem. While the trends in its relevance in this space are not all reflective in its share price, the company still maintains the lead ahead of the competition and serves as the ultimate cushion for its other products and services.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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