Online betting service DraftKings said is closing down its three-year-old non-fungible token (NFT) marketplace.
\nThe company announced Tuesday (July 30)\u00a0 it was shuttering the marketplace, along with Reignmakers, a fantasy sports game based around NFTs, due to \u201crecent legal developments.\u201d
\n\u201cThis decision was not made lightly, and we believe it is the right course of action,\u201d DraftKings said in its announcement. \u201cDue to this update, we have decided to offer all holders of Reignmakers digital game pieces the opportunity to relinquish those game pieces to DraftKings in exchange for a cash payment (subject to certain conditions).\u201d
\nDraftKings says Reignmakers and the NFT marketplace will be discontinued effective immediately, customers can still access their Reignmakers digital game pieces and other NFTs through the My Portfolio page.
\nWhile the company did not specify the nature of the legal developments, a report Tuesday by Coindesk noted that DraftKings is the subject of a federal class action lawsuit claiming the company\u2019s NFTs are unregistered securities.
\nNFTs first emerged during the cryptocurrency bull market of 2021, with advocates promoting them as a way for everyday customers to play a role in the digital currency market. Since then, they\u2019ve plummeted in popularity, with sales of NFTs dropping by 63% in 2023.
\nEarlier this year, GameStop, which had introduced an NFT marketplace in the summer of 2022, decided to exit the non-fungible token business, citing the ongoing regulatory uncertainty around the larger cryptocurrency market.
\nMeanwhile, the U.S. Treasury Department released an assessment in May which found that NFTs are \u201chighly susceptible\u201d to theft and use in fraud and scams.
\n\u201cAdditionally, criminals use NFTs to launder proceeds from predicate crimes, often in combination with other techniques or transactions meant to obfuscate the illicit source of funds,\u201d the assessment said.\u00a0\u201cCriminals can exploit vulnerabilities related to characteristics of NFTs, the assets or entitlements that they reference, and regulatory frameworks in the United States and abroad.\u201d
\nThe treasury found that cybersecurity vulnerabilities, challenges connected to copyright and trademark protections, and hype and fluctuating prices of NFTs can allow criminals to commit fraud and theft related to NFTs and their platforms.
\nMaking matters worse, the treasury said, NFT companies and platforms lack internal controls to prevent threats to market integrity, sanctions evasion, terror financing and money laundering.
\nThe post DraftKings Shutters NFT Marketplace Amid Legal Headaches appeared first on PYMNTS.com.
\n", "content_text": "Online betting service DraftKings said is closing down its three-year-old non-fungible token (NFT) marketplace.\nThe company announced Tuesday (July 30)\u00a0 it was shuttering the marketplace, along with Reignmakers, a fantasy sports game based around NFTs, due to \u201crecent legal developments.\u201d\n\u201cThis decision was not made lightly, and we believe it is the right course of action,\u201d DraftKings said in its announcement. \u201cDue to this update, we have decided to offer all holders of Reignmakers digital game pieces the opportunity to relinquish those game pieces to DraftKings in exchange for a cash payment (subject to certain conditions).\u201d\nDraftKings says Reignmakers and the NFT marketplace will be discontinued effective immediately, customers can still access their Reignmakers digital game pieces and other NFTs through the My Portfolio page.\nWhile the company did not specify the nature of the legal developments, a report Tuesday by Coindesk noted that DraftKings is the subject of a federal class action lawsuit claiming the company\u2019s NFTs are unregistered securities.\nNFTs first emerged during the cryptocurrency bull market of 2021, with advocates promoting them as a way for everyday customers to play a role in the digital currency market. Since then, they\u2019ve plummeted in popularity, with sales of NFTs dropping by 63% in 2023.\nEarlier this year, GameStop, which had introduced an NFT marketplace in the summer of 2022, decided to exit the non-fungible token business, citing the ongoing regulatory uncertainty around the larger cryptocurrency market.\nMeanwhile, the U.S. Treasury Department released an assessment in May which found that NFTs are \u201chighly susceptible\u201d to theft and use in fraud and scams.\n\u201cAdditionally, criminals use NFTs to launder proceeds from predicate crimes, often in combination with other techniques or transactions meant to obfuscate the illicit source of funds,\u201d the assessment said.\u00a0\u201cCriminals can exploit vulnerabilities related to characteristics of NFTs, the assets or entitlements that they reference, and regulatory frameworks in the United States and abroad.\u201d\nThe treasury found that cybersecurity vulnerabilities, challenges connected to copyright and trademark protections, and hype and fluctuating prices of NFTs can allow criminals to commit fraud and theft related to NFTs and their platforms.\nMaking matters worse, the treasury said, NFT companies and platforms lack internal controls to prevent threats to market integrity, sanctions evasion, terror financing and money laundering.\nThe post DraftKings Shutters NFT Marketplace Amid Legal Headaches appeared first on PYMNTS.com.", "date_published": "2024-07-30T17:21:24-04:00", "date_modified": "2024-07-30T17:21:24-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/01/DraftKings.jpg", "tags": [ "crypto", "Cryptocurrency", "digital assets", "DraftKings", "fantasy sports", "gambling", "News", "NFTs", "non-fungible tokens", "PYMNTS News", "Sports betting", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2018352", "url": "https://www.pymnts.com/cryptocurrency/2024/bitcoin-jumps-on-calls-to-integrate-crypto-into-us-asset-arsenal/", "title": "Bitcoin Jumps on Calls to Integrate Crypto Into US Asset Arsenal", "content_html": "The price of bitcoin hit a six-week high Monday (July 29). The alleged reason? Separate comments made over the weekend by presidential candidates Donald Trump and Robert F. Kennedy Jr. at Nashville\u2019s\u00a0Bitcoin Conference that observers believe could signal, if not herald, greater legitimization of the cryptocurrency sector.
\nKennedy, an independent candidate, called for launching a multi-million-dollar U.S. strategic reserve of bitcoin that matched the government\u2019s current stake in gold.
\nRepublican candidate Trump refrained from calling for a full-on strategic reserve, pledging instead to maintain the U.S. government\u2019s current stash of bitcoin rather than selling it off, calling it a national \u201cstockpile\u201d of cryptocurrency.
\nThe U.S. government, through various agencies, has increasingly seized significant amounts of cryptocurrencies in the course of financial crime enforcement. These assets are typically auctioned off, with proceeds going to the Treasury Forfeiture Fund or other government accounts. The current approach treats these digital assets as financial gains rather than strategic reserves.
\nThe notion of potentially integrating digital assets into the U.S. government\u2019s strategic reserves presents a disruptive approach that recognizes the evolving financial landscape and sees a role in it for cryptocurrencies. That\u2019s something that proponents of the sector have been working toward, but skeptics remain wary in the face of crypto scams and other illicit activity in the sector.
\nRead more: Crypto\u2019s Three Priorities for 2024: Interoperability, Acceptance, Regulation
\nAccording to a report by Chainalysis, $24.2 billion of illicit cryptocurrency was transferred in 2023, with over 60% of illegal crypto activity being tied to sanctioned groups or terrorist organizations.
\nFinancial crime remains a challenge for financial institutions (FIs) worldwide, evolving in complexity and scale\u00a0with each passing\u00a0day. The U.S. government, through agencies such as the Department of Justice (DOJ) and the Treasury Department, has increasingly encountered cryptocurrencies in its enforcement actions against financial crimes. These assets are often seized during investigations related to money laundering, drug trafficking, and other illegal activities. Traditionally, seized cryptocurrencies are auctioned off, with proceeds directed to government funds.
\nBut as digital assets become more integral to the global financial system, the question arises: Should the U.S. government consider stockpiling cryptocurrencies as part of its strategic reserves?
\nHolding cryptocurrencies could provide the U.S. government with a flexible financial tool. Unlike traditional reserves, which are often physical commodities, cryptocurrencies are highly liquid digital assets. They can be quickly converted into fiat currencies or used directly in transactions that accept digital payments. This flexibility could be invaluable during financial crises or emergencies, providing the government with a readily accessible source of funds.
\nEstablishing a cryptocurrency reserve would signal the U.S. government\u2019s recognition of the growing importance of digital assets. This could encourage further development of blockchain technology and related innovations within the U.S.
\nBut there is considerable public skepticism about the government\u2019s involvement in holding digital currencies, given their association with illicit activities \u2014 and the ongoing rise in frequency of those illicit activities, particularly in the financial sector.
\nRead more:\u00a0Blockchain\u2019s Benefits for Regulated Industries
\nCountries around the world, including the U.S., have expressed concern that privately operated, highly volatile digital currencies could undermine government control of the financial and monetary systems, increase systemic risk, promote financial crime and hurt investors.
\nAfter all, on Thursday (July 25) cryptocurrency exchange Coinbase\u00a0was fined $4.5 million by a U.K. regulator for serving \u201chigh-risk\u201d customers. And this past April, U.S. Treasury Deputy Secretary Wally Adeyemo testified that cryptocurrency is increasingly becoming a safe haven for \u201cmalign actors\u201d such as terror groups.
\nAs a result, FIs have needed to step up their financial crime defenses. Seven in 10 FIs\u00a0are now using AI and machine learning (ML) to fend off fraudsters, according to the PYMNTS Intelligence and Hawk collaboration, \u201cFinancial Institutions Revamping Technologies to Fight Financial Crimes.\u201d
\nIn an interview with PYMNTS, Wolfgang Berner, co-founder and CPO of\u00a0Hawk, discussed the opportunities that large transaction models (LTMs) \u2014 generative artificial intelligence (AI) models adapted to financial crime \u2014 represent in establishing more robust, accurate and comprehensive detection and prevention mechanisms.
\n\u201cThe core idea is we treat transactions as sentences, teaching the transformer model the language and grammar of transactions, similar to how large language models like GPT-4 are trained on the\u00a0text of the web,\u201d Berner said. \u201cAnd by doing that, it develops\u00a0a very good\u00a0understanding of the transactions, how transactions relate to each other, and what is genuine or possibly suspicious with them.\u201d
\nThe post Bitcoin Jumps on Calls to Integrate Crypto Into US Asset Arsenal appeared first on PYMNTS.com.
\n", "content_text": "The price of bitcoin hit a six-week high Monday (July 29). The alleged reason? Separate comments made over the weekend by presidential candidates Donald Trump and Robert F. Kennedy Jr. at Nashville\u2019s\u00a0Bitcoin Conference that observers believe could signal, if not herald, greater legitimization of the cryptocurrency sector.\nKennedy, an independent candidate, called for launching a multi-million-dollar U.S. strategic reserve of bitcoin that matched the government\u2019s current stake in gold.\nRepublican candidate Trump refrained from calling for a full-on strategic reserve, pledging instead to maintain the U.S. government\u2019s current stash of bitcoin rather than selling it off, calling it a national \u201cstockpile\u201d of cryptocurrency.\nThe U.S. government, through various agencies, has increasingly seized significant amounts of cryptocurrencies in the course of financial crime enforcement. These assets are typically auctioned off, with proceeds going to the Treasury Forfeiture Fund or other government accounts. The current approach treats these digital assets as financial gains rather than strategic reserves.\nThe notion of potentially integrating digital assets into the U.S. government\u2019s strategic reserves presents a disruptive approach that recognizes the evolving financial landscape and sees a role in it for cryptocurrencies. That\u2019s something that proponents of the sector have been working toward, but skeptics remain wary in the face of crypto scams and other illicit activity in the sector.\nRead more: Crypto\u2019s Three Priorities for 2024: Interoperability, Acceptance, Regulation\nCrypto and Global Financial Crime \nAccording to a report by Chainalysis, $24.2 billion of illicit cryptocurrency was transferred in 2023, with over 60% of illegal crypto activity being tied to sanctioned groups or terrorist organizations.\nFinancial crime remains a challenge for financial institutions (FIs) worldwide, evolving in complexity and scale\u00a0with each passing\u00a0day. The U.S. government, through agencies such as the Department of Justice (DOJ) and the Treasury Department, has increasingly encountered cryptocurrencies in its enforcement actions against financial crimes. These assets are often seized during investigations related to money laundering, drug trafficking, and other illegal activities. Traditionally, seized cryptocurrencies are auctioned off, with proceeds directed to government funds.\nBut as digital assets become more integral to the global financial system, the question arises: Should the U.S. government consider stockpiling cryptocurrencies as part of its strategic reserves?\nHolding cryptocurrencies could provide the U.S. government with a flexible financial tool. Unlike traditional reserves, which are often physical commodities, cryptocurrencies are highly liquid digital assets. They can be quickly converted into fiat currencies or used directly in transactions that accept digital payments. This flexibility could be invaluable during financial crises or emergencies, providing the government with a readily accessible source of funds.\nEstablishing a cryptocurrency reserve would signal the U.S. government\u2019s recognition of the growing importance of digital assets. This could encourage further development of blockchain technology and related innovations within the U.S.\nBut there is considerable public skepticism about the government\u2019s involvement in holding digital currencies, given their association with illicit activities \u2014 and the ongoing rise in frequency of those illicit activities, particularly in the financial sector.\nRead more:\u00a0Blockchain\u2019s Benefits for Regulated Industries\nCountries around the world, including the U.S., have expressed concern that privately operated, highly volatile digital currencies could undermine government control of the financial and monetary systems, increase systemic risk, promote financial crime and hurt investors.\nAfter all, on Thursday (July 25) cryptocurrency exchange Coinbase\u00a0was fined $4.5 million by a U.K. regulator for serving \u201chigh-risk\u201d customers. And this past April, U.S. Treasury Deputy Secretary Wally Adeyemo testified that cryptocurrency is increasingly becoming a safe haven for \u201cmalign actors\u201d such as terror groups.\nAs a result, FIs have needed to step up their financial crime defenses. Seven in 10 FIs\u00a0are now using AI and machine learning (ML) to fend off fraudsters, according to the PYMNTS Intelligence and Hawk collaboration, \u201cFinancial Institutions Revamping Technologies to Fight Financial Crimes.\u201d\nIn an interview with PYMNTS, Wolfgang Berner, co-founder and CPO of\u00a0Hawk, discussed the opportunities that large transaction models (LTMs) \u2014 generative artificial intelligence (AI) models adapted to financial crime \u2014 represent in establishing more robust, accurate and comprehensive detection and prevention mechanisms.\n\u201cThe core idea is we treat transactions as sentences, teaching the transformer model the language and grammar of transactions, similar to how large language models like GPT-4 are trained on the\u00a0text of the web,\u201d Berner said. \u201cAnd by doing that, it develops\u00a0a very good\u00a0understanding of the transactions, how transactions relate to each other, and what is genuine or possibly suspicious with them.\u201d\nThe post Bitcoin Jumps on Calls to Integrate Crypto Into US Asset Arsenal appeared first on PYMNTS.com.", "date_published": "2024-07-29T12:00:34-04:00", "date_modified": "2024-07-29T12:00:34-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/01/more-bitcoin.jpg", "tags": [ "Bitcoin", "Bitcoin Conference", "crypto scams", "Cryptocurrency", "Financial Crime", "Government", "News", "politics", "PYMNTS News" ] }, { "id": "https://www.pymnts.com/?p=2017429", "url": "https://www.pymnts.com/cryptocurrency/2024/why-bitcoin-and-trump-are-once-again-cryptos-biggest-story/", "title": "Why Bitcoin and Trump Are Once Again Crypto\u2019s Biggest Story", "content_html": "It\u2019s day two of Nashville\u2019s Bitcoin Conference, but many attendees are waiting for day three.
\nThe reason? Saturday (July 27), at 2 p.m., is when U.S. Republican presidential nominee Donald Trump will give a keynote address to the conference.
\nThe former president and current hopeful, who once dismissed bitcoin as a \u201cscam\u201d competing against the U.S. dollar, is now positioning himself as a proponent of the crypto industry.
\nTrump has already raised more than $4 million in crypto for his campaign war chest, and the crypto audience represents an attractive and lucrative voting bloc, particularly given their ongoing disillusionment with the current state of existing domestic digital asset policy.
\nA free T-shirt being offered to attendees of the conference reads \u201cVote Trump.\u201d
\nPer a Barron\u2019s report, the prevailing sentiment among certain bitcoin investors and enthusiasts is that Trump will use his speech to make a major announcement, something along the lines of throwing his support behind having the U.S. government buy bitcoin as a \u201cstrategic reserve\u201d asset, akin to foreign currencies, or oil.
\nCentral banks\u2019 investment in bitcoin would lend credibility to cryptocurrency, potentially elevating it to a status similar to gold in terms of being a store of value. Any such move could have a far-ranging influence on discussions around digital currencies and monetary sovereignty.
\nTrump, who has pitched himself as the \u201ccrypto president,\u201d isn\u2019t the only politician speaking at the crypto festival. Republican former candidate Vivek Ramaswamy, independent U.S. presidential candidate Robert F. Kennedy Jr., and lawmakers from both parties \u2014 including Sen. Cynthia Lummis of Wyoming \u2014 are also slated to speak.
\nSee also: Trump Running Mate J.D. Vance\u2019s Antitrust Views Divide Business Leaders
\nTrump\u2019s rebranding as a crypto-friendly candidate is part of a larger trend among Republicans to embrace digital currencies and blockchain technology. This strategy aims not only to attract a young and tech-savvy demographic but also to tap into the substantial financial resources of the crypto sector. By aligning with the interests of cryptocurrency enthusiasts, Trump and his party are seeking to leverage the political and economic potential of this burgeoning industry.
\nTrump\u2019s running mate, J.D. Vance, has maintained a positive view on the digital asset sector throughout his political career, and voted as a senator accordingly.
\nThe Republican Party\u2019s platform states that the GOP will \u201cend Democrats\u2019 unlawful and unAmerican Crypto crackdown\u201d and \u201cdefend the right to mine Bitcoin.\u201d
\nAnd as PYMNTS wrote earlier this month, the need for\u00a0clear regulatory frameworks\u00a0remains one of the most pressing issues facing the crypto industry.
\n\u201cWhat we are seeing, where it\u2019s the UK, Japan, Singapore \u2026 even the European Union, more than two dozen countries have come together to\u00a0provide a framework\u00a0for crypto regulation,\u201d Ripple\u2019s\u00a0CEO Brad Garlinghouse said last week (July 17). \u201cIt\u2019s frustrating that we as a country can\u2019t get that framework in place. And instead, we have this interminable litigation coming from the SEC that really isn\u2019t solving the problem.\u201d
\nRipple earlier this year\u00a0donated $25 million\u00a0to the crypto industry super PAC\u00a0Fairshake, with Garlinghouse saying at the time that those donations would continue each year, as long as the sector had its naysayers.
\nRead more: Blockchain\u2019s Benefits for Regulated Industries
\nAs the 2024 elections approach, the cryptocurrency sector is poised to play an increasingly significant role in American politics, across both parties.
\nPer a Politico report on Tuesday (July 23), billionaire investor and bitcoin enthusiast Mark Cuban believes that Democratic Presidential Nominee Kamala Harris would be \u201cfar more open\u201d to crypto, though he noted that was \u201ccertainly not confirmed by the VP.\u201d
\nPotentially contributing to the more mainstream embrace of crypto is the fact that institutions are starting to warm up to digital assets, too.
\nCoinbase Asset Management\u00a0is reportedly creating a tokenized money market fund, while asset manager\u00a0BlackRock\u00a0introduced a tokenization of real-world assets: a fund called BUIDL that holds U.S. Treasurys and gained $500 million of assets following its launch in March.
\nThe\u00a0tokenization of real-world assets\u00a0is a function of the blockchain landscape that has captured the imagination of various players across payments, finance\u00a0and\u00a0commerce, PYMNTS reported in April.
\nAs PYMNTS Intelligence\u2019s latest report revealed, regulated industries, including healthcare and financial services, must adhere to numerous requirements, such as know your customer (KYC), anti-money laundering (AML) and data privacy regulations. Blockchain could help these industries in that regard.
\nThe post Why Bitcoin and Trump Are Once Again Crypto\u2019s Biggest Story appeared first on PYMNTS.com.
\n", "content_text": "It\u2019s day two of Nashville\u2019s Bitcoin Conference, but many attendees are waiting for day three.\nThe reason? Saturday (July 27), at 2 p.m., is when U.S. Republican presidential nominee Donald Trump will give a keynote address to the conference.\nThe former president and current hopeful, who once dismissed bitcoin as a \u201cscam\u201d competing against the U.S. dollar, is now positioning himself as a proponent of the crypto industry.\nTrump has already raised more than $4 million in crypto for his campaign war chest, and the crypto audience represents an attractive and lucrative voting bloc, particularly given their ongoing disillusionment with the current state of existing domestic digital asset policy.\nA free T-shirt being offered to attendees of the conference reads \u201cVote Trump.\u201d\nPer a Barron\u2019s report, the prevailing sentiment among certain bitcoin investors and enthusiasts is that Trump will use his speech to make a major announcement, something along the lines of throwing his support behind having the U.S. government buy bitcoin as a \u201cstrategic reserve\u201d asset, akin to foreign currencies, or oil.\nCentral banks\u2019 investment in bitcoin would lend credibility to cryptocurrency, potentially elevating it to a status similar to gold in terms of being a store of value. Any such move could have a far-ranging influence on discussions around digital currencies and monetary sovereignty.\nTrump, who has pitched himself as the \u201ccrypto president,\u201d isn\u2019t the only politician speaking at the crypto festival. Republican former candidate Vivek Ramaswamy, independent U.S. presidential candidate Robert F. Kennedy Jr., and lawmakers from both parties \u2014 including Sen. Cynthia Lummis of Wyoming \u2014 are also slated to speak.\nSee also: Trump Running Mate J.D. Vance\u2019s Antitrust Views Divide Business Leaders\nCrypto Industry Looks to Increase Beltway Influence \nTrump\u2019s rebranding as a crypto-friendly candidate is part of a larger trend among Republicans to embrace digital currencies and blockchain technology. This strategy aims not only to attract a young and tech-savvy demographic but also to tap into the substantial financial resources of the crypto sector. By aligning with the interests of cryptocurrency enthusiasts, Trump and his party are seeking to leverage the political and economic potential of this burgeoning industry.\nTrump\u2019s running mate, J.D. Vance, has maintained a positive view on the digital asset sector throughout his political career, and voted as a senator accordingly.\nThe Republican Party\u2019s platform states that the GOP will \u201cend Democrats\u2019 unlawful and unAmerican Crypto crackdown\u201d and \u201cdefend the right to mine Bitcoin.\u201d\nAnd as PYMNTS wrote earlier this month, the need for\u00a0clear regulatory frameworks\u00a0remains one of the most pressing issues facing the crypto industry.\n\u201cWhat we are seeing, where it\u2019s the UK, Japan, Singapore \u2026 even the European Union, more than two dozen countries have come together to\u00a0provide a framework\u00a0for crypto regulation,\u201d Ripple\u2019s\u00a0CEO Brad Garlinghouse said last week (July 17). \u201cIt\u2019s frustrating that we as a country can\u2019t get that framework in place. And instead, we have this interminable litigation coming from the SEC that really isn\u2019t solving the problem.\u201d\nRipple earlier this year\u00a0donated $25 million\u00a0to the crypto industry super PAC\u00a0Fairshake, with Garlinghouse saying at the time that those donations would continue each year, as long as the sector had its naysayers.\nRead more: Blockchain\u2019s Benefits for Regulated Industries\nAs the 2024 elections approach, the cryptocurrency sector is poised to play an increasingly significant role in American politics, across both parties.\nPer a Politico report on Tuesday (July 23), billionaire investor and bitcoin enthusiast Mark Cuban believes that Democratic Presidential Nominee Kamala Harris would be \u201cfar more open\u201d to crypto, though he noted that was \u201ccertainly not confirmed by the VP.\u201d\nPotentially contributing to the more mainstream embrace of crypto is the fact that institutions are starting to warm up to digital assets, too.\nCoinbase Asset Management\u00a0is reportedly creating a tokenized money market fund, while asset manager\u00a0BlackRock\u00a0introduced a tokenization of real-world assets: a fund called BUIDL that holds U.S. Treasurys and gained $500 million of assets following its launch in March.\nThe\u00a0tokenization of real-world assets\u00a0is a function of the blockchain landscape that has captured the imagination of various players across payments, finance\u00a0and\u00a0commerce, PYMNTS reported in April.\nAs PYMNTS Intelligence\u2019s latest report revealed, regulated industries, including healthcare and financial services, must adhere to numerous requirements, such as know your customer (KYC), anti-money laundering (AML) and data privacy regulations. Blockchain could help these industries in that regard.\nThe post Why Bitcoin and Trump Are Once Again Crypto\u2019s Biggest Story appeared first on PYMNTS.com.", "date_published": "2024-07-26T11:28:54-04:00", "date_modified": "2024-07-26T11:28:54-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/01/more-bitcoin.jpg", "tags": [ "Bitcoin", "Bitcoin Conference", "Blockchain", "crypto", "Cryptocurrency", "digital currencies", "Donald Trump", "News", "politics", "PYMNTS News" ] }, { "id": "https://www.pymnts.com/?p=2016557", "url": "https://www.pymnts.com/cryptocurrency/2024/coinbase-fined-4-5-million-over-high-risk-customers/", "title": "Coinbase Fined $4.5 Million Over \u2018High Risk\u2019 Customers", "content_html": "Coinbase\u00a0has been fined $4.5 million by a U.K. regulator for serving \u201chigh-risk\u201d customers.
\nThe fine,\u00a0announced\u00a0Thursday (July 25) by the\u00a0Financial Conduct Authority\u00a0(FCA), was levied against a subsidiary of the cryptocurrency exchange, CB Payments Limited (CBPL), which the FCA says repeatedly violated a requirement preventing the company from doing business with high-risk clients.
\n\u201cThe money laundering risks associated with crypto are obvious and firms must take them seriously,\u201d\u00a0Therese Chambers, joint executive director of Enforcement and Market Oversight at the FCA, said in a news release.
\n\u201cFirms like CBPL that enable crypto trading need to have strong financial crime controls. CBPL\u2019s controls had significant weaknesses and the FCA told it so, which is why the requirements were needed. CPBL, however, repeatedly breached those requirements.\u201d
\nAccording to the FCA, CPBL agreed not to take on new high-risk customers in 2020, after the regulator expressed concerns about the company\u2019s financial crime control network.
\nBut despite this agreement, the FCA said, CBPL onboarded and/or provided e-money services to 13,416 high-risk customers, who made multiple crypto asset transactions through other Coinbase Group entities, totaling around $226 million.
\nThe FCA said CBPL demonstrated a \u201clack of due skill, care and diligence in the design, testing, implementation and monitoring\u201d of its financial controls, with \u201crepeated and material breaches\u201d going undiscovered for nearly two years.
\n\u201cWe take the FCA\u2019s findings and our broader regulatory compliance very seriously and CBPL continues to proactively enhance its controls to ensure compliance with its regulatory obligations,\u201d Coinbase said in a\u00a0statement\u00a0posted to its blog.
\nThe FCA notes that this action was taken under the U.K.\u2019s 2011 electronic money regulations, and marks the first time the regulator has taken enforcement action using these powers.
\nThe fine comes as the need for\u00a0clear regulatory frameworks\u00a0remains one of the most pressing issues facing the crypto space, as PYMNTS wrote earlier this month.
\n\u201cClear regulations can protect consumers, reduce fraud and encourage institutional investment, while regulatory uncertainty or overly restrictive regulations can stifle innovation and hinder technological advancements, lead to market instability and drive businesses to more crypto-friendly jurisdictions,\u201d that report said.
\nThe report added that the U.S. Securities and Exchange Commission (SEC) and other regulatory bodies are working on\u00a0frameworks for cryptocurrencies, but there is still substantial uncertainty, while Europe\u2019s\u00a0Markets in Crypto-Assets (MiCA) regulation offers a more unified regulatory approach.
\nThe post Coinbase Fined $4.5 Million Over \u2018High Risk\u2019 Customers appeared first on PYMNTS.com.
\n", "content_text": "Coinbase\u00a0has been fined $4.5 million by a U.K. regulator for serving \u201chigh-risk\u201d customers.\nThe fine,\u00a0announced\u00a0Thursday (July 25) by the\u00a0Financial Conduct Authority\u00a0(FCA), was levied against a subsidiary of the cryptocurrency exchange, CB Payments Limited (CBPL), which the FCA says repeatedly violated a requirement preventing the company from doing business with high-risk clients.\n\u201cThe money laundering risks associated with crypto are obvious and firms must take them seriously,\u201d\u00a0Therese Chambers, joint executive director of Enforcement and Market Oversight at the FCA, said in a news release.\n\u201cFirms like CBPL that enable crypto trading need to have strong financial crime controls. CBPL\u2019s controls had significant weaknesses and the FCA told it so, which is why the requirements were needed. CPBL, however, repeatedly breached those requirements.\u201d\nAccording to the FCA, CPBL agreed not to take on new high-risk customers in 2020, after the regulator expressed concerns about the company\u2019s financial crime control network.\nBut despite this agreement, the FCA said, CBPL onboarded and/or provided e-money services to 13,416 high-risk customers, who made multiple crypto asset transactions through other Coinbase Group entities, totaling around $226 million.\nThe FCA said CBPL demonstrated a \u201clack of due skill, care and diligence in the design, testing, implementation and monitoring\u201d of its financial controls, with \u201crepeated and material breaches\u201d going undiscovered for nearly two years.\n\u201cWe take the FCA\u2019s findings and our broader regulatory compliance very seriously and CBPL continues to proactively enhance its controls to ensure compliance with its regulatory obligations,\u201d Coinbase said in a\u00a0statement\u00a0posted to its blog.\nThe FCA notes that this action was taken under the U.K.\u2019s 2011 electronic money regulations, and marks the first time the regulator has taken enforcement action using these powers.\nThe fine comes as the need for\u00a0clear regulatory frameworks\u00a0remains one of the most pressing issues facing the crypto space, as PYMNTS wrote earlier this month.\n\u201cClear regulations can protect consumers, reduce fraud and encourage institutional investment, while regulatory uncertainty or overly restrictive regulations can stifle innovation and hinder technological advancements, lead to market instability and drive businesses to more crypto-friendly jurisdictions,\u201d that report said.\nThe report added that the U.S. Securities and Exchange Commission (SEC) and other regulatory bodies are working on\u00a0frameworks for cryptocurrencies, but there is still substantial uncertainty, while Europe\u2019s\u00a0Markets in Crypto-Assets (MiCA) regulation offers a more unified regulatory approach.\nThe post Coinbase Fined $4.5 Million Over \u2018High Risk\u2019 Customers appeared first on PYMNTS.com.", "date_published": "2024-07-25T10:14:28-04:00", "date_modified": "2024-07-25T10:14:28-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/10/Coinbase-1.jpg", "tags": [ "CB Payments Limited", "coinbase", "crypto regulation", "Cryptocurrency", "cryptocurrency exchange", "FCA", "Financial Conduct Authority", "fines", "News", "PYMNTS News", "regulations", "uk", "UK crypto regulation", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2016451", "url": "https://www.pymnts.com/cryptocurrency/2024/report-coinbase-asset-management-creating-tokenized-money-market-fund/", "title": "Report: Coinbase Asset Management Creating Tokenized Money Market Fund", "content_html": "Coinbase Asset Management is reportedly creating a tokenized money market fund.
\nThe company, which is an arm of cryptocurrency exchange Coinbase, is working on the project with Bermuda-based Apex Group, CoinDesk reported Wednesday (July 24).
\nThis effort follows another move in the tokenization space by Coinbase Asset Management, according to the report. The company received in-principle approval from an Abu Dhabi regulator in December 2023 to tokenize traditional assets on its ethereum scaling network called Base.
\nIt also comes after asset manager BlackRock introduced a tokenization of real-world assets: a fund called BUIDL that holds U.S. Treasurys and gained $500 million of assets following its launch in March, per the report.
\nTokenization of real-world assets has become a big trend in crypto, the report said.
\nIt was reported in May that Coinbase has been diversifying its revenue sources and generated about a third of its sales in the first quarter from sources other than trading fees.
\nThese sources include revenue share on USDC stablecoin and revenue from its Base blockchain. Coinbase also serves as the custodian for most U.S. spot bitcoin ETFs and is listed as a custodian for spot ether ETFs that are expected to be OKed by regulators.
\nIn another move in the tokenization space, Ripple and Archax said in June that they extended their existing collaboration in an effort to bring hundreds of millions of dollars of tokenized real-world assets (RWAs) onto the XRP Ledger (XRPL) over the coming year.
\n\u201cWe have hit the tipping point for mainstream adoption of digital assets for real-world use cases,\u201d Graham Rodford, CEO at Archax, said in a press release. \u201cThere is clear real-world utility in use cases like RWA tokenization for the operational efficiency, access to liquid markets and transparency inherent to crypto, and Archax has already tokenized assets such as equities, debt instruments and money market funds.\u201d
\nThe tokenization of real-world assets is a function of the blockchain landscape that has captured the imagination of various players across payments, finance and commerce, PYMNTS reported in April.
\nTokenized RWAs have the potential to make assets more liquid, accessible and efficient while enhancing transparency, security and global reach.
\nThe post Report: Coinbase Asset Management Creating Tokenized Money Market Fund appeared first on PYMNTS.com.
\n", "content_text": "Coinbase Asset Management is reportedly creating a tokenized money market fund.\nThe company, which is an arm of cryptocurrency exchange Coinbase, is working on the project with Bermuda-based Apex Group, CoinDesk reported Wednesday (July 24).\nThis effort follows another move in the tokenization space by Coinbase Asset Management, according to the report. The company received in-principle approval from an Abu Dhabi regulator in December 2023 to tokenize traditional assets on its ethereum scaling network called Base.\nIt also comes after asset manager BlackRock introduced a tokenization of real-world assets: a fund called BUIDL that holds U.S. Treasurys and gained $500 million of assets following its launch in March, per the report.\nTokenization of real-world assets has become a big trend in crypto, the report said.\nIt was reported in May that Coinbase has been diversifying its revenue sources and generated about a third of its sales in the first quarter from sources other than trading fees.\nThese sources include revenue share on USDC stablecoin and revenue from its Base blockchain. Coinbase also serves as the custodian for most U.S. spot bitcoin ETFs and is listed as a custodian for spot ether ETFs that are expected to be OKed by regulators.\nIn another move in the tokenization space, Ripple and Archax said in June that they extended their existing collaboration in an effort to bring hundreds of millions of dollars of tokenized real-world assets (RWAs) onto the XRP Ledger (XRPL) over the coming year.\n\u201cWe have hit the tipping point for mainstream adoption of digital assets for real-world use cases,\u201d Graham Rodford, CEO at Archax, said in a press release. \u201cThere is clear real-world utility in use cases like RWA tokenization for the operational efficiency, access to liquid markets and transparency inherent to crypto, and Archax has already tokenized assets such as equities, debt instruments and money market funds.\u201d\nThe tokenization of real-world assets is a function of the blockchain landscape that has captured the imagination of various players across payments, finance and commerce, PYMNTS reported in April.\nTokenized RWAs have the potential to make assets more liquid, accessible and efficient while enhancing transparency, security and global reach.\nThe post Report: Coinbase Asset Management Creating Tokenized Money Market Fund appeared first on PYMNTS.com.", "date_published": "2024-07-24T22:13:57-04:00", "date_modified": "2024-07-24T22:13:57-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Coinbase-.jpg", "tags": [ "Apex Group", "Blockchain", "coinbase", "Coinbase Asset Management", "Cryptocurrency", "News", "PYMNTS News", "tokenized assets", "tokenized money market fund", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2016112", "url": "https://www.pymnts.com/cryptocurrency/2024/crypto-company-fold-set-to-go-public-in-spac-merger/", "title": "Crypto Company Fold Set to Go Public in SPAC Merger", "content_html": "Fold, which describes itself as a \u201cbitcoin financial services company\u201d is set to go public.
\nThe company plans to list on Nasdaq after merging with publicly-traded special purpose acquisition company (SPAC) FTAC Emerald Acquisition Corp, Fold announced in a\u00a0news release\u00a0Wednesday (July 24).
\n\u201cBy integrating bitcoin across traditional financial services, Fold acts as a key point of entry for consumers and businesses to engage with and integrate bitcoin into their everyday activities,\u201d the release said.
\n\u201cFold customers can seamlessly accumulate, manage, and spend their bitcoin through merchant rewards, debit cards, and bill pay services.\u201d
\nAccording to the release, the transaction implies a pre-money equity valuation of $365 million for Fold, which has processed more than $2 billion in volume and has distributed over $45 million in lifetime bitcoin rewards to customers since its founding in 2019.
\nThe company\u2019s services include earning bitcoin rewards on card spending, earning bitcoin for paying bills, rounding up purchases into bitcoin, buying bitcoin with zero fees and storing funds in insured accounts.
\nFold\u2019s SPAC comes as other crypto companies are preparing to go public. For example,\u00a0Circle, issuer of the stablecoin USDC, earlier this year filed paperwork for an\u00a0initial public offering\u00a0(IPO) with the Securities and Exchange Commission (SEC).
\nThe company had planned to go public in 2022 through a $9 billion SPAC merger, though that deal was put on hold as it waited for the SEC to approve its S-4 registration document. Circle later said it understood the necessity of a thorough review.
\nAnd last month saw reports that the cryptocurrency exchange\u00a0Kraken\u00a0was considering embarking on a\u00a0$100 million funding round\u00a0before launching a possible IPO.
\nPYMNTS earlier this month examined the\u00a0state of the crypto world, 15 years after bitcoin was first minted.
\n\u201cIn the years since, while the adoption of crypto as a\u00a0mainstream payment mechanism\u00a0has yet to displace more traditional methods despite the rise of digital transactions, cryptocurrencies have started to find their own success as financial assets,\u201d that report said.
\n\u201cAs crypto increasingly finds its niche as an asset class, industry participants are hoping that the sector can find the runway and\u00a0land the plane\u00a0on the rest of blockchain\u2019s transformative potential, too.\u201d
\nThe post Crypto Company Fold Set to Go Public in SPAC Merger appeared first on PYMNTS.com.
\n", "content_text": "Fold, which describes itself as a \u201cbitcoin financial services company\u201d is set to go public.\nThe company plans to list on Nasdaq after merging with publicly-traded special purpose acquisition company (SPAC) FTAC Emerald Acquisition Corp, Fold announced in a\u00a0news release\u00a0Wednesday (July 24).\n\u201cBy integrating bitcoin across traditional financial services, Fold acts as a key point of entry for consumers and businesses to engage with and integrate bitcoin into their everyday activities,\u201d the release said.\n\u201cFold customers can seamlessly accumulate, manage, and spend their bitcoin through merchant rewards, debit cards, and bill pay services.\u201d\nAccording to the release, the transaction implies a pre-money equity valuation of $365 million for Fold, which has processed more than $2 billion in volume and has distributed over $45 million in lifetime bitcoin rewards to customers since its founding in 2019.\nThe company\u2019s services include earning bitcoin rewards on card spending, earning bitcoin for paying bills, rounding up purchases into bitcoin, buying bitcoin with zero fees and storing funds in insured accounts.\nFold\u2019s SPAC comes as other crypto companies are preparing to go public. For example,\u00a0Circle, issuer of the stablecoin USDC, earlier this year filed paperwork for an\u00a0initial public offering\u00a0(IPO) with the Securities and Exchange Commission (SEC).\nThe company had planned to go public in 2022 through a $9 billion SPAC merger, though that deal was put on hold as it waited for the SEC to approve its S-4 registration document. Circle later said it understood the necessity of a thorough review.\nAnd last month saw reports that the cryptocurrency exchange\u00a0Kraken\u00a0was considering embarking on a\u00a0$100 million funding round\u00a0before launching a possible IPO.\nPYMNTS earlier this month examined the\u00a0state of the crypto world, 15 years after bitcoin was first minted.\n\u201cIn the years since, while the adoption of crypto as a\u00a0mainstream payment mechanism\u00a0has yet to displace more traditional methods despite the rise of digital transactions, cryptocurrencies have started to find their own success as financial assets,\u201d that report said.\n\u201cAs crypto increasingly finds its niche as an asset class, industry participants are hoping that the sector can find the runway and\u00a0land the plane\u00a0on the rest of blockchain\u2019s transformative potential, too.\u201d\nThe post Crypto Company Fold Set to Go Public in SPAC Merger appeared first on PYMNTS.com.", "date_published": "2024-07-24T14:22:34-04:00", "date_modified": "2024-07-24T14:22:34-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/03/Bitcoin-cryptocurrency-1.jpg", "tags": [ "Bitcoin", "Cryptocurrency", "Fold", "mergers", "NASDAQ", "News", "PYMNTS News", "SPAC", "special purpose acquisition company", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2015318", "url": "https://www.pymnts.com/cryptocurrency/2024/swiss-lenders-aim-to-fill-crypto-payment-gap/", "title": "Swiss Lenders Aim to Fill Crypto Payment Gap", "content_html": "Following the collapse of two crypto-friendly American banks, European lenders are reportedly filling that space.
\nAs Bloomberg News reported Tuesday (July 23), two Swiss banks \u2014 Amina Bank and Sygnum Bank \u2014 have recently launched real-time payment and settlement networks, targeting a gap left by the closure of Silvergate Exchange Network (SEN) and Signature Bank\u2019s Signet platform.
\nBefore their collapse in March of last year, those banks played a key role in providing liquidity to the crypto market, the report said.
\nSEN facilitated $117 billion in transfers in the quarter before Silvergate voluntarily liquidated, while Signet processed $275.5 billion before Signature was taken over by U.S. regulators.
\nAccording to Bloomberg, the end of those networks left bitcoin liquidity even worse off than it was following the collapse of cryptocurrency exchange FTX in 2022.
\nNow, crypto players are still seeking alternatives. Amina and Sygnum, both of which went live in recent weeks, are hoping to fill that void, offering a 24/7 network for instant transactions in both fiat currencies and cryptoassets, with no fees for transfers between network members.
\nThe aim is to help crypto companies \u201cexecute trades and settle positions more quickly,\u201d said Kok Kee Chong, chief executive of Singapore-based crypto exchange AsiaNext, which has partnered with Sygnum Connect.
\n\u201cThis improves market liquidity, as traders can respond to market movements in real-time without having to wait for settlement,\u201d he added.
\nMeanwhile, PYMNTS wrote earlier this month on the state of the crypto industry as it struggles to gain wider acceptance.
\nThat report pointed to research by PYMNTS Intelligence showing \u201cthat using cryptocurrencies for cross-border payments could be the winning use case that the sector has been looking for.\u201d
\nAccording to the research, blockchain-based cross-border solutions, particularly stablecoins, are being increasingly embraced by companies seeking a better way to transact and expand internationally. The Solana network processed $1.4 trillion in stablecoin cross-border payments this past March alone \u2014 a sign of the technology\u2019s scalability.
\nAt the same time, the industry continues to argue that regulators such as the U.S. Securities and Exchange Commission (SEC) need to provide more regulatory clarity.
\n\u201cWhat we are seeing, where it\u2019s the U.K., Japan, Singapore \u2026 even the European Union, more than two dozen countries have come together to provide a framework for crypto regulation,\u201d Ripple CEO Brad Garlinghouse said last week. \u201cIt\u2019s frustrating that we as a country can\u2019t get that framework in place. And instead, we have this interminable litigation coming from the SEC that really isn\u2019t solving the problem.\u201d
\nThe post Swiss Lenders Aim to Fill Crypto Payment Gap appeared first on PYMNTS.com.
\n", "content_text": "Following the collapse of two crypto-friendly American banks, European lenders are reportedly filling that space.\nAs Bloomberg News reported Tuesday (July 23), two Swiss banks \u2014 Amina Bank and Sygnum Bank \u2014 have recently launched real-time payment and settlement networks, targeting a gap left by the closure of Silvergate Exchange Network (SEN) and Signature Bank\u2019s Signet platform.\nBefore their collapse in March of last year, those banks played a key role in providing liquidity to the crypto market, the report said.\nSEN facilitated $117 billion in transfers in the quarter before Silvergate voluntarily liquidated, while Signet processed $275.5 billion before Signature was taken over by U.S. regulators.\nAccording to Bloomberg, the end of those networks left bitcoin liquidity even worse off than it was following the collapse of cryptocurrency exchange FTX in 2022.\nNow, crypto players are still seeking alternatives. Amina and Sygnum, both of which went live in recent weeks, are hoping to fill that void, offering a 24/7 network for instant transactions in both fiat currencies and cryptoassets, with no fees for transfers between network members.\nThe aim is to help crypto companies \u201cexecute trades and settle positions more quickly,\u201d said Kok Kee Chong, chief executive of Singapore-based crypto exchange AsiaNext, which has partnered with Sygnum Connect.\n\u201cThis improves market liquidity, as traders can respond to market movements in real-time without having to wait for settlement,\u201d he added.\nMeanwhile, PYMNTS wrote earlier this month on the state of the crypto industry as it struggles to gain wider acceptance.\nThat report pointed to research by PYMNTS Intelligence showing \u201cthat using cryptocurrencies for cross-border payments could be the winning use case that the sector has been looking for.\u201d\nAccording to the research, blockchain-based cross-border solutions, particularly stablecoins, are being increasingly embraced by companies seeking a better way to transact and expand internationally. The Solana network processed $1.4 trillion in stablecoin cross-border payments this past March alone \u2014 a sign of the technology\u2019s scalability.\nAt the same time, the industry continues to argue that regulators such as the U.S. Securities and Exchange Commission (SEC) need to provide more regulatory clarity.\n\u201cWhat we are seeing, where it\u2019s the U.K., Japan, Singapore \u2026 even the European Union, more than two dozen countries have come together to provide a framework for crypto regulation,\u201d Ripple CEO Brad Garlinghouse said last week. \u201cIt\u2019s frustrating that we as a country can\u2019t get that framework in place. And instead, we have this interminable litigation coming from the SEC that really isn\u2019t solving the problem.\u201d\nThe post Swiss Lenders Aim to Fill Crypto Payment Gap appeared first on PYMNTS.com.", "date_published": "2024-07-23T14:20:33-04:00", "date_modified": "2024-07-23T14:20:33-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/03/Bitcoin-cryptocurrency-1.jpg", "tags": [ "AMINA", "crypto", "Crypto Assets", "crypto industry", "Crypto payments", "Cryptocurrency", "digital assets", "News", "PYMNTS News", "Signature Bank", "Silvergate Capital", "Sygnum", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2014449", "url": "https://www.pymnts.com/cryptocurrency/2024/bitcoin-depot-surpasses-8000-bitcoin-atms-in-operation/", "title": "Bitcoin Depot Surpasses 8,000 Bitcoin ATMs\u00a0in Operation", "content_html": "Bitcoin Depot said Monday (July 22) that the number of Bitcoin ATMs it has in operation now totals 8,180, up from 7,400 on April 1.
\nThe company added that it reached its goal of having at least 8,000 Bitcoin ATMs five months ahead of schedule, according to a Monday\u00a0press release.
\n\u201cSurpassing our deployment goal well ahead of schedule is a testament to the relentless dedication of our team and our strategic initiatives aimed at expanding Bitcoin\u2019s accessibility,\u201d\u00a0Brandon Mintz, CEO\u00a0at Bitcoin Depot, said in the release.
\nBitcoin Depot kiosks allow users to convert cash into bitcoin, which can be used for payments, transfers, remittances, online purchases\u00a0and investments, according to the release.
\nSince the beginning of the year, the company has expanded its number of kiosks by 900, expanded into Australia and Puerto Rico, and announced retail partnerships with national and regional convenience store brands, per the release.
\n\u201cBuilding on the momentum we\u2019ve already cultivated in the first half of 2024, we have no intention of slowing down as we gear up to provide even more customers with seamless access to the digital financial system,\u201d Mintz said in the release.
\nThis news comes about nine months after it was reported that the number of\u00a0bitcoin ATMs \u2014 from all suppliers \u2014 had hit a two-year low.
\nAt that point, over the previous year, the number of bitcoin ATMs available had declined by 7,000, or 17%, leaving a total of 32,500 machines, Coindesk\u00a0reported in October 2023.
\nMintz said at the time that the decline was due in part to operators shutting down unprofitable ATMs or going out of business entirely. He added that he viewed this trend as an opportunity for Bitcoin Depot to expand its market share through acquisitions and kiosk growth in additional retail locations.
\nIn May, Bitcoin Depot formed a\u00a0retail partnership with\u00a0Nouria Energy Corp., which operates 175 company-owned convenience stores and fuel retailers in the northeastern United States. Bitcoin Depot will deploy its kiosks into 57 of those locations.
\nIn April, the company formed its first retail partnership with a major\u00a0grocery chain:\u00a0Fareway Stores, which operates more than 130 grocery stores in the Midwest. Bitcoin Depot will add Bitcoin ATMs to 66 of those locations.
\nThe post Bitcoin Depot Surpasses 8,000 Bitcoin ATMs\u00a0in Operation appeared first on PYMNTS.com.
\n", "content_text": "Bitcoin Depot said Monday (July 22) that the number of Bitcoin ATMs it has in operation now totals 8,180, up from 7,400 on April 1.\nThe company added that it reached its goal of having at least 8,000 Bitcoin ATMs five months ahead of schedule, according to a Monday\u00a0press release.\n\u201cSurpassing our deployment goal well ahead of schedule is a testament to the relentless dedication of our team and our strategic initiatives aimed at expanding Bitcoin\u2019s accessibility,\u201d\u00a0Brandon Mintz, CEO\u00a0at Bitcoin Depot, said in the release.\nBitcoin Depot kiosks allow users to convert cash into bitcoin, which can be used for payments, transfers, remittances, online purchases\u00a0and investments, according to the release.\nSince the beginning of the year, the company has expanded its number of kiosks by 900, expanded into Australia and Puerto Rico, and announced retail partnerships with national and regional convenience store brands, per the release.\n\u201cBuilding on the momentum we\u2019ve already cultivated in the first half of 2024, we have no intention of slowing down as we gear up to provide even more customers with seamless access to the digital financial system,\u201d Mintz said in the release.\nThis news comes about nine months after it was reported that the number of\u00a0bitcoin ATMs \u2014 from all suppliers \u2014 had hit a two-year low.\nAt that point, over the previous year, the number of bitcoin ATMs available had declined by 7,000, or 17%, leaving a total of 32,500 machines, Coindesk\u00a0reported in October 2023.\nMintz said at the time that the decline was due in part to operators shutting down unprofitable ATMs or going out of business entirely. He added that he viewed this trend as an opportunity for Bitcoin Depot to expand its market share through acquisitions and kiosk growth in additional retail locations.\nIn May, Bitcoin Depot formed a\u00a0retail partnership with\u00a0Nouria Energy Corp., which operates 175 company-owned convenience stores and fuel retailers in the northeastern United States. Bitcoin Depot will deploy its kiosks into 57 of those locations.\nIn April, the company formed its first retail partnership with a major\u00a0grocery chain:\u00a0Fareway Stores, which operates more than 130 grocery stores in the Midwest. Bitcoin Depot will add Bitcoin ATMs to 66 of those locations.\nThe post Bitcoin Depot Surpasses 8,000 Bitcoin ATMs\u00a0in Operation appeared first on PYMNTS.com.", "date_published": "2024-07-22T11:23:45-04:00", "date_modified": "2024-07-22T11:23:45-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Bitcoin-Depot.jpg", "tags": [ "ATM", "banking", "Bitcoin", "Bitcoin Depot", "Cryptocurrency", "digital transformation", "News", "PYMNTS News", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2012927", "url": "https://www.pymnts.com/cryptocurrency/2024/ripple-ceo-us-crypto-rules-lag-amid-interminable-lawsuits/", "title": "Ripple CEO: US Crypto Rules Lag Amid \u2018Interminable\u2019 Lawsuits", "content_html": "Ripple\u2019s\u00a0CEO says the cryptocurrency industry is still seeking regulatory clarity from the U.S.
\nSpeaking with Bloomberg News Wednesday (July 17),\u00a0Brad Garlinghouse\u00a0said America lags\u00a0behind other countries\u00a0that have already adopted crypto regulations.
\n\u201cWhat we are seeing, where it\u2019s the UK, Japan, Singapore \u2026 even the European Union, more than two dozen countries have come together to\u00a0provide a framework\u00a0for crypto regulation,\u201d Garlinghouse said.
\n\u201cIt\u2019s frustrating that we as a country can\u2019t get that framework in place. And instead, we have this interminable litigation coming from the SEC that really isn\u2019t solving the problem.\u201d
\nRipple has been the target of some of that litigation. The\u00a0Securities and Exchange Commission\u00a0(SEC) sued the company in 2020, accusing it of\u00a0conducting a $1.3 billion\u00a0unregistered securities offering tied to its XRP token.
\nHowever, a judge last year ruled that only Ripple\u2019s institutional \u2014 and not retail \u2014 sales of XRP violated the law, a decision widely considered a victory for the cryptocurrency space.
\nAs PYMNTS noted at the time, that ruling has \u201cfar-ranging\u00a0repercussions\u00a0across the digital asset ecosystem, which has long argued that its tokens do not represent securities contracts.\u201d
\nStill, Garlinghouse told Bloomberg Wednesday that the company can\u2019t mount multi-million-dollar court battles for every token.
\nHe spoke with the news outlet from the Republican National Convention in Milwaukee, with the party backing the ticket of former President Donald Trump and Ohio Senator J.D. Vance, both seen as pro-crypto candidates.
\nBut Garlinghouse argued that crypto \u201cshouldn\u2019t be a partisan issue,\u201d and noted that he recently attended a conference in D.C. where Democrats, including representatives from the White House, were in attendance.
\n\u201cI think they were there, listening to the industry \u2026 it was refreshing to start to have that conversation,\u201d he said.
\nPresident Joe Biden earlier this year\u00a0vetoed a measure\u00a0that would have ended the SEC\u2019s special rules for custodians of crypto assets. This legislation was supported by both the digital asset sector and the banking industry.
\nRipple earlier this year\u00a0donated $25 million\u00a0to the crypto industry super PAC\u00a0Fairshake, with Garlinghouse saying at the time that those donations would continue each year, as long as the sector had its naysayers.
\nAccording to\u00a0Open Secrets, which\u00a0monitors spending\u00a0on campaigns, that PAC has spent $13.4 million this year, much of it to help defeat the U.S. senate campaign of Rep. Katie Porter (D-Calif.).
\nThe post Ripple CEO: US Crypto Rules Lag Amid \u2018Interminable\u2019 Lawsuits appeared first on PYMNTS.com.
\n", "content_text": "Ripple\u2019s\u00a0CEO says the cryptocurrency industry is still seeking regulatory clarity from the U.S.\nSpeaking with Bloomberg News Wednesday (July 17),\u00a0Brad Garlinghouse\u00a0said America lags\u00a0behind other countries\u00a0that have already adopted crypto regulations.\n\u201cWhat we are seeing, where it\u2019s the UK, Japan, Singapore \u2026 even the European Union, more than two dozen countries have come together to\u00a0provide a framework\u00a0for crypto regulation,\u201d Garlinghouse said.\n\u201cIt\u2019s frustrating that we as a country can\u2019t get that framework in place. And instead, we have this interminable litigation coming from the SEC that really isn\u2019t solving the problem.\u201d\nRipple has been the target of some of that litigation. The\u00a0Securities and Exchange Commission\u00a0(SEC) sued the company in 2020, accusing it of\u00a0conducting a $1.3 billion\u00a0unregistered securities offering tied to its XRP token.\nHowever, a judge last year ruled that only Ripple\u2019s institutional \u2014 and not retail \u2014 sales of XRP violated the law, a decision widely considered a victory for the cryptocurrency space.\nAs PYMNTS noted at the time, that ruling has \u201cfar-ranging\u00a0repercussions\u00a0across the digital asset ecosystem, which has long argued that its tokens do not represent securities contracts.\u201d\nStill, Garlinghouse told Bloomberg Wednesday that the company can\u2019t mount multi-million-dollar court battles for every token.\nHe spoke with the news outlet from the Republican National Convention in Milwaukee, with the party backing the ticket of former President Donald Trump and Ohio Senator J.D. Vance, both seen as pro-crypto candidates.\nBut Garlinghouse argued that crypto \u201cshouldn\u2019t be a partisan issue,\u201d and noted that he recently attended a conference in D.C. where Democrats, including representatives from the White House, were in attendance.\n\u201cI think they were there, listening to the industry \u2026 it was refreshing to start to have that conversation,\u201d he said.\nPresident Joe Biden earlier this year\u00a0vetoed a measure\u00a0that would have ended the SEC\u2019s special rules for custodians of crypto assets. This legislation was supported by both the digital asset sector and the banking industry.\nRipple earlier this year\u00a0donated $25 million\u00a0to the crypto industry super PAC\u00a0Fairshake, with Garlinghouse saying at the time that those donations would continue each year, as long as the sector had its naysayers.\nAccording to\u00a0Open Secrets, which\u00a0monitors spending\u00a0on campaigns, that PAC has spent $13.4 million this year, much of it to help defeat the U.S. senate campaign of Rep. Katie Porter (D-Calif.).\nThe post Ripple CEO: US Crypto Rules Lag Amid \u2018Interminable\u2019 Lawsuits appeared first on PYMNTS.com.", "date_published": "2024-07-18T10:08:05-04:00", "date_modified": "2024-07-18T10:08:05-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/02/Ripple-crypto.jpg", "tags": [ "Brad Garlinghouse", "crypto regulation", "Cryptocurrency", "Lawsuits", "News", "PYMNTS News", "Ripple", "SEC", "Securities and Exchange Commission", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2012174", "url": "https://www.pymnts.com/cryptocurrency/2024/floundering-crypto-miners-look-for-ai-company-lifelines/", "title": "Floundering Crypto Miners Look For AI Company Lifelines", "content_html": "Cryptocurrency miners are reportedly scrambling to boost their revenues by forging deals with AI developers.
\nAs the Financial Times (FT) reported Wednesday (July 17), these miners operate vast, powerful computing sites and have struggled to turn a profit due to high energy costs and reduced rewards for mining.
\nNow, the report says, the miners seek to capitalize on rising demand for chips known as graphics processing units (GPUs), used in both their field and in artificial intelligence (AI) processing.\u00a0
\nCore Scientific, one of the world\u2019s largest bitcoin miners, is \u201caggressively pursuing\u201d AI deals, CEO Adam Sullivan told the FT.\u00a0
\n\u201cIt\u2019s an incredibly important part of the business,\u201d he added.
\nThe company, which has data centers in Georgia, North Carolina and Texas, recently reached an agreement with AI cloud provider CoreWeave last month that the companies project will be worth $4.7 billion in revenue over 12 years.\u00a0
\nCoreWeave itself is a former crypto miner that made the move to AI and saw its valuation climb to $19 billion in May, when it raised $7.5 billion in debt financing.
\nThe FT report notes that AI firms need a lot of energy and computing infrastructure, both of which crypto miners can offer, a better proposition than AI firms building their own high-performance computing (HPC) data centers.\u00a0
\n(Big tech companies such as Google and Microsoft are nonetheless spending billions on AI data centers. And as PYMNTS argued in April, they will likely also make their own AI chips.)
\n\u201cIt [normally] takes 3-5 years to build an HPC-grade data center from scratch,\u201d J.P. Morgan analysts wrote in a recent note, per the FT. They added that this timeline has grown even longer due to rising AI demand.
\nAn analysis earlier this year by the Energy Information Agency (EIA) estimated that large-scale cryptocurrency operations in the U.S. eat up more than 2% of America’s electricity, roughly the equivalent of adding another state to the nation\u2019s power grid.
\nMeanwhile, the International Energy Agency (IEA) issued in January published projections for global energy use over the next two years, including estimates for electricity consumption from data centers, crypto and AI.
\nThe IEA said that, put together, this usage was the equivalent of nearly 2% of the world\u2019s energy demand in 2022, and that this demand could double by 2026. That would be almost the same amount of electricity used by Japan.
\n\n
The post Floundering Crypto Miners Look For AI Company Lifelines appeared first on PYMNTS.com.
\n", "content_text": "Cryptocurrency miners are reportedly scrambling to boost their revenues by forging deals with AI developers.\nAs the Financial Times (FT) reported Wednesday (July 17), these miners operate vast, powerful computing sites and have struggled to turn a profit due to high energy costs and reduced rewards for mining.\nNow, the report says, the miners seek to capitalize on rising demand for chips known as graphics processing units (GPUs), used in both their field and in artificial intelligence (AI) processing.\u00a0\nCore Scientific, one of the world\u2019s largest bitcoin miners, is \u201caggressively pursuing\u201d AI deals, CEO Adam Sullivan told the FT.\u00a0\n\u201cIt\u2019s an incredibly important part of the business,\u201d he added.\nThe company, which has data centers in Georgia, North Carolina and Texas, recently reached an agreement with AI cloud provider CoreWeave last month that the companies project will be worth $4.7 billion in revenue over 12 years.\u00a0\nCoreWeave itself is a former crypto miner that made the move to AI and saw its valuation climb to $19 billion in May, when it raised $7.5 billion in debt financing.\nThe FT report notes that AI firms need a lot of energy and computing infrastructure, both of which crypto miners can offer, a better proposition than AI firms building their own high-performance computing (HPC) data centers.\u00a0\n(Big tech companies such as Google and Microsoft are nonetheless spending billions on AI data centers. And as PYMNTS argued in April, they will likely also make their own AI chips.)\n\u201cIt [normally] takes 3-5 years to build an HPC-grade data center from scratch,\u201d J.P. Morgan analysts wrote in a recent note, per the FT. They added that this timeline has grown even longer due to rising AI demand.\nAn analysis earlier this year by the Energy Information Agency (EIA) estimated that large-scale cryptocurrency operations in the U.S. eat up more than 2% of America’s electricity, roughly the equivalent of adding another state to the nation\u2019s power grid.\nMeanwhile, the International Energy Agency (IEA) issued in January published projections for global energy use over the next two years, including estimates for electricity consumption from data centers, crypto and AI.\nThe IEA said that, put together, this usage was the equivalent of nearly 2% of the world\u2019s energy demand in 2022, and that this demand could double by 2026. That would be almost the same amount of electricity used by Japan.\n \nThe post Floundering Crypto Miners Look For AI Company Lifelines appeared first on PYMNTS.com.", "date_published": "2024-07-17T09:56:33-04:00", "date_modified": "2024-07-17T09:56:33-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/04/Crypto-Mining.jpg", "tags": [ "AI", "AI data centers", "artificial intelligence", "Bitcoin", "bitcoin mining", "CoreWeave", "crypto", "Crypto Mining", "Cryptocurrency", "data centers", "News", "PYMNTS News", "What's Hot" ] } ] }