Quote of the week: “It’s important to remember that across the course of history, many people have been initially skeptical about technological developments before they were adopted in the mainstream — like with computers and cell phones. This is the natural course of technological advancements.”- Oliver Schäfer, 21Shares’ new head of Germany. Source: https://cointelegraph.com/
The United States Regulatory Update: On August 16, the United States Federal Reserve issued additional guidelines to be followed by banks engaging in cryptocurrency-asset-related activities. In a supervisory letter, the Fed stated, “The emerging crypto-asset sector presents potential opportunities to banking organizations, their customers, and the overall financial system; however, crypto-asset-related activities may pose risks related to safety and soundness, consumer protection, and financial stability.” The Fed emphasized that firms, banks, and state member banks should notify the Fed of any cryptocurrency-related activities to make sure that their activities are legally permissible. Source: https://finance.yahoo.com/
Galaxy Digital Breaks $1.2B Deal to Acquire BitGo: In May of 2021, Galaxy Digital formed a deal to acquire crypto custody firm BitGo; the deal was expected to close by the end of that year. This week, Galaxy Digital abandoned its plan to purchase BitGo due to a number of factors, including the fact that BitGo failed to provide financial statements by a deadline of the end of July. As a result, BitGo is suing Galaxy Digital and is seeking $100 million in damages. Sources:
Crypto.com gets Regulatory Approval in the UK: On August 17, Crypto.com announced in a statement that it has registered with Britain’s financial services regulator. By joining the Financial Conduct Authority’s register, Crypto.com now has the approval to offer crypto asset services and products to customers in the UK. Source: https://www.fxempire.com/news/
CME Group Adds Ethereum Options to Crypto Offerings: Ahead of the Ethereum merge, the Chicago Mercantile Exchange is offering options for ether (ETH) futures. The exchange will permit traders to make bets and manage risk on its crypto products, which include bitcoin and ether futures and bitcoin options. Source: https://www.coindesk.com/
NFTs Still on the Rise: The Australian Football League, in partnership with Animoca Brands, launched an NFT marketplace earlier this year and has experienced a successful uptake of its limited edition NFT drop. The Australian Football League sold out of its limited edition Ripper Skipper NFT drop in less than 12 hours. The Ripper Skipper drop is estimated to have generated more than $130,000 in USDC. Source: https://www.fxempire.com/news/
