Digital Assets report 81
- Blackrock partners with Coinbase to offer institutional clients access to Crypto services.
- Virginia based pension fund invests into Yield Farming strategies.
- Instagram support for NFTs expanded to 100 countries.
- Voyager Digital announces plan to resume Cash withdrawals this week.
- 7'000 Solana wallets get emptied as network experiences another hack.
- US Senate bill suggests CFTC to oversee Crypto regulation.
- Robinhood's Crypto division fined $30 million by NYDFS.
Business
Coinbase selected by BlackRock; provide Aladdin clients access to crypto trading and custody via…
Tl;dr: Coinbase and BlackRock to create new access points for institutional crypto adoption by connecting Coinbase Prime and Aladdin
This is a big deal. BlackRock has over $10 trillion under management, this partnership will enable access to #Bitcoin for some of the largest institutional investors in the world. https://t.co/nIHvxJQ0lD
— David Marcus (@davidmarcus) August 4, 2022
Robinhood to lay off almost 25% of its workforce amidst crypto market crash
Robinhood becomes the latest firm to lay off employees, 23 percent of its total workforce would be out of job but will have the opportunity to stay employed through October 1.
Fintech Unicorn Revolut Still ‘Bullish on Crypto’ Amid Fresh Hiring Spree - Decrypt
Among the many financial and crypto companies looking to cut back, Revolut has emerged as one of the few firms adding to its headcount.
Virginia pension fund invests in crypto lending in bid to boost returns
Fairfax County Retirement Systems taps ‘yield farming’ market despite crisis at groups like Celsius
Meta is expanding NFT support on Instagram to 100 countries – TechCrunch
Users and businesses in more than 100 countries in Africa, Asia-Pacific, the Middle East and the Americas will now be able to share their NFTs on Instagram.
Solana Wallets Targeted in Latest Multimillion-Dollar Hack
Over 8,000 internet-connected “hot” wallets have been compromised so far, but the source of the attack remains unknown.
Nomad Recovers $22M of $190M in Ethereum Tokens Stolen in Hack - Decrypt
Token bridge Nomad was hacked on Monday for $190 million in Ethereum-based tokens. So far, $22.4 million of has been returned.
GSR Capital opens crypto funds for new investors | Headlines | News | CoinMarketCap
GSR Capital is now open for your business.The digital asset trading company launched GSR Capital Limited yesterday and is building investment …
Embattled Crypto Broker Voyager Announces Plan To Resume Cash Withdrawals This Week - The Daily Hodl
Troubled crypto lending platform Voyager Digital is announcing plans to resume cash withdrawals for customers this week after filing for bankruptcy last month.
Miner Tomorrow Crypto Looks to Go Public Through SPAC Merger
The proposed merger is expected to close in the fourth quarter, subject to stockholder and regulatory approval.
Coinbase Prime Adds Ethereum Staking for US Institutional Clients
The product offers another entry point for financial institutions eager to delve into crypto but unsure of how best to do it.
MicroStrategy stock MSTR hits 3-month high after CEO’s exit
Poor earnings coupled with overvalued fundamental metrics pose long-term bearish risks for MSTR.
Markets
Crypto Charts 75
Bitcoin Last time we said: If correct then we could see BTC trade slightly lower to complete minor wave (2) into the $22′200 / $22′700 area. Add to longs on this pull back. Cut half the position at $20′700 and raise the stop loss on the remainder of the position to
Ethereum (ETH) TVL Spiked More Than $10 Billion in July - BeInCrypto
Ethereum TVL spiked more than $10 billion in July. It began the month with around $46 billion but closed the month with approximately $57bn.
Regulations
Bank of England Raises Interest Rate by Most Since 1995
At 1.75%, the rate is now the highest since the start of the global financial crisis in late 2008.
Saudi Arabia launches new investment marketing authority to support $3.2 trillion plan
RIYADH: Saudi Arabia’s Cabinet has announced the establishment of the Saudi Investment Marketing Authority as the Kingdom plans to inject more than SR12 trillion of investments in the economy by 2030. It will also hold the responsibility of marketing and attracting investments to the Kingdom through…
Indian authorities freeze $8.1M in WazirX funds as part of AML investigation
The regulator alleged WazirX facilitated transactions by fintech firms “to purchase crypto assets and then launder them abroad.”
US Senate Bill Will Give CFTC Crypto Market Oversight – but Doesn’t Say How Much
The measure would make the Commodity Futures Trading Commission the watchdog for most of the market, but it doesn’t define whether tokens are securities or commodities.
EU securities watchdog agrees breakthrough rules to regulate ‘Wild West’ crypto sector
The EU’s securities regulator has started making preparations for heightened supervision of cryptocurrency transactions.
New York financial regulator fines Robinhood’s crypto division $30M
Robinhood has to pay a $30 million penalty to New York State “for significant failures” related to BSA/AML obligations and cybersecurity.
Coinbase hit with 2 fresh lawsuits amid SEC probe
Two class-action lawsuits allege that Coinbase engaged in fraudulent and deceptive practices for its cryptocurrency trading platform.
Opinions
Bitcoin ‘has already bottomed and its fair value is $40k’, SkyBridge’s Scarramucci suggests
As the market is finally catching its breath, crypto enthusiasts are offering their opinion on the future price of Bitcoin.
Opinion: Crypto can’t rely on the government to save it from itself
At the very least, companies need to put much clearer warning labels on their products outlining the risks of depositing or investing with them, as well as more information about how customers’ deposits are being used.