Cryptocurrency news

Monthly summary of cryptocurrency news 10/29/2021

October has been a hectic month for most of the major cryptocurrencies.

With the exception of Cardano, the top 10 digital assets by market cap surged with a couple printing new all-time highs. The crypto scene has been active outside of the markets as well, and here are some of the headlines you may have missed:

FDIC plans to approve banking engagement with crypto

In recent months, regulators at the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) have explored ways to allow banks to hold cryptocurrencies. on their bank balance sheets.

FDIC President Jelena McWilliams told the Money 20/20 conference in Las Vegas that her agency plans to release a series of policy statements in the coming months. McWilliams said the policies would explain to the public how current rules and regulations affect crypto assets, the activities banks can engage in, and the regulatory requirements for banks to be allowed to engage.

The president of the FDIC also looked at stablecoins, which she said would play a vital role in making transactions faster and cheaper. However, she warned that these backed digital assets require diligent government oversight in order for their full benefits to be appreciated. She supported this view because she believed that if a stable coin was adopted as a major payment tool, it could impact credit creation and affect financial stability. McWilliams’ remarks follow a Bloomberg reported Monday citing anonymous sources who claimed the SEC had been given the regulatory reins on stablecoins.

Alameda Research supports Voyager Digital with $ 75 million investment

Cryptocurrency trading firm Voyager Digital announced in a press release yesterday that it has received a $ 75 million investment from Alameda Research. Alameda, currently a growing market maker, is expected to help Voyager expand the reach of its rewards programs through its market neutral algorithms.

Voyager Digital CEO Steve Ehrlich commented on the partnership he described as providing “synergistic opportunities” in the developing cryptocurrency space. Ehrlich went further, explaining that he sees these opportunities as related to NFTs and crypto products, as well as providing “thought leadership” as Voyager Digital interacts with regulators.

Alameda Research was founded in 2017 and currently manages over $ 1 billion in digital assets. The quantitative trading company also says it trades between $ 1 billion and $ 10 billion in digital assets every day, including derivatives, major cryptocurrencies and other altcoins.

This week on Wednesday, Voyager Digital also announced that it has entered into a deal with Mark Cuban’s Dallas Mavericks to become the official crypto brokerage partner for the NBA League team. Mavs and Voyager will target new audiences and use outreach to improve crypto adoption around the world.

El Salvador is strongest at 420 Bitcoins

The controversy surrounding El Salvador’s decision to adopt the Bitcoin cryptocurrency as legal tender has not stopped President Nayib Bukele and his government from furthering their crypto cause. Via his Twitter account, the president announcement Wednesday that the country had bought 420 new Bitcoins from the market downturn.

He added that the rise in the price of Bitcoin had benefited the Central American country. El Salvador has a Bitcoin trust that uses both BTC and the US dollar. President Bukele explained that thanks to the revaluation of the value between the BTC and the dollar, they were able to take a profit, leaving the trust as it was.

With this latest purchase, El Salvador now has around 1,120 Bitcoins worth around $ 66 million. Its first batch of coins (400 BTC) was announced just a day before the official launch on September 7, with the government saying it planned to continue buying the asset using government funding. The country added 150 more coins to its wallet after Bitcoin went from $ 51,000 to $ 43,000 on launch day.

FATF updates guidelines on virtual assets

Decentralized finance is increasingly becoming a point of interest for regulators. On Thursday, the Financial Action Task Force, FAT, announced that it is now subjecting DeFi applications to FATF standards, intending to have them regulated as VASPs although they are not VASPs by definition.

The update changes the 2019 guidelines to a risk-based approach for virtual assets and virtual asset providers. The regulator said the guidelines explored issues that had been identified during a 12-month review, with a touch of public consultation carried out between March and April 2021. The updates have been adapted to include DeFi apps although they are not considered to be VASPs.

In addition, the FATF explained that DeFi operators or creators could easily fall under the jurisdiction of the regulator if they actively provide or facilitate a VASP service. The anti-money laundering watchdog explained that it does not consider NFTs to be virtual assets, but if they are operated in a manner that meets FATF standards, they would be treated as virtual assets. NFTs that represent other assets already under FATF standards would be regulated as the financial assets they represent.

CoinList Raises $ 100 Million in Final Round

CoinList, a platform that connects early cryptocurrency users to protocols, said on Tuesday it had raised $ 100 million to reach a new valuation of $ 1.5 billion. The cycle was led by Agman Partners and Accomplice, with other participants including Fenbushi Capital, Continue Capital, Alphemy Capital and Metaplanet.

CoinList’s last funding round was in 2019, led by Polychain, in which the token selling platform received $ 90 million. Funding for this round highlights the growth of the core token sales market. CoinList CEO Graham Jenkin acknowledged the progress, explaining that the market has seen many new businesses (more in staking and lending) that are growing quite quickly although they are still immature.

Also on Tuesday, bug bounty platform ImmuneFi revealed that it had raised $ 5.5 million from private investors and a group of institutional investors, including Bitscale Capital, Framework Ventures, Electric Capital and Blueprint Capital. Additionally, Alchemy announced yesterday that it has closed a Series C round of funding worth $ 250 million at a valuation of $ 3.5 billion, with the round being led by venture capital firm Andreessen Horowitz, a16z.

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