Archive for the ‘Cryptocurrency’ Category

DeFi Technologies to launch XRP ETP in Europe in December By Investing.com – Investing.com

DeFi Technologies Inc. has announced the upcoming launch of an exchange-traded product (ETP) based on 's XRP, expanding its suite of digital asset investment offerings. The ETP is slated to debut in early December 2023 on a European exchange through Valour Inc., DeFi's subsidiary, catering to the growing demand among European investors for diverse cryptocurrency exposure.

The company's portfolio already features a variety of innovative financial products, such as Zero and Zeroboth fully hedged and offered without management fees. The addition of the XRP ETP is part of Valour's broader strategy to provide investors with access to a range of digital assets in a regulated format. This move comes on the heels of DeFi Technologies' successful funding round earlier this month, where they raised C$1,890,000 through an oversubscribed private placement.

Marco Infuso, Chief Sales Officer at Valour, highlighted the significance of the new XRP ETP, noting that it complements their existing offerings like (UNI) and (ADA) ETPs, as well as environmentally conscious options such as Bitcoin Carbon Neutral (BTCN). He also underscored the appeal of XRP for its use in facilitating quick and cost-effective international transactions via RippleNet.

As DeFi Technologies continues to innovate within the digital asset space, they have indicated plans for more ETPs featuring low or non-existent management fees. These developments are part of their ongoing efforts to provide traditional financial market investors with structured products that offer exposure to various cryptocurrencies and blockchain technologies.

As DeFi Technologies Inc. gears up for the launch of its XRP exchange-traded product (ETP), investors are closely monitoring the company's financial health and market position. With a robust market capitalization of $1.49 trillion USD, the company stands as a significant player in the tech and digital asset industry. The P/E ratio, a measure of a company's current share price relative to its per-share earnings, is currently at 73.28, reflecting investor optimism about future growth prospects. Adjusting for the last twelve months as of Q3 2023, the P/E ratio tightens slightly to 67.94.

InvestingPro Tips suggest that the company's revenue growth is a key factor to watch, with a solid 10.32% increase over the last twelve months leading up to Q3 2023. This is further supported by a quarterly revenue growth of 12.57% in Q3 2023, indicating a strong and consistent upward trajectory. Additionally, the company's gross profit margin stands at an impressive 46.24%, showcasing its ability to maintain profitability amidst expansion efforts.

For those interested in further analysis, InvestingPro offers a wealth of additional tips 15 more InvestingPro Tips are available for subscribers looking to delve deeper into the company's financials and market potential. Now is an opportune time to consider a subscription, as InvestingPro is currently offering a special Black Friday sale with discounts of up to 55%.

Investors are also keeping an eye on the upcoming earnings date set for February 1, 2024, which could provide further insights into the company's financial trajectory and the potential impact of the new XRP ETP on its portfolio. With the InvestingPro Fair Value estimate at $165.52 USD, slightly below the analyst target fair value of $174 USD, there appears to be room for growth and optimism surrounding DeFi Technologies' market valuation.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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DeFi Technologies to launch XRP ETP in Europe in December By Investing.com - Investing.com

We are all tech lawyers now the future of cryptocurrency – Law Society Journal

There are no specific laws in Australia governing cryptocurrencies; but a proposed regulatory framework may not be enough, given many platforms in the cryptocurrency and digital assets markets are based offshore.

In October this year, the Australian Treasury released a proposal paper, Regulating Digital Asset Platforms, with submissions open until 1 December. The paper responds to increased concern about money laundering, terrorism financing and mishandling of customer funds within the cryptocurrency and digital assets markets. It discusses a proposed regulatory framework that would apply to digital asset service providers that present similar risks to entities operating in the traditional financial system.

If were going to have a worldclass digital assets market, well need fit-for-purpose regulation that can keep pace with a rapidly evolving ecosystem, Assistant Treasurer and Minister for Financial Services Stephen Jones said in an address to the Australian Financial Review Crypto Summit on 16 October in Sydney.

Jones went on to outline the Treasurys proposal focusing on digital asset platforms; these will be required to hold an Australian Financial Services Licence, entailing obligations to act fairly and honestly, offer dispute resolution processes, meet solvency and cash reserve requirements, and maintain financial records. Additionally, crypto exchanges and other digital asset platforms will be obligated to oversee and intervene in market misconduct.

Jones added that the proposed new regulation would include platform contracts, standards for custody software, and standards for the transaction of tokens that would apply to all platforms with a holdings minimum of $1,500 per individual account or $5 million in aggregate holdings.

Michael Bacina, a Partner at Piper Alderman, is based in Sydney. The practice is an industry-focused group that advises, among other things, on financial services and product advice, corporate matters, contracts and mergers and acquisitions. Piper Aldermans clients include global and Australian crypto-asset exchanges, as well as traditional businesses seeking to adopt blockchain technology.

He says, From the government perspective, the collapses of 2022 and court proceedings in the United States, as well as a focus on scammers using crypto assets as a means of moving their ill-gotten gains, have loomed large This consumer protection focus by the current government underpins and is referred to in the current proposed regulatory framework, which seeks to implement custody requirements as well as licensing requirements on digital asset platforms in the coming years.

Bacina says there are two sides to the current concerns facing the crypto industry in Australia.

The first is industry led. The industry proactively sought out the inclusion of exchanges in the 2018 anti-money laundering and counter terrorism financing amendments which, at the time, placed Australia at the forefront of crypto-asset exchange regulation. The industry has continued to advocate for two key areas of guidance and clarity: a sensible definition of crypto-assets and a clear delineation between when crypto-assets will become considered a financial product or not, together with rules and guidance by which crypto-asset financial products could fit within the existing financial services framework.

The second is for sensible and commercial custody rules for exchanges so that customers can be confident their crypto assets are safe in the event of an insolvency event.

Bacina adds, An overarching concern is of course cost and complexity of compliance, to support a competitive and thriving local crypto exchange scene.

Currently, there are no specific laws in Australia governing cryptocurrencies. Rather, their ownership and trading exist within regulatory frameworks for financial services. Under the Corporations Act 2001(Cth) (Corporations Act) and theAustralian Securities and Investments Commission Act 2001(Cth) (ASIC Act), cryptocurrency is defined as both an investment and a financial product. Any entities involved in cryptocurrency lending activities must act within the regulations of the National Credit Consumer Protection Act 2009 (Cth), requiring an Australian credit license. Digital currency exchange (DCE) services must register with the Australian Transaction Reports and Analysis Centre, and adhere to the anti-money laundering and counter-terrorism financing regulation. Penalties for not registering are a maximum of two years imprisonment, a fine of up to $111,000, or both. DCE providers must renew their registration every three years and keep transaction records and customer identification records for up to seven years.

Elvira Sojli is Associate Professor of Finance and Scientia Fellow Alumni in the School of Banking and Finance at UNSW. She says there are both costs and benefits to regulation: enhanced confidence from investors and customers in embracing cryptocurrencies but increased burden on crypto businesses that may look to less regulated marketplaces.

Sojli says, The proposed Australian regulation brings crypto exchanges and assets in line with other equity and stock investments. Crypto exchanges will have to be licensed through ASIC (which also licenses ASX) and adhere to the rules and regulations of ASIC. The proposed regulation will make market participants more certain about the safety of their assets; however, it will increase the burden on the exchanges.

Sojli adds, The US has flirted several times with regulation of the crypto market, but it has always stopped short of regulating, as it is concerned it will lose its leading marketplace. While Australia is not a leader in the global digital asset innovation, more regulation will push the exchange to set up in other jurisdictions with less regulatory burden, like Singapore. ASIC will then lose oversight of Australians participating trading in this market.

LSJ asks, how possible is it to fully regulate and legislate crypto and digital assets when so many exchange platforms and businesses operate offshore, and often outside of Commonwealth jurisdiction?

Sojli responds, I think this is a major challenge, and its not unique to the crypto space. The same problems have been faced in the foreign exchange (FX) market. The FX market still requires money transfers through banking entities for the most part and therefore, there can be some oversight of money laundering activities. Rules can be implemented at the bank level when electronic transfers are involved. This is not possible with crypto and digital assets. Any regulation will be superficial and will be hard to enforce.

with crypto and digital assets, any regulation will be superficial and will be hard to enforce

Bacina says, The nations viewed by industry as leading [crypto regulation] are clearly the UAE, which has established a specialist crypto regulator staffed with experts who have a deep understanding of crypto-assets and the resourcing to stay up to date in this fast-moving space, and island nations, which have been welcoming or taken a hands off approach to the industry. The incredible growth of Dubai as a crypto-city has been a direct response to this.Additionally, Singapore has introduced a licensing framework which is likely to be closer to the kind of regulation Australia will see in place in the future. Hong Kong has also recently jumped into regional contention, with very generous government support to encourage a return of tech businesses to their shores.

Bacina adds, We see some jurisdictions, such as the US, where there is strong criticism by regulators of whether decentralisation really exists, and no real path to compliance. Australia is at a turning point with our upcoming consultation. We will either introduce something closer to a Singapore model and retain our competitive advantage, or, if the framework is too complicated or costly, we will see a continuing departure of talent from our shores to jurisdictions which are welcoming to innovation.

Cryptocurrencies are legal and popular in Australia. The most popular are Bitcoin (65 per cent of cryptocurrency investors hold this form), Ethereum (42 per cent), Cardano (26 per cent), Dogecoin (23 per cent), and Binance Coin (14.6 per cent).

In 2017, cryptocurrency and the associated exchange platforms were given full legal status. With high-profile cases of fraud, scams and crashes including the November conviction of FTX founder and CEO Sam Bankman-Fried on seven counts of fraud it is timely that the Australian government is committed to introducing heightened regulation around the cryptocurrency industry, addressing existing loopholes and enhancing customer protections. According to Jones, around 50,000 Australians were affected by the crash of FTX.

On 22 November, Binance CEO Changpeng Zhao pleaded guilty to one count of failure to maintain an effective anti-money-laundering program in a Seattle federal court. The Cayman Islands-based Binance LLC has agreed to pay more than $US4 billion after a US government investigation into the biggest cryptocurrency exchange. Following the FTX crash in 2022, a closer focus on Binance resulted in accusations by the US government that it was operating as an unregistered securities exchange and violating multiple US securities laws, mirroring the practices of the worlds once second-largest cryptocurrency exchange FTX.

In an address to the Summit, Jones said, Cryptocurrency has emerged from the sidelines of the finance world, where it was a favoured speculative asset of the tech-savvy. The Australian Tax Office now estimates around 600,000 taxpayers have invested in a cryptocurrency, though Swyftx tells us that 1 in 4 Australians have crypto.

In 2023, according to Swyftx, 4.6 million Australians own cryptocurrency compared to 4.2 million in 2022. Following Nigeria and Malaysia, Australia has the third-highest adoption of crypto globally, just ahead of Indonesia and Hong Kong. By January 2022, the five most popular forms of crypto coins in Australia had increased in value annually from a minimum of 35 per cent (Bitcoin) to a 1,602 per cent increase in value (Dogecoin).

Over 60 per cent of Australian crypto customers store their crypto in hot wallets (purely accessible online through a cryptocurrency exchange platform), a cold wallet (stored wholly offline), a hardware wallet (a form of cold wallet, such as Ledger or Trezor), or a paper wallet (another form of cold wallet).

In his presentation to the Summit, Jones admitted that the majority of financial scams in Australia are the result of bank transfers. However, he said, We are also concerned that crypto exchanges are being used to facilitate scams. Thisyear, financial losses via crypto have increased by 33percent to $146million. Its one of the main ways scammers facilitate payments.

This year, financial losses via crypto have increased by 33 per cent its one of the main ways scammers facilitate payments.

The levels of confidence in crypto ownership and trading are increasing despite the crash of Bankman-Fried and his FTX crypto empire 2022. This form of currency, and similar digital assets, draw people despite the volatility of the market and despite the lack of thorough understanding many crypto investors have in the product.

An April 2023 study by Pew Research Center in the US found that 39 per cent of adults who have heard of cryptocurrency have little to no confidence in what it is. A global study in 2022 found that 60 per cent of the 10,500 survey respondents did not understand crypto. That survey took place at the time when FTX had recently crashed, and, despite the very public downfall of a highly publicised crypto business, 81 per cent of survey respondents said they intended on maintaining or increasing their crypto assets within the next six months.

I am somewhat astonished by the resilience of this market, admits Sojli. As you can see from the prices of the most popular assets, theyve been on the up in the last couple of weeks. And for some, the FTX collapse is not different from the Silicon Valley Bank (SVB) collapse, the only difference being that SVB clients get some of their lost deposits back through the Federal Deposit Insurance Company (FDIC). Crypto investments are not covered by deposit insurance understandably, given they are investments, not deposits.

Sojli says there are two types of investors in the crypto market.

Theres the enthusiasts and the speculators. Fundamentally, these assets were conceptualised to work around the current banking system. The desire is to remove the mediator, or disintermediate. The enthusiasts are the core investors that will never leave the market. The technology is inspiring to some people because of its ideals of democratising currency, and those ideals have taken root.

It will take more than this current volatility to quash that fundamental need and want to sidestep the use of the banking system. The speculators will enter and exit this market when they believe there are returns to be made. Many of those have already left the market and are waiting to see where some of these firms are going and how legislation is shaping.

The technology is inspiring to some people because of its ideals of democratising currency, and those ideals have taken root.

Crypto winter began around May 2022, Sojli says, instigated by a series of dramatic and unexpected market events: it started with the failure of multiple stablecoins, such as TerraUSD and Luna in May, and was followed by the collapse of FTX in November. The crypto winter is still on-going, fuelled by the on-going regulatory risk and the broader macroeconomic risks like inflation and unemployment.

She continues, Crypto winter describes the prolonged bear market, a period of significant price decline and pessimism in the cryptocurrency market. During this period, the value of many cryptocurrencies experienced a sharp decline, often leading to a sustained period of reduced market activity, decreased enthusiasm, and a general downturn in sentiment within the cryptocurrency community.

Personally, I think the market is reverting to where it should be, given the small even non-existent tangible benefits or cash flows that the crypto assets provide. I think they are still clearly overvalued. This market needs to consolidate and to provide clear business propositions. The technology behind this market is valuable, but it is not what is being sold through the crypto assets. The crypto companies do not have unique claims to the technology, which can be used by other more mainstream companies without the need to pay licence fees.

Section 1013D of the Corporations Act 2001 (Cth) requires that a product disclosure statement must outline information a financial product buyer would reasonably require in order to make a decision about whether to buy or not, which ASIC identifies as the characteristics of crypto assets and the risks involved in purchasing those assets.

ASIC identifies the basic information buyers should be provided with should encompass the technologies that underpin crypto-assets, such as blockchains, distributed ledger technology, cryptography and others; how crypto-assets are created, transferred and destroyed; how crypto-assets are valued and traded; and how crypto-assets are held in custody.

While many investors in the crypto market still dont fully comprehend cryptocurrency, it is increasingly a market that Australian lawyers will need to comprehend, says Bacina.

I heard someone comment the other day that whether we like it or not, we are all tech lawyers now. That resonated with me. For any practice which is industry focused, understanding the nuances and details of that industry is key. When it comes to technology, having a comfort and understanding of programming, networks and code is a significant advantage in being able to give advice to clients which speak the clients language.

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We are all tech lawyers now the future of cryptocurrency - Law Society Journal

Bitcoin and Ethereum see weekly gains amid mixed cryptocurrency … – Investing.com

The cryptocurrency market has experienced a mix of ups and downs this week, with and both showing slight increases despite a general downtrend in the market today. Bitcoin, the leading digital currency, is currently trading around $36,000, marking a moderate uptick over the week. Ethereum also managed to maintain a weekly gain, with its market valuation standing at $239 billion.

Other major cryptocurrencies have not fared as well, with BNB witnessing a sharp decline to trade around $236. 's price has edged down to nearly fifty-five cents, while and have seen their values decrease to thirty-three cents and eight cents per token, respectively.

The past week has been particularly tough for , which saw a considerable drop to about $54. and also faced downturns, with Polkadot approaching five dollars and Shiba Inu dipping below one ten-thousandth of a dollar. Polygon's value fell to seventy-seven cents.

Despite the broader market's struggles, some cryptocurrencies have emerged as top gainers. has traded above three dollars, dYdX has surpassed the three-dollar mark, and OKB has appreciated to nearly fifty-eight dollars. Gold showed strength in the commodities sector, increasing towards two thousand dollars per unit.

On the other hand, Gala's price suffered a decline to around two cents per token. Chainlink traded below fourteen dollars, and faced losses, pricing itself under twenty dollars within the decentralized finance (DeFi) sector.

Stablecoins have remained relatively stable in comparison to their volatile counterparts, maintaining their pegged equivalencies amidst market fluctuations.

Analysts had previously forecasted potential swings for Bitcoin between $41,500 and $33,500. The total crypto market cap had grown by 0.42 percent reaching $1.42 trillion on Tuesday. Notably, AI-centric tokens experienced volatility earlier in the week with World Coin surging to a four-month high at $2.71 and RNDR reaching a 21-month peak.

The broader market lift was attributed by Rajagopal Menon of WazirX to ETF-related developments and an increase in BNB token price following Binance's accord with the US Department of Justice (DOJ). This agreement also had a positive impact on altcoins like XRP which is currently on an upward trajectory amid general cautions about cryptocurrency market risks.

As the market continues to navigate through various economic factors and industry developments, investors remain cautious but attentive to opportunities within the evolving landscape of digital currencies.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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Justin Sun’s cryptocurrency venture loses over $100m in recent hack – crypto.news

In a Nov. 22 post from the cybersecurity firm Cyvers Alerts, it was reported that a suspicious address received $12.4 million from HTX exchange.

At the same time, another address accumulated approximately $85 million from HECO Chain bridge, both linked to Justin Suns business ventures.

Taken together, the alert suggests that Justin Suns Poloniex, a prominent cryptocurrency exchange, is now facing the results of a loss of more than $100 million in various cryptocurrencies.

Additional data fromArkham Intelligencehighlights that HECO Chain Bridge transferred a large number of Tokens to the empty address 0xFc146D1CaF6Ba1d1cE6dcB5b35dcBF895f50B0C4, including 42.11 million USDT, 10,000 ETH, 489 BTC and other assets exceeding US$84 million.

USDT and BTC were transferred to DEX, such as Uniswap and 1inch, and converted to ETH and sent to new addresses, in what is the fourth recent theft of Justin Sun projects.

Just under two weeks earlier, the cryptocurrency exchange Poloniex suffered another attack on its hot wallets, which resulted in the loss of over $120 million in crypto assets across the Bitcoin, Ethereum and Tron networks.

In response, Justin Sun took toEtherscanwith the announcement of a white hat reward in the amount of $10 million for the return of the stolen funds.

Unfortunately, being that is just one in a string of events, many investors are now being urged to proceed with caution for the ongoing code red.

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Justin Sun's cryptocurrency venture loses over $100m in recent hack - crypto.news

Blockchain Beyond Cryptocurrency: Exploring its Potential Across … – Robotics and Automation News

Blockchain technology counted as the underlying infrastructure for cryptocurrency transactions. However, it has grown beyond its origins and has become a disruptive force across various industries.

This article aims to explore the potential uses of blockchain technology outside of cryptocurrencies and provide insights into how it transforms different sectors.

The blockchain is a decentralized digital ledger, enabling secure, transparent, and tamper-proof recording of transactions. It comprises nodes, a network of computers that interact to validate transactions before they are added to the blockchain.

Each block in the chain includes a distinctive cryptographic hash that binds it to the previous one, producing an immutable and permanent record of all transactions on the blockchain.

So, the blockchain application development services can be beneficial for businesses in several industries, including healthcare, finance, real estate, and other sectors.

Blockchain technology allows for the secure exchange of medical data, preserves patient privacy, and improves the management of healthcare supply chains. It enhances clinical trials, decreases administrative expenses, and simplifies billing and payment systems.

By utilizing blockchain technology, healthcare providers can create customized treatment plans and effectively prevent healthcare fraud. Healthcare organizations can leverage blockchain technology to monitor disease transmission and promptly respond to outbreaks.

Blockchain technology provides many advantages for supply chain management, including increased traceability of products throughout the supply chain, improved transaction efficiency and speed, reduced costs through intermediary elimination, enhanced security, fraud prevention, and better accountability and compliance with regulations.

By utilizing blockchain technology, all stakeholders engaged in the supply chain gain access to a digital ledger that records all transactions and updates in real-time.

This empowers them to track the transfer of goods, confirm their authenticity, and guarantee ethical sourcing and sustainability practices.

Moreover, smart contracts can streamline various procedures and enforce contractual obligations, eliminating the dependence on manual intervention and paperwork.

With blockchain, all parties participating in a real estate transaction can access a decentralized, tamper-proof ledger that records every update and transfer of ownership.

As a result, they can monitor the history and status of properties in real time. This diminishes the risk of fraud, errors, and disputes.

Additionally, blockchain can optimize the buying and selling process by eliminating intermediaries, automating contracts and payments, and offering instant settlement and reconciliation with blockchain smart contract technology.

This can result in quicker and less expensive transactions, ultimately saving time and money for buyers, sellers, and intermediaries.

Furthermore, blockchain technology can facilitate improved property management by establishing secure and verifiable records of maintenance, repairs, and other related activities.

This can bolster trust, accountability, and compliance between stakeholders and, therefore, increase the overall effectiveness and profitability of real estate operations.

Blockchain technology offers many advantages in the financial industry. Because it is decentralized and data cannot be altered, blockchain provides increased security and transparency in financial transactions.

All participants have access to a shared database, making it easier to detect and prevent fraud.

In addition, blockchain reduces the time and costs associated with financial transactions, as settlements can be made almost instantaneously. Eliminating intermediaries such as banks helps reduce transaction costs and optimize financial processes.

The Immutability principle also improves fraud protection, eliminating the ability to modify or undo transactions. This improves the efficiency of tracking and recovering money in the event of fraudulent activity.

Blockchain can improve government services, such as voting systems, land registries, and identity management.

Blockchain can create secure, transparent, seamless voting systems by recording all votes on a distributed ledger. The permanent and tamper-proof record of election results makes it harder for hackers to manipulate the outcome of elections.

Blockchain also improves accessibility to voting systems, enabling citizens to vote remotely and securely from anywhere in the world.

Land ownership disputes can be challenging to manage, particularly in countries with weak governance systems.

Employing blockchain technology to create a tamper-proof land registry can allow real-time tracking and verification of land ownership. Transactions can be expedited while minimizing potential fraud or disputes.

Identity theft and fraud can have severe consequences for individuals and governments alike. By implementing blockchain technology to manage citizen identities, governments can establish a robust and trustworthy system for verifying identities.

This allows individuals to have autonomy over their data and authorize government agencies to access their information as required.

The usage potential of blockchain technology extends far beyond cryptocurrencies and is incredibly diverse. Blockchain is revolutionizing industries by enabling secure voting systems and efficient supply chain management, among other advancements.

As more organizations and businesses integrate blockchain into their operations, we can anticipate additional breakthroughs and growth opportunities.

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