State Street's Global Head of Digital Custody and Payments departs to focus on blockchain
Swen Werner, the Global Head of Digital Custody and Payments at State Street, is leaving the company after eight years. In a LinkedIn post, Werner cited personal matters as the reason for his departure and mentioned his interest in blockchain technology. He expressed a desire to invest more time in blockchain, which he believes can have a positive impact on the world. Werner had previously worked at JP Morgan and Deutsche Bank before joining State Street in 2015, where he developed a strong interest in cryptocurrency.
Minnesota Couple Loses Over $9,200,000 After ‘LinkedIn Adultress’ Misleads Man into Crypto Scam
A couple from Eden Prairie, Minnesota lost almost $10 million to a crypto scam involving a romance scammer on LinkedIn. The man was promised huge returns on an investment scheme and sent a total of $9.2 million in 21 transactions to the scammer without his wife's knowledge. The suspects did not invest any of the money but used it to buy cryptocurrency for themselves. This is one of the largest crypto fraud cases in Minnesota, where senior citizens have also fallen victim to similar scams.
Binance Users in China Traded $90 Billion of Cryptocurrency Assets in a Single Month, Despite Trading Ban
According to the Wall Street Journal, Binance users in China traded $90 billion worth of cryptocurrency assets in a single month, despite cryptocurrency trading being illegal in the country since 2021. These transactions made China Binance's largest market, accounting for 20% of volume worldwide, excluding trades made by a subset of very large traders.
CoinShares Reports 33% Increase in Q2 2023 Revenue, Profits Reach $6.76 Million
CoinShares, a European manager of cryptocurrency exchange-traded products (ETPs), saw a 33% increase in Q2 2023 revenue compared to the same quarter last year, reaching £20.3 million ($25.9 million). The firm's asset management fees decreased by 25% to £10.6 million ($13.52 million), but this was offset by a £10 million ($12.76 million) gain in capital markets operations. CoinShares' profits for the quarter were £5.3 million ($6.76 million), compared to a loss of £0.6 million ($0.77 million) in Q2 2022. The company also implemented a tool called "Ledger Lens" to allow investors to verify the backing of its ETPs in real-time.
Ron DeSantis Vows to End Biden's "War on Bitcoin and Cryptocurrency" if Elected President
Republican presidential candidate and Florida Governor Ron DeSantis has pledged to end the Biden administration's "war on Bitcoin and cryptocurrency" if elected president. Speaking at a campaign event in New Hampshire, DeSantis criticized the current administration's hostile approach to crypto assets and promised to allow Americans to invest in them.
Laser Digital Middle East FZE Receives Operating License Approval from Dubai's Virtual Asset Regulatory Authority (VARA)
Laser Digital Middle East FZE, a subsidiary of Nomura focused on cryptocurrency, has been granted a full operating license by Dubai's Virtual Asset Regulatory Authority. This license permits Laser Digital to offer crypto broker-dealer and asset management services from its Dubai entity. The company plans to launch over-the-counter crypto trading services and investment products for institutional investors in the near future. Despite the collapse of some cryptocurrencies last year, traditional financial institutions such as Nomura and Societe Generale continue to invest in the sector.
Terra’s Cryptocurrency LUNA Experiences Decline in Popularity and Bearish Indicators
Terra's cryptocurrency LUNA faced a decline in popularity and bearish indicators in June, which continued into Q3 despite promising developments and governance updates. The release of Warp Protocol, plans to go interchain, and the passing of two governance proposals in Q2 did not prevent LUNA's price from plummeting due to negative sentiment and declining social volume. As Terra's Open Interest rises, the declining trend may persist.
Nomura's Digital Asset Subsidiary Receives Full License for Crypto Business in Dubai
Nomura’s digital assets subsidiary has been fully licensed for cryptocurrency operations in Dubai, Jin Ten reported.
Shiba Inu Community Burns Over 2 Billion SHIB in July 2023, Monthly Burn Rate Jumps 27%
In July 2023, the Shiba Inu community burned over 2.09 billion SHIB tokens, representing a 27% increase in monthly burn rate. The burns were conducted through 412 separate transactions, with Akai Token emerging as the top SHIB burner of the month. In addition, a mysterious wallet and a dormant wallet also contributed to reducing the SHIB supply. The intense burn activity has caused the price of SHIB to appreciate by 9.6% in the past month, making it the 14th biggest cryptocurrency globally by market capitalization.
Bitcoin Slumps Below $29,000, Causing Almost $100 Million in Liquidations
Bitcoin broke out of its sideways trading pattern, but not in a positive way for investors. The cryptocurrency dropped below $29,000, reaching its lowest price in a month and a half, resulting in almost $100 million in liquidations. This volatility has negatively impacted over-leveraged traders, with long positions being responsible for the majority of the liquidations. Altcoins, including Dogecoin, Solana, Litecoin, Bitcoin Cash, Avalanche, Polygon, and Stellar, have also suffered declines of 3-5% in a day.
