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Fidelity plans to hire Spree to expand crypto services to include Ethereum trading and custody

Fidelity is planning a hiring spree to add ether trading and custody services to its cryptocurrency business. “As the demand for digital assets continues to grow steadily and the market evolves, we will continue to expand our sourcing efforts,” a Fidelity executive explained.

Crypto Loyalty Expansion Services

Fidelity Investments‘ digital asset subsidiary, Fidelity Digital Assets, is expanding its services.

Founded in 2018, Fidelity Digital Assets currently employs around 200 people. The company is looking to fill 110 new positions to focus on assets beyond bitcoin, a Fidelity spokesman told Reuters on Tuesday.

Tom Jessop, President of Fidelity Digital Assets, commented:

As the demand for digital assets continues to grow steadily and the market evolves, we will continue to expand our sourcing efforts.

According to Fidelity product manager Terrence Dempsey, Fidelity Digital Assets has around 400 clients, including registered investment advisers, hedge funds and asset managers.

Until now, the company has only offered institutional investors the ability to store and trade bitcoins.

Jessop explained that the new hires will help build infrastructure to support ether trading and custody services.

Fidelity’s expansion announcement came as the cryptocurrency market lost nearly $500 billion last month. However, the executive noted that cryptocurrency price declines have not had a significant impact on the company’s business and that the company is focused on long-term indicators such as customer demand. He was quoted by the Wall Street Journal as saying:

We're trying not to focus on crises and focus on some of the longer-term indicators... We're trying to build infrastructure for the future because we measure success over years and decades, not weeks and months.

Last month, Fidelity Investments announced that it was adding bitcoin as an investment option to 401(k) retirement plans.

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India consults World Bank and IMF to comply with global cryptocurrency regulations

The Indian government is working on a consultation document on how to regulate cryptocurrencies. The World Bank, the IMF, stakeholders and other interested parties took part in the consultation.

The Indian government’s line on cryptocurrencies has been anything but clear so far. However, its own central bank, the Reserve Bank of India, has made it very clear that it believes cryptocurrencies are a threat to macroeconomic stability and appears to be interested in an outright ban.

As reported by the Times of India, Economic Affairs Secretary Ajay Seth expressed a desire to work globally to properly regulate cryptocurrencies. He said:

“We consulted not only national institutional actors, but also institutions such as the World Bank and the IMF. Therefore, we hope that we will soon be in a position to finalize our consultation document.”

He added that his country has started working on global regulations and stated that countries would not be able to succeed in their cryptocurrency regulation unless there was broad consensus across economies.

The fact that global financial institutions like the IMF are involved with Indian thinking on how to regulate cryptocurrencies may be a cause for concern in cryptocurrency circles.

The IMF has been highly critical of the cryptocurrency sector so far, warning El Salvador, for example, about the repercussions of adopting bitcoin as a legal tender in the country alongside the dollar.

The world’s elite banking and financial institutions have a lot to lose if Bitcoin becomes even more entrenched as a place for investors to gather, as the dollar and other fiat currencies around the world continue to devalue.

It remains to be seen to what extent any extremely negative regulation of the cryptocurrency sector will be respected as the world’s citizens try to cope with declining purchasing power on the one hand and runaway inflation on the other.

There is a lot of talk about how investors are being tricked by some of the Ponzi crypto schemes, but little is mentioned about why investors are there in the first place. Virtually zero returns and an outdated banking system that is not fit for purpose could be just some of the reasons.

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Camp BX Crypto Exchange Sued for Allegedly Stealing Customers’ BTC

Camp BX was a cryptocurrency exchange in Atlanta, Georgia that is becoming well known not because of its cryptocurrency exchange protocols, but because it is one of the first to be sought after by most of its customers.

Camp BX is getting “federal” attention

Camp BX doesn’t have a long or stellar history. The company only existed for a while, but the company, when it went bankrupt, decided to keep all of its customers’ money and not return anything. This raised serious red flags among everyone doing business with the company, and it wasn’t long before class action was launched.

All this happened about four years ago. Many customers have so far failed to recover their bitcoin units, although it now appears that the court has finally ruled in their favor. A federal jury in Atlanta has ruled that all customers who have been cheated of their earnings by Camp BX must have their funds returned immediately.

For several years, approximately 70 customers have exchanged bitcoins and other cryptographic units through Camp BX. The company’s physical address was a PO box at a UPS store in Roswell, although the company is believed to have conducted most of its business remotely or online. Attorney John Richard explained in an interview:

In this case, the exchange worked well for several years.

However, that finally changed in 2017 when several of the customers in question lost access to their bitcoin accounts. This is often known as a tug of the rug in the crypto space. A company or project gets money through investors or clients from all corners of the world. Just when it looks like the money is going to be put to good use, executives close up, so to speak, and walk away with all the funds. It’s a classic case of fraud, and it happens a lot in the field of digital currencies.

A year after this all began, the Georgia Department of Banking and Finance sent a cease and desist letter to Camp BX for allegedly carrying out unlicensed financial transactions. Several customers were also chatting on online forums talking about how they couldn’t access their money. One man, Jay Daniel, had around $250K worth of BTC that he couldn’t access. He says:

I went to the site, couldn't make any transactions and was like, 'Oh shit'. They held our property completely, they didn't answer reasonable questions, and we literally had to open the first bitcoin case in federal court to get our money back.
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F1 Monaco GP: Bybit’s Red Bull Racing NFT, Crypto-F1 Partnerships

From NFTs and fan tokens to multi-year partnerships, the cryptocurrency community continues to support the F1 landscape in many ways.

Cryptocurrencies have taken the world by storm and Formula 1 was no exception to the disruption. From NFTs and fan tokens to multi-year partnerships, the cryptocurrency community continues to support the F1 landscape in many ways.

The 2022 Monaco Grand Prix saw F1’s fastest pit crew, Oracle Red Bull Racing (ORBR), partnering with cryptocurrency exchange Bybit to launch ORBR’s 2022 NFT collection, minted on the Tezos blockchain. . The Limited Edition NFT Collection is available via auction, in which bidders can collect digital collectibles representing various aspects of Red Bull’s past, present and future.

In parallel, Bybit premiered “The Search for the Next Level”, a film starring Red Bull drivers Max Verstappen and Sergio “Checo” Pérez – (spoiler alert) that circulated around the launch of the new RB18 car.

Some notable collaborations active during the 2022 Monaco Grand Prix are Ferrari and blockchain company Velas, Mercedes and cryptocurrency exchange FTX, and the Alfa Romeo and Shiba Inu-inspired Floki (SHIB) meme token.

Related: Blockchain, Cryptocurrency Set to Take Esports Industry Beyond NFT Collectibles

A recent study by fintech giant Deloitte concluded that it uncovered the potential of blockchain and cryptocurrencies to open up new markets and revenue opportunities for the sports industry:

“A nexus will form around sports collectibles, tickets, betting and games. We are just beginning to see its [cryptocurrency] potential, as well as the new markets it can lead to.”
The study also highlights the possibility of new markets that allow “fractional ownership of season tickets and suites and a reinvention of the ticket resale process.”

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Team Terra officially activates the Terra 2.0 Pheonix-1 mainnet

The official Terra 2.0 launch announcement is finally here, as the team activates the Terra 2.0 Pheonix-1 mainnet by generating the first block on the blockchain network. The official announcement from Earth says:

Block 1 of the new Terra blockchain (with chain_id of "Phoenix-1") was officially produced at 06:00 UTC on May 28, 2022! Kudos to the #LUNAtic community for this quick collaboration.

The announcement adds that LUNA token qualifiers can check their wallet balances by selecting the new Phoenix 1 network via the Terra Station browser extension. Terra founder Do Kwon wrote:

To see your $LUNA (or $LUNA2 as some exchanges call them) token balances, you just need to login to the station and refresh the page For new users coming from IBC and others, create a station wallet with the same book and station guide you through the remaining steps

With their new liquid LUNA tokens, users can do a number of things, such as staking on Terra Station to earn rewards. Users can use them in dApps after launch, trade them, and even participate in governance decisions.

Terra 2.0 is a completely new blockchain and not a fork. As a result, dApps running on Terra Classic must be restarted on the new chain. Some of the dApps have already migrated to the new chain, including RandomEarth, Astroport, Spectrum, Prism, Nebula, EdgeProtocol, TerraSwap, and others.

How to verify LUNA bet?

Terra explains that for the portion of the LUNA airdrop that is already staked and purchased, users need to follow a simple three-step process.

Open the Terra Station desktop app

Select Phoenix-1 network

Click on the "bet:" tab to see the coins wagered and the validator being wagered for.

Users are free to choose the validator of their choice and start earning staking rewards. Users can do this by redelegating or delegating and then delegating the share again.

Users will continue to receive staking rewards even when their LUNA is staking and in the process of being acquired.

“Today marks the beginning of the next chapter for the Terra community; one where our potential is limitless and our collective creativity can flourish,” says Terra.