Co-founder of Morgan Creek Digital & an investor, Anthony Pompliano argues that having all your wealth in fiat currencies is a huge risk because it could prove to be a huge loss if the fiat fails or hyper-inflates. He favours diversification & crypto has one of the most secure networks. He also observed the world reserve currency has been controlled by the nation with the biggest military and economic muscle, hence highly centralised.
The Blockstream (a blockchain infra company) announcement reveals that atomic swaps will now be supported for any asset available on Liquid network such as L-BTC, tokenized fiat, crypto assets, & attested assets. Its CEO Adam Back pointed out, “Atomic is simpler than cross-chain atomic swap, because the Bitcoin UTXO model transaction rule inputs add up to outputs is extended to add up inputs of each type, and types/assets are natively understood.”
Amun AG (a startup based in Switzerland) and Bitwise (cryptoasset management firm) has joined to launch multi-crypto-based exchange-traded product (ETP). Matt Hougan, Global Head of Research at Bitwise said, “The new initiative is an attempt to assist non-U.S. investors in obtaining “diversified exposure to the crypto markets & the index is designed for Swiss investors who want to gain and maintain exposure.”
eToro, the cryptocurrency trading platform, announced that its partnership with the Napoleon Group and will be launching NapoleonX, France’s first regulated cryptocurrency asset manager. Officials from NapoleonX claimed that the partnership will ensure that members in the cryptocurrency community receive a substantial amount of help in terms of managing their assets, as well as stick to the mandated rules and regulations.
Minister of Finance and Deputy prime minister of Japan, Taro Aso has appealed to adopt the newly-proposed legal name crypto assets and cease using other terms. In his statement: “While I think blockchain is a promising technology, it will take quite some time before it is firmly established. A variety of people will become involved with it, not all of them well-intentioned, so some could misuse this technology. To protect investors, it is essential for us to conduct a proper and strict review.”
The Switzerland based mortgage lender Hypi Lenzburg has partnered with TokenSuisse, a local crypto asset management firm. Alain Kunz, CEO of TokenSuisse said, “We are convinced that the cooperation of an innovative startup like TokenSuisse with an important player like Hypi Lenzburg will further strengthen the crypto asset and blockchain ecosystem.”
The Brazilian government had plan to introduce a state-backed cryptocurrency to enhance the growth of the country’s economy. But, the Brazilian government have confirmed to shut down the cryptocurrency project due to reasons made based on the size of the project as they think that a bidding process should be done at first place before the project was initiated.
A local press has confirmed that Japan’s Financial Services Agency (FSA) has categorized the digital currencies as crypto-assets in the country to prevent confusion. The categorization of digital currencies as crypto-assets will require the country’s official to amend the existing law and regulations for the emerging cryptocurrency industry in Japan.
A press release confirmed that the regulator, Liechtenstein Ministry of Economic Affairs, granted the Liechtenstein Cryptoassets Exchange (LCX) a business license. The license acquired by LCX ranks it as the “fully regulated blockchain ecosystem,” It also intends to apply for Financial Market Authority (FMA) license and receive approval from other regulators as well.
A crypto venture capital firm, Dragonfly Capital Partners declared the launch of $100 million funds to be invested in crypto assets. The secured investments include the funds received from crypto market players such as OKEx, Bitmain, and others. The VC firm believes it as an opportunity to ‘bridge the gap between East and West in the crypto economy.’