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Russia’s Sber Bank Aims for Blockchain Integration With Ethereum and Metamask

Russia’s Sber Bank Aims for Blockchain Integration With Ethereum and MetamaskBanking giant Sber wants to integrate its blockchain platform with the Ethereum blockchain and the Metamask wallet. The Russian bank believes the integration will give developers more options and create new opportunities for users when in operations with tokens and smart contracts. Sber Bank to Provide Ethereum and Metamask Support on Proprietary Blockchain The blockchain […]

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Basel Study Shows World’s Largest Banks Are Exposed to $9 Billion in Crypto Assets

Basel Study Shows World’s Largest Banks Are Exposed to  Billion in Crypto AssetsA first-of-its-kind study published by the Basel Committee on Banking Supervision details that the world’s largest financial institutions are exposed to roughly €9.4 billion (US$9 billion) in crypto assets. The research paper authored by the Basel Committee’s secretariat Renzo Corrias further explains that out of all the banks’ total risk exposure, cryptocurrency exposure is estimated […]

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Wealth managers and VCs are helping drive institutional crypto adoption — Wave Financial execs

“Things are much more encouraging, even though this is clearly a time of pain," said Wave Financial’s head of business development Mike Jones.

Two executives at Wave Financial, an asset management firm providing bespoke strategies to high-net-worth individuals and entities, have reported seeing increased institutional demand for crypto products amid the bear market.

Speaking to Cointelegraph at the Blockchain Futurist Conference in Toronto on Wednesday, Wave Financial’s head of business development Mike Jones said institutional investment in crypto could be driven by the high end of wealth management firms including Morgan Stanley, Merrill Lynch and Goldman Sachs looking for ways to allow their clients to get exposure to the space. Jones cited the example of BlackRock partnering with Coinbase on Aug. 4, a move that will give users of the asset manager’s institutional investment management platform Aladdin access to crypto trading, custody, prime brokerage and reporting capabilities.

In addition to wealth managers, the Wave exec said venture capital may see “a lot of growth” in part due to demand for innovative investment vehicles. Wave Financial’s investment and venture principal Gerard Berile added that VCs giving clients exposure to crypto without going through centralized exchanges and still dealing in large scale volume has been a “net positive for the industry as a whole.”

“On the venture side of the house, the bear market has been somewhat of a positive thing,” said Berile. “Over the past year, year and a half, we’ve seen valuations of a lot of different companies get incredibly high — a bit frothy, you could say. In the past six months or so, we’ve seen valuations on companies come down to a bit more realistic valuations, and it’s become a great time to begin allocating capital.”

Blockchain Futurist Conference in Toronto, Canada

“What’s encouraging from a market perspective in general is that you think about the last cycle — a few years ago, a lot of the chatter that was surrounding the ecosystem then was: ‘Is this the end of crypto? Is crypto dead?’” said Jones. “From an institutional adoption standpoint and an institutional demand standpoint, the question now seems to be much more surrounding ‘Is this the right time to get in?’”

He added:

“Things are much more encouraging, even though this is clearly a time of pain. That comes with opportunity as well, particularly for people that are building in the space.”

Related: Bitcoin institutional buying ‘could be big narrative again’ as 30K BTC leaves Coinbase

Data from the blockchain seem to support some of Berile’s and Jones’ claims. Crypto intelligence firm IntoTheBlock reported in March that the number of large transactions on the Cardano blockchain increased more than 50-fold in 2020, suggesting “increasing institutional demand." However, United States regulators have not approved certain crypto investment vehicles like an exchange-traded fund with direct exposure to Bitcoin (BTC) — many have said such a listing could attract new investors to the market.

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FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms

FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto FirmsOn April 18, the Federal Bureau of Investigation (FBI), the U.S. Treasury Department, and the Cybersecurity and Infrastructure Security Agency (CISA) published a Cybersecurity Advisory (CSA) report concerning malicious North Korean state-sponsored cryptocurrency activity. According to the U.S. government, law enforcement officials have observed North Korean cyber actors targeting specific blockchain companies in the industry. […]

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Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay TestingThe Central Bank of Russia has emphasized the importance of moving forward with its digital ruble project. According to a statement by a top representative, the monetary authority has no intention to delay the trials despite not all invited banks being ready to participate yet. Bank of Russia to Experiment With Digital Ruble Payments This […]

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OFAC Update Claims Ronin Hack Is Tethered to North Korea’s Hacker Syndicate Lazarus Group

OFAC Update Claims Ronin Hack Is Tethered to North Korea’s Hacker Syndicate Lazarus GroupAccording to the U.S. Treasury and the Office of Foreign Assets Control (OFAC), the recent Ronin bridge hack may have been tied to the North Korean hacker syndicate called Lazarus Group. Federal law enforcement officials have tied the flagged ethereum address connected with the Ronin bridge exploit to the group of hackers and added the […]

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Defi Lending Startup Aave Launches Permissioned Platform to Entice Financial Institutions

Defi Lending Startup Aave Launches Permissioned Platform to Entice Financial InstitutionsOn January 5, the open-source non-custodial decentralized finance (defi) lending platform Aave launched a permissioned version of the protocol aimed at institutions. The platform dubbed Aave Arc will leverage Fireblocks as the first whitelister as the platform aims to help bridge traditional financial institutions with defi. KYC-Centric Defi Liquidity: Aave Launches Aave Arc Permissioned Protocol […]

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Over 80% of African Users on Mineplex Reportedly Interested in Buying Goods With Staked Crypto

Over 80% of African Users on Mineplex Reportedly Interested in Buying Goods With Staked CryptoA report says over 80% of African users on the Mineplex marketplace have shown an interest in the platform’s commodity staking program since launch. Zero Fee Alternative According to a recent study, over 80% of African users have taken part in the commodity staking program since its launch as a new product on the Mineplex […]

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Report: Traditional Banks in Africa Hold Trust Advantage Over Fintechs

Report: Traditional Banks in Africa Hold Trust Advantage Over FintechsA recent report by CR2 on Africa’s fintech transformation suggests traditional financial institutions can still be a part of the fintech financial revolution if they leverage one of their most significant assets: client trust. Partnerships Between Banks and Fintechs The report urges financial institutions that wish to accelerate their advance to success in the fintech […]

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Digital Euro Should Be Attractive But Not ‘Too Successful,’ ECB’s Panetta Says

Digital Euro Should Be Attractive But Not ‘Too Successful,’ ECB’s Panetta SaysThe digital euro should be an attractive means of payment but its design should prevent it from becoming so successful as a store of value that it threatens banks and private money, according to Fabio Panetta, a high-ranking executive at the European Central Bank. Panetta stressed that both this paradox as well as the need […]

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