tl;dr
• Africa and Latin America are leading the world in crypto adoption with a lot of deals & implementations• BTG Pactual, the largest bank in Latin America, is not offering brokerage services for crypto• XP, Latin America's largest brokerage, launched their crypto services• Federal Reserve hands down ...
• Africa and Latin America are leading the world in crypto adoption with a lot of deals & implementations
• BTG Pactual, the largest bank in Latin America, is not offering brokerage services for crypto
• XP, Latin America's largest brokerage, launched their crypto services
• Federal Reserve hands down guidelines for crypto companies to obtain Master Account status
• More money laundering allegations hit WazirX, this time for $130M
• BitGo is going after Mike Novogratz's Galaxy Digital for $100M termination fee
• Shiba Inu metaverse is finally dubbed Shiba Eternity and may be the reason for the recent spike
• CryptoCom receives approval from the UK Financial Conduct Authority (FCA) In another global compliance win
There are some coins that are making headlines and I a trying to weight them. Here is what is on my mind today.
1. If there are areas around the world that has proven that crypto adoption is on the rise, they can be called emerging economies. Both Africa and Latin America are on the rise. Some people are going as far as opting for crypto versus their own failed fiat. This growth in adoption spans both usage and creativity. Inevitability, thy name is crypto!
2. BTG Pactual, the largest bank in Latin America, has fully entered the crypto game by now offering crypto brokerage services. Back on July 26th, I told you about how XP, Latin America's largest brokerage was going to get into the game. It would just so happen the BTC Pactual announcement is on the same day that XP launches its awaited crypto services. The adoption must be real if you can see this level of fierce competition.
3. The Federal Reserve has laid down final guidelines for crypto companies to obtain coveted Master Accounts. A master account record of financial transactions that reflects the financial rights and obligations of an account holder and of the Reserve Bank with respect to one another. It is also where opening and closing balances are determined. If you have one you can actually manage transactions faster since you do not have to wait for a third party to process on your behalf. The Federal Reserve has been brought to task via lawsuits to create guidelines. One might say they have dragged their feet because they are still mulling over the creation of a CBDC.
4. The woes of WazirX are not going away anytime soon. They are already being investigated for alleged money laundering involvement. Well, another money laundering case in India has emerged and they are again at the center. You can easily see why Binance wants to distance itself from the embattled crypto exchange.
5. Looks like Mike Novogratz and Galaxy Digital are going to face a legal battle for pulling out of the BitGo deal. Looking at the details I could find I don't think Galaxy digital can win. They may be able to negotiate the $100M termination fee down, but I do think Mike and his team are going to have to pay the piper on this one.
6. If you are wondering why Shiba Inu is rising, it could be because their upcoming game, Shiba Eternity, is being praised by a lot more people that original expected. One of those people is well-known game creator and publisher William David Volk, former VP of technology at Activision. I think Shiba Inu has a lot more runway!
7. With all of the moves CryptoCom is making, how are they seemingly still under the radar. In the latest news, they become one of only 37 crypto companies to receive approval from the UK Financial Conduct Authority (FCA). This is a very big deal when you think about how CryptoCom is demonstrating their seriousness where compliance is concerned. They become the second largest crypto exchange behind Gemini to achieve the approval. They seem to be laying a very solid foundation around the world.