EddieJayonCrypto
6 Sep 23
There are a lot of global level events that are all in preparation for the future. Here is what is on my mind today.1. The London Stock Exchange Group is about to turn the financial markets in the UK on its ear. They are in talks with the government to launch a new blockchain-powered trading venue. ...
There are a lot of global level events that are all in preparation for the future. Here is what is on my mind today.1. The London Stock Exchange Group is about to turn the financial markets in the UK on its ear. They are in talks with the government to launch a new blockchain-powered trading venue. This is going to be interesting as how they handle the massive amounts of regulatory concerns they would face. Then you have the technology aspects of the endeavor. Mind you, this is a global stock exchange. So, everything would be multiplied for one of the oldest exchanges in the world. 2. We've got some big developments going on in South Korea as Hana Banking Group, 5th largest in the country, has decided they will work with BitGo beginning in late 2024. This is actually a big step as South Korea is a very crypto-conscious country. This means the banking giant is definitely preparing for the future. Remember what I told you about news. I can almost guaranty this will be a story they will continue to tap into at various stages…so long as everything keeps moving in the right direction. 3. MetaMask just made a huge move that people have been wanting for a very long time: the ability to sell their crypto for fiat. MetaMask's new "sell" feature will allow users to swap their digital assets for USD, EUR and GBP. MetaMask is easily the best known browser-based wallet in the world and is deep into the Web3 space with its authentication features. I think this is going to be a big deal as we move forward. 4. In huge news, Gensis Global trading is shutting down their US operations. Some people are saying this is a shock. I am asking how could that be given their parent company's legal woes over the Gemini debacle. Not to mention, Genesis has been cash-strapped for some time. This is not a big deal to retail investors because the platform is completely focused on over-the-counter (OTC) transactions. Trades must be completed by September 12s. They will be closing all open accounts on September 30. 5. In another major event, BlackRock will be closing its China Flexible Equity fund on November 7th. They are saying it is due to low investor interest and high costs. I think they received a ton of pressure to get out of China. The pressure at least partially coming from increase heavy scrutiny from the US government. Even the behemoth BlackRock can be forced to make a move. I think other pressure comes from the instability of China's real estate market. Which has been imploding as of late. 6. And just like that and out of nowhere, Tether is not the world's 22nd largest holder of US Treasury bonds with over $72.5B in holdings. That is a major feat considering there are countries around the world that hold less. I also think this is a major move by the issuer of Tether, the world's most widely use stablecoin. 7. Coinbase is in the news with a brand new service. The largest centralized exchange in the United States has created a new crypto lending service. The service is geared toward large and institutional investors. It is being reported they raised $57M for the new platform as of a September 1st filing according to the SEC. With BlockFi and Genesis exiting the space, it is a perfect opportunity for Coinbase to snatch market share by filling a void. The more I look at the company, the more I think they are headed toward being the Cryptoverse's version of BlackRock.