2023-11-07 14:35

Copyrighted Image by: Reuters In response to the growing concerns over the use of cryptocurrencies for illicit activities, Coinbase (NASDAQ:COIN), the globally trusted digital asset platform, has added four key Washington figures to its Global Advisory Council today. The new members include Mark Esper, Stephanie Murphy, David Urban, and Frances Townsend, an ex-adviser to President George W. Bush and executive VP at Activision Blizzard (NASDAQ:ATVI). The addition of these influential figures comes during a challenging period for the cryptocurrency industry. It follows the conviction of Sam Bankman-Fried for wire fraud and conspiracy tied to his crypto exchange FTX, which has been implicated in financing Hamas' attacks on Israel. This case has amplified scrutiny of the cryptocurrency industry. These new members join initial council members such as Patrick Toomey and Tim Ryan, who have been guiding Coinbase during this tumultuous period. The bolstered council is expected to leverage their collective expertise to navigate the complex landscape and contribute to Coinbase's growth. Faryar Shirzad, Coinbase's Chief Policy Officer, welcomed these leaders to the council. Speaking about the recent developments, Shirzad revealed to The Hill that the strengthened council would play a crucial role in guiding Coinbase's future strategies amidst the heightened scrutiny within the cryptocurrency industry. https://www.investing.com/news/cryptocurrency-news/coinbase-strengthens-global-advisory-council-amid-heightened-crypto-scrutiny-93CH-3225216

2023-11-07 14:18

Copyrighted Image by: Reuters. Custodia Bank unveiled its non-omnibus Bitcoin custody platform on Tuesday, November 7, 2023, following approval from the Wyoming Division of Banking. The segregated custody service is now live and offers individualized Bitcoin Custody Services to its customers. The bank, formerly known as Avanti Financial Group and based in Cheyenne, Wyoming, was founded by Bitcoin advocate Caitlin Long. It aims to cater to fiduciaries, investment advisers, fund managers, and corporate treasurers with a platform that does not engage in lending. The service offers segregated custody accounts and integrates Bitcoin custody with U.S. dollar services. Despite facing regulatory challenges earlier this year, including a rejection from the Federal Reserve System in January 2023 due to concerns about high crypto concentration detailed in March 2023, Custodia Bank opened its doors in August 2023. As a digital asset custodian, the bank aims to bridge the gap between digital assets and the U.S. dollar payments system. The launch of Custodia's Bitcoin custody service follows the move by DZ Bank to offer crypto custody for institutional investors. As it navigates this volatile market, Custodia Bank continues to value user feedback and is keen on adapting to market changes. https://www.investing.com/news/cryptocurrency-news/custodia-bank-launches-nonomnibus-bitcoin-custody-service-93CH-3225203

2023-11-07 13:32

Copyrighted Image by: Reuters. Sberbank's leader, Herman Gref, has projected a stable ruble exchange rate at 85-90 rubles/$1 by the end of 2023. The forecast aligns with the sentiment expressed by other economic leaders, including a note on ruble steadiness due to implemented stability measures. Gref attributes the anticipated steadiness to a presidential decree that requires large exporters to sell their foreign exchange earnings in Russia. This measure is designed specifically for currency revenue stabilization. The decree's implementation has resulted in an increase in the market supply of rubles, contributing to the predicted stability. In addition, Gref has criticized the prevalent use of offshore alternative OTC markets for most ruble-to-dollar conversions. He has suggested that such trading should be shifted back to Russia to further support the ruble's stability. Tax payments were also highlighted by Gref as a significant factor in boosting demand and strengthening the ruble. The combination of these factors, according to Gref, will contribute towards achieving a minor strengthening of the ruble and maintaining its stability through the end of this year. https://www.investing.com/news/forex-news/ruble-expected-to-stabilize-by-yearend-says-sberbanks-gref-93CH-3225123

2023-11-07 13:29

Copyrighted Image by: Reuters. As we approach 2025, BorroeFinance ($ROE), Bitcoin, and Injective Protocol (INJ) are positioned to spearhead the forthcoming crypto bull market. These predictions are based on recent developments and forecasts for these digital assets. Today, BorroeFinance, a blockchain-based platform that transforms invoices into NFTs (non-fungible tokens), is offering various payment options like BTC, USDT, ETH, and BNB. With a $1.45 million presale under its belt, the firm uses robust blockchain technology and AI-driven risk analysis to convert future earnings into instant funds. It is expected that this innovative approach could lead to a 200% post-presale hike in value. Meanwhile, Bitcoin's potential surge to $150,000 is anticipated following the 2024 halving event. This prediction is based on supply-demand principles and the possibility of the SEC approving a Bitcoin ETF. Such an approval could significantly boost Bitcoin's value, promising returns comparable to owning high-value assets like a beach house and a Tesla (NASDAQ:TSLA). Injective Protocol (INJ) is also making waves in the world of decentralized finance (DeFi). Known as the 'stealth bomber' of DeFi, INJ offers a fully decentralized exchange with zero gas fees and a lightning-fast layer-2 solution. This positioning has led many to consider it as a top altcoin in the pursuit of borderless finance. In conclusion, BorroeFinance's innovative NFT-based crowdfunding, Bitcoin's potential ETF approval, and Injective Protocol's advancements in DeFi are shaping up to be key drivers in the next crypto bull market. As these developments unfold, they may alter the landscape of digital finance as we know it. https://www.investing.com/news/cryptocurrency-news/borroefinance-bitcoin-and-injective-protocol-poised-to-lead-next-crypto-bull-market-93CH-3225110

2023-11-07 13:06

Copyrighted Image by: Reuters Kazakhstan's Ministry of Culture and Information has taken a decisive step in its ongoing efforts to regulate the burgeoning cryptocurrency market, blocking access to global cryptocurrency exchange, Coinbase (NASDAQ:COIN). The move follows the implementation of the Law on Digital Assets initiated in February 2023, which mandates digital currency activities to secure a license from the Astana International Financial Center (AIFC). The blockage, reported by local news outlet Kursiv, is part of a broader strategy by the Kazakh government to manage digital assets and introduce a Central Bank Digital Currency (CBDC). The so-called "great Kazakh investment firewall" has been causing access issues to Coinbase and other exchanges like Kraken since September. Several exchanges, including Binance, Bybit, CaspianEx, Biteeu, ATAIX, Upbit and Xignal&MT have managed to secure approval from AIFC, thereby ensuring their continued operation within the country. However, Coinbase's failure to comply with these licensing requirements has resulted in its current blockage. In addition to exchange regulation, Kazakhstan's strict rules also extend to its prominent mining sector. In October, eight major crypto-mining firms penned an open letter to President Kassym-Jomart Tokayev, highlighting a "very distressful situation" due to high energy costs. The implications of this blockage are significant for both Coinbase and its Kazakhstani users. With a surge in cryptocurrency interest and usage in the country, users will no longer be able to trade or access their accounts on the platform. The response from Coinbase regarding this regulatory action is yet to be seen. https://www.investing.com/news/cryptocurrency-news/coinbase-blocked-in-kazakhstan-amid-tighter-cryptocurrency-regulation-93CH-3225067

2023-11-07 13:05

Copyrighted Image by: Reuters. The KfW Development Bank, backed by the EU and German Federal Ministry, is investing $21 million in Mozambique's renewable energy sector through the GET FiT program. The initiative aims to stimulate private sector investments in renewable energy infrastructure, with a focus on private solar projects and small-scale hydropower plants. Marco Freitag, KfW Portfolio Manager, emphasized the potential of hydropower to supply eco-friendly energy and spur economic growth. The investment seeks to attract Independent Power Producers (IPPs) with tariff subsidies, simplify their market entry through standardized contracts, and connect hydropower plants to the national grid in northern and central Mozambique, where energy poverty affects 80% of the population. The GET FiT program is expected to mobilize an additional €60 million ($63.2 million) in private capital. Currently, Mozambique has a hydroelectric capacity of approximately 2,200 MW. Under this initiative, an extra 25 MW of power is forecasted, reported energy sector journalist Nicholas Nhede. The initiative comprises two phases: the initial phase promotes solar projects and photovoltaic installations with a €25 million commitment from BMZ. The second phase supports small-scale private hydropower projects at over 1,400 potential sites with a total capacity of 18,000MW. For this phase, GET FiT Mozambique II has allocated €20 million to aid IPPs' market entry, offering tariff subsidies over several years post-commissioning and a guarantee facility to mitigate financial risks. The program employs a results-based funding approach with standardized contracts and approval processes to expedite project implementation and awards licenses through an international public tender. Currently, Mozambique generates 80% of its energy from renewables with plans to increase its hydropower capacity to 4500MW by 2030, following environmental assessments. The program aims to add 25MW of power generation capacity overall. https://www.investing.com/news/commodities-news/kfw-development-bank-boosts-mozambiques-renewable-energy-with-21-million-investment-93CH-3225061