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Fidelity Receives Canada’s Digital Asset Custody License To Handle Bitcoin For Institutional Investors

Mark Brennan
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Fidelity Receives Canada’s Digital Asset Custody License To Handle Bitcoin For Institutional Investors

Fidelity Investments has received approval from the Canadian regulator to launch a custodian service for cryptocurrencies.



Fidelity Clearing Canada became the premier Canadian company that received cryptocurrency custody approval from the Investment Industry Regulatory Organization of Canada (IIROC). Fidelity serves over 100 investment companies in Canada with total funds under management exceeding $222 billion.

“The demand for digital assets is constantly growing and institutional investors are looking for a regulated platform to gain access to this asset class,” said Scott Mackenzie, President of Fidelity Clearing Canada.

Fidelity Clearing Canada has also applied to launch a Bitcoin exchange-traded fund (ETF). There are already several Bitcoin ETFs operating in Canada, with most of these funds using the services of American companies to hold assets.

Binance CEO, Changpeng Zhao Only Holds Two Crypto And Plans To Donate 99% Of His Wealth

Albert Brown
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Binance CEO, Changpeng Zhao Only Holds Two Crypto And Plans To Donate 99% Of His Wealth

Changpeng Zhao, CEO of the largest cryptocurrency exchange Binance, spoke about his crypto portfolio, his views on the market, and making donations.



In an interview with the Associated Press, Binance CEO Changpeng Zhao said that his portfolio only contains Bitcoin and BNB coin.

“I first bought bitcoins in 2014 and have held on to most of it, but the majority of my net worth is in BNB. I don’t hold any other crypto to avoid any potential conflicts of interest.”

Zhao reported net worth is about $2 billion. But Zhao is the biggest shareholder of Binance, which has a valuation of up to $300 billion. That implies he will be really rich if Binance ever exited near that valuation. Industry critics expect Zhao’s net worth to be more than $200 billion.

 

Interestingly, Changpeng Zhao doesn’t like Dogecoin and other meme coins:

“To be honest, I don’t get Dogecoin. But this shows the power of decentralization. What I think may or may not matter. If a large enough number of people in the community values it because it’s cute, because they like the meme, then it has value.

And Dogecoin has lasted so many years. It’s gone up and down, up and down, but it’s lasted. And now we have Shiba, which is also a meme coin. We have a lot more meme coins. But guess what? For something to be valuable, you only need one other person to want to buy it.

For something to have liquidity, you need a large number of people to want to buy it or sell it. Once you have liquidity, a thing has value, according to the neutral market. So it’s not up to me to judge it. As a platform, we want to provide a marketplace for all the relatively valuable cryptocurrencies in the world.”

 

Binance CEO told AP news that he plans to donate up to 99% of his wealth.

“I do intend to give away most of my wealth as many wealthy entrepreneurs or founders did from Rockefeller [late American business magnate John D. Rockefeller] until today. I do intend to give away 90, 95, or 99% of my wealth.”

CZ replied to a question that crypto major sign of being a bubble is that people buy only because the other person will also buy it.

“To some extent, yes. But it’s not a black and white thing. There’s no clear definition of what a bubble is. If an asset’s price drops more than 80%? Bitcoin dropped more than that and then recovered. Amazon dropped (more than 90% from the start of 2000 into September 2001), and now they are one of the most valuable companies in the world. Did it go through a bubble? According to most laymen’s definition, it probably did. For Jeff Bezos, he would probably disagree.”

Recently, Changpeng Zhao announced that it is crypto that will become the future of the global financial system.

Australia Baseball Team Perth Heat Becomes First Professional Sports Club To Pay All Players And Staff Members In Bitcoin

Mark Brennan
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Australia Baseball Team Perth Heat Becomes First Professional Sports Club To Pay All Players And Staff Members In Bitcoin

Perth Heat baseball players and staff members are now paid in bitcoin.



Perth Heat, Australia’s most successful baseball team, began paying its players in Bitcoin, becoming the first professional sports club worldwide to do so.

CEO, Steven Nelkovski, told Guardian Australia:

“This is the first time a sports club has decided to go all-in on a bitcoin standard.”

The Guardian reports that Payments will be processed on the Lightning Network. Club employees will also receive salaries in the Bitcoin. Bitcoin will be accepted for the merchandise and ballpark food. Heat will also hold Bitcoin on its balance sheet.

Patrick O’Sullivan, the club’s newly appointed bitcoin chief executive said:

“This is not a one-off purchase to hedge against future uncertainties or inflationary pressures, The Perth Heat are embracing the reality that the future of money and corporate treasuries will live on the bitcoin blockchain.”

Founded in 1989, Perth Heat has managed to win 15 Claxton Shield trophies.

Massive Business Adoption Push For Shiba Inu As Coingate Made Shib Acceptable To Over 500 Merchants As Payment Option

Mark Brennan
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Massive Business Adoption Push For Shiba Inu As Coingate Made Shib Acceptable To Over 500 Merchants As Payment Option

Shiba Inu is getting ready for a business adoption push following the CoinGate integration.



Lithuania-based crypto-payment processor CoinGate has added support for Dogecoin competitor Shiba Inu

Coingate made the announcement on its official blog and Twitter.

 

 

Coingate was established in 2014, a year when cryptocurrencies became mainstream in the very first instance. CoinGate is one of the largest cryptocurrency firms within the Baltic region. It is currently a partner for more than 500 merchants including medium and small enterprises.

The official Coingate blog writes:

“It is our greatest joy to announce that Shiba Inu (SHIB) has been integrated as our newest cryptocurrency! Every CoinGate user, from merchants to traders or Gift Card shoppers, can now accept, buy, trade, or spend this sky-rocking meme coin on the things they want.

First, SHIBs integration to the CoinGate services might cheer up the already-hyped Shiba Inu community, because now more than 500 CoinGate merchants can accept Shiba Inu payments from their shoppers.”

In addition to processing transactions, CoinGate also allows you to purchase and sell cryptocurrency. Customers can buy Shiba Inu for a 1 percent fee. It is also possible to purchase gift cards with a variety of cryptocurrencies.

 

Economic Times Reports India To Ban Crypto As Payment Method But Will Allow Crypto To Be Held Like Stocks

Mark Brennan
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Economic Times Reports India To Ban Crypto As Payment Method But Will Allow Crypto To Be Held Like Stocks

The Indian government will ban the use of cryptocurrencies as payments but will allow them to be traded and held as assets like stocks, gold, or bonds.



Economic Times reports, Indian authorities are finalizing a draft law on the regulation of cryptocurrencies. It is assumed that in the next two to three weeks.

ET writes:

“The government is unlikely to shut the door on cryptocurrencies and instead take a nuanced approach. They may not be permitted as currency to settle transactions and make payments but could be held as an asset like shares, gold or bonds.”

 

The government intends to introduce a crypto regulation bill in the parliament’s winter session, details of which are being finalized. The bill seems to have shifted away from the previous plans to fully ban crypto in the country.

The bill also asks for a ban on active advertising by crypto companies, including exchanges and trading platforms.

The government is also working on taxing cryptocurrencies and it is expected that the upcoming law will solve this problem.

The Cabinet believes that the steps taken in relation to cryptocurrencies should be active, progressive, and forward-looking since it is an evolving technology, but crypto should be controlled to avoid illegal means of money transfer, a person familiar with the discussion told Economic Times.

On Monday, November 15, the Indian parliamentary finance committee met with representatives from the crypto industry. According to The Economic Times, parliamentarians also supported the idea of ​​regulation instead of a complete ban.

NBA Lakers Home Staples Center Is Getting A New Name, Crypto.com Arena

Mark Brennan
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NBA Lakers Home Staples Center Is Getting A New Name, Crypto.com Arena

Crypto.com is running a comprehensive advertising campaign.



The exchange has reached an agreement to rename the Staples Center to Crypto.com Arena for the next 20 years. 

Staples Center is the Los Angeles home to the NBA’s Lakers and Clippers, WNBA’s Sparks, and NHL’s Kings.

The term of the agreement is 20 years. Its owner and operator, Anschutz Entertainment Group will receive $700 million, as a result of the deal.

 

The new arena logo will appear on December 25 during the Lakers vs. Brooklyn Nets match. All logos of the current Staples Center will be replaced by June 2022, ahead of the start of the next season.

Crypto.com will also work directly with the Los Angeles Lakers and the Los Angeles Kings as part of the deal.

Staples Center is also used for cultural events with a seating capacity of 200,000, the venue hosts award ceremonies such as the Grammy, as well as concerts, boxing matches, and NBA All-Star games. According to Bloomberg, the arena receives about 4 million visitors a year at more than 240 events.

As a reminder, in June 2021 Crypto.com signed sponsorship agreements with Formula 1 and Aston Martin Cognizant. The platform also has advertisement rights with the UFC, Serie A, Paris Saint-Germain, Philadelphia 76ers, and Montreal Canadiens.

In March, the FTX exchange acquired the naming rights of the NBA’s Miami Heat arena.

Read More On Crypto.com:

Central Bank of Peru To Launch CBDC

Jakkk
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Central Bank of Peru To Launch CBDC

The Central Reserve Bank of Peru (BCRP) is partnering with the Central Bank of India and Singapore to develop their own digital currency.



“We are working on digital currency and participating in many projects with several central banks,” said Julio Velarde, President of BCRP.

Velarde told that Peru is following Brazil, Mexico, and several European countries in developing a state digital currency.

Peru Central Bank is working on changes in the payment system. Velarde did not disclose further details but said that in eight years the world payment system will be completely different from the current one.

“We’re not going to be the first in CBDC because we don’t have the resources to face the risks, but we don’t want to be left behind,” he said.

In October, Peruvian regulators began scrutinizing cryptocurrency firms and marketplaces to develop clear regulatory requirements governing the country’s digital currency industry.

China Warn State-Owned Enterprises For Strict Sanctions If Involved in Bitcoin mining

Mark Brennan
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China Warn State-Owned Enterprises For Strict Sanctions If Involved in Bitcoin mining

The National Development and Reform Commission (NDRC) of China is considering the possibility of applying strict sanctions on state-owned enterprises involved in cryptocurrency mining.



China’s National Development and Reform Commission spokesman Meng Wei said at a press conference that the Commission intends to suppress the industrial mining of bitcoins and any involvement of state-owned enterprises in mining activity.

The NDRC has made provinces and municipalities liable for investigating the activities of state-owned enterprises involved in cryptocurrency mining.

The Commission is proposing to raise electricity prices for companies that continue to ignore the government’s ban on bitcoin mining.

Earlier the vice-president of Jiangxi province Xiao Yi was dismissed from all government posts and sent to court for trial, he was charged with corruption and abuse of power in the construction and maintenance of mining enterprises in Jiangxi province.

In addition, last month, the Zhejiang Provincial Administration announced that it was beginning to investigate cases of mining in government organizations, public higher education institutions, and scientific institutions.

Read More On China Crypto:

 

Samsung Backed Crypto Wallet App Zengo Now Support Shiba Inu

Mark Brennan
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Samsung Backed Crypto Wallet App Zengo Now Support Shiba Inu

The first passwordless wallet now supports Shiba Inu.



ZenGo, the first non-custodial keyless crypto wallet, has added support for the Shiba Inu, according to an announcement on November 16. Zengo Wallet users can now trade and hold the Shib token.

Ari Gore, Head of Communications at ZenGo, praised Shiba Inu’s energetic and enthusiastic community:

“We are thrilled to be one of the first crypto wallets to support SHIB, especially because of its active, creative, and enthusiastic community.”

 

Working with passwords, seed phrases, and private keys can be daunting for novice users. ZenGo wallets are created using facial biometrics, which is positioned as the foremost selling point of the application.

The founders of the company argue that this approach could solve the existing problems associated with the storage of crypto.

The Israeli startup raised $20 million in a Series A funding round in April. Samsung Next, the Samsung venture capital fund, has been one of Zeno’s most apparent sponsors.

Binance First Ad Ever Focuses On Fundamental Rights For Crypto Users

Albert Brown
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Binance First Ad Ever Focuses On Fundamental Rights For Crypto Users

Binance claims that general crypto regulation is inevitable and emphasizes that “smart regulation” will bring benefits to the industry.



Binance, the world’s largest crypto exchange, has published an ad on financial times “Crypto Is Evil” with 10 rights for cryptocurrency users, which can actually serve as a guide in regulatory discussions and the development of global regulatory frameworks for the crypto market.

 

The ad was also published in the Washington Post and New York Times.

 

Binance claims that general regulation is inevitable like seat belts in a car, Here are 10 fundamental user rights from Binance:

  1. “Every human being should have access to financial tools, like crypto, that allow for greater economic independence.
  2. Industry participants have a responsibility to work with regulators and policymakers to shape new standards for crypto assets. Smart regulation encourages innovation and helps keep users safe.
  3. Responsible crypto platforms have an obligation to protect users from bad actors and implement Know Your Customer (KYC) processes to prevent financial crimes.
  4. Privacy is a human right, and personally identifiable information (PII) data should be subject to strict levels of protection.
  5. Crypto users have the right to access exchanges that keep their funds secure, in safe custody with comprehensive deposit insurance.
  6. Healthy markets should maintain a robust level of liquidity to ensure a stable and frictionless trading environment.
  7. Regulation and innovation are not mutually exclusive. Crypto users deserve safe access to emerging technologies and practices, including NFTs, stablecoins, staking, yield-farming, and more.
  8. Closing the knowledge gap is essential when it comes to crypto. Users have the right to accurate information on crypto assets, without fear of falling victim to unfair or deceptive advertising.
  9. Marketplaces that offer derivative instruments should be subject to the appropriate regulations. This ensures all users meet eligibility requirements and that their transactions are fairly settled
  10. Crypto regulation is inevitable. Users have the right to share their voice on how the industry should evolve with their blockchain platform of choice.”

 

 

 

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