Highlighting what went right, and what went wrong, in this week’s crypto news analysis.
Looking back at last week’s biggest news, including price analyses for BTC, ETH, and XRP.
A couple key events to highlight from last week, or non-events in the case of TON. Likely the most talked about was BTC’s return to $9k for the first time since before March’s black Thursday. From the world of traditional markets, it was also Berkshire Hathaway’s annual Woodstock for Capitalists. And tying the two together was NASDAQ’s partnership with R3.
For existing Copper clients, keep your eyes peeled this week as we’re about to release another huge update to Copper Unlimited, our secure offline custody application.
Below is our weekly roundup of industry and coin specific news. If you’d like to get in touch with us about any of our products or services, we look forward to hearing from you. Just send us a note.
Financial regulators in Japan have accredited two crypto self-regulatory organisations as Certified Financial Instruments and Exchange Associations. As confirmed in an announcement on April 30, 2020, the FSA officially recognised the Japan STO (security token offering) Association and the Japan Virtual Currency Exchange Association (JVCEA) as self-regulatory bodies for conducting digital asset derivatives trading and STOs of cryptocurrencies.
The move marks the latest attempt by Japan to improve its compliance standards of cryptocurrency participants in the country.
Venture Capital firm Andreessen Horowitz has raised $515 million for its second fund focused on crypto networks and businesses. The fund tops the $450 million target Andreessen Horowitz set for it and come after a $300 million fund in 2018.
The California company made a bold move last year by becoming a registered investment adviser, a distinction granted by the Securities and Exchange Commission that gives it more flexibility to invest in things like crypto tokens. Andreessen says it’s particularly interested in supporting the areas of next-generation payments, modern stores of value, decentralised finance and new monetisation methods.
Nasdaq, one of America’s foremost (non-crypto) exchanges has partnered with R3, the company responsible for the enterprise blockchain software Corda. Together, the two companies will help financial institutions issue tokens and build marketplaces for digital assets.
Cathy Minter, chief revenue officer at R3, commented that financial institutions are becoming increasingly aware of the demand and potential for servicing the needs of digital assets, with R3 able to accommodate with solutions designed to be secure and reliable in a regulated environment.
As the financial crisis rocking Lebanon continues its downward spiral, crypto enthusiasts are seemingly circumventing the government-imposed ban on crypto exchanges by investing in digital assets through peer-to-peer (P2P) exchanges.
Instead of a centralised exchange, transactions are happening by referral through encrypted messaging apps, with platforms such as Telegram and Whatsapp increasingly serving as backchannel avenues for investors to connect and negotiate bilateral trades.
Russian President Vladimir Putin, when asked about whether Russia will soon have its own national cryptocurrency or not, said that it is not possible for Russia or any other country to have its own cryptocurrency as they work beyond borders.
Putin’s comments sparked a debate among crypto commentators on Twitter. Binance CEO, Changpeng Zhao applauded Putin’s comments on cryptocurrency, saying he has seen very few other leaders with this level of understanding so far.
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