Copper’s Weekly Update – 4 October 2021

Highlighting what went right, and what went wrong, in this week’s crypto news analysis.

Copper

We thought we were rapidly approaching some very important dates on the crypto ETF front, but the Securities and Exchange Commission (SEC) last week delayed ruling on four Bitcoin ETF applications – pushing them back until late November at the earliest.

Speaking at the Future of Asset Management North America Conference on Wednesday, Gensler said he believes there is a place for bitcoin ETFs based on futures but emphasised that he was not speaking on behalf of the SEC and that the view is his own. He did however highlight that the agency has taken note of new technologies and practices — digital assets among them — and the regulatory authority must grow alongside them.

While the US continues to keep investors on their toes, neighbouring Canada already has four officially approved Bitcoin ETFs and just got its first multi-crypto ETF on Thursday. Launched by Evolve Funds Group on the Toronto Stock Exchange, the fund is pegged to both Bitcoin and Ethereum.

On Friday, Coinbase said a threat actor stole digital assets from 6,000 customers between March and May, exploiting a flaw in its SMS multi-factor authentication. While Coinbase declared it would reimburse all affected users, the breach once again highlights the risk of leaving cryptos on an exchange. Never leave digital assets on an exchange people. It’s as simple as that.

Top stories of the week

El Salvador has started mining bitcoin with volcanos

El Salvador has officially started using volcanos to mine bitcoin, according to its president Nayib Bukele. So far, it has mined 0.0059 BTC, worth $260. “We’re still testing and installing, but this is officially the first Bitcoin mining from the volcanode,” tweeted Bukele, providing a breakdown of the mining rewards so far. Read more

Visa is building a hub for cross-chain crypto payments

Visa is launching a universal crypto payments hub, allowing for the interoperability of digital assets across different blockchain networks and payment channels. The Universal Payment Channels (UPC) protocol will connect various blockchains and digital currency platforms, allowing users to exchange funds between them.

The UPC aims to tackle one of the biggest problems facing digital asset adoption: cross-chain interoperability. In the blog post, Visa gives an example of what its new hub will be able to facilitate. “Imagine splitting the check with your friends, when everyone at the table is using a different type of money—some using a central bank digital currency (or CBDC) like Sweden’s eKrona, and others preferring a private stablecoin like USDC.” Read more

Chainalysis: Europe becomes largest crypto economy with over $1T in transactions

The region of central, northern and western Europe, or CNWE, has emerged as the world’s most active cryptocurrency block according to new research from blockchain analytics firm Chainalysis. The report, which was released Tuesday, found that the CNWE region accounted for 25% of global crypto activity between July 2020 and June 2021. The region witnessed a sharp uptick in transaction volume across all crypto sub-categories, especially decentralised finance, or DeFi.” Read more

In case you missed it

⚡️Orlando Bravo owns bitcoin and is very bullish: ‘Institutions are just beginning to go there’.

⚡️Canada gets its first BTC and ETH multi-crypto ETF.

⚡️Pro-crypto senator Lummis thinks stablecoins should face audits.

⚡️Robinhood crypto COO, CTO hint that DeFi features are coming.

⚡️First cryptocurrency fund approved in Switzerland.

⚡️BoE unveils CBDC forum members, including reps From Asos, PayPal and Spotify.

⚡️Ethereum’s second-largest mining pool to shut down on Sept 30 amid China regulatory pressure.

⚡️Ethereum dev Virgil Griffith pleads guilty on North Korea sanctions charge.

⚡️Bitfinex just spent $23.7m in fees to make a single Ethereum transaction.

⚡️Facebook announces $50m investment fund tasked with developing its virtual metaverse.

⚡️CFTC charges 12 New York crypto options businesses with failing to register.

⚡️TikTok announces NFT collection led by top creators.

⚡Compound supply bug mistakenly rewarded users with $70m in tokens.

⚡️IMF says crypto boom poses challenges to financial stability.

⚡️French regulator warns against unauthorised crypto platforms.

⚡️Société Générale proposes historic $20m DAI loan in exchange for bond tokens.

⚡️SEC pushes deadlines on four bitcoin ETF applications to late 2021.

⚡️Hackers rob thousands of Coinbase customers using MFA flaw.

⚡️DBS Bank’s brokerage arm receives license from Singapore regulator.

From Copper

Copper joins Imperial College Business School’s Institutional Digital Assets Project

On Thursday, we unveiled a new partnership with Imperial College Business School and its Centre for Digital Transformation (CDT). Led by Christopher Tucci, CDT is a new research centre that strives to help grow the digital economy. As part of the partnership, we are launching a new Institutional Digital Assets Project within the CDT that seeks to connect academic theory to practical application, with a goal of shaping the practice of finance and and business regarding digital assets through thought leadership and capacity building. Read more

Another award for the cabinet!

We are delighted to have been named Best Digital Asset Custodian at the CryptoAM awards on Thursday. Vitalik Buterin, Aave, SuperRare, Ziglu, Consensys and Elliptic were also amongst category winners honoured at the black-tie awards ceremony, held at the Leonardo Royal Hotel in St Pauls, London. Read more

Copper at the Trading Show Chicago

The annual Trading Show returns in Chicago this week. Taking place from Tuesday 5 – Wednesday 6 October, the Trading Show Chicago is the most important event for institutional trading firms, algo trading, HPC, data, AI, and digital assets.

Our Head of Sales Americas, Glenn Barber, will appear on a keynote panel tomorrow with Hehmeyer’s David Nuelle, Bitstamp’s Robert Zagotta and Genesis’ Michael Moro, to unpack how institutions are navigating market entry and tackling challenges with secure real-time settlements, offline assets, custody, and exchange connection.  Read more

Copper at Token2049

The premier conference for digital asset funds, Token2049, returns to London this Thursday and Friday at De Vere Grand Connaught Rooms. Our Chief Revenue Officer, Boris Bohrer-Bilowitzki, will be taking to the stage at 9:50am on Thursday to deliver the opening keynote. For passes and to view the full schedule, click here.

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