Though it's now been three months since Bitcoin’s major correction phase began, it doesn't appear the market downturn is stopping mainstream appetite for digital assets.
On Friday, a report from CoinDesk announcing that Bank of America has started letting some clients trade bitcoin futures rocked the cryptocurrency sphere. And three days earlier, Capital International Investors, a division of Capital Group – one of the oldest and largest investment management firms in the world – announced the purchase of a 12% stake in 'bitcoin company' MicroStrategy without making much of a noise.
With the launch of Spike Lee's for Coin Cloud and crypto dominating the British Grand Prix over the weekend (Silverstone was and the Tezos logo was emblazoned on Max Verstappen's car), mainstream adoption seems closer by the day.
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Binance said on Friday it had stopped selling digital tokens linked to shares, as Hong Kong's financial watchdog became the latest in a string of regulators to crack down on the cryptocurrency exchange platform's "stock tokens" offerings. Earlier in the week, regulators in Lithuania and Italy also cracked down on Binance, further complicating one of the largest global cryptocurrency exchange’s efforts to do business in key jurisdictions around the world.
Bank of America has entered the bitcoin futures trading game. The bank is clearing cash-settled bitcoin futures, a type of contract that settles in US dollars rather than bitcoin itself, according to two sources. CoinDesk first reported the development Friday morning.
On Thursday, CEO Jack Dorsey announced via a Twitter thread that his mobile payments company Square has created a new division dedicated to decentralised finance (DeFi) on Bitcoin. For now, Dorsey is referring to the new Square Bitcoin DeFi platform as TBD, having not yet decided on an official name. In the Twitter thread, Dorsey added that just like the development of Square’s coming Bitcoin wallet, Square’s new Bitcoin DeFi platform would be done completely “out in the open. Open road map, open development, and open source.”
Last Tuesday, we announced FTX as the latest addition to ClearLoop’s rapidly growing off-exchange settlement network, which already includes some of the world’s largest spot and derivatives exchanges. The exchange's founder and CEO, Sam Bankman-Fried, said the integration will enable the exchange to "stay ahead of the pack" through a "reduced level of counterparty risk required by many institutions." Read the full press release .
We picked up another award! The latest accolade is 'Best Digital Assets Custodian’ at the HFM Global European Technology Awards 2021 for the third consecutive year. Well done to our fantastic team and thank you to our clients!
Markets don’t simply go up in a straight line. There will naturally be some profit-taking. Why should the case be any different with Bitcoin? For cryptocurrency, there is an incredibly bipolar character with investors either rushing in or rushing out. There might be an outlier, however. Retail investors have been slowly accumulating small amounts of Bitcoin at an extremely steady rate. The absolute numbers might seem small. But they do add up. And reserves on spot exchanges are dropping alarmingly fast. In July’s In-Depth report, Copper delves into retail’s accumulation of Bitcoin and assesses the potential market impact of spot markets. Make sure to have a read of the report .