NCR’s Bitcoin Play | JPMorgan Betting On ETH

MORE TROUBLES FOR BINANCE

As financial regulators around the world are increasingly clamping down on cryptocurrency companies, Binance, the world’s largest crypto exchange, catches the spotlight. On Monday, the United Kingdom’s financial watchdog Financial Conduct Authority (FCA) banned Binance Markets Limited, a Binance Exchange subsidiary, from any regulated activity in the nation. In response, the company issued a statement saying the FCA notice would have “no direct impact on the services provided on Binance.com.”

Despite the seemingly little impact made to Binance’s operations in the U.K., the ruling serves as an additional setback for the company after it exited Ontario, Canada’s most populous province, last weekend and received a stinging rebuke from Japan’s financial regulator, which warned the exchange that it was not permitted to operate in the country.

BITCOIN CONSOLIDATES IN THE $33,000-$35,000 RANGE

Bitcoin shows strong signs of recovery from last week’s dip below $30,000, steadily trading above the threshold. Likely providing the stability is a string of positive news such as investment bank Morgan Stanley purchasing nearly 30,000 shares in asset manager Grayscale Investment’s bitcoin trust GBTC and Ark Invest, led by prominent crypto investor Cathie Wood, applying for a bitcoin ETF. Adding to the bullish outlook is the uptick in bitcoin funding rates for perpetual futures on main derivatives exchanges including Binance, Bybit, BitMEX, Deribit, Huobi Global and OKEx, meaning most traders have punted a long position, according to CryptoQuant, the South-Korean on-chain and market analytics platform. However the cryptocurrency is struggling to gain momentum for further upward price action. Overall, major tokens are wrapping up the week strongly, with bitcoin, ether, BNB and cardano being 5.41%, 13.6%, 0.3%, 4.69% up on the week, respectively, according to Messari data as of Friday, 5:30 a.m. ET.

BANKS AND CREDIT UNIONS JOIN THE COMPETITION WITH CRYPTO EXCHANGES

650 U.S. community banks and credit unions will soon be able to offer bitcoin purchases to an estimated 24 million total customers as part of the deal between enterprise payments giant NCR and digital-asset management firm NYDIG. Clients will trade cryptocurrencies through mobile applications built by the payments provider, while NYDIG will custody the assets. By providing their customers a way to buy bitcoin—and eventually spend it—within their existing accounts, the traditional financial institutions are part of a rising tide of those companies in direct competition with cryptocurrency exchanges.

Phase two of the implementation could see NCR eventually take custody of its own assets. Future projects could include making bitcoin purchases available via NCR’s 800,000 ATMs and more.

MEET LATIN AMERICA’S NEW CRYPTO UNICORN

Brazil’s leading cryptocurrency exchange, Mercado Bitcoin raised $200 million from the SoftBank Latin America Fund, Mercado’s parent company 2TM Group announced on Thursday. The investment values 2TM Group at $2.1 billion and is SoftBank’s largest capital injection in a Latin America crypto company. Earlier this year, the Japanese conglomerate invested in Mexican crypto exchange Bitso, helping it become the region’s first billion-dollar crypto company.

The deal shows a growing interest in bringing bitcoin and other cryptocurrencies to Latin America. The São Paulo-based exchange aims to increase the number of listed assets (the exchange currently lists approximately 50 tokens) and grow its 500-member team to 700 by year’s end. Further plans involve regional expansion with focuses on Mexico, Argentina, Chile and Colombia and growth acceleration across 2TM Group’s portfolio, which also include digital wallet provider MeuBank and digital custodian Bitrust (both are subject to regulatory approval).

FINTECH 50 SPOTLIGHT

Cryptocurrency institutional custody startup Fireblocks helps more than 250 clients, including BNY Mellon, Revolut and other banks, fintechs, exchanges and hedge funds store and transfer a wide variety of digital assets. It both serves as a custodian and helps larger institutions establish in-house custody services.

ELSEWHERE

BlockFi Rate Cut On Bitcoin Deposits Leaves Rivals Scratching Heads [CoinDesk]

George Soros’ Hedge Fund Given Permission To Trade Bitcoin [Blockworks]

Robinhood's S-1 Goes Public, Detailing Big Surge In Its Crypto Business Unit Since The Start Of 2021 [The Block]

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