Fidelity Launches New Era of Crypto Market?
Fidelity Investments, the fifth largest financial holding company in the world, announced the opening of Fidelity Digital Asset Services division, which will enable institutional investors to store and trade cryptocurrencies. Representatives of the company noted that according to a study by Greenwich Associates, 70% of institutional investors trust cryptocurrencies.
It is reported that the platform will be able to store bitcoin, ethereum, and other cryptocurrencies. Storage will be arranged on the so-called cold wallets, which will not have access via the Internet. In addition, the security system will include multi-level physical and electronic control mechanisms. Also, the parent organization, Fidelity Investments, intends to undertake an educational mission, explaining the basic terms and concepts of crypto investments to newcomers in the crypto world.
Philippines’ Special Zone Licenced New Crypto Exchanges
The Philippines government-owned Cagayan Economic Zone Authority (CEZA) has issued provisional licenses for operating crypto exchanges to nineteen firms. Eight more firms paid entrance fees and are under consideration. CEZA manages the development of the Cagayan special economic zone in Cagayan Province, Northern Luzon, Philippines. It should become a self-sufficient industrial, commercial, financial, tourist and recreational center for the effective attraction of local and foreign investment.
At the moment, 19 companies have received temporary licenses. CEZA issued 17 provisional principal licenses and two provisional regular licenses. These two types of licenses are different. Provisional principal licenses allow licensees to conduct offshore financial technology solutions, business activities, and offshore virtual currency exchange activities. While provisional regular licenses allow companies to conduct offshore virtual currency exchange activities. CEZA published a list of all companies that have been issued Financial Technology Solutions and Offshore Virtual Currency (Ftsovc) and Offshore Virtual Currency (Ovc).
BitPay Adds Two Stablecoins for Automatic Conversion
Bitpay cryptocurrency payment platform has added an option of converting digital assets into Gemini Dollar (GUSD) and Circle USD Coin (USDC) stablecoins. This will reduce the risks associated with the high level of volatility of Bitcoin (BTC) and Bitcoin cash (BCH) rates.
The BitPay platform automatically converts digital Bitcoin and Bitcoin Cash assets into fiat currency from 38 countries of the world, then this money can be transferred to a bank account. Thus, for firms that accept payments for goods or services in cryptocurrencies, the risk of profit loss due to the volatility of the BTC and BCH rate is excluded.
However, the option of automatic conversion is not available for all fiat currencies, as such, many companies from South America and Asia will be counting losses in the event of a sharp fall in the value of digital assets. This problem was solved with the help of a Gemini Dollar and Circle USD Coin.
What Else:
- The crypto industry is developing rapidly and is under the scrutiny of analysts. We decided to collect the most interesting studies that came out in the recent weeks so you don’t miss anything.
- The partnership of the decentralized crypto project TRON (TRX) and the largest Chinese search engine Baidu is still focused on the Baidu basic cloud computing systems, the transition to Blockchain platform is not planned.
- Cryptocurrency exchange OKEx announced the listing of four new stablecoins in light of recent events with Tether.
- Microsoft Co-Founder and Seahawks owner Paul Allen has died from non-Hodgkin's lymphoma complications at the age of 65
At 19:45 (GMT+1) total cryptocurrency market capitalization stands at $211.5 billion
Bitcoin (Bitcoin) $6593 (-0.37%)
Ethereum (ETH/USD) $209 (+0.80%)
XRP (XRP/USD) $0.46 (+4.68%)
Bitcoin Cash (Bitcoin.Cash) $457 (-0.53%)
EOS (EOS/USD) $5.46 (+0.28%)
Tezos (+9.09%) showed the best growth in the top-100
Market Dynamics
The trading volume of cryptocurrencies for 24 hours reached $12.3 (-9.3 billion per day)
Mining Profitability
BTC $1.97 for 10 TH/s ↘️
ETH $0.17 for 10 MH/s ⏸
BCH $0.21 for 1 TH/s ↘️
LTC $3.01 for 1 GH/s ↘️
DASH $0.08 for 1 GH/s ↗️
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