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Crypto custodian Anchorage nabs national bank charter from OCC

Anchorage received conditional approval from the U.S. Office of the Comptroller of the Currency for a national bank charter, becoming the first digital asset firm to receive such a designation.

The post Crypto custodian Anchorage nabs national bank charter from OCC appeared first on The Block.

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Institutions are Adopting Crypto, Deutsche Börse’s Bitcoin ETF Trading Volume Nears Traditional ETFs

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German exchanges hosting the bitcoin ETF recorded volumes equivalent to many of its popular traditional exchange-traded funds.  Bitcoin Exchange-Traded Crypto (BTCE), Deutsche Börse ETF  is one such product currently in high demand and recorded an average daily trading volume of  €57m in the first 11 days of January, reported Financial Times.

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The Bitcoin ETF traded just short of the most popular ETF INRG which recorded a trading volume of only a million more than BTCE.

Bitcoin ETF is still a distant dream for US investors but it is legal in Europe, because of which many mainstream traditional exchanges list these bitcoin pegged products. Many believe US regulators might approve Bitcoin ETF owing to the growing market cap of nearly $100 billion and a great surge in institutional interest.

Stephan Kraus, head of Deutsche Börse’s ETF segment believed that the

“The structure of the BTCE exchange-traded note, which eased the regulatory concerns and counterparty risk involved in trading bitcoin, had increased the appeal of cryptocurrency investments for institutional investors that can trade without needing to set up specialized digital infrastructure or use an “unregulated crypto platform”.

Bitcoin-Pegged Exchange Products Would Become More Common With Regulatory Ease

The surge in demand for such Bitcoin pegged products has seen a significant bump suggesting rising institution interest in the top cryptocurrency. It also shows that institutions that have chosen gold as their hedge against the troubled financial times no more see it as the only store-of-value asset, bitcoin is slowly but surely eating away gold’s market.

Not just German Bitcoin ETP, even the surging volume of Grayscale who also offers a similar product that tracks the price of Bitcoin has recorded an average daily trading volume of near a billion US Dollars for the first two weeks of 2021, showing that institutions are betting big on bitcoin.

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The institutional inflow in crypto has just begun with the likes of MicroStrategy using Bitcoin as a Treasury asset, more use cases, and products would arise shortly as the regularity clampdowns are cut short.

The US regulators in the past have rejected several ETF applications citing the crypto market to be too small to handle the exchange-traded funds. However, that seems to have changed quite fast with the ongoing bull run.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

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Source: https://coingape.com/bitcoin-pegged-security-trading-volume-nears-traditional-etf-on-german-exchanges/

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Forget ETH Killer. This Crypto Project Aims to Be Facebook Killer

Revolution Populi wants to foster social networks that don’t steal your data.

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In brief

  • Revolution Populi is building a blockchain-enabled database that allows data to be ported.
  • It’s announced an integration with Matic Network to enable decentralized apps on its network.
  • RevPop envisions an ecosystem of competing social networks—with users who own their own data.

In our chaotic times, filled with partisan rancor and dueling versions of the truth, there’s one thing everyone can agree on: Facebook sucks.

Now, a fledgling blockchain project is one stop closer to taking down the internet Goliath and planting a flag for social networks that don’t control (or sell) user data.

Revolution Populi (RevPop, for short), a “layer-1 decentralized database with user controls,” has tapped Matic Network as a layer-2 solution, allowing developers on the RevPop chain to build their own decentralized applications.

And not just any Dapps, but social networks. “We’re developing a way in which a thousand social nets can be developed on top of this layer 1,” CEO Rob Rosenthal told Decrypt.

“If you use one, they change a rule, they do something you don’t like, you can instantly port your data from one to another, or back again, because you hold the keys,” he said. “All of that data belongs to you.”

While RevPop—which is due to launch a testnet in the coming months—is also building its own social network, it’s making the project open-source in what it’s calling the “Facebook killer kit” so that others can develop their own social networks on its blockchain.

“This will allow developers everywhere to reach into, and contribute to, the RevPop layer-1 database and be a part of an ecosystem designed to return data control back to users,” Matic Network COO Sandeep Nailwal said in a press release. “Users are hungry for this kind of self-sovereignty.”

“The newest and most active part of the internet has been colonized by a handful of companies who grab data from users and keep it, and profit by it,” Revolution Populi Chief Visionary Officer and Yale computer science professor Dr. David Gelernter told Decrypt. “Our Project aims to return digital rights and power to the people by means of a decentralized database built on blockchain, and a growing, decentralized world of social net and related apps along with it.”

This will be facilitated through the use of the forthcoming RevPop token—with users of the company’s own social network receiving the token directly from advertisers.

While that’s kind of like how Brave rewards users with BAT, Rosenthal, a former Goldman Sachs vice president with a background in securities, said the team envisions it become something of a utility token for the platform.

But other social networks built atop RevPop’s database can pursue alternate funding models due to the project’s open-source design. The result, believes RevPop, is an internet where Facebook and Twitter have more competition.

“It won’t be a monopoly anymore,” said Rosenthal. “It will be broken up through free market competition. I hope.”

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Cointelegraph Consulting: Institutions keep the Bitcoin bull market on track

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As the institutional investment narrative continues to play out, on-chain metrics show the continued accumulation of BTC in large addresses is still ongoing, with an increase of 9% during the previous 30 days alone. This was slightly offset by the decrease in addresses holding 10-100BTC, indicating that smaller “whales” were finding the chance to take profit too good to pass up.

The year started with a surging increase in volatility and trading volume, with BTC setting a new all-time high at $41,941 before plunging back below $32,000. In doing so, annualized volatility hit a high of 97%, a figure not seen since April of 2020.

The latest bi-weekly newsletter from Cointelegraph Consulting takes a look at how futures funding rates are impacting the market. With investors greedy to cash in on Bitcoin’s skyrocketing prices, funding rates hit new highs, exposing the market to high risk from over-leveraged positions.

Read the full newsletter edition here for more news and signals, complete with detailed charts and images.

Cointelegraph’s Market Insights Newsletter shares our knowledge on the fundamentals that move the digital asset market. With market intelligence from one of the industry’s leading analytics providers, Santiment, the newsletter dives into the latest data on social media sentiment, on-chain metrics, and derivatives. 

We also review the industry’s most important news, including mergers and acquisitions, changes in the regulatory landscape, and enterprise blockchain integrations. Sign up now to be the first to receive these insights. All past editions of Market Insights are also available on Cointelegraph.com.

Source: https://cointelegraph.com/news/cointelegraph-consulting-institutions-keep-the-bitcoin-bull-market-on-track

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