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Trading Platform Robinhood Announces Upcoming Launch of Cryptocurrency Wallets

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Buying and selling platform Robinhood has introduced the beta launch of its cryptocurrency wallets, which is about for mid-January. The corporate mentioned 1.6 million individuals have signed up for the crypto wallets.

Robinhood’s Crypto Wallets to Launch in Beta This Month

Robinhood introduced this week the upcoming beta launch of its extremely anticipated cryptocurrency wallets. The corporate unveiled its crypto pockets venture in September to permit prospects to commerce, ship, and obtain cryptocurrencies utilizing the Robinhood app.

Noting that 1.6 million individuals have signed up for its crypto wallets to this point, the announcement particulars:

In mid-January, we are going to launch the wallets beta section, which can roll out to hundreds of shoppers from the waitlist.

Robinhood additionally revealed that through the pockets’s alpha launch, which just lately wrapped up, “a tight-knit group” of shoppers from the waitlist examined the corporate’s first crypto pockets iteration “and shared detailed design and performance suggestions.”

For instance, the alpha testers “requested signposting and explanations of phrases like ‘community charges’ and ‘transaction ID.’” In response, the corporate mentioned that it’s going to present extra crypto articles and provide 24/7 cellphone help.

Robinhood added:

We can be rolling out some extra safety features for crypto transactions. These embody multi-factor authentication in-app, so we all know it’s you once you provoke a switch, and transaction checks to higher perceive the chance of the place cash are being despatched.

“Whereas some say 2021 is the 12 months that crypto went mainstream, the reality is that most individuals are nonetheless familiarizing themselves with the asset class and the way to navigate the blockchain,” the buying and selling platform famous.

In December, Robinhood partnered with Chainalysis to leverage the blockchain information analytics agency’s “information and instruments to satisfy compliance necessities and supply Robinhood prospects with the boldness they should commerce cryptocurrency safely,” Chainalysis described.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

Investment

Crypto Portfolio Update: Macro Guru Raoul Pal Optimistic about Bullish Markets Ahead

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Renowned Real Vision founder, Raoul Pal, remains optimistic about digital assets as he expands his position size during the bear market.

In a recent interview with Bankless, the former Goldman Sachs executive shared an update on his portfolio, revealing his significant investment in one of Ethereum’s major competitors.

Pal emphasized his consistency in investment decisions, stating that his portfolio still consists of approximately 80% Solana, along with a small portion of Bitcoin and a few other assets he acquired to gauge their performance. He refrains from mentioning these additional holdings on Twitter to avoid negative scrutiny and unwarranted attacks. Overall, his portfolio remains unchanged with a long-term perspective.

Highlighting his commitment to the market, Pal noted that he has not sold any of his holdings. In fact, he increased his portfolio by an estimated 30% to 40% between June and October. As a Bitcoin bull and proponent of “The Everything Code” concept, Pal anticipates another bullish market cycle with a potential peak around 2026. He attributes this positive outlook to factors such as currency debasement and the inflow of new capital into the crypto space.

Expressing his confidence in the ongoing bullish trend, Pal refrains from providing specific figures but acknowledges that the current year appears even more bullish than anticipated. He finds it intriguing that the logarithmic channel of “The Everything Code” aligns consistently with his predictions and various analytical approaches. While acknowledging the influence of currency debasement, he believes that the magnitude of the recent cycle is not solely attributed to it. Instead, he emphasizes the importance of available capital and other factors in shaping the market. Consequently, Pal foresees a favorable outlook until at least 2025, without any immediate cause for concern.

Read Also: China's Central Bank Appoints Anti-Bitcoin Governor as Key Communist Party Official

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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China’s Central Bank Appoints Anti-Bitcoin Governor as Key Communist Party Official

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China’s Communist Party Appoints Bitcoin Skeptic as Central Bank’s Party Secretary, Paving the Way for Future Governor.

In a recent development, the Chinese Communist Party has chosen a prominent skeptic of Bitcoin (BTC) to take on the role of party secretary at the country’s central bank, potentially positioning him as the next governor.

The Wall Street Journal has reported that Pan Gongsheng, currently serving as the deputy governor of the People’s Bank of China (PBOC), has been appointed as the party secretary, the highest-ranking Communist Party position within the bank.

Pan, who joined the PBOC in 2012 and assumed the role of China’s foreign-exchange regulator in 2015, is expected to ascend to the position of governor following this promotion. Notably, he also heads the Leading Group of Internet Financial Risks Remediation, a regulatory body responsible for cracking down on cryptocurrency usage and overseeing financial technology firms in China.

The appointment of Pan can be attributed to his international background and the belief that he can establish a fruitful rapport with global central bank governors. This move is seen as an effort to enhance China’s engagement on the global financial stage. Eswar Prasad, the former China division chief at the International Monetary Fund and currently an economics professor at Cornell University, remarked on Pan’s capabilities, stating, “Pan possesses the technical competence and skills required to navigate the PBOC through challenging terrain, including supporting economic growth, promoting market-oriented reforms in the financial sector, and managing banking system risks. These challenges are further complicated by the political constraints within which the PBOC operates.”

The report emphasizes that Pan’s appointment comes at a critical juncture for China’s economy, which is grappling with sluggish growth, escalating debt levels, and an aging population. As the country faces these multifaceted challenges, Pan’s role will be crucial in providing the necessary support for economic expansion, driving market-oriented reforms, and effectively managing risks within the banking system.

It is worth noting that Pan has expressed skepticism towards Bitcoin in the past. During a 2017 event, he famously remarked, “If you sit by the river and watch, one day the corpse of Bitcoin will float in front of you.” He has consistently supported China’s crackdown on Bitcoin trading activities.

In conclusion, China’s appointment of a Bitcoin skeptic as the central bank’s party secretary sends a clear signal of the government’s stance on cryptocurrencies. With Pan Gongsheng set to assume a more prominent role, the country’s economic future, as well as its approach to digital currencies and financial technology, will undoubtedly be closely watched by both domestic and international observers.

Read Also: Vitalik Buterin, Ethereum Co-Founder, Shares Insights on SEC's Crypto Enforcement

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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US Faces $660 Billion Interest Payment on National Debt in Current Year

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Peter G. Peterson Foundation Warns: US Government to Pay Over Half a Trillion Dollars in Interest Due to Rising Rates

According to a recent report released by the esteemed Peterson Foundation, billionaire Peter G. Peterson’s philanthropic initiative, the United States government is poised to face a significant financial challenge this year. The report highlights that the government’s interest payments on its national debt are expected to surpass half a trillion dollars.

In particular, the Peterson Foundation’s findings indicate that the US government will make a staggering $6.4 trillion in payments this year, which is a notable $81 billion higher compared to the previous year’s federal outlays.

This surge in payments can largely be attributed to the Federal Reserve’s proactive approach to interest rate hikes over the past year. Prior to the recent pause in rate adjustments, the Federal Reserve had implemented a series of ten consecutive rate hikes within a span of just 14 months, propelling its benchmark interest rate to 5.08%. Such a level has not been observed since 2007, prior to the global financial crisis.

The Peterson Foundation underscores that the US government is expected to allocate an additional $187 billion this year solely to cover the interest on its burgeoning debt. The report projects that the government’s interest payment on federal debt, primarily influenced by the size of the debt held by the public and recent interest rates, will total an alarming $663 billion (equivalent to 2.5% of GDP) in 2023. This represents a substantial 39% increase compared to the $476 billion recorded last year.

The growth in interest costs can be largely attributed to the higher interest rates, which have been raised ten times by the Federal Reserve since early 2022 in response to elevated inflationary pressures.

As of the time of writing, the US government’s national debt stands at an overwhelming $32.17 trillion. Alarmingly, projections suggest that the country’s gross national debt is expected to escalate to nearly $52 trillion within the next decade.

The Peterson Foundation’s report serves as a crucial reminder of the financial challenges facing the US government, emphasizing the urgent need for strategic measures to address the mounting debt burden and mitigate the impact of rising interest rates in the years to come.

Read Also: OKX Liquid Marketplace Launches 'Nitro Spreads' Enabling One-Click Basis Trading for Institutional Clients

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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Massive $2.3T Asset Manager Seeks Crypto Custody License in France

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CACEIS Bank, a prominent asset-servicing group in Europe, has recently achieved a significant milestone in the world of cryptocurrency.

The company has been granted a license by the financial market regulator, Autorité des Marchés Financiers (AMF), allowing them to provide crypto custody services in France. This development comes as CACEIS Bank, the French banking arm of the CACEIS group, obtained PSAN (Prestataires de Services sur Actifs Numériques) status from the AMF. This prestigious status authorizes the financial institution to function as a crypto asset custodian, responsible for securely storing users’ private keys.

Notably, CACEIS is backed by banking giants Credit Agricole and Santander, solidifying its position as a trusted player in the industry. As the sole French custody specialist to have received PSAN status, CACEIS Bank aims to meet the growing demand for digital asset custody services from investment management companies and institutional investors. This achievement represents the initial step in the development of an innovative digital asset custody offering, ensuring a level of security on par with traditional assets.

Arnaud Misset, CACEIS’ chief digital officer, emphasized the significance of this accomplishment, stating, “PSAN status enables CACEIS Bank to offer digital asset custody services to third parties and respond to growing demand from investment management companies and institutional investors. It is the first milestone in the development of an innovative digital asset custody offer that provides the same level of security as for traditional assets… This status ensures that the digital assets ecosystem, in which CACEIS operates, is built with reliability at its core.”

To implement this secure storage solution for clients’ private digital keys, CACEIS Bank plans to leverage state-of-the-art technology. The registration of CACEIS as a digital asset service provider (DASP) on June 20th, as listed on the AMF’s website, further solidifies its position as a key player in the asset-servicing industry. With assets under administration amounting to an impressive $2.3 trillion, CACEIS is well-established in serving institutional and corporate clients.

Read Also: Bitcoin's Potential Surge: On-Chain Analyst Willy Woo Reveals Optimistic Projections Without Overheating

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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BitMex co-founder says Gold & Bitcoin will surge as govt will print huge money

BitMEX Founder Arthur Hayes Predicts a Bitcoin Bull Market Ahead, Says To Expect Fireworks. Read This Full Report

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Arthur Hayes explained how Bitcoin & other AI stock assets will secure huge benefits because of the current US economic situation.

Arthur Hayes is a 38 years old American entrepreneur and a co-founder and former CEO of cryptocurrency exchange BitMEX. In 2022, Hayes faced charges over the United States Bank Secrecy Act violations and faced six months of home detention, two years of probation, and a $10 million fine. 

On 2 June 2023, Arthur Hayes published a new article on Substack to share his opinion on the current situation of the US economy.

Hayes noted that America is under a very big debt pressure and the Fed will print huge amounts of money to pay debt and in that situation, inflation will surge. 

The BitMex co-founder noted that all the wealthy asset holders who received interest payments from the Fed will likely buy risk assets with the proceeds. 

Hayes believes that the situation is going to give a huge favour to the Bitcoin, Gold, & AI stock assets. 

“Gold, Bitcoin, AI tech stocks, etc. will all be beneficiaries of this ‘wealth’ that is printed by the government and handed out as interest,” Hayes said.

Furthermore, Hayes predicted that the bull run for Bitcoin will start by the end of 3rd quarter or the beginning of the fourth quarter of this year. 

Hayes said that he doesn’t think that Bitcoin will again touch the $20k trade price, as per the current situation. 

Earlier this, several crypto experts shared their opinion over the last couple of months and noted that the Fed rate hike & new money supply is going to bring a great opportunity for the high-risk assets.

Read also: Crypto analyst says betting on $1 XRP doesn’t seem unreasonable 

Read Also: Crypto analyst says betting on $1 XRP doesn’t seem unreasonable 

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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