BBVA Partners with Metaco to Promote Cryptocurrencies in Switzerland

Leonardo Perez
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BBVA Partners with Metaco to Promote Cryptocurrencies in Switzerland

BBVA partnered with Metaco for the custody of virtual assets for large companies and fund managers, and will operate in a few months. BBVA will custody the digital assets on Metaco’s Harmonize platform. Previously, Metaco has partnered with: HSBC, Citigroup, the German bank DZ, DekaBank, Union Bank, among others, for the same purposes.

BBVA Switzerland announced its alliance with institutional digital asset custody platform, Metaco, to host cryptocurrency custody services in Europe. It is the second platform to do so, after HSBC made the same alliance for custody of digital assets.

BBVA will custody the digital assets on Metaco’s Harmonize platform. The bank, one of the largest in Europe, promises the highest security standards for digital asset transactions for institutional clients.

BBVA and Metaco Go after Institutional Clients Interested in Cryptocurrencies

The bank explained that, in the coming months, digital assets will be kept in a cold wallet without Internet, in a physical location and with high security measures. He promised that no one except clients will have access to these institutional accounts.

BBVA has been one of the pioneer banks in showing its enthusiasm for cryptocurrencies. Proof of this were the statements of the CEO of BBVA Switzerland, Alfonso Gómez, who maintained that, with the approval of MiCA, European banks have opportunities to position themselves in the cryptocurrency market.

On this occasion, BBVA clarified that Metaco’s Harmonize will allow them to offer other cryptocurrencies, apart from Bitcoin (BTC) and Ethereum (ETH), as tokenization of traditional assets, among others. With this, the bank aims to meet the needs of large clients such as fund managers and large companies.

In this regard, Alfonso Gómez, CEO of BBVA Switzerland, stated the following:

“Our partnership with Metaco, which fully integrates with our existing Avaloq infrastructure, allows us to stay ahead of the market by offering the most robust, regulatory-compliant platform.”

BBVA’s enthusiasm for cryptocurrencies is such that it highlighted months ago that FinTech will reach a value of $324 billion by 2026, due to the new generation of digital companies that offer solutions to financial payments.

BBVA Switzerland Has been Offering Bitcoin and Ethereum for Two Years

BBVA Switzerland has been allowing its clients to manage Bitcoin (BTC) and Ethereum (ETH) in the same bank app for two years. For the CEO of the bank in Switzerland, banks provide solidity and security to cryptoasset services.

The bank believes that FinTech will offer solutions in loans, mortgages, wealth management and cryptocurrencies. On this occasion, Alfonso Gómez. CEO of BBVA Switzerland, pointed out that after the FTX bankruptcy scandal, banks have “a lot to say.”

Metaco’s Alliances with Companies to Manage Cryptocurrencies

Recently, Metaco allied with HSBC and noted that the tokenization of assets is gaining ground in the financial ecosystem, by reducing costs for regulated financial institutions. In recent months, the Swiss company has partnered with: Citigroup, the German bank DZ, DekaBank, Union Bank, among others.

Adrien Treccani, founder and CEO of Metaco, had the following to say about his alliance with BBVA:

“Metaco and BBVA Switzerland have a long history of collaboration and we will expand our alliance to new heights, enabling recognized digital asset trading offerings that fit the unique needs of individuals and institutions.”

Previously, BBVA stated that 64% of buyers of non-fungible tokens (NFT) do so to obtain a return. That is, as an investment, while 12% of buyers do it to collect and are not interested in selling them.

By Leonardo Perez

JPMorgan’s Jamie Dimon Advocates Crypto Ban, And Other News

Audy Castañeda
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JPMorgan’s Jamie Dimon Advocates Crypto Ban, And Other News

JPMorgan’s Jamie Dimon advocates for a ban on cryptocurrencies at a Senate hearing, ensuring that their only use is for criminals.

In a hearing before the Senate Banking Committee, JPMorgan CEO Jamie Dimon reaffirmed his critical stance toward cryptocurrencies, going so far as to suggest that they should be banned. Dimon, known to be a staunch critic of cryptocurrencies, did not mince words when expressing his opinion on the use of these digital currencies.

During his speech, Dimon highlighted that he has always maintained a deep opposition to cryptocurrencies. Likewise, he pointed out that its only real use case, in his perspective, is linked to illicit activities. He forcefully stated that cryptocurrencies are mainly used by criminals, drug traffickers and for practices such as money laundering and tax evasion. Furthermore, he stated that, if he had the power, he would close said operations.

On December 6, Yahoo Finance account on X posted the following:

“I’ve always been deeply opposed to crypto, bitcoin, etc. [Senator Warren] pointed out the only true use case for it is criminals,” says JPMorgan Chase CEO Jamie Dimon. “If I were the government, I’d close it down.”

The JPMorgan CEO is not alone in this stance, as other leaders of major financial institutions have expressed similar concerns. In response to questions from Senator Elizabeth Warren, Dimon agreed that cryptocurrency companies should face similar anti-money laundering regulations as traditional financial institutions.

Google presents Gemini: A New Era in Artificial Intelligence

This December 6, Gemini, Google’s latest artificial intelligence model, was officially launched. Sundar Pichai, CEO of Google, and Demis Hassabis, CEO and co-founder of Google DeepMind, announced this revolutionary advance through a post on the company’s blog.

Gemini is presented as a versatile artificial intelligence model, optimized for various sizes and use cases, called Ultra, Pro and Nano. What makes Gemini stand out is its multimodal approach, allowing it to efficiently understand and combine different types of information, thus marking a significant difference with OpenAI’s GPT-4.

One of Gemini’s standout features is its math and specialized programming prowess, a skill that OpenAI’s GPT-4 lacks, since it cannot perform mathematical calculations.

Hong Kong Takes Action Against Cryptocurrency Scams

The Hong Kong Securities and Futures Commission (SFC) has taken a decisive step to protect investors by blocking two cryptocurrency websites suspected of being involved in financial scams. The measure was confirmed by Damon Cheng Tak-ka, Director of Enforcement of the SFC, who announced the inclusion of HongKongDAO and BitCuped on a watch list.

The SFC’s investigation revealed that HongKongDAO had falsely claimed to have applied for operating licenses from the Commission and the regional government. These fraudulent actions come on top of the recent loss of millions of dollars by investors on the JPEX exchange earlier this year.

Bitzlato Cryptocurrency Exchange Co-Founder Admits Guilty to Operating Without a License

Anatoly Legkodymov, co-founder and former CEO of cryptocurrency exchange Bitzlato, appeared before the Eastern District Court of New York in Brooklyn. This, to plead guilty to operating a financial services business without a license. Before Judge Eric Vitaliano, Legkodymov agreed to the dissolution of Bitzlato and the forfeiture of a staggering $23 million in cryptocurrency as part of his plea deal.

This admission of guilt translates into Legkodymov’s recognition of the accusations brought against him. Breon Peace, United States Attorney for the Eastern District of New York, highlighted Legkodymov’s awareness of the use of Bitzlato as a conducive medium for illicit monetary transactions, indicating lax controls that allowed exploitation by criminals.

By Audy Castaneda

Blockchain Victory: US Congressional Committee Unanimously Passes Groundbreaking Legislation

Leonardo Perez
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Blockchain Victory: US Congressional Committee Unanimously Passes Groundbreaking Legislation

The primary objective of the legislation is to empower the Secretary of Commerce to take essential and appropriate actions that promote the competitiveness of the United States in the field of emerging technology.

The pro-crypto bill is one of at least 50 circulating through Congress since 2022, which had been paralyzed this year without a House speaker.

The law, however, is not considered among those that could have a potentially significant impact, such as the Financial Innovation and Technology for the 21st Century Act, which would affirm a process for the controversial issue of labeling cryptocurrencies as commodities or securities and clarify the jurisdictions of regulators.

Under the bill, the Secretary assumes the crucial role of senior advisor to the President, providing policy guidance on various aspects related to applications, tokens, and tokenization.

The American Blockchain Implementation Act of 2023 encompasses several key provisions to promote the adoption and competitiveness of blockchain technology within the United States.

One important provision involves the establishment of “best practices” under the direction of the Secretary of Commerce. This involves developing and implementing guidelines to help various sectors, including the private sector, public sector, and public-private partnerships, effectively implement distributed ledger technologies (DLT) that enhance their capabilities and associated applications.

Another crucial aspect of the legislation is the responsibility given to the Secretary of Commerce to formulate policies and recommendations. These policies cover many important issues, such as decentralized identity, cybersecurity, key storage, artificial intelligence, fraud reduction, regulatory compliance, e-commerce, healthcare applications, and supply chain resilience.

Stability and Security of the Blockchain Ecosystem

The main objective of these policies is to address the risks and challenges related to DLT and its applications, ensuring a “robust and secure” environment for its use.

The legislation strongly emphasizes supporting the stability, maintenance, improvement and security of blockchain technology, applications, tokens and tokenization. By promoting and improving ecosystem stability, the legislation aims to strengthen the United States’ leadership position in leveraging blockchain technology to drive innovation and economic growth.

The legislation promotes coordination among federal agencies to facilitate smooth adoption and implementation. By fostering collaboration and information sharing, federal agencies can effectively deploy DLT and associated applications.

Notably, the legislation also takes an in-depth look at how federal agencies can benefit from the use of blockchain technology and identifies potential security measures to protect critical infrastructure.

New Blockchain Implementation Program

Ultimately, the legislation establishes a Blockchain Implementation Program to reinforce American leadership in the technology. The program aims to support the implementation and utilization of DLT, applications, tokens and tokenization.

The passage of the American Blockchain Implementation Act represents a significant step in encouraging the adoption of blockchain technology in the United States.

By providing a clear legislative framework and promoting the country’s competitiveness in this rapidly evolving field, the Act is key to positioning the United States as a key player in the global blockchain ecosystem.

The Experts Have a Say

Cody Carbone, head of policy at the blockchain advocacy group; Chamber of Digital Commerce, praised the committee for passing the bill on X (Twitter), saying it will help “preserve much-needed U.S. leadership in blockchain development.” He further stated that “If you think not, China currently owns 84% of all blockchain patents. It’s time for the U.S. to step up. This bill helps.”

Ahead of its passage, Blockchain Association CEO Kristin Smith said the bill “properly advances our nation’s competitiveness in this nascent space.”

By Leonardo Perez

Avalanche Pays a Premium to Incentivize Validators. Will AVAX Soar to $145?

Audy Castañeda
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Avalanche Pays a Premium to Incentivize Validators. Will AVAX Soar to $145?

When AVAX peaked in 2021, it rose as high as $145.

Avalanche, the fourth-generation proof-of-stake (PoS) blockchain, incurs significant costs to incentivize its validators.

Token Terminal data from December 7 shows that last year, the smart contract platform paid more than $275 million in AVAX to compensate its validators despite generating only $11.5 million in user fees.

Avalanche Is Paying a Premium to Incentivize Validators

While it appears that Avalanche is paying a premium for validators, this is critical to securing the network and ensuring all transactions are confirmed. In general, and being a proof-of-stake network that depends on node operators for its security and decentralization,

Avalanche’s decision to pay a premium to validators is, as its users demand, to maintain a solid network of nodes. According to data from CoinMarketCap, the network has a market capitalization of more than $9.8 billion. It is currently in the top 10 for liquidity, surpassing Polygon and Polkadot, which compete with low-fee alternatives.

As it is, by incentivizing validators with generous rewards, Avalanche ensures that there is a solid pool of nodes available to keep the network running. Through these validators, AVAX holders can stake and receive rewards.

As of December 7, there are over 1,539 validators currently staking over 248 million AVAX and earning an APY of 7.84%. At the same time, statistics show that the Avalanche has a participation rate of 57.11%. Most of AVAX in circulation are used to protect the network at this level.

While AVAX’s incentive may attract more validators, Avalanche’s documentation also states that the network does not require complex hardware to operate a node.

At the same time, the blockchain, unlike Ethereum, states that staked AVAX is not at risk of being shorted (or penalized by the network) as long as all network requirements are met. This feature could explain the constant increase in the number of validators over the last three years.

The Advantage of Avalanche Blockchain

Avalanche blockchain offers unique features such as incredible transaction speeds, customization, and a nearly infinitely scalable architecture. Its subnetwork model provides unparalleled options and composability for blockchain builders and networks. This makes Avalanche an ideal choice for the IEEE accreditation system, where transparency, security and efficiency are paramount.

The collaboration between IEEE and Zupple Labs marks the beginning of a transformative journey. Hundreds of thousands of credentials will be issued to Indian users on the Avalanche blockchain, ensuring its tamper-proof nature. Zupple Labs brings expertise, facilitating the seamless integration of blockchain technology into IEEE accreditation processes. Zupple is a cutting-edge software company with expertise in blockchain, decentralized platforms and cloud computing, enabling users to create customer-centric applications that promote digital automation.

AVAX Has Risen 200% and is Trading at the High of 2023

While Avalanche increases its number of validators, AVAX prices have also expanded steadily, mirroring the overall market. So far, AVAX is trading above $26, up more than 200% in the last three months. At spot exchange rates, AVAX is trading at new 2023 highs and in a bullish breakout formation, watching the price action on the daily chart.

Apollo Crypto predicts a Bitcoin price of $200,000 this cycle. Looking at how AVAX is doing, the bulls could break above $30. If the accompanying surge comes with expanding trading volume, it could be the basis for another push that could lift the coin towards $90 or higher in the coming sessions.

By Audy Castaneda

SEC Extends Deadline to Evaluate Conversion of Grayscale Ethereum Trust into an ETF, And Other News

Leonardo Perez
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0
SEC Extends Deadline to Evaluate Conversion of Grayscale Ethereum Trust into an ETF, And Other News

The SEC extends its time to 45 more days to evaluate Grayscale’s proposal to convert its Ethereum trust into an Ethereum ETF.

The Securities and Exchange Commission (SEC) just announced that it will need more time, specifically more than 45 days, to evaluate a possible rule change that would allow Grayscale to transform its Ethereum trust into a spot Ethereum ETF. In this sense, the SEC extends this process until January 25, 2024.

For Grayscale, this SEC decision comes a few weeks after the same entity delayed another application filed by the crypto asset manager. In this case, to evaluate an Ethereum futures ETF, a request that was submitted in September.

In both cases, the reason given by the SEC is virtually the same, as mentioned in the official notice: “The commission finds it appropriate to designate a longer period to take action on the proposed rule change. So, please have sufficient time to consider the proposed change in the standard and the issues raised in it.”

Société Générale Launches into the Exciting World of Cryptocurrencies with Its Own Digital Currency

Société Générale, the French banking giant, has decided to join the cryptocurrency boom and has just launched its own digital currency, the EUR CoinVertible (EURCV). This makes it one of the first European banks to venture into the stablecoin market, and that is no small feat.

EURCV will make its grand debut on Bitstamp, a Luxembourg-based cryptocurrency exchange, according to the Financial Times. It will also be backed by the euro, meaning that the bank’s clients will be able to immerse themselves in the exciting world of digital assets. This currency will be available to a lot of customers and will be useful for doing business transactions.

Jean-Marc Stenger, the head of Société Générale Forge, could not have been more excited. He notes that this move highlights the bank’s role in the ever-changing world of cryptocurrencies. And, it highlights the growing need for a stablecoin linked to the euro.

Tether Consolidates as a Leader in the Stablecoin Competition Amid Regulatory Changes

The race for supremacy in the stablecoin world is in full swing, and Tether is taking the lead, in large part, thanks to geographic factors and ever-changing regulations. As the United States steps up pressure on cryptocurrency companies, the rest of the world appears to have made a clear decision about which stablecoin they prefer for dollar transactions.

The battle between two heavyweights for stablecoin dominance, Tether and Circle, has been evolving since mid-2022. In June of that year, the difference in outstanding reserves between Circle’s USDT and USDC was just $10 billion. However, today, that gap has widened to more than $65 billion, and it continues to grow.

Tether’s market capitalization has reached an impressive record of $90 billion. While Circle’s has fallen to just over 24 billion. Tether now holds almost 70% of the stablecoin market share, while Circle has dropped to just 18%. On December 5, Rob Hadick, general partner at Dragonfly, commented on this divergence, emphasizing trading volumes.

Coinbase Wallet Revolutionizes Sending Cryptocurrencies Through Shared Links

Coinbase Wallet has taken an innovative step by launching a service that allows its users to send cryptocurrencies through links shared on messaging and social media platforms. This new service will allow cryptocurrency links to be shared through popular platforms such as WhatsApp, iMessage, Telegram, Facebook, Snapchat, TikTok and Instagram, as well as by email.

By Leonardo Perez

Bitcoin Braces for December Surge as Historical Patterns Suggest Strong Upside Ahead

Audy Castañeda
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Bitcoin Braces for December Surge as Historical Patterns Suggest Strong Upside Ahead

Institutional demand remains strong, and traditional investors are very interested in adding long exposure to BTC.

As the long-awaited Bitcoin (BTC) exchange-traded fund (ETF) verdict approaches, excitement and anticipation continues to grow in the cryptocurrency market. According to a report by K33 Research, the upcoming decision, expected between January 8 and 10, has been a major factor behind Bitcoin’s positive momentum since October.

Is Bitcoin Ready for a Bullish December?

Bitcoin has shown a notable tendency to rise in the run-up to major events, creating a sense of excitement and driving prices higher. This phenomenon has been observed throughout several important milestones in the history of cryptocurrency.

According to the report, examples include Bitcoin’s peak coinciding with the launch of Chicago Mercantile Exchange (CME) BTC futures in 2017, its peak coinciding with Coinbase’s public listing in April 2021, and its peak the day El Salvador declared Bitcoin legal tender in September 2021. Similarly, Bitcoin peaked on the VanEck Spot ETF deadline in November 2021. These cases highlight the potential for Bitcoin experience significant price movements as the ETF verdict approaches.

The report emphasizes substantial demand from institutional investors seeking exposure to Bitcoin. BTC exchange-traded products (ETPs) saw inflows of nearly 40,000 BTC in November, while CME open interest reached and maintained all-time highs. Futures premiums have also increased to 20%, indicating strong interest from institutional players. Instead, retail participation has shown signs of stagnation. Offshore flows have remained shallow and Bitcoin-denominated open interest in BTC perpetual contracts is currently at yearly lows. These factors suggest that institutional flows remain the driving force behind the strong strength of the Bitcoin market.

Based on the historical pattern of event-driven price movements and sustained institutional demand, the report maintains a positive outlook for Bitcoin in December. As the ETF verdict approaches, K33 Research’s report suggests the narrowing time window is expected to fuel enthusiasm and drive prices higher.

However, it is worth noting that once the event occurs, prices may see a temporary increase before potentially stabilizing, according to the report.

BTC Bull Run Indicator

Renowned crypto analyst Ali Martínez has identified a significant development in the Bitcoin market that suggests a bullish outlook for the cryptocurrency. According to Martínez, the realized price of Bitcoin has exceeded the realized price of the long-term holder, indicating an increase in market momentum and attracting new investors willing to buy Bitcoin at higher prices. Martínez’s analysis highlights that similar events in the past have preceded substantial price increases, further fueling optimism about Bitcoin’s future performance.

The realized price of Bitcoin refers to the average price at which all previously realized coins were purchased. Consider the price at which each unit of Bitcoin on the blockchain last moved. Long-term holder realized pricing focuses specifically on coins held by long-term investors, providing information on their average acquisition price. When the realized price exceeds the realized price of the long-term holder, it suggests that new investors are entering the market and are willing to buy Bitcoin at higher valuations.

Bitcoin has seen significant gains following this bullish signal on three separate occasions in the past. Specifically, the cryptocurrency increased by 12,736%, 4,474%, and 819%, respectively, following similar events.

In addition to Martinez’s bullish outlook for BTC, the market’s largest cryptocurrency has demonstrated relatively stable price action above $44,000 in the past hour. This stability increases the potential for a continued rise and consolidation above key levels, positioning Bitcoin for further gains and increases in the future.

By Audy Castaneda

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