In a recent publication through X, Gabor Gurbacs, strategic advisor to VanEck, sees El Salvador as the Singapore of the Americas.
In an insightful vision of the future, Gabor Gurbacs, strategic advisor at investment firm VanEck, suggests that El Salvador could follow in Singapore’s footsteps, and thus becoming a prominent financial center in the Americas.
His publication on X goes like this:
“I say often to portfolio managers and asset allocators that El Salvador has the potential to become the Singapore of the Americas. I expect continued increase in immigration to, capital investment in and overall growth in El Salvador.”
Gurbacs shared his thoughts in an Oct. 28 post, comparing the Central American nation to the transformation Singapore experienced at the end of the 20th century. In his analysis, Gurbacs points out that new capital investments and immigration could boost El Salvador’s economic growth in the coming years. In a very similar way to what happened with Singapore.
Kraken Appoints Bivu Das as UK Managing Director to Drive Expansion into Cryptocurrency Market
Kraken has announced Bivu Das as the new CEO of its UK operations. This decision is in line with the exchange’s expansion plans in the United Kingdom, a market that has proven to be crucial for the platform.
Bivu Das, the newly appointed CEO, brings an impressive two decades of experience in business ventures and FinTech strategy development. Previously, he played a leading role as head of operations strategy at Starling Bank, giving him a strong foundation in the financial sector.
This appointment is particularly relevant at a crucial time for the United Kingdom, which is taking important steps to establish itself as a renowned global crypto center. With new financial promotions in the field of cryptocurrencies and a clearer regulatory framework, the country presents itself as fertile ground for crypto companies like Kraken to take advantage of opportunities in the digital asset market.
Gemini Cryptocurrency Exchange Sues Genesis Global Over 60 Million GBTC Shares
Cryptocurrency exchange Gemini has filed a lawsuit against its former business partner, Genesis Global, regarding its Gemini Earn product. The dispute revolves around more than 60 million shares of the Grayscale Bitcoin Trust (GBTC) that were pledged as collateral.
This legal action, which is part of the Genesis bankruptcy case, aims to take control of GBTC shares. According to Gemini, this measure would serve to “fully secure and satisfy the claims of each of Earn’s clients whose funds were frozen when Genesis froze withdrawals last year.” This was reported by CoinDesk.
The lawsuit alleges that Genesis has repeatedly taken steps to harm Earn users and hinder the recovery of their digital assets. It seeks to put an end to these problems, allowing Genesis to move forward with a reorganization plan. At the same time, Gemini can distribute warranty proceeds to affected users.
Institutional Investors Drive Bitcoin Transactions Above $100,000
The current crypto market boom, fueled by Bitcoin exchange-traded funds (ETFs), has triggered a return of substantial transactions surpassing the $100,000 mark.
On October 24, daily Bitcoin transactions, which surpassed $100,000, reached an impressive high of around 23,400 trades. Reflecting growing institutional interest in the leading cryptocurrency. This increase in high-value transactions, which suggests strong institutional participation, aligns with Bitcoin’s recent recovery above $34,000, according to data from IntoTheBlock.
By Leonardo Pérez
