US Financial Services Firms Announce Crypto Initiatives; Crypto Firms Sue LATAM Marketplace; Launch of products in DAO, NFT; Exchange hacked for $ 200 million | Baker

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Several U.S. Financial Services Firms Announce Cryptocurrency Initiatives

By Robert A. Musiala Jr.

This week, a major U.S. financial services company announced the launch of a “crypto advisory practice” that will leverage the company’s work “with more than 60 crypto platforms … to help financial institutions assess … crypto opportunities, develop concrete strategies and drive new user experiences and innovations such as crypto rewards programs and consumer wallets integrated with the CBDC. In a related development, the same financial services firm, along with other major U.S. financial services firms, participated in a $ 60 million Series B round of funding for TRM Labs, an analytics and reporting firm. Blockchain intelligence focused on the detection of cryptocurrency-related fraud.

Also this week, another major U.S. financial services firm announced that five new cryptocurrency and digital asset companies have joined its “Start Path Crypto” startup engagement program. The five new startups joining the program are Ava Labs, Envel, Kash, LVL, and NiftyKey.

At the end of last week, the world’s largest financial derivatives exchange announced it “will expand its crypto derivative offerings with the introduction of Micro Ether futures … awaiting regulatory review.” . According to a press release, “Micro Ether futures will provide an efficient and profitable medium for a range of market participants …

In another development, the institutional cryptocurrency custody and servicing arm of a large U.S. financial services provider announced plans to collaborate with a cryptocurrency exchange “to launch a wide range of products focused on institutions “. And in a final notable element, this week a large American tech company opened a pilot program to a limited number of people in the United States, to allow users of its messaging app to send and receive crypto. currency through its recently launched cryptocurrency wallet.

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Crypto Firms Sue LATAM Market, Launch Cold Storage, DAO Products

By Jordan R. Silversmith

In recent weeks, there have been various announcements related to cryptocurrency initiatives in the Latin American market. First, a Brazilian e-commerce company, the largest in Latin America in terms of market value, announced that it is integrating new blockchain infrastructure to enable Brazilian users to buy, sell and hold crypto currencies. Starting at the end of the month, users of the company’s digital wallet will be able to buy and sell bitcoin, ether, and Pax dollar (USDP) stablecoin. In a second announcement, a major U.S. cryptocurrency exchange announced its new partnership with a Colombian bank. The partnership will provide bank customers with the ability to seamlessly trade bitcoin, ethers, litecoins and bitcoin cash through the U.S. crypto exchange. In a latest development, an American fintech company announced a partnership with a Latin American cryptocurrency exchange and the Stellar Development Foundation to create a cross-border payment service for businesses. The service will leverage the Stellar blockchain and target small and medium-sized businesses, with the goal of enabling Mexican businesses to pay for goods and services in their native peso and ensuring that their counterparts in the United States receive the dollar payments.

In other recent developments, a popular cryptocurrency “cold storage” hardware wallet provider announced a new crypto debit card in partnership with a major US financial services company. The hardware wallet provider also announced integrations with two major US cryptocurrency exchanges. Separately, a U.S. cryptocurrency advisory firm recently announced its new governance aggregator and new voting platform for Distributed Autonomous Organizations (DAO). Noting the historical difficulty of participation processes in DAOs, the company hopes that its new platform will facilitate participation and monitoring of DAO governance.

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New NFT Initiatives from Beer Co., Crypto Exchange; Publication of NFT Market Report

By Joanna F. Wasick

Last week, a major US brewing company announced that it was celebrating its first can of beer, which was first sold in 1936, by launching a series of 1,936 NFTs built on the Ethereum blockchain. Thirty-six of the NFTs are referred to as “Gold NFTs” and cost $ 999; other “basic NFTs” are priced at $ 499. The company said it looks forward to welcoming buyers to “the best beer community in the metaverse.”

Blockchain.com, a cryptocurrency financial services company, recently announced the launch of its NFT marketplace, where users will be able to browse, buy, sell, and store NFTs on Blockchain.com wallets. The announcement states that while the existing NFT market is undeniably new and exciting, it can be “far too complex and unintuitive”. Blockchain.com claims that its own marketplace solves the problem and makes managing NFTs as easy and accessible as managing cryptocurrencies.

This week, Chainalysis, a blockchain data platform, released its 2021 NFT market report. According to the report, in 2021 at least $ 26.9 billion in cryptocurrency was sent to associated Ethereum smart contracts. markets and NFT collections. The report examines the growing value of NFT investments, tracks the most popular NFT collections across various transactions and markets, and analyzes web traffic data to determine where the most NFT users are located. The report also discusses the factors that help retain and resell NFT value, such as building and rewarding a cohesive community for NFT collections.

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Crypto Exchange hacked for $ 200 million, legal action targets Crypto Malware Botnet

By Lauren Bass

A Cayman Islands-based cryptocurrency trading platform reportedly suffered a large-scale security breach over the weekend, with hackers stealing nearly $ 200 million in Ethereum and Binance Smart Chain-based assets from the stock Exchange. According to reports, funds were stolen from hot wallets accessed via a stolen private key; the hackers then used a decentralized exchange aggregator and cryptocurrency mixer to launder the money. The exchange reportedly announced its intention to resume trading activity and compensate affected users.

In related news, a multinational tech conglomerate is said to have filed a lawsuit against the operators of a blockchain-enabled botnet. The malicious botnet allegedly used the Bitcoin blockchain to target available computer servers and then hijacked the systems to mine for the cryptocurrency. According to reports, the ongoing litigation at SDNY was designed to “create legal liability for botnet operators” and to help deter future attacks.

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