• Cash App, owned by Jack Dorsey’s Block, is shutting down its operations in the United Kingdom on September 15, 2024
• The decision is part of Cash App’s strategy to focus on the United States market and deprioritize global expansion
• Cash App has been operating in the UK since 2018 and allows users to transfer money and purchase cryptocurrencies like Bitcoin
• The app has over 50 million monthly active users globally and generates nearly $15 billion in annual revenues
• This move aligns with Block’s plans to expand Cash App’s audience in the US by focusing on families and banking activities

Cash App, the popular mobile payment service owned by Jack Dorsey’s Block (formerly Square), has announced its decision to cease operations in the United Kingdom.

The move, set to take effect on September 15, 2024, marks the end of Cash App’s six-year presence in the UK market and signals a significant shift in the company’s global strategy.

In a statement released on July 18, Cash App explained that this decision aligns with its recently outlined strategic approach, which prioritizes focus on the United States market while deprioritizing global expansion.

“We do not make decisions like this lightly, as we know they impact our customers, our partners, and our team members who have helped us build to where we are today,” the company stated.

Cash App, which allows users to transfer money peer-to-peer and purchase cryptocurrencies like Bitcoin, has grown to become a major player in the mobile payment space since its launch in 2013.

With over 50 million monthly active users globally and annual revenues approaching $15 billion, the app has established itself as a formidable competitor to services like Venmo and PayPal.

The decision to exit the UK market comes as part of a broader strategy shift for Block. In a February shareholder letter, the company outlined plans to expand Cash App’s audience in the United States through various initiatives, including a focus on families and banking activities.

“All of this does represent a change in our approach: we are focused on growing within the U.S., not expanding into new markets, and we’re focused on driving growth through inflows per active more than active,” the letter stated.

This strategic pivot comes at a time when person-to-person (P2P) payments are becoming increasingly popular.

According to recent research by PYMNTS Intelligence, 51% of consumers in the United States and 52% in the United Kingdom use P2P payments. These transactions serve a variety of purposes beyond individual transfers, including purchases from small retailers, utility bill payments, and rent payments.

The popularity of P2P payments is particularly high among younger generations. At least half of millennial and Generation Z consumers report using P2P payments for both digital and brick-and-mortar retail purchases. This trend underscores the potential growth opportunities in the US market that Cash App aims to capitalize on.

Despite the app’s exit from the UK, Cash App has assured its British users that their funds will remain safeguarded until withdrawn, even after the service closes. This commitment to user security is crucial as the company navigates this transition.

The decision to leave the UK market raises questions about the challenges of global expansion in the fintech sector. While Cash App has found significant success in the United States, its choice to retreat from an established international market highlights the complexities of operating payment services across different regulatory environments and consumer behaviors.

For Block, this move represents a strategic refocusing of resources. By concentrating on its home market, the company aims to deepen its penetration and expand its service offerings to American users. This could potentially include more extensive banking features, enhanced family-oriented services, and further integration of cryptocurrency functionalities.

The post Cash App Announces Exit from UK Market to Concentrate on US Growth appeared first on Blockonomi.

• KuCard, a Visa debit card by KuCoin, will support multiple virtual and physical cards starting July 1st, 2024
• This update allows users to manage multiple cards seamlessly, all eligible for the cashback program
• KuCard is offering a limited-time promotion until July 7th for users to get additional cards at discounted rates
• The card offers up to 3% cashback on purchases for all cardholders, including multiple cardholders
• KuCard allows for seamless crypto-to-fiat conversion and is compatible with Google Pay and Apple Pay

KuCard, the Visa debit card offered by cryptocurrency exchange KuCoin, has announced an expansion of its services.

Starting July 1st, 2024, KuCard will support multiple virtual and physical cards per user, marking a new era of convenience and accessibility in the crypto payment space.

KuCard, launched in November 2023, has quickly established itself as a bridge between the cryptocurrency and traditional financial worlds.

The card allows for seamless conversion of cryptocurrencies to fiat currencies at the point of sale, making it possible for users to leverage their crypto assets for everyday purchases, online shopping, and ATM withdrawals.

Users can now better organize their finances, track expenses more efficiently, and have easier access to their funds, all while enjoying the benefits of KuCard’s crypto-to-fiat conversion and cashback rewards.

To celebrate this milestone, KuCard has launched a limited-time promotional offer. Until July 7th, users can apply for a second virtual card for free or a second physical card for just EUR 9.99.

This promotion, available on a first-come, first-served basis, provides an excellent opportunity for users to extend the benefits of KuCard to their family members, allowing for a collective enjoyment of the advantages offered by Web3 technology.

One of the most attractive features of KuCard is its generous cashback program. The card offers up to 3% cashback on purchases for all cardholders, including those with multiple cards.

The rewards are tiered based on spending, providing users with even more value as they use their cards more frequently. This cashback program applies to all cards under a user’s account, maximizing the potential rewards for frequent users.

KuCard’s compatibility with both Google Pay and Apple Pay further enhances its utility, allowing users to make payments wherever Visa is accepted. This wide acceptance, combined with the automatic conversion of cryptocurrencies into local currency at the point of sale, ensures that users always get the best possible exchange rate for their transactions.

Initially available in the European Economic Area (EEA), KuCard aims to foster wider adoption of blockchain technology by enabling users to seamlessly integrate their cryptocurrency holdings into their daily financial activities.

The ability to use cryptocurrency for everyday purchases without the need for manual conversion is a step towards mainstream adoption of digital assets.

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Nubank is looking at faster and cheaper transactions using the Lightning Network and potentially implementing UMA for a more unified user experience.

Built on top of the Bitcoin blockchain, the Lightning Network targets faster and cheaper Bitcoin transactions through a network of bilateral payment channels. The collaboration focuses on integrating the Bitcoin Layer-2 solution into the Nu app.

Faster Transactions

According to Thomaz Fortes, Executive Director of Nubank Crypto, the partnership with Lightspark “is another step in Nubank’s mission to provide the best solutions for our customers and reinforce our long-term relationship with all of them.”

The initiative’s goal is to develop new blockchain-based features and services within the app. Nubank also wants to improve customer experience through blockchain technology.

“We’re excited to play a role in bringing Lightning to Nu’s 100 million customers and adding solutions to make their financial lives simpler and more efficient,” said David Marcus, CEO and co-founder of Lightspark.

As part of the integration, Nubank will develop Universal Money Addresses (UMA) to streamline transactions. According to the bank, the UMA is expected to enable a more user-friendly way to send and receive payments.

Nubank has been steadily building out its cryptocurrency capabilities over the past year. The Brazilian banking giant has offered cryptocurrency trading to its customers since late 2022. Nubank customers can buy and sell cryptocurrencies like Bitcoin and Ether.

In April 2023, Nubank implemented cryptocurrency withdrawals. Customers can now withdraw their crypto holdings from the platform.

In addition, the bank launched its own cryptocurrency token, Nucoin, as part of a customer loyalty program. The integration of the Lightning Network is seen as a way for Nubank to enhance the speed and scalability of its cryptocurrency services for its over 100 million customers.

Nubank is also known for its backer, Berkshire Hathaway, the investment conglomerate led by Warren Buffett. In June 2021, Berkshire invested $500 million in Nubank by leading an extension of the company’s Series G funding round.

When Nubank went public in December 2021, Berkshire acquired an additional 30 million shares for $250 million, bringing its total investment to $750 million.

Berkshire Hathaway’s investments in the bank contributed to a 93% gain for the company in 2023, making it the best-performing investment in Berkshire’s $350 billion portfolio.

Lightning Network’s Adoption Up

Lightspark’s latest collaboration with Nubank marks another major development for the Lightning Network, especially after the company secured an agreement with Coinbase.

Earlier in April, leading exchange Coinbase announced its partnership with Lightspark to bring Lightning Network to its platform. The partnership allows Coinbase users to experience faster and cheaper Bitcoin transactions.

As noted, Lightspark offers a user-friendly solution for complex technology. The solution simplifies the Lightning Network integration process for large institutions like Coinbase.

Those partnerships open doors for broader cryptocurrency adoption. Smoother Bitcoin transactions through Lightning can pave the way for more payment use cases involving fiat and other cryptocurrencies.

Michael Saylor, the well-known Bitcoin advocate and executive of MicroStrategy, the leading corporate Bitcoin holder, has also shown support for the Lightning Network.

Michael Saylor has praised the Lightning Network many times in the past. In June 2022, he stated that Bitcoin and Lightning Network can rescue DeFi, not Ethereum.

The Lightning Network’s recent influence and adoption progress are still impossible to deny. The solution is widely used in El Salvador, the first country to accept Bitcoin as legal tender.

The Lightning Network also operates on the Strike payment platform, the Twitter social network (now X), Switzerland’s largest Bitcoin broker, Bitcoin Suisse, and Mexican retail giant Grupo Elektra.

The post Brazil’s Largest Fintech Bank Integrates Lightning Network appeared first on Blockonomi.

• Bitcoin payments app Strike has expanded its services to the United Kingdom.
• Strike now operates in over 100 countries and territories globally.
• UK users can buy, sell, send, withdraw, and make global payments using Bitcoin and the Lightning Network.
• To comply with UK regulations, users must pass an “Appropriateness Assessment” quiz about Bitcoin risks.
• Strike’s expansion comes as some other crypto companies have retreated from the UK market.

Strike, the popular Bitcoin payments app, has officially launched its services in the United Kingdom, marking a significant expansion of its global footprint. The move comes as part of Strike’s aggressive growth strategy, which has seen the company extend its operations to over 100 countries and territories worldwide.

Founded by Jack Mallers, Strike aims to make Bitcoin more accessible and functional for everyday users through its mobile application, which leverages the Lightning Network for fast and low-cost transactions. The UK launch follows Strike’s recent expansion into Europe and Africa earlier this year.

With a population of 67 million and as the sixth-largest economy globally, the UK presents “significant opportunities for Bitcoin adoption,” according to Mallers. The company’s decision to enter the UK market is particularly noteworthy as some other cryptocurrency firms have recently retreated from the country due to regulatory challenges.

Strike’s UK rollout offers several key features for local users. Customers can now buy Bitcoin directly with free unlimited GBP deposits from their bank accounts, where supported.

The app also enables automatic conversion, scheduled recurring purchases, and self-custody withdrawals. Users can sell their Bitcoin and withdraw funds to their bank accounts, transfer to self-custodial wallets, or make instant payments over the Bitcoin or Lightning Network.

One of Strike’s standout features is its utilization of the Lightning Network, a second-layer solution built on top of the Bitcoin blockchain.

This technology enables fast and cost-effective micropayments, addressing some of the scalability issues associated with traditional Bitcoin transactions. All Strike customers receive a Lightning Address in the format of username@strike.me, simplifying the process of receiving payments compared to more complex Lightning invoices.

The app’s global peer-to-peer transfer capability allows UK users to send funds from their GBP balance to friends’ Strike accounts instantly, anywhere Strike is available. Recipients can receive the value as Bitcoin, GBP, euros, US dollars, or USDT, depending on their location and preferences.

Strike’s “Send Globally” feature is particularly noteworthy, enabling UK users to make fast, low-cost local currency remittances to countries including Benin, Ghana, Ivory Coast, Kenya, Nigeria, Rwanda, Senegal, Togo, the Philippines, Mexico, and Vietnam.

This service uses Bitcoin’s Lightning Network as a global payment rail under the hood, potentially disrupting traditional remittance channels.

UK Regulation

To comply with UK regulations, Strike has implemented additional steps in its signup process. New users must provide their investor classification and pass a knowledge test called an “Appropriateness Assessment.”

This quiz aims to ensure that users understand the risks involved in investing in Bitcoin, recognize that Strike is a custodial provider managing assets on behalf of users, and acknowledge that no investor protection is available.

Users are classified as either “Restricted investors” (allocating less than 10% of net assets to high-risk investments) or “High net worth investors” (earning over £100,000 in the past 12 months or having net assets exceeding £250,000). Those who don’t meet these criteria are currently ineligible to use Strike in the UK.

The app also includes an education hub called Strike Learn to help users understand more about the service, Bitcoin, and potential risks. UK customers are shown risk warnings to comply with local rules, with financial promotions in the country approved by the FCA-regulated firm Englebert Ltd.

Strike’s expansion into the UK comes at a time of evolving cryptocurrency regulation in the country.

The UK’s Financial Services and Markets Act 2023 has provided the groundwork for regulators to oversee stablecoins and other crypto activities, placing them within the same regulatory framework as traditional financial services. New advertising rules for crypto firms were also introduced in October 2023.

Jack Mallers expressed the company’s commitment to growing Bitcoin adoption globally despite regulatory complexities. “Our work is far from done,” he stated, emphasizing Strike’s dedication to making Bitcoin accessible for regular users and businesses worldwide.

The post UK Welcomes Strike: Bitcoin Lightning App Now Available to Local Users appeared first on Blockonomi.

• Circle, the issuer of USDC stablecoin, has officially launched in Brazil to provide USD-backed digital currency and infrastructure to the country’s growing fintech sector.
• Circle has partnered with BTG Pactual, Latin America’s largest investment bank, to serve as its primary USDC distribution channel in Brazil, providing access to retail and institutional clients.
• The partnership with BTG Pactual will also provide USDC with local banking rail capabilities, enabling swift and cost-effective minting and redemption of digital dollars for businesses.
• Circle has previously announced collaboration with Nubank, a digital banking platform serving over 100 million customers in Brazil, Mexico, and Colombia, with Nubank Crypto customers in Brazil already engaged in USDC transactions.

Circle, the global financial technology firm behind the popular USD Coin (USDC) stablecoin, has announced its official entry into the Brazilian market.

The move aims to provide USD-backed digital currency and infrastructure to Brazil’s thriving fintech sector, which has seen rapid adoption in recent years.

As part of its expansion strategy, Circle has forged partnerships with key local enterprises, including BTG Pactual, Latin America’s largest investment bank, and Nubank, a digital banking platform serving over 100 million customers across Brazil, Mexico, and Colombia.

These collaborations are designed to facilitate access to USDC and enable businesses and consumers to participate in the global economy with greater ease and efficiency.

BTG Pactual will serve as Circle’s primary USDC distribution channel in Brazil, providing both retail and institutional clients with access to the stablecoin.

This partnership will also equip USDC with local banking rail capabilities, allowing businesses to mint and redeem digital dollars swiftly and cost-effectively.

André Portilho, Head of Digital Assets at BTG Pactual, emphasized the bank’s commitment to innovation and its belief in blockchain technology as the future infrastructure of the financial industry.

BTG Pactual has been at the forefront of financial market innovations since 2017, actively participating in the crypto space and creating its own crypto trading platform, Mynt.

Circle’s collaboration with Nubank, announced previously, has already seen over 200,000 customers transacting with USDC in Brazil. Thomaz Fortes, General Manager of Nubank Cripto, noted the massive demand for digital dollars among their users, citing inflation protection and savings as key drivers.

Brazil’s fintech landscape has experienced significant growth, fueled by forward-looking policies such as the launch of Pix in 2020. This instant payment platform now boasts a user base exceeding 160 million, with stablecoins dominating approximately 90% of crypto transactions in the country.

Jeremy Allaire, Co-Founder and CEO at Circle, expressed the company’s commitment to making a positive impact in the Brazilian market and partnering with key stakeholders to empower businesses.

He highlighted the powerful opportunities that lie ahead as Brazil’s fintech-forward ecosystem converges with the world’s most accessible dollar platform.

Circle’s entry into Brazil comes as the company continues to expand its global footprint. The stablecoin issuer recently obtained its Digital Asset Service Provider (DASP) registration from France’s AMF and is collaborating with Japan’s SBI to circulate USDC in the country.

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• Mastercard has launched its Crypto Credential pilot program, enabling users to send and receive crypto using simplified aliases instead of complex blockchain addresses.
• The pilot is live on Bit2Me, Lirium, and Mercado Bitcoin exchanges, allowing users in 13 countries across Latin America and Europe to conduct cross-border and domestic transfers across multiple currencies and blockchains.
• Mastercard Crypto Credential verifies interactions between consumers and businesses on blockchain networks, ensuring that users meet verification standards and that recipient wallets support the transferred assets.
• The program supports the exchange of Travel Rule information for cross-border transactions, ensuring compliance with regulatory requirements designed to prevent illegal and illicit activities.
• While the current focus is on P2P transactions, Mastercard sees potential for Crypto Credential to support various use cases, including NFTs, ticketing, and other payment solutions

Mastercard has announced the launch of its Crypto Credential pilot program.

The global payment processing giant has partnered with several crypto exchanges, including Bit2Me, Lirium, and Mercado Bitcoin, to enable users to send and receive crypto using simplified aliases instead of the often lengthy and complex blockchain addresses.

The pilot program is now live, allowing users in 13 countries across Latin America and Europe, including Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay, to conduct cross-border and domestic transfers across multiple currencies and blockchains.

This marks the first real-world application of Mastercard’s Crypto Credential technology, which was unveiled at Consensus in 2023.

Mastercard’s Crypto Credential serves as a verification tool for interactions between consumers and businesses on blockchain networks.

By ensuring that users meet a set of verification standards and confirming that the recipient’s wallet supports the transferred asset, the program aims to build trust and certainty in these transactions.

The exchange of metadata eliminates the complexity of determining which assets or chains are supported by the recipient, streamlining the process and reducing the risk of lost funds.

The process involves exchanges first verifying users under Mastercard Crypto Credential standards, granting them an alias for sending and receiving funds across all supported exchanges.

When initiating a transfer, Crypto Credential verifies the validity of the recipient’s alias and confirms that their wallet supports the digital asset and associated blockchain.

If the receiving wallet is incompatible, the sender is notified, and the transaction is halted, protecting all parties from potential losses.

In addition to streamlining the transaction process, Mastercard Crypto Credential supports the exchange of Travel Rule information for cross-border transactions, ensuring compliance with regulatory requirements designed to prevent illegal and illicit activities. This feature is crucial in building confidence among users and regulators alike.

While the current focus is on P2P transactions, Mastercard sees potential for its Crypto Credential to support a wide range of use cases, including NFTs, ticketing, and other payment solutions, depending on market demands and compliance requirements.

Industry experts have praised the initiative, with Walter Pimenta, executive vice president of Product and Engineering for Latin America and the Caribbean at Mastercard, emphasizing the company’s dedication to bringing safe, simple, and secure payments to the forefront.

Partners such as Bit2Me, Foxbit Group, Lirium, and Mercado Bitcoin have expressed their enthusiasm for collaborating with Mastercard to drive payment alternatives and enhance the user experience in the dynamic world of cryptocurrencies.

As the pilot program rolls out, a select group of crypto wallet users will leverage Mastercard Crypto Credential on a first-come, first-serve basis, with wider availability expected to extend to more than 7 million users across the participating exchanges over the coming months.

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• PayPal has expanded its stablecoin, PayPal USD (PYUSD), to the Solana blockchain, making it available on both Ethereum and Solana networks.
• The move aims to make PYUSD faster and cheaper to use, leveraging Solana’s high transaction speeds and low costs, which are ideal for commerce and payment use cases.
• PayPal and Venmo wallet users will have a chain-agnostic experience, with unified PYUSD balances regardless of the network holding the assets.
• Crypto.com, Phantom, and Paxos are among the first platforms to offer PYUSD on Solana, enabling a seamless fiat-to-crypto experience for consumers and enterprises.
• The expansion of PYUSD to Solana aligns with PayPal’s goal of driving mainstream adoption of cryptocurrencies while providing an easy and secure way to send money at a lower cost.

PayPal, the global payments giant, has announced an expansion of its stablecoin, PayPal USD (PYUSD), to the Solana blockchain.

This move marks PayPal’s first venture beyond the Ethereum ecosystem and aims to make PYUSD faster and cheaper to use for its growing user base.

By making PYUSD available on Solana, PayPal is leveraging the blockchain’s high transaction speeds and extremely low costs, which are particularly beneficial for commerce and payment use cases.

Solana is known for processing up to 65,000 transactions per second at costs as low as $0.0025, significantly outperforming Ethereum’s 15 transactions per second with higher fees that can range from $1 to $50 during times of network congestion.

Jose Fernandez da Ponte, Senior Vice President of the Blockchain, Cryptocurrency, and Digital Currency Group at PayPal, emphasized the company’s goal of enabling a digital currency with a stable value designed for commerce and payments. “Making PYUSD available on the Solana blockchain furthers our mission,” he stated.

PayPal and Venmo wallet users will enjoy a chain-agnostic experience, with unified PYUSD balances regardless of the network holding the assets. This means that users can seamlessly transfer PYUSD between Ethereum and Solana, depending on their preferences and needs.

Several platforms, including Crypto.com, Phantom, and Paxos, are among the first to offer PYUSD on Solana, enabling a smooth fiat-to-crypto experience for both consumers and enterprises.

This expansion aligns with PayPal’s goal of driving mainstream adoption of cryptocurrencies while providing an easy and secure way to send money at a lower cost.

Solana has emerged as the most used blockchain for stablecoin transfers, with data from analytics platform Artemis showing that stablecoin transfer volume on Solana reached $1.5 trillion over the past year, surpassing Ethereum’s volume of $885 billion during the same period.

However, the Solana network has faced challenges, primarily related to recurring network outages.

To address these issues, an upgrade called Firedancer is set to be released in the coming months, aiming to increase Solana’s overall reliability and scalability.

PayPal initially launched PYUSD in August 2023 in collaboration with Paxos Trust Company.

The stablecoin, backed by U.S. dollar deposits, short-term Treasurys, and cash equivalents, was initially issued only on Ethereum as an ERC-20 token.

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TLDR

• Alchemy Pay partners with Metis to provide fiat-crypto on and off-ramp support
• Metis incorporates Alchemy Pay’s solution into its ecosystem for developers
• Alchemy Pay adds support for Metis’s native token METIS on its on-ramp solutions
• Metis is the first Ethereum Layer 2 Rollup platform to decentralize its sequencer
• Alchemy Pay operates in 173 countries and has partnerships with major networks and platforms

As part of the partnership, Metis will integrate Alchemy Pay’s On & Off-Ramp solution into its platform, enabling developers to access a direct portal for fiat-crypto payment gateways.

This integration will allow developers to easily incorporate fiat payment options into their decentralized applications (dApps) built on the Metis network.

In addition to the integration, Alchemy Pay will support Metis’s native token, METIS, on its on-ramp solutions. This will enable users worldwide to purchase METIS using fiat currencies and local payment methods, enhancing accessibility and user experience for METIS token holders.

Metis stands out as the first Ethereum Layer 2 Rollup platform to decentralize its sequencer, demonstrating its commitment to providing dApps with permissionless, frictionless, and boundless experiences.

The platform offers a range of products to blockchain project developers, including an NFT Bridge, oracles, RPC nodes, and subgraphs. METIS tokens serve multiple purposes within the ecosystem, such as facilitating transaction fees, staking for rewards, and participating in governance processes.

Alchemy Pay boasts a global presence, operating in 173 countries and offering a wide array of payment options. With a network of over 300 local payment channels, including credit cards like Visa and Mastercard, regional mobile wallets, and domestic transfers, Alchemy Pay ensures widespread accessibility for crypto purchases.

The company has established partnerships with major networks and platforms, such as TON, Polygon, Avalanche, ICP, Neo, Arbitrum, Trust Wallet, OKX, and Bitget.

To further expand its services and enhance its operational efficiency, Alchemy Pay actively pursues licenses in various countries and regions.

The company has already obtained licenses in different states in the UK, the United States, Canada, Indonesia, and Lithuania, with upcoming license acquisitions in Hong Kong and Singapore.

Alchemy Pay’s credibility within the conventional payment sphere is reinforced by its status as an authorized third-party service provider for both Visa and Mastercard.

By leveraging Alchemy Pay’s extensive payment network and Metis’s scalable and decentralized infrastructure, developers can create dApps that seamlessly integrate fiat payment options, thereby increasing adoption and user-friendliness.

The post Metis Integrates Alchemy Pay’s Solution for Seamless Fiat-Crypto Payments appeared first on Blockonomi.

This positions the investment banking giant as one of the top holders of GBTC, second only to Susquehanna International Group’s $1 billion investment.

TLDR

• Morgan Stanley has invested $269.9 million in spot Bitcoin ETFs through Grayscale’s GBTC, positioning itself as one of the top holders of GBTC.
• Other Global Systemically Important Banks (G-SIBs), such as the Royal Bank of Canada, JP Morgan Chase, Wells Fargo, BNP Paribas, and UBS, have also disclosed investments in spot Bitcoin ETFs.
• Institutional investors, including Pine Ridge Advisers, Boothbay Fund Management, Aristeia Capital, Graham Capital Management, CRCM LP, and Fortress Investment Group, have made significant investments in various Bitcoin ETFs.
• Despite the influx of institutional money, retail investments still constitute the majority of the $50 billion in assets under management (AUM) in spot Bitcoin ETFs.
• The wave of institutional investments appears to have positively influenced Bitcoin’s market performance, with the cryptocurrency surging by 6% in the past 24 hours, reaching $66,000.

Morgan Stanley’s foray into Bitcoin ETFs is part of a broader trend among Global Systemically Important Banks (G-SIBs), with the Royal Bank of Canada, JP Morgan Chase, Wells Fargo, BNP Paribas, and UBS also disclosing investments in these products.

This wave of institutional participation highlights the increasing acceptance and legitimacy of cryptocurrencies within the traditional finance sector.

???? JUST IN: MORGAN STANLEY reveals #Bitcoin ETF exposure in SEC filings

The 6th biggest bank in the country! ???????? pic.twitter.com/tkQvlXDAXK

— Julian Fahrer (@Julian__Fahrer) May 15, 2024

The institutional interest in Bitcoin ETFs extends beyond banking giants. Pine Ridge Advisers, a New York advisory firm, reported a $205.8 million investment spread across BlackRock’s IBIT, Fidelity’s FBTC, and Bitwise’s BITB. Boothbay Fund Management, a hedge fund manager, disclosed a substantial $377 million exposure to spot Bitcoin ETFs, with investments in IBIT, FBTC, GBTC, and BITB.

Other notable institutional investors include Aristeia Capital, Graham Capital Management, CRCM LP, and Fortress Investment Group, all of which have made significant investments in various Bitcoin ETFs.

The scale of these investments marks a pivotal moment in the cryptocurrency market, as the first quarter of the year saw the broad availability of spot Bitcoin ETFs for purchase.

Matt Hougan, CIO of Bitwise, estimated that nearly 700 professional firms would have invested almost $5 billion by the May 15 deadline for first-quarter 13F reports.

Hougan likened this trend to the launch of gold ETFs in 2004, which was previously considered the most successful ETF launch, emphasizing the historical scale of professional investor ownership in Bitcoin ETFs.

Despite the influx of institutional money, retail investments still constitute the majority of the $50 billion in assets under management (AUM) in spot Bitcoin ETFs. This demonstrates the widespread interest and confidence in these products among individual investors.

The wave of institutional investments appears to have positively influenced Bitcoin’s market performance, with the cryptocurrency surging by 6% in the past 24 hours, reaching $66,000.

This price rise coincides with a drop in Consumer Price Index (CPI) data, suggesting that the Federal Reserve might soon cut interest rates, making high-yield assets like Bitcoin more attractive.

The post Morgan Stanley Invests $269.9M in Bitcoin ETFs, Leads Institutional Adoption appeared first on Blockonomi.

This new offering marks a significant step for Revolut in its journey to become the go-to financial app for both crypto beginners and professionals, providing them with a safe and accessible place to trade.

TLDR

• Revolut launches Revolut X, a stand-alone crypto trading platform for experienced traders.
• Customers can trade more than 100 tokens with 0% maker and 0.09% taker fees.
• Revolut X is available on desktop for all UK traders with a Revolut retail account.
• Customers can seamlessly switch between fiat and crypto within the Revolut ecosystem.
• Revolut X offers real-time trading, advanced analytics, and market monitoring tools.

The launch of Revolut X allows experienced crypto traders to buy and sell more than 100 tokens through a desktop version of the platform.

The exchange offers competitive flat fees of 0.00% for makers and 0.09% for takers, regardless of trade volumes. This fee structure is designed to attract professional traders looking for cost-effective trading options.

One of the key advantages of Revolut X is its seamless integration with Revolut’s existing ecosystem. Customers who already have a Revolut retail account can easily switch between fiat and crypto within the platform, without any fees, barriers, or limitations.

This feature simplifies the process of moving funds between traditional and digital assets, making it more convenient for traders to manage their portfolios.

In addition to low fees and seamless integration, Revolut X provides users with real-time trading and advanced analytics. These features are designed to keep crypto professionals informed about the latest market movements, helping them make more informed trading decisions.

The platform includes technical indicators and a full integration with TradingView charts, enabling various market monitoring tools such as dashboards of top-traded tokens, gainers, and top market cap coins.

Revolut’s commitment to the crypto industry is further demonstrated by its recent introduction of Revolut Ramp, which allows traders to purchase crypto directly in their wallets through a partnership with MetaMask.

This move, along with the launch of Revolut X, positions Revolut as a pioneer among traditional financial businesses entering the crypto sector.

As a company committed to being the safest place in the UK for crypto trading, Revolut X aims to set a new standard for crypto exchanges. The majority of funds are kept in cold storage, and customer support is provided 24/7 via encrypted chat.

Revolut’s risk monitoring tools work constantly to prevent account takeovers, while trusted custodians are selected after a thorough due diligence process. Additionally, Revolut actively contributes to the crypto literacy of its customers through its Learn module, which it proactively encourages customers to use.

Leonid Bashlykov, Head of Crypto Exchange Product at Revolut, expressed excitement about the introduction of this new crypto product, stating that it will change the game for experienced crypto traders by providing them with a safe and accessible trading platform.

He also emphasized Revolut’s customer-centric approach, understanding that competitive fees and easy on and off ramping are crucial factors for experienced traders when choosing a crypto platform.

The launch of Revolut X, along with the company’s recent partnership with MetaMask, further consolidates Revolut’s product offering in the world of Web3.

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