This weekly cryptocurrency summary gives you insight into the latest developments in the market.
This week, Telegram, the popular messaging app with 800 million monthly active users, Telegram has finally introduced a crypto wallet, almost three years after it first revealed plans to build a Web3 ecosystem. Deutsche Bank collaborates with the Swiss startup Taurus, known for its expertise in cryptocurrency security, to develop custody and tokenization services for digital assets, as confirmed by both firms this Thursday. We'll explore recent developments, such as Genesis ceasing all commercial operations, Deutsche Bank's collaboration with Swiss startup Taurus, and more.
Genesis ceased all commercial operations.
Genesis, the cryptocurrency trading business hit by the collapse of Three Arrows Capital and FTX last year, has ceased all trading operations, according to a spokesperson. Last week it emerged that the company was closing its US office, but international spot and derivatives trading operations are also closing, the spokesperson said.
"Genesis has decided to stop offering spot and derivatives trading of digital assets through GGC International, Ltd. (GGCI)," the statement read. โThis decision was made voluntarily and for commercial reasons. With this termination of GGCI services, Genesis no longer offers commercial services through any of its business entities.โ
Telegram introduces self-custody crypto wallet
Popular messaging app with 800 million monthly active users, Telegram has finally unveiled a crypto wallet, nearly three years after it first revealed plans to build a Web3 ecosystem. This move aims to strengthen its position within the thriving crypto community that has evolved from its chat platform, potentially serving as a catalyst to introduce a wider audience to the world of cryptocurrencies. The wallet's debut came at the ongoing Token2049 event held in Singapore, where Telegram and the TON Foundation jointly announced the new self-custody wallet, called TON Space, which has over 10,000 attendees.
Deutsche Bank joins Tauru
Deutsche Bank is collaborating with Swiss startup Taurus, known for its expertise in cryptocurrency security, to develop digital asset tokenization and custody services, as both companies confirmed on Thursday. In June, Germany's largest bank, Deutsche Bank, submitted an application for a cryptocurrency custody license to the country's financial regulator, BaFin. The bank's interest in cryptocurrency custody has been public since early 2021, when information about a digital asset custody prototype was mentioned in a World Economic Forum report.
G20 and Crypto
The joint statement adopted by the G20 leaders at the recently concluded summit in New Delhi covered a number of issues including digital public infrastructure, gender equality, money laundering and financial sector reforms for strong global growth, sustainable, balanced and inclusive. One of the highlights of the joint statement is the G20's call for the rapid implementation of the Crypto Asset Reporting Framework (CARF) and amendments to the 'Common Reporting Standard' (CRS).
Binance CEO on '100 million cryptocurrency users'
At Token2049, a crypto event in Singapore that Insider attended, Binance CEO Changpeng โCZโ Zhao was asked about the challenges of attracting the next 100 million users to cryptocurrencies. โToday, to be very frank, they are actually trust ramps,โ he responded. Fiat ramps refer to a service that exchanges fiat currency such as the US dollar for cryptocurrencies such as Bitcoin and Ethereum. โWith stricter regulations earlier this year, we are seeing many traditional institutions that used to provide fiat ramp channels withdraw,โ Changpeng said.
FTX obtains judicial authorization to sell assets
A US court has granted bankrupt cryptocurrency exchange FTX approval to liquidate its crypto assets, allowing customers to be paid in US dollars while mitigating the risks associated with cryptocurrency market volatility. US Bankruptcy Judge John Dorsey gave the green light to FTX's proposal during a hearing in Wilmington, Delaware. The approval allows FTX to sell up to $100 million in cryptocurrencies weekly and enter into hedging and staking agreements to manage the risk of price volatility and generate passive income from major cryptocurrencies such as bitcoin and ether. FTX's request was supported by the official committee representing its bankrupt clients, as well as an ad hoc committee representing non-US clients with deposits on the FTX.com international exchange.
