Wealthsimple is the first regulated cryptocurrency trading exchange in Canada. The Federal Government and all 13 provinces in the country now regulate this exchange for trading crypto assets. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
📍 Starting this Wednesday, Canadians will be able to exchange, trade and negotiate their cryptocurrencies, and digital assets through Wealthsimple Crypto, The first exchange regulated cryptocurrency exchange in Canada launching to the public. Wealthsimple Crypto received approval from Canadian regulators in early August this year. Now the exchange allows the buying and selling of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and more, although he also indicated that, for the moment, operations within the platform are carried out only with the Canadian dollar.
Wealthsimple's general counsel, Blair Wiley, stated that since cryptocurrencies are highly valuable digital assets, the exchange wants to ensure that it provides the best quality in its financial services, so that users can buy, sell and hold their cryptocurrencies in the “most responsible way” possible.
📍 In South Korea, one of the country's largest cryptocurrency exchanges is going public selling for $600 million, after being the subject of several legal, corruption and management scandals. This is not the first time that the cryptocurrency exchange Bithumb Bithumb is up for sale. In 2018, the owners of this exchange tried to sell it without success. Bithumb is the largest cryptocurrency exchange in South Korea, with a total of 4,77 million active users, which represents more than 50% of the member share in the cryptocurrency market based on the national trading volume. To date, several interested parties have sent their letters of intent, with offers ranging from 430 to 600 million dollars; at the moment, the names of those interested in buying the exchange are unknown.
📍 Meanwhile, technology blockchain continues to venture into the world of entertainment and digital games. Now Dapper labs, the blockchain company behind the famous game CryptoKittiesis associated Animoca, the global developer of technology for creating digital apps and games. The partnership aims to bring the Star Girl mobile gaming franchise and Animoca’s upcoming MotoGP blockchain game to Dapper Labs’ Flow chain.
The Star Girl gaming franchise has over 1 million monthly active users, according to the company’s statement. While Flow is a blockchain designed to offer optimized gaming and entertainment experiences. Star Girl and MotoGP are scheduled to launch on the Flow blockchain in 2021.
📍 The president of the Federal Reserve Bank of Cleveland (FED), Loretta Master, revealed that this entity is also venturing into the world of central bank digital currencies (CBDC). Until recently, only the Boston Fed was known to be interested in these digital currencies, but the statements Mester notes that the Cleveland Fed is effectively contributing to the entity's research to evaluate the benefits and costs of CBDC digital currencies, although this does not indicate that the Cleveland Federal Reserve has made a final decision on adopting such a currency.
“The Federal Reserve has been researching the issues posed by central bank digital currencies for some time. The Board of Governors has a technology lab that has been building and testing a variety of distributed ledger platforms to understand their potential benefits and trade-offs. Staff members from several Reserve banks, including software developers at the Cleveland Fed, are contributing to this effort.”
📍 Michael Saylor, CEO of microstrategy, he said during a recent interview Saylor told Bloomberg that of the $400 million in Bitcoin the company is holding in reserve, it could liquidate $200 million “on a Saturday.” Saylor’s statements do not reveal that the company intends to sell the BTC it recently acquired, but rather that if the yields of another alternative asset were to increase, he would not hesitate to sell his BTC. However, the CEO did state that MicroStrategy is “pretty confident that Bitcoin is less risky than holding cash or gold.”
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