60% of Goldman Sachs' wealthy clients want to increase their exposure to cryptocurrencies, the company recently indicated. This and more news in this practical summary daily so that you are always informed with events most recent that occur within the crypto world.
Cryptocurrencies and altcoins
📍Tether Limited continues to promise full audits of its USDT stablecoin. Paolo Ardoino, CTO of the company and Stu Hoegner, general counsel, reported that in the coming months Tether Limited will carry out a complete audit on the issuance of USDT to offer greater transparency to the stablecoin most used in the world. During an interview on CNBC, Tether Limited executives reported that they are working to conduct full financial audits of their stablecoin, something that in their opinion, “no one else in the stablecoin sector has done yet.”
In May, Tether Limited published a report on its cash reserves, showing that only 3,8% of USDT issuance on the markets is backed by cash in banks and their equivalents. For its part, Circle, the issuing company of USDC, the second stablecoin in the markets, recently detailed that its currency is 61% backed by cash; about 16 times more than USDT. USDT market capitalization exceeds $61.890 billion at press time; while that of USDC is close to $27.000 billion.
Bitcoin and Blockchain Adoption
📍Goldman Sachs reveals that 60% of its “family office” clients want to invest in cryptocurrencies. The investment bank, one of the largest in the world, applied a study to its “family office” clients to find out their perception and opinion about crypto assets. Most pointed to cryptocurrencies as a hedge to protect against higher inflation triggered after a year of unprecedented global fiscal and monetary stimulus. He study, cited by Bloomberg, reveals that 15% of these clients already have exposure to cryptocurrencies, while 45% plan to do so in the near future.
📍JPMorgan opens investment opportunities for all its clients, including retail investors. According to report From Business Insider, all clients of the financial company will be able to access investment products in cryptocurrencies, , but only upon direct request. In this sense, JPMorgan advisors will not be able to recommend the companies' products, but rather expect their clients to directly request advice to gain exposure to the crypto industry.
📍Global X joins the Bitcoin ETF applications before the SEC. The company that provides exchange-traded funds presented its application approval for the “Global X Bitcoin Trust” before the United States Securities and Exchange Commission (SEC). In said application, Global X explains that the proposed Bitcoin ETF will show the price performance of BTC directly, without reflecting the cryptocurrency's returns from any benchmark index. If approved, the Global X Bitcoin ETF would be traded on the Cboe BZX Exchange, based in Kansas (United States).
📍Visa closes agreement to acquire cross-border and multi-currency payments infrastructure platform Currencycloud. This Thursday, Visa shared a release reporting that its plans to acquire Currencycloud are complete and that the acquisition will help Visa optimize its services, accelerating time to market and improving the transparency of its payments through the innovative solutions it offers for Currencycloud. Visa is currently working to improve its adoption of digital currencies while Currencycloud developed a partnership with Ripple to improve cross-border payments infrastructure.
NFT and DeFi Markets
📍Damien Hirst receives more requests for his NFTs than he can handle. Artist Damien Hirst received more than 67.000 requests for his NFTs, but he can actually only handle 10.000 of these with his NFT collection where he displays authentic works.
Hirst created an art collection with 10.000 NFT tokens worth $2.000 each. NFTs can be burned to reclaim the physical work or kept to destroy the physical work. Investors who purchase the works will have one year to decide on the NFT or the physical work of art.
Rules and Regulations
📍The European Union clarifies that it has no plans to eliminate the use of cryptocurrency wallets that allow anonymity. On Tuesday, the European Commission published a proposal regulatory to tighten the regulations applicable to the cryptocurrency industry. In said proposal, the EC noted that one of the measures to be implemented, if the proposal was approved, was the ban on anonymous cryptocurrency wallets to minimize financial risks. Now, the European Union clarifies that the new regulations are not aimed at crypto users, but at financial service providers. Therefore, the EU has no plans to end the anonymity that the Wallets personal
The information published by the EC initially sparked a storm of criticism. Reviews among users, who accused the organization of violating their private property rights.
📍The Central Bank of Russia does not want cryptocurrency companies on stock exchanges. According to information letter issued by the Central Bank of Russia recently, stock exchanges should stay away from any company related to cryptocurrencies and digital assets, domestic or foreign. The publication notes that in order to protect the rights and interests of investors and maintain confidence in the financial market of the Russian Federation, stock exchanges should not list shares of companies based on cryptocurrencies. The bank also recommends investors remain cautious in relation to cryptocurrency investment instruments.
The considerations of the Central Bank of Russia do not apply to central bank digital currencies, known as CBDC, nor to digital assets authorized in the Russian Federation.
📍The president of Argentina Alberto Fernández will support the discussion on the Bitcoin bill in the country. Deputy José Luis Ramón Indian that the President of the Republic of Argentina will support the Bitcoin Law project presented to the Chamber of Deputies on July 6. As reported Bit2Me News, the bill presented by the deputy seeks to legalize the payment of salaries in bitcoins for employees who wish to do so in the country, to strengthen autonomy and preserve purchasing power.
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