Paypal launching a new digital crypto wallet, Binance shutting down derivatives offerings in three countries and the SC of Malaysia ordering to disable the Binance website, Institutional funds permitted to invest billions in crypto-assets in Germany, and more.
Paypal launching a new digital crypto wallet
Last Wednesday, Dan Schulman, CEO at payment provider PayPal Holdings inc. announced the launch of a crypto wallet. At the investor call, he described a new digital wallet product that would be introduced in Q3 this year as cryptocurrency would be critical to PayPal´s growth. This new crypto wallet would feature high yield savings, early access to direct deposit funds, crypto and messaging capabilities. According to Cointelegraph, Schulman emphasised that each wallet would be unique and use AI and machine learning and described the upgrade of this super app wallet as code complete. Moreover, Dan Schulman pointed out that the UK is likely to be the next country where crypto trading would be provided.
Binance shutting down derivatives offerings in three countries and the SC of Malaysia ordering to disable the Binance website
For Germany, Italy and the Netherlands, prominent crypto exchange platform Binance will no longer offer crypto derivates trading anymore. Moreover, Binance´s future plans are to shut crypto derivatives trading across the whole Europen region. From now on, new users in the affected countries will not be able to open accounts on Binance for that purpose anymore. For already existing users, Binance will announce a date from which users will have 90 days to close their open positions. A reason for this decision is the pressure coming from regulators around the world.
Moreover, the Securities Commission (SC) of Malaysia ordered to disable the Binance website and mobile applications in Malaysia within 14 business days from July 16 onwards. According to the SC, Binance would operate illegally in Malaysia. According to The Block, the only comment on the Binance side yet was that they are aware of the notice and would not operate out of Malaysia.
“We are aware of the notice from SC and can confirm that Binance.com does not operate out of Malaysia.” -Binance spokesperson
Institutional funds permitted to invest billions in crypto-assets in Germany
For the first time, the German administration is permitting institutional funds to invest 20 per cent in crypto assets like bitcoin. Since today, special funds that currently manage about $2.1 trillion can provide institutional investors with a boost. These so-called “Spezialfonds” have fixed investment rules and can be accessed by institutional investors, insurers, and pension companies. As the majority of Lawmakers worldwide had not proven excitement for crypto assets, this move by the German legislature has made crypto attractive for institutional investors.
And more exciting news from around the world:
- The Colombian bank Banco de Bogotá is supporting customers to transfer funds to crypto exchange. The commercial bank is going to support customers transferring funds to crypto exchanges through its banking services.
- Last Wednesday, the White House said that a months-in-the-making infrastructure bill in the U.S. Senate will be partially paid for by enhanced tax enforcement of cryptocurrency.
It was a great week for blockchain technology. Follow us for more exciting news and be part of the blockchain revolution by joining our BLOCKCHANCE EUROPE 2021 conference in Hamburg in December 2021. You can get tickets here. Join our community on Telegram, Twitter and LinkedIn to stay up to date.