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Bitcoin ETFs Have $100M in AUM in Brazil, Blast TVL Surpasses $500M as Cool Cats Featured on the Macy’s Parade

By
Paul Ugbede Godwin
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0

The Brazilian crypto market has witnessed a remarkable growth in the past year, as more investors and institutions are embracing the potential of digital assets. One of the most notable developments in this space is the launch of two Bitcoin exchange-traded funds (ETFs) by local asset managers Hashdex and QR Capital.

These ETFs, which track the performance of Bitcoin and are traded on the Brazilian stock exchange (B3), offer a convenient and regulated way for investors to gain exposure to the leading cryptocurrency without having to deal with the technical and security challenges of holding it directly.

According to data from B3, the two Bitcoin ETFs have attracted significant inflows since their inception, reaching a combined total of nearly $100 million in assets under management (AUM) as of November 26, 2023. The Hashdex Nasdaq Crypto Index ETF (HASH11), which was launched in April 2023, has amassed $67.8 million in AUM, while the QR Asset Management Bitcoin ETF (QBTC11), which debuted in June 2021, has accumulated $31.9 million in AUM.

Spot Bitcoin ETFs Have Almost $100M in AUM in Brazil, Led by Hashdex Offering Pro-market digital assets regulation and growing interest from large institutions are among the factors behind the success so far, said Hashdex’s CEO.

The growing demand for these products reflects the increasing popularity and acceptance of Bitcoin as a legitimate asset class in Brazil and beyond. The country’s securities regulator, the Comissão de Valores Mobiliários (CVM), has approved both ETFs, making Brazil one of the few jurisdictions in the world to allow such products. Moreover, the Brazilian central bank has recently recognized Bitcoin and other cryptocurrencies as financial assets, paving the way for further integration and innovation in the crypto sector.

The success of the Brazilian Bitcoin ETFs also puts pressure on other regulators, especially in the US, to approve similar products that could bring more liquidity and transparency to the crypto market. While several proposals for Bitcoin ETFs have been submitted to the US Securities and Exchange Commission (SEC), none have been approved so far, mainly due to concerns over market manipulation and investor protection. However, some analysts believe that the SEC could change its stance in the near future, as more evidence emerges that Bitcoin ETFs can operate safely and efficiently in other markets.

The Brazilian Bitcoin ETFs are a testament to the growing maturity and adoption of the crypto industry in Latin America’s largest economy. They provide an easy and accessible way for investors to participate in the upside potential of Bitcoin, while also contributing to the development and regulation of the crypto ecosystem. As more countries follow suit, we could see a new wave of innovation and growth in the global crypto market.

Blast TVL surpasses $500M as Cool Cats featured on the Macy’s Parade

Blast, the decentralized finance platform that allows users to earn interest on their crypto assets, has reached a new milestone. The total value locked (TVL) on Blast has surpassed $500 millions, making it one of the fastest-growing DeFi projects in the industry.

Blast is a non-custodial platform that leverages smart contracts to enable users to deposit their crypto assets and earn passive income. Users can choose from a variety of pools, each offering different interest rates and risk profiles. Blast supports popular tokens such as ETH, USDT, DAI, WBTC, and more.

Blast’s growth is driven by its innovative features and competitive advantages. One of the key features of Blast is its auto-compounding mechanism, which automatically reinvests the interest earned by users into the same pool, maximizing their returns. Another feature is its low fees, which are only charged when users withdraw their funds. Blast also offers high security and transparency, as all its smart contracts are audited and verified by reputable firms.

Blast’s vision is to become the leading DeFi platform for crypto investors who want to earn passive income without sacrificing control over their assets. By surpassing $500 millions in TVL, Blast has proven its ability to attract and retain users with its attractive and user-friendly platform. Blast aims to continue innovating and expanding its offerings, as well as collaborating with other DeFi projects to create synergies and value for the crypto community.

Cool Cats featured on the Macy’s Thanksgiving parade.

Cool Cats, the popular NFT collection of 10,000 unique and randomly generated cat avatars, you might have been pleasantly surprised to see them on the Macy’s Thanksgiving parade this year. The parade, which is an annual tradition that attracts millions of viewers across the country, featured a giant balloon of a Cool Cat wearing a turkey hat and holding a sign that said, “Happy Thanksgiving from Cool Cats”.

The balloon was sponsored by the Cool Cats community, which raised over $200,000 in donations to make it happen. The community also donated $50,000 to the ASPCA, an animal welfare organization, as a way of giving back and supporting a cause that aligns with their values. The balloon was designed by Klaudia Jankowska, a digital artist and a Cool Cat owner herself.

The Cool Cats NFT project was launched in July 2021 and quickly became one of the most popular and successful collections on the Ethereum blockchain. The project has a strong focus on community building and engagement, offering various benefits and rewards to its holders, such as access to exclusive events, merchandise, games, and collaborations. The project also supports various charitable causes and initiatives, such as planting trees, providing clean water, and fighting climate change.

The Macy’s Thanksgiving parade was a milestone for the Cool Cats community and the NFT space in general, as it showcased the potential of NFTs to reach mainstream audiences and create positive social impact. The parade also celebrated the diversity and creativity of the NFT community, as the Cool Cats balloon was joined by other NFT-related balloons, such as CryptoPunks, Bored Apes, and Meebits. The parade was a testament to the power of NFTs to bring people together and foster a sense of belonging and identity.

Circle and SBI Holdings Partner on USDC Distribution, Banking and Web3 In Japan

By
Paul Ugbede Godwin
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0

Circle, the leading global financial technology firm and the principal operator of the USDC stablecoin, has announced a strategic partnership with SBI Holdings, one of Japan’s largest financial conglomerates. The partnership aims to leverage Circle’s expertise in USDC distribution, banking and Web3 technology to accelerate the adoption of digital assets and decentralized finance in the Japanese market.

According to a press release, the partnership will enable SBI Holdings to integrate USDC into its existing products and services, such as its digital asset exchange, SBI VC Trade, and its mobile payment app, MoneyTap. Additionally, SBI Holdings will collaborate with Circle to explore new opportunities for USDC in areas such as lending, yield generation, trade finance and cross-border payments.

USDC is a fully reserved digital dollar stablecoin that is governed by the Centre Consortium, a membership-based organization co-founded by Circle and Coinbase. USDC is supported by hundreds of platforms and applications around the world and has become a trusted and transparent alternative to traditional fiat currencies. As of November 2021, there are over 40 billion USDC in circulation, representing more than 25% of the global stablecoin market.

Circle’s CEO and co-founder, Jeremy Allaire, said: “We are thrilled to partner with SBI Holdings, a visionary leader in the Japanese financial industry and a pioneer in digital asset innovation. Together, we will bring the benefits of USDC and Web3 technology to millions of customers and businesses in Japan and help drive the next wave of growth and innovation in the global digital economy.”

Press Statement from Circle

In June of this year, the Japanese government laid out a vision for growing the Web3 industry in Japan, and crucially, put into effect new stablecoin laws for both domestic and foreign issued stablecoins. Japan is the first major government in the world with this regulatory clarity in effect. Stablecoins that cannot meet the high standards set out by the JFSA will not be allowed to circulate on Japanese markets.

These changes have dramatically opened up the opportunities for stablecoins and Web3 in the world’s 4th largest economy. The opportunity for Circle and USDC is significant. To seize the opportunity, I am incredibly excited to be working with Chairman of SBI Holdings, Mr. Kitao-san, who is an extraordinary businessman, innovator and leader in Asia and the world.

SBI Holdings operates one of the largest financial conglomerates in Japan, with the largest online retail brokerage, one of the largest digital banks, one of the largest retail FX platforms, a trust bank and more. Importantly, Kitao-san is not a “johnny come lately” to crypto and blockchain tech. He has understood it and invested in it for nearly a decade. SBI Holdings already operates digital asset trading, brokerage and cross-border payments solutions.

Kitao-san and I have a shared vision for what the new internet financial system will look like and the impact it will have on commerce, trade and innovation. What does the partnership exactly look like? Our highest priority together is to bring USDC into the Japan market, in a regulated capacity, following the new JFSA stablecoin laws.

As we have done throughout our history, we will work arm and arm with our partners and local regulators. Once launched, USDC can become a stablecoin on Japan digital asset markets and can be widely used in the on-chain economy growing in Japan as well, across many consumer-led Web3 product categories.

We can also work with the very large established retail and crypto platforms that SBI Group operates to adopt USDC as a new digital dollar. The dollar plays a crucial role in cross-border payments, FX and trading in the Japan market. This will extend into the adoption of digital dollars used on blockchain networks.

Another part of this is bringing direct banking from Japan to Circle’s USDC treasury and settlement operations, which translates to direct and local liquidity between JPY and USDC via the domestic banking system in Japan, building on the recent launch of the same in Singapore, with many more markets coming online soon.

Web3 Apps in Japan We have also seen rapid growth in major consumer-facing companies in Japan looking to launch Web3 apps using digital tokens, smart contracts and self-custody digital wallets. To that end, Circle will also work with SBI to promote the growth and adoption of Circle’s full-stack Web3 Services suite, which provides and end-to-end development, deployment and operations platform for building and operating Web3 apps across chains. Think games, culture and consumer entertainment.

A General Comment on Regulatory Clarity What you’re seeing here are the fruits of major governments who have established regulatory clarity for stablecoins. Good actors, working together, across the traditional and the new internet financial system to advance innovation with strong safeguards and supervision. As this plays out around the world, expect to see many more major partnerships with established Web2 companies and financial institutions who will make the leap into building and operating in the internet financial system.

SBI Holdings’ CEO and founder, Yoshitaka Kitao, said: “We are very excited to partner with Circle, the world’s leading provider of USDC and Web3 solutions. We believe that USDC is the most reliable and compliant stablecoin in the market, and that Web3 technology will enable new forms of value creation and exchange in the digital era. By integrating USDC into our platforms and services, we will offer our customers and partners a superior experience and a competitive edge in the Japanese market.”

Changpeng Zhao Steps Down as Binance.US board chairman

By
Paul Ugbede Godwin
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0

In a surprising move, Changpeng Zhao, the founder and CEO of Binance, has announced that he is stepping down from his role as the board chairman of Binance.US, the US-based affiliate of the global cryptocurrency exchange. Zhao, who is also known as CZ, made the announcement on Twitter on November 21, 2023, saying that he is handing over the reins to Richard Teng, was CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM).

CZ said that he is stepping down to focus on his role as the leader of the global Binance platform, which has been facing increased regulatory scrutiny and pressure from various jurisdictions around the world. He also said that he is confident in Brooks’ ability to steer Binance.US to success, as he has extensive experience and expertise in both the traditional financial sector and the crypto industry. CZ added that he will remain as an advisor and a shareholder of Binance.US, and that he will continue to support its growth and innovation.

The news of CZ’s departure comes amid a turbulent period for Binance, which has been accused of operating illegally or without proper licenses in several countries, including the UK, Japan, Germany, Singapore, and Canada. The exchange has also faced investigations from regulators in the US, such as the Commodity Futures Trading Commission (CFTC) and the Department of Justice (DOJ), over allegations of market manipulation, money laundering, and tax evasion. Binance has denied any wrongdoing and has said that it is committed to complying with local laws and regulations wherever it operates.

Binance.US, which was launched in September 2019 as a separate entity from Binance, has been trying to distance itself from the regulatory woes of its parent company and to establish itself as a compliant and trustworthy platform for US customers.

The exchange has obtained licenses or registrations in 43 states and territories in the US and has recently applied for a national bank charter from the OCC, which would allow it to offer a wider range of financial services and products to its users. Binance.US has also hired several former regulators and industry veterans to its leadership team, such as Brooks, who joined as CEO in May 2021, and Manuel Alvarez, who joined as chief administrative officer in October 2021.

The reaction from the crypto community to CZ’s announcement has been mixed, with some expressing support and appreciation for his contributions to the industry, and others questioning his motives and credibility. Some analysts have speculated that CZ’s decision may be a strategic move to appease regulators and to avoid potential conflicts of interest or legal liabilities. Others have suggested that CZ may be preparing for a possible initial public offering (IPO) or merger of Binance.US, which could boost its valuation and legitimacy in the eyes of investors and authorities.

Binance.US is a separate entity from Binance, operating under a different management team and board of directors. It is registered as a money services business with the Financial Crimes Enforcement Network (FinCEN) and complies with the US anti-money laundering and know-your-customer regulations. It also has licenses or approvals to operate in 43 states and territories.

An IPO or merger of Binance.US could provide several benefits for CZ and Binance. First, it could raise capital and liquidity for the exchange, which could help it expand its services and market share in the US, one of the most important and competitive markets for crypto.

Second, it could enhance its reputation and credibility among regulators, customers, and partners, as it would have to meet the strict standards and disclosures required by the US Securities and Exchange Commission (SEC) and other agencies. Third, it could create a clear distinction between Binance and Binance.US, which could reduce the legal risks and challenges that Binance faces in other countries.

However, an IPO or merger of Binance.US also entails some challenges and uncertainties. For instance, it is not clear how much control or influence CZ would retain over Binance.US after the deal, as he would have to comply with the corporate governance and fiduciary duties imposed by US law.

Moreover, it is not clear how the deal would affect the relationship between Binance and Binance.US, especially in terms of sharing technology, resources, and customers. Furthermore, it is not clear how the deal would impact the valuation and performance of BNB, the native token of Binance, which is used for various purposes on the platform.

CZ may be preparing for a possible IPO or merger of Binance.US, which could boost its valuation and legitimacy in the eyes of investors and authorities. However, the deal also involves some challenges and uncertainties that need to be addressed before it can materialize. It remains to be seen whether CZ will pursue this option and how it will affect the future of Binance and the crypto industry.

The Code of Conduct For Public Officials

By
Stanley Alieke
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0

When you see public officials act with so much impunity and total disregard for laws and ethics one would be forced to imagine that there is no law regulating their activities but there is; that law is the Code of Conduct Bureau and Tribunal Act. This law gives directives on how elected/appointed public officials should act and conduct themselves while they are in office; for starters, this law forbids them from awarding contracts to their friends or family members or to anyone who may be remotely related or close to them, this law also mandates them to declare their assets and let the whole world know what they own and what they owe before they assume the office, this law as well forbids them from taking bribes or kickbacks etc. This law also provided for the specific court they will be prosecuted if they breach any of the provisions. 

The primary purpose of the Code of Conduct Bureau and Tribunal Act in general is to enforce a high standard of morality and ethics in the public service sector and its officials. The Code of Conduct Bureau and Tribunal Act, Chapter 58 LFN 1990 gave the Bureau the mandate to establish and maintain a high standard of public morality in the conduct of government business and to ensure that the actions and behavior of public officers conform to the highest standards of public morality and ethics. 

The Code of Conduct Tribunal is a court that was established by the Constitution of the Federal Republic of Nigeria, The Tribunal is empowered to try public officials who are in breach of the provisions of the Code of Conduct Bureau and Tribunal Act; Just like the elections petition tribunal is established to hear election petitions and other related matters, code of conduct tribunal is at the same vein established to try conducts of public officials and other related matters. 

Some of the major areas this law hammered on are; the prevention of a government official from awarding contracts to his or her family members, the requirement of public officials to declare their assets, liabilities, and business interests and prohibits them from using their positions to benefit themselves or their families. Every public official is required by Law to declare his/her assets/liability including that of his spouse(s) who is not a Public Officer and even that of his or her children who are under 18 years of age.

This declaration of asset requirement is also a constitutional provision as it has been provided for in paragraph 11 of the 5th Schedule of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) and failure to declare your assets as required by both the Constitution and the code of conduct bureau and tribunal act shall attract not just conviction of the offender but also (a) Removal from office, (b) Disqualification from holding any Public office, (c) forfeiture to the state any property which was undeclared. 

Specifically, Section 5 of the Act prohibits public officers from carrying out any business with the government except through an open and competitive process. It also prohibits them from engaging in any transaction that involves a conflict of interest or which may result in personal gain. Any public official who violates these provisions can be investigated, prosecuted and penalized by the Code of Conduct Tribunal.

Every/any politician who has contested and won the election to occupy a particular elective position and any political appointee who has been appointed to occupy any position is bound and regulated by this law; from the president to the governors, down to the local government chairmen including the appointed Director Generals and heads of agencies and government parastatals.

Zenith Bank Enters MoU With French Government to Set up A Subsidiary in France

By
Ojukwu Emmanuel
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0

Nigeria’s multinational financial service provider, Zenith Bank, has formalized an agreement with the French Government to set up a subsidiary in France through the signing of a Memorandum of Understanding (MoU).

The MoU was signed by Zenith Bank founder and Chairman Jim Ovia and the French Minister for Trade, Attractiveness, and French Nationals Abroad, Mr. Olivier Becht on Friday, November 24, 2023.

This strategic move will enable Zenith Bank, through its wholly owned subsidiary, Zenith Bank (UK) Limited, to seek and secure the requisite regulatory approval from the Autorite’ de Controle Prudentiel et de Resolution (ACPR) to establish a strategic presence in France.

Speaking during the signing ceremony Zenith Bank founder Jim Ovia said that with the signing of the Memorandum of Understanding, the bank will be looking forward to securing a license and commence operations in the first half of 2024.

In his words,

“It gives me great pleasure to welcome you to Nigeria and Zenith Bank. I am indeed very delighted about the signing of this MoU with France. For me, it is an honor to do this on behalf of the bank, and we look forward to securing the license and starting operations in early 2024″

Also speaking during the ceremony, the French Minister for Trade, Attractiveness and French Nationals Abroad, Mr. Olivier Becht, said,

“I want to thank you very much for your decision to open a branch of Zenith Bank in Paris. We are thrilled to welcome France Zenith Bank’s first office inside the European Union. For us, that’s a very good signal, and it is undoubtedly a demonstration of confidence.

“No doubt also that your vision on international finance guided you to decide to open this branch and this decision in many respects can also be regarded as a milestone in French-Nigerian economic relations and an illustration of our friendship”.

Zenith Bank’s signing of an MoU with the French government will see the bank exponentially expand its operations beyond Africa, with the recent endorsement of a strategic presence in France.

It also seeks to maintain its position as a leading service provider in Nigeria while expanding operations internationally in West Africa and the financial capitals of the world, replicating its leading formula for success.

This move will no doubt position Zenith Bank as a leader and notable player in the banking sector, as it deepens its presence across the globe. The Nigerian multinational financial service provider currently has a presence in China, the UK, The Gambia, Ghana, Sierra Leone, and the UAE.

Zenith Bank’s overall vision is to make it a reputable international financial services network recognized for innovation, superior Customer Services, and performance while creating premium value for all stakeholders.

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