The Terra LUNA crash in May clarified that cryptocurrency is not safe from facing major financial crises. Far from being an error or a bug, it might be systemic.
While cryptocurrencies seem to be on the rise again after trading in the red for months, financial institutions express their concern about their high volatility and are already working on EU regulation to mitigate the risks.
Metaverse, blockchains, NFTs… Decentralized technologies are developing at a fast pace, and Internet technologies are about to join the race. Lately, technophiles hold their attention on the emergence of Web 3.0, an upcoming new Internet version.
Apex Group Ltd. (“Apex”) - a global financial services provider - has been appointed to provide fund services to Blockchain.com Asset Management (BCAM) - a global crypto asset management platform launched by crypto wallet and exchange Blockchain.com and investment manager Altis Partners.
Last week, the DeFiance Capital founder Arthur Cheong warned about cyberattacks coming from North Korea. He warned on Twitter that Lazarus, a cybercrime group run by North Korea, is “targeting almost all crypto organizations now”.
As cryptocurrencies grow as a generalized method of payment, companies need to adapt to this upcoming change in the economy. In this context, Nexo has announced its partnership with Mastercard and DiPocket to introduce the first crypto-backed card. Nexo is a DeFi crypto lending platform and exchange system with which you can trade, borrow, lend or spend cryptocurrencies.
Russia’s aggression in Ukraine is causing enormous suffering. It is also affecting the economy, in Europe and beyond. The conflict and the associated uncertainty are weighing heavily on the confidence of businesses and consumers. Trade disruptions are leading to new shortages of materials and inputs. Surging energy and commodity prices are reducing demand and holding back production. How the economy develops will crucially depend on how the conflict evolves, on the impact of current sanctions and on possible further measures. At the same time, economic activity is still being supported by the reopening of the economy after the crisis phase of the pandemic. Inflation has increased significantly and will remain high over the coming months, mainly because of the sharp rise in energy costs. Inflation pressures have intensified across many sectors.
Jack Mallers, CEO of Strike (software to sell and buy bitcoin), has announced a partnership with three main payment providers. This means that 400.000 brands across the United States relying on those platforms will be able to accept Bitcoin as a method of payment. Mallers explained that “the integration eliminates legacy banks from the payment process, saving merchants on fees and enabling privacy for shoppers” (cf: Bitcoin Magazine).
Cryptocurrencies are to change the economy as we know it today. They have already become a prevailing solution for finance and investment. According to the Republican Policy Committee, several cryptocurrencies “dominate the market, with Bitcoin accounting for 41% of the industry’s total market value”. Considering this, the European Parliament – among other governments – has adopted a legislation to regulate cryptocurrencies use.
Le Parlement européen a adopté une nouvelle législation pour renforcer l'encadrement des crypto-actifs le 31 mars dernier. L’objectif principal est de lutter contre le blanchiment d’argent, le financement du terrorisme et d’autres crimes