New Bybit’s Headquarters in Dubai
As part of the new wave of crypto firms entering Dubai, Bybit, the third
most popular digital assets exchange in the world, is set to open its global
headquarters in the emirate in mid-April.
Bybit is among the first crypto exchange service providers to receive
in-principle approval to operate in Dubai. The exchange is using this
opportunity to strengthen its community-oriented platform by encouraging its
partners and affiliates to exchange ideas and leverage the resources available
at the new hub.
“With the opening of our global headquarters in Dubai, we are
building a cadence to bolster our presence in the region and become a trusted
partner for global traders and investors,” Ben Zhou, the Co-Founder and
CEO of Bybit, said.
Ben Zhou, the Co-Founder and CEO of Bybit
Sterling Trading Tech
Launches Calculation Service
Sterling
Trading Tech (STT) has unveiled a new calculation service for FINRA member
firms that cater to the regulator’s updated portfolio margining requirements.
The new service has been launched in response to the recent changes to the
requirements, which FINRA postponed from 1 April 2021, to later in 2023.
STT has
developed the service after receiving feedback from clients and the industry,
which called for a tool to generate the data elements required for this
additional reporting. The service will cater to firms approved by FINRA for
portfolio margin, including the concentration position requirements and global
margin supplement details.
Bitcoin Breaks $30,000
Bitcoin crossed the $30,000 mark on Tuesday for the first time since 10 June 2022. The rally of cryptocurrency was fueled by the banking crisis in the United States that resulted in the shuttering of three banks in mere four days. In Europe too, UBS hastily acquired rival Credit Suisse, a deal backed by the Swiss regulator to avoid a banking crisis.
According to Coinmarketcap, Bitcoin jumped more than 6.2 percent in the past 24 hours and is now holding a market cap of over $582.1 billion. The cryptocurrency is up 80 percent year-to-date, as it started the year with a value of about $16,600.
Other top cryptocurrencies also gained in the latest rally. Ether, the second-largest crypto in terms of market cap, is up by 3 percent, while Binance Coin gained over 5 percent. Solana, with a gain of about 11 percent, became one of the few cryptocurrencies with double-digit gains in the past 24 hours.
Central Bank of Montenegro Partners with Ripple
The Central Bank of Montenegro (CBCG) has signed an agreement to collaborate with blockchain technology firm, Ripple. Together, the two will develop a strategy and pilot program for the launch of a central bank digital currency (CBDC) in Montenegro.
The project of the CBDC launch will be multi-staged, including the identification of the practical application of a digital currency and design to simulate its circulation and use under controlled conditions.
“Through the project, the CBCG will work with the Government of Montenegro and Montenegro’s academia to create a practical digital currency or secure currency solution to test the main blockchain technology’s functionality and potential. It will also analyse the advantages and risks that CBDCs or national stablecoins could pose concerning electronic means of payment availability, security, efficiency, compliance with regulations, and most importantly, the protection of end users’ rights and privacy,” said the CBCG Governor Radoje Žugić.
Bank of England Building Britcoin Team
The Bank of England is recruiting to build a team of 30 people for the development of a CBDC, which Britain’s Prime Minister (then the Chancellor), Rishi Sunak, informally termed as Britcoin.
Britcoin? #UKFW21 https://t.co/Slk5lwUvrV
— Rishi Sunak (@RishiSunak) April 19, 2021
“A team of 30 seems like quite a significant resource to focus on the digital pound,” Ian Taylor, an adviser to the trade association CryptoUK, told the Times. “It shows the impact it would have, and that the bank are serious about it.”
However, the Bank of England Governor, Andrew Bailey is skeptical of a CBDC, as he questioned the need for a digital pound in front of the parliament’s Treasury Select Committee.
Cypator Launches Crypto Trading
Cypator, a crypto trading Electronic Communication Network (ECN), launched spot crypto trading services on Tuesday for institutional participants. Its services are also available with prime broker Hidden Road, which acts as a counterparty to all trades and facilitates both the credit risk and settlement of the transactions.
The Cypator ECN currently supports only crypto spot trading on a non-disclosed basis, but the company has plans to expand the offerings further.
“As an experienced team we looked at the crypto market and identified a gap in the trading liquidity infrastructure,” said c, Founder and CEO of Cypator. “We can now provide our clients with a counterparty who is willing to take on the risk and for a complementary trading solution which leverages that to enable all players to trade with each other in a seamless manner. With Hidden Road we found a best of breed prime broker who is focused on being a ‘true’ prime broker while we will focus on providing the best institutional grade trading solution.”
FTX Bankruptcy Administrators Get $32.5M
The legal expanse of the bankruptcy process of the collapsed crypto exchange FTX totaled at around $32.5 million in February, which lawyers and advisors received. The figure surfaced with the court filings for monthly fee statements.
That figure did not include the $305,000 received in February by restructuring chief and CEO John J. Ray III. His remuneration for March also came in at $329,173, as he billed $1,300 per hour and reported working 255.9 hours in March.
Meanwhile, FTX still did not return the funds of its creditors. Only the Japanese entity of FTX began the compensation process. The Cyprus-regulated European entity of FTX also launched a website to process customer withdrawals.
New Bybit’s Headquarters in Dubai
As part of the new wave of crypto firms entering Dubai, Bybit, the third
most popular digital assets exchange in the world, is set to open its global
headquarters in the emirate in mid-April.
Bybit is among the first crypto exchange service providers to receive
in-principle approval to operate in Dubai. The exchange is using this
opportunity to strengthen its community-oriented platform by encouraging its
partners and affiliates to exchange ideas and leverage the resources available
at the new hub.
“With the opening of our global headquarters in Dubai, we are
building a cadence to bolster our presence in the region and become a trusted
partner for global traders and investors,” Ben Zhou, the Co-Founder and
CEO of Bybit, said.
Ben Zhou, the Co-Founder and CEO of Bybit
Sterling Trading Tech
Launches Calculation Service
Sterling
Trading Tech (STT) has unveiled a new calculation service for FINRA member
firms that cater to the regulator’s updated portfolio margining requirements.
The new service has been launched in response to the recent changes to the
requirements, which FINRA postponed from 1 April 2021, to later in 2023.
STT has
developed the service after receiving feedback from clients and the industry,
which called for a tool to generate the data elements required for this
additional reporting. The service will cater to firms approved by FINRA for
portfolio margin, including the concentration position requirements and global
margin supplement details.
Bitcoin Breaks $30,000
Bitcoin crossed the $30,000 mark on Tuesday for the first time since 10 June 2022. The rally of cryptocurrency was fueled by the banking crisis in the United States that resulted in the shuttering of three banks in mere four days. In Europe too, UBS hastily acquired rival Credit Suisse, a deal backed by the Swiss regulator to avoid a banking crisis.
According to Coinmarketcap, Bitcoin jumped more than 6.2 percent in the past 24 hours and is now holding a market cap of over $582.1 billion. The cryptocurrency is up 80 percent year-to-date, as it started the year with a value of about $16,600.
Other top cryptocurrencies also gained in the latest rally. Ether, the second-largest crypto in terms of market cap, is up by 3 percent, while Binance Coin gained over 5 percent. Solana, with a gain of about 11 percent, became one of the few cryptocurrencies with double-digit gains in the past 24 hours.
Central Bank of Montenegro Partners with Ripple
The Central Bank of Montenegro (CBCG) has signed an agreement to collaborate with blockchain technology firm, Ripple. Together, the two will develop a strategy and pilot program for the launch of a central bank digital currency (CBDC) in Montenegro.
The project of the CBDC launch will be multi-staged, including the identification of the practical application of a digital currency and design to simulate its circulation and use under controlled conditions.
“Through the project, the CBCG will work with the Government of Montenegro and Montenegro’s academia to create a practical digital currency or secure currency solution to test the main blockchain technology’s functionality and potential. It will also analyse the advantages and risks that CBDCs or national stablecoins could pose concerning electronic means of payment availability, security, efficiency, compliance with regulations, and most importantly, the protection of end users’ rights and privacy,” said the CBCG Governor Radoje Žugić.
Bank of England Building Britcoin Team
The Bank of England is recruiting to build a team of 30 people for the development of a CBDC, which Britain’s Prime Minister (then the Chancellor), Rishi Sunak, informally termed as Britcoin.
Britcoin? #UKFW21 https://t.co/Slk5lwUvrV
— Rishi Sunak (@RishiSunak) April 19, 2021
“A team of 30 seems like quite a significant resource to focus on the digital pound,” Ian Taylor, an adviser to the trade association CryptoUK, told the Times. “It shows the impact it would have, and that the bank are serious about it.”
However, the Bank of England Governor, Andrew Bailey is skeptical of a CBDC, as he questioned the need for a digital pound in front of the parliament’s Treasury Select Committee.
Cypator Launches Crypto Trading
Cypator, a crypto trading Electronic Communication Network (ECN), launched spot crypto trading services on Tuesday for institutional participants. Its services are also available with prime broker Hidden Road, which acts as a counterparty to all trades and facilitates both the credit risk and settlement of the transactions.
The Cypator ECN currently supports only crypto spot trading on a non-disclosed basis, but the company has plans to expand the offerings further.
“As an experienced team we looked at the crypto market and identified a gap in the trading liquidity infrastructure,” said c, Founder and CEO of Cypator. “We can now provide our clients with a counterparty who is willing to take on the risk and for a complementary trading solution which leverages that to enable all players to trade with each other in a seamless manner. With Hidden Road we found a best of breed prime broker who is focused on being a ‘true’ prime broker while we will focus on providing the best institutional grade trading solution.”
FTX Bankruptcy Administrators Get $32.5M
The legal expanse of the bankruptcy process of the collapsed crypto exchange FTX totaled at around $32.5 million in February, which lawyers and advisors received. The figure surfaced with the court filings for monthly fee statements.
That figure did not include the $305,000 received in February by restructuring chief and CEO John J. Ray III. His remuneration for March also came in at $329,173, as he billed $1,300 per hour and reported working 255.9 hours in March.
Meanwhile, FTX still did not return the funds of its creditors. Only the Japanese entity of FTX began the compensation process. The Cyprus-regulated European entity of FTX also launched a website to process customer withdrawals.