It's that time of the week when we take a look back at the news stories that dominated the worlds of Forex, Fintech and Crypto in our best of the week segment.
Ethereum 2.0 Deposit Contract Surpasses $25 Billion Worth of ETH
The trading week kicked off with the news that the ETH community has increased the deposit under the staking contract of Ethereum 2.0 significantly over the previous few days.
Ethereum 2.0 deposit contract now has over 7.7 million ETH worth approximately $25 billion. In August 2021, the overall value of the ETH 2.0 deposit contract crossed $20 billion for the first time in history. During the last 5 weeks, the ETH community has staked more than 1.2 million Ethereum under the deposit contract of its network upgrade.
Read more on ETH here.
Ethereum Wallet Transfers $215 Million Worth of ETH
Staying with Ethereum, on Thursday, Finance Magnates reported that the network activity of Ethereum has jumped substantially since the start of this week amid the price volatility of ETH.
One whale transaction worth $215 million involving the transfer of 71,191 Ethereum from an unknown wallet was made during the week. Also, a crypto whale account moved 21,587 Ethereum from digital exchange Binance to an unknown wallet this week.
Read more on the ETH Whales here.
CySEC Withdraws CIF License of London Capital Group (Cyprus)
The Cyprus Securities and Exchange Commission (CySEC) announced on Tuesday the withdrawal of the Cyprus Investment Firm (CIF) license of London Capital Group (Cyprus) Ltd., citing multiple violations of mandatory compliance requirements.
According to the regulator, the broker failed to appoint at least two people as directors. In addition, it “did not establish adequate policies and procedures to ensure its compliance, including the compliance of its managers and employees, with its obligations under the Law, as it did not ensure that its compliance officer, who is responsible for the compliance function and for any reporting.”
Read more on the CySEC Withdrawal of London Capital Group license here.
eToro Partners with Arsenal to Expand Global Sponsorship Portfolio
In the last few months, eToro has expanded its sponsorship portfolio significantly through deals with some of the leading names in the English Premier League, including Aston Villa and Newcastle United.
Now, the multi-asset investment platform, has added Arsenal Football Club to its roster.
eToro and Arsenal Football Club have signed a multi-year sponsorship deal which makes eToro one of the biggest sponsors of global football.
Read more on the eToro Arsenal deal here.
Alchemy Markets Signs Sponsorship Deal with Watford FC
Alchemy Markets, which offers brokerage services to retail and institutional clients, announced on Thursday its latest sponsorship deal with the English football club, Watford FC. The broker has gained the status of the club’s Official Partner.
According to the terms of the agreement, the London-based broker will receive promotional slots during the match days of the football matches in both the Premier League and the FA Cup. Its branding will appear on the club’s LED digital perimeter boards and post-match interview backdrops.
Read more on the Alchemy Markets Watford FC Deal here.
XRP vs Solana: Investors Prefer Price Gains over Adoption
In a Finance Magnates analysis, we looked at the 6th and 7th largest Cryptocurrencies , XRP and Solana.
XRP has risen 350% in 2021, whilst Solana has soared 10,000%. However, the two have taken very different paths.
What are investors choosing and why?
Read more on XRP vs Solana here.
Ripple Partners with Bhutan’s Central Bank, XRP Jumps
Ripple, one of the world’s leading Blockchain firms, recently announced a collaboration with the Royal Monetary Authority (RMA), the central bank of Bhutan.
According to the partnership, the central bank will use Ripple’s CBDC solution to enhance financial inclusion and sustainability. Following the recent announcement, the price of XRP rose sharply.
Read more on the Ripple Bhutan Central Bank Partnership here.
New CySEC Chairman to Open iFX EXPO International 2021!
iFX EXPO International, Cyprus is once again set to be the headline show in the fintech and finance calendar. And, the show just got even more exciting.
Mr George Theocharides, the Cyprus Securities and Exchange Commission’s new Chairman, will open the first exhibition day of the iFX EXPO International 2021!
Appointed just last week, Mr Theocharides will deliver the opening keynote speech – an absolute must-attend for every industry professional. This year’s speech from Mr Theocharides follows an eagerly anticipated iFX EXPO tradition, as Ms Demetra Kalogerou, the former Chairwoman, has opened the event with her keynote address over the years.
Read more on the iFX EXPO International 2021 here.
El Salvador and Bitcoin Adoption: Between the Optimism and Skepticism
In a Finance Magnates analysis, we delved into the world of El Salvador and its relationship with Bitcoin.
We discuss events leading up to Bitcoin becoming legal tender in the Latin American country and, with expert analysis, look at its future here.
Read more on El Salvador and Bitcoin Adoption here.
Crypto Firms Welcome CySEC Regulation, but Challenges Remain
After more than a decade of existence and several unicorns, the majority of the cryptocurrency industry is still looking for a friendly jurisdiction where they can be recognized and operate as crypto service providers, but that situation is changing.
Cyprus, which is a popular base for Europe-bound financial services companies, is the most recent country to issue a policy statement for the registration and authorization of crypto firms.
In another Finance Magnates analysis, we analysed the recent crypto policy framework issued by CySEC and what we can expect as a result.
Read more on the CySEC crypto policy analysis here.
