The European Union (EU) on Tuesday reached a political agreement on new bank capital laws, including those for crypto assets, after lawmakers called for “prohibited” rules to keep unsecured cryptocurrencies out of the traditional financial system. The deal was announced in a tweet by the European Parliament’s Economic and Monetary Affairs Committee, following a meeting between representatives of the European Parliament, national governments and the European Commission, who first proposed the new rules back in 2021. The agreement now has to be voted on. The legal implementation decided by the member states in the EU Council could take several months.
Cryptocurrency custody technology provider Fireblocks has begun offering support for cloud service providers Amazon Web Services (AWS), Google Cloud Platform, Alibaba Cloud, Thales and Securosus, the company announced on Tuesday. The moves are part of Fireblocks’ efforts to make its services available to a wider range of businesses and allow it to serve a market of banks whose IT infrastructure is deployed on-premises and cloud-based solutions, a spokesman said. With the new additions, the enterprise platform covers the majority of the market share in the cloud industry.
OKX has introduced Nitro Spreads, a feature on its over-the-counter (OTC) institutional liquid marketplace that allows traders to complete complex basic trades with one click. Basic trading is trading the difference between the price of an asset in two separate markets with the aim of earning a return, such as the spot or futures markets. OKX’s Nitro Spread automates this type of trading with just one click. Traders can apply this feature to any combination of spot, perpetual and futures contracts listed on the exchange, the company said. “In the current complex market environment, institutions demand reliability, predictable returns and true innovation when selecting a trading venue,” said Lennix Lai, Global Chief Commercial Officer at OKX. “This is particularly true in basic trading where precision and flawless execution are paramount.” , he added.
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Digital asset investment products saw their largest single weekly inflows in a year last week, after nine straight weeks of outflows, according to a report by European digital asset manager CoinShares.
Bitcoin-related products were the top asset for inflows at $188 million, or 94% of the total. According to the report, short bitcoin products recorded a total outflow of $4.9 million, the ninth consecutive week of net exits.
The rush of inflows was accompanied by a surge in Bitcoin price as a number of high profile traditional financial institutions (TradFi) followed BlackRock’s lead and applied for a spot Bitcoin exchange traded (ETF) fund. These applications included fresh applications for previously rejected spot bitcoin ETFs from tradfi money managers like Invesco and WisdomTree.
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