Tag: Bitcoin News

Global banking giant Standard Chartered has launched a digital asset custody service in the United Arab Emirates (UAE). 

According to the official announcement, Standard Chartered noted that its UAE-based crypto custody division received a license from the Dubai Financial Services Authority (DFSA) following a memorandum of understanding (MoU) signed in May 2023.  

Standard Chartered Secures First Crypto Client

The service will operate within Dubai International Financial Centre (DIFC) and will begin by offering support for bitcoin (BTC) and ether (ETH), the leading cryptocurrencies in terms of market value and adoption. The announcement also revealed that Standard Chartered has secured Brevan Howard Digital, a global alternative asset management firm, as its first crypto client for the offering.

Commenting on the latest development, Bill Winters, Group CEO of Standard Chartered Bank, said: 

With this new service, we are strategically positioning ourselves at the forefront of this next evolution in the custody business. Our robust infrastructure, coupled with our expertise in the field, allows us to provide a bridge between the world of financial services and the emerging digital asset ecosystem.

Winters also noted that the launch of the digital asset custody offering marks a critical stage for the banking giant and the financial services industry.

• According to Winters, the new service places the bank at the forefront of the evolving custody business. The Group CEO also emphasized the bank’s strong belief in the future of digital assets. 

“We firmly believe that digital assets are not merely a passing trend, but a fundamental shift in the fabric of finance,” he said.  

Standard Chartered Plans to Expand its Presence

The company stated that the offering extends beyond basic wallet management. The firm further noted that it is a complete solution that tackles the specific challenges of digital asset custody, focusing on regulatory, risk, and prudential aspects.

The bank intends to expand its custody services in the coming months by incorporating additional digital assets and extending its presence to other major financial hubs.  

Meanwhile, Standard Chartered is one of the banks actively venturing into the crypto sector. On July 18, the bank collaborated with Web3 company Animoca Brands to engage in the stablecoin issuer sandbox managed by the Hong Kong Monetary Authority (HKMA).

Japanese investment firm Metaplanet, famously known as “Asia’s MicroStrategy,” has expanded its Bitcoin holdings to over 398 BTC. Its announcement on X (formerly Twitter) indicated that it purchased an additional 38.4 BTC worth around $2.1 million. This further solidifies its position as a major player in the crypto market.

Metaplanet Purchases More BTC

Earlier, the firm announced its desire to exercise the 11th series of stock acquisition rights, allowing the management team to purchase company shares at a set price. Since this event was successful, Metaplanet has invested $2.2 million (¥299,700,000) representing 540,000 warrants to acquire Bitcoin. The company will begin delivering shares on September 18.

By directing funds raised through the stock acquisition rights into Bitcoin purchase, the Japanese firm shows its seriousness about being a “pioneer in the adoption of digital assets in Japan.” The firm has shown that this move is not a short-term reaction to market trends but a calculated approach to solidifying its position in the crypto industry.

Metaplanet seems committed to holding Bitcoin as a treasury reserve asset, even amidst the current market downturn. By doing so, the company seeks to offer Japanese investors a unique opportunity to gain exposure to Bitcoin while taking advantage of beneficial tax incentives.

Metaplanet Takes Steps Toward BTC Investment Goals

Metaplanet has made several notable Bitcoin purchases in the past, including a $3.4 million acquisition of 57 BTC, and a $1.2 million purchase of 20 BTC. These strategic buys reflect the company’s commitment to building its Bitcoin reserves.

Its BTC purchases echo the investment approach of MicroStrategy. By accumulating Bitcoin, Metaplanet aims to mitigate the risks associated with yen depreciation. This move makes the first and largest crypto a strategic hedge and a major asset in its portfolio.

Metaplanet has also partnered with SBI VC Trade to enhance its Bitcoin services, gaining access to compliant custody, improved tax efficiency, and BTC-based financing. SBI will provide trading, storage, and operational support. It will also offer tax exemption benefits to support long-term corporate crypto holdings.

American billionaire entrepreneur and MicroStrategy’s bitcoin-enthusiastic chairman Michael Saylor continues to boost optimism in crypto and bitcoin adoption. Once again, he has predicted a fantastic future for Bitcoin. Looking 21 years from now, Saylor believes that the crypto will become more dominant worldwide and trade at $13 million per BTC after going through four halving events, increasing its scarcity and value.  

Saylor Predicts $13M per BTC

Saylor told CNBC in a Monday interview that according to his calculations on the future of Bitcoin, he sees the cryptocurrency becoming 7% of all the capital in the world and jumping to $13 million by 2045.

“My long-term forecast, it’s going to go to $13 million over 21 years,” he said.

Describing why he’s convinced of such a massive movement, Saylor expressed that the crypto market is always going to be a more global, open, and free capital market. He also explained that bitcoin goes up by approximately 44% each year, and with time, it may reduce to around a 30%- 40% increase per annum. 

According to live price data from CryptocurrenciesToWatch, bitcoin trades at $57,220. It covers just 0.1% of the world’s capital with a $1.3 trillion market capitalization. Breaking down Saylor’s prediction means that, by 2045, bitcoin will reach $13 million per BTC with a $280 trillion market capitalization, covering 7% of the world’s capital.

Saylor’s Bitcoin Bag

In Bloomberg’s Open Interest interview last month, Saylor revealed that he holds about 17,500 bitcoins worth over $1 billion. The Bitcoin billionaire has seized various opportunities to express confidence in the cryptocurrency. He likened the acquisition of bitcoin to buying desirable and scarce real estate in the greatest cities in North America. Further, he referred to Bitcoin as the future.

“I think it’s a great capital investment asset for an individual, a family, an institution, a corporation, or a country. I can’t see a better place to put my money. It’s the future,” Saylor said.

In addition to his holdings, Saylor co-founded the first publicly traded Bitcoin company, MicroStrategy. He stepped down as its CEO to focus on acquiring bitcoins for the company. Following MicroStrategy’s last bitcoin purchase, it now has 226,500 BTC, almost 1.1% of the total bitcoin supply, worth more than $13 billion. 

21Shares seeks to usher in the next phase of decentralized finance and help enable DeFi’s broader adoption.

21Shares, the world’s leading crypto ETP investing platform, has announced that its subsidiary, 21.co, is set to launch a new wrapped Bitcoin (21BTC) product on the Ethereum blockchain in collaboration with Flow Traders, one of the world’s largest market makers.

21.co Wrapped Tokens are 100% physically collateralized, with the underlying held in cold storage by institutional-grade custody and a third-party custodian.

According to the announcement, 21.co aims to drive the next chapter of decentralized finance (DeFi) and help support and foster its adoption across the financial system since entering the wrapped tokens space in 2023.

21.co’s wBTC on Ethereum Network

The announcement noted that 21.co wrapped Bitcoin is developed by institutions and for the crypto asset community with institutional security and robust mechanisms to secure user protection.

Commenting on the latest development, Eliezer Ndinga, Head of Strategy and Business Development, Digital Assets at 21.co, said: 

“As one of the world’s largest issuers of crypto ETPs, we bring stringent asset management best practices and our operational excellence to the world of wrapped assets, involving institutional-grade custodians and security protocols.” 

Ndinga noted that users are eager to maximize the utility of their liquidity, but they also require confidence that their wrapped assets are secured to the highest standards.

According to the report, the launch of 21BTC on Ethereum also reassures customers as they navigate decentralized applications and explore new opportunities on the smart contract-enabled layer-1 blockchain.

As part of the launch of 21BTC on Ethereum, 21.co is actively partnering with leading market maker Flow Traders. 

“As a global liquidity provider, we recognize the importance to increase the access to digital assets. Through the expansion 21Shares’ BTC wrapped,” Michael Lie, Global Head of Digital Assets at Flow Traders, said.  

Strengthening Various Blockchain Networks

Lie believes the overall market will strengthen, offering greater liquidity and enabling better interoperability across various blockchain networks.

The head of digital assets also added that BTC wrapped harnesses the power of Bitcoin, the leading digital asset essential in driving decentralized finance growth. It serves as a key collateral source and supports various financial activities, including lending, borrowing, and trading.

Lie expressed commitment to further developing the partnership with 21Shares, supporting BTC Wrap as the exclusive liquidity provider, and expanding investor choice through the expanded product suite.

Meanwhile, in May 2024, 21.co unveiled 21BTC on Solana, providing users with native access to Bitcoin on the Solana network. This straightforward and secure solution enhances cross-chain compatibility, liquidity, and utility.

The country’s law authorities said this was the first robbery case in Scotland to involve tracking stolen cryptocurrency.

Police Scotland has charged John-Ross Rennie, a 29-year-old man from Lanarkshire, Scotland, with involvement in a massive crypto theft of 23.5 BTC (worth $1.38 million). Although not present at the crime scene, Rennie has been found guilty of supporting and benefiting from the theft. The attackers physically assaulted those at the crime scene and stole cars and other valuable items.

Rennie Steals 23.5 BTC

The robbery took place at an address in Blantyre, Lanarkshire, Scotland, in March 2020.

Three men who were Rennie’s partners invaded and assaulted a man in his home, forcing and threatening him with a machete to transfer his bitcoins to them. Fearfully, the victim processed the transaction, sending 23.5 BTC worth about $200,000 at the time. Currently, it is worth over $1.38 million.

Additionally, the invaders injured a woman in the home by repeatedly beating her with a Toblerone bar and throwing her into a bedroom. Before leaving the crime scene, one of the attackers threatened the lives of their victims, making a cutthroat gesture with the chocolate bar.

According to BBC, Rennie played a “pivotal role” in the attack even without coming to the crime scene. First, Rennie backed the attackers, training them to process the Bitcoin transaction.

After investigations, the police authority also discovered that the receiving Bitcoin address was linked to Rennie. He was a beneficiary of the crime. Although he didn’t plead guilty to supporting the thieves, he was sentenced for possessing stolen goods as he had spent more than 30% of the stolen funds on himself.

Police Take Action Against Rennie 

Rennie has been convicted and given a community sentence for being the “technical brain” behind the invasion in Lanarkshire.

Rennie’s lawyer, Marco Guarino, pleaded with the court on his behalf, stating that he should not receive a prison sentence since this is his first conviction and he has children to care for. Moreover, he played a limited role in the robbery. 

Considering these, Judge Lord Scott sentenced Rennie to 150 hours of unpaid work and a six-month supervision order. Additionally, the court seized the stolen cryptocurrency and converted it to physical cash.

Metaplanet plans to cooperate with leading Japanese industry stakeholders to support its Bitcoin acquisition strategy.

Japan-based company Metaplanet has partnered with SBI VC Trade, the crypto trading arm of Japan’s famous financial services company, SBI Group, and a partner of renowned blockchain firm Ripple Labs. Metaplanet has headed crypto adoption in Japan by adopting bitcoin as a reserve asset and significantly acquiring the crypto asset under different market conditions, earning it the title “Japan’s MicroStrategy.”

Metaplanet Partners with SBI VC Trade

Beginning Monday, Metaplanet has thrilled its investors with the news of a strategic partnership with SBI VC Trade, which it believes will be a remarkable upgrade to its bitcoin accumulation plan.

Following the partnership, Metaplanet’s CEO Simon Gerovich, alongside SBI VC Trade, affirmed that the collaboration is meant to advance Metaplanet’s bitcoin trading, storage, and management. Additionally, the partnership will help Metaplanet prioritize tax efficiency and offer the potential to utilize Bitcoin as collateral through a compliant corporate custody service.

As stated in its official announcement, the “collaboration is part of our ongoing effort to engage with leading industry stakeholders in Japan who support our corporate Bitcoin accumulation strategy.” Thus, Metaplanet plans to partner with other crypto-inclined companies in Japan to strengthen its Bitcoin adoption and acquisition.

Metaplanet’s collaboration with SBI VC Trade will boost bitcoin adoption among Japanese citizens and attract other Asian crypto-enthusiastic firms to follow in the same footsteps.

Metaplanet’s Bitcoin Journey

Due to the fiscal crisis within the Japanese system, the native currency, Yen, has become volatile and devalued, jeopardizing companies that adopted it as a reserve asset. Metaplanet adopted bitcoin as its primary reserve asset to safeguard itself from the effects of inflation.

Following the switch in May, Metaplanet adopted a “bitcoin-first, bitcoin-only” strategy and has taken visible steps to stick to it. As revealed in August, the company has borrowed about $6.8 million from one of its shareholders to acquire bitcoins. The company believes it will recover the required amount to repay the loan with interest from its acquired bitcoins.

Following its last Bitcoin purchase of $3.4 million in August, Metaplanet holds approximately 303 BTC worth over $17 million.

According to live data from CryptocurrenciesToWatch, bitcoin trades at $57,945 at press time.

Institutional crypto investment continues to rise as Semler Scientific buys an additional $5M in Bitcoin, totaling 1,012 BTC.

Amid growing institutional interest and adoption of crypto, healthcare technology company Semler Scientific has purchased 81 BTC for $5 million via a press release, bringing its total holdings to 1,012 BTC.

The purchase was primarily funded through cash raised from the company’s at-the-market equity program. This latest acquisition is part of the company’s strategy to add Bitcoin to its portfolio, mirroring the approach of MicroStrategy, a leader in corporate Bitcoin adoption.

Semler Scientific’s BTC Investment History

Semler Scientific, which specializes in developing technology products and services to combat chronic diseases, expanded its Bitcoin holdings recently. In May, the company invested $40 million in 654 BTC, followed by a $17 million purchase of 247 BTC in June. Earlier this month, Semler added 101 BTC to its holdings for $6 million.

The company’s CEO, Doug Murphy-Chutorian, has emphasized Semler’s dual interest in expanding its healthcare business and acquiring Bitcoin. The CEO added in a June report that the firm will continue to pursue the strategic acquisition of bitcoins.

Data from Bitcoin Treasuries shows that with its latest purchase of 81 BTC, Semler Scientific is now ranked 17th among the world’s top public companies with significant Bitcoin reserves. Bit Digital, a leading United States-based Bitcoin mining company, trails behind as 18th.

More Institutions Adopt Crypto

Semler Scientific’s Bitcoin investment is part of a growing trend among public companies recognizing the potential benefits of holding cryptocurrency as a reserve asset and hedge against inflation. MicroStrategy, which has purchased over 225,000 bitcoins worth billions of dollars since 2020, has seen its market value increase dramatically.

Other public companies, including MARA, Metaplanet, and several others, have joined the ranks of those investing in Bitcoin, recognizing its potential as a valuable reserve asset and inflation hedge. As more firms adopt this strategy, the trend of adding Bitcoin to corporate balance sheets continues to gain momentum.”

As more firms follow suit, Bitcoin’s qualification as a store of value and medium of exchange continues to grow. Semler Scientific’s latest purchase highlights its confidence in Bitcoin’s long-term potential and its commitment to being at the forefront of this new technology.

A chief district security officer mentioned that Bitcoin miners consumed significant electricity while paying less taxes.

Thai authorities have launched a raid on an illegal Bitcoin mining operation linked to a frequent power outage in a local town for over a month.

According to a report from South China Morning Post, authorities from the Provincial Electricity Authority and local law enforcement raided a residence in Ratchaburi, a province in central Thailand, west of Bangkok.

This marked the fourth time this year that officials have raided an unauthorized Bitcoin mining operation in Ratchaburi province.

Raid on Illegal Bitcoin Mining

Jamnong Chanwong, the chief district security officer, reportedly stated that the power outages started around mid-July, likely coinciding with the mining equipment’s full operation. Thai officials noted that the Bitcoin mining operator paid minimal fees relative to the substantial electricity usage. However, no arrests were made at the mining site.  

“We found bitcoin mining rigs, pointing to people using this house to operate a mine and using power they didn’t fully pay for,” Chanwong said.

Chanwong also noted that mining cryptocurrencies like Bitcoin requires potent computers that consume huge amounts of electricity.

The chief district security officer further said that Bitcoin miners in Thailand are classified as manufacturers and are required to pay the corresponding taxes. Still, illegal mining activities have been increasing steadily over the years.

Additionally, Chanwong said that his team attempted to access the residence on August 22, but a security guard refused entry. The team returned with a search warrant and discovered that most of the equipment had been relocated.

About 985 Bitcoin Mining Machines Destroyed 

Southeast Asian countries have become popular locations for bitcoin mining operations due to affordable electricity, skilled workforce, and developed infrastructure, particularly following China’s ban on all crypto mining activities in 2021.   

Recently, Malaysian authorities reportedly destroyed 985 bitcoin mining machines worth about 1.98 million Malaysian ringgits ($452,500) as part of their ongoing effort to address power theft associated with crypto mining. Additionally, the Sepang district police detained seven individuals earlier this month for allegedly carrying out bitcoin mining activities using illegally obtained electricity.