Fidelity Investments’ cryptocurrency branch Fidelity Digital Assets is expanding to the United Kingdom.
“We plan to provide our services to European institutional investors through our U.K.-registered entity, Fidelity Digital Assets, Ltd,” a Fidelity Digital Assets representative told Cointelegraph on Dec. 17, saying:
“We recognize that the regulatory requirements for service providers in the digital assets space is evolving, and we intend to comply with all applicable requirements in the U.K. and elsewhere as we continue to globally expand our services to the institutional investment community.”
The move into the U.K. will provide European businesses, such as hedge funds, the opportunity to access Fidelity’s crypto asset services, although Fidelity is taking this leap without any extra regulatory licenses, as no additional approvals are statedly required, according to a post from Financial News London.
Fidelity originally launched its digital asset services branch in the U.S. in 2018, providing crypto asset custody and trade execution to institutional players such as hedge funds third party intermediaries, Cointelegraph reported.
The Boston-based digital asset service provider also received the green light for operation in New York from the New York State Department of Financial Services (NYDFS) in November 2019.
This new expansion to Europe, however, requires no additional regulatory licenses — at least none that Fidelity is aware of.
Fidelity Digital Assets CEO Michael O’Reilly told Financial News:
“Obviously we’ll make sure that we’re compliant with any U.K. or any other licenses that are required, but at this point our understanding is that we do not require any additional licensing to do this in the U.K.”
Upon launch, the UK Fidelity branch will begin operations offering services related to Bitcoin (BTC) only.
“Our focus is presently on Bitcoin, largely driven by what our clients’ needs are,” Fidelity told Cointelegraph, although the outfit might add other assets in 2020.
“We employ a robust framework through which we conduct the analysis of which coins we’ll service,” Fidelity added.
Published at Tue, 17 Dec 2019 16:55:00 +0000
Ethereum Classic Price Analysis: 6 May
Ethereum Classic is currently undergoing its largest bullish rally in 2021. Since the start of May, the asset has been up by 190% in the charts, registering a new all-time high at $118. The surge has
The post Ethereum Classic Price Analysis: 6 May appeared first on AMBCrypto.
Ethereum Classic is currently undergoing its largest bullish rally in 2021. Since the start of May, the asset has been up by 190% in the charts, registering a new all-time high at $118. The surge has been incredible and true to its altcoin nature, extremely volatile. However, there are signs that the price is going to exhibit a strong correction over the next few days, with its momentum slowly dying out.
Ethereum Classic 6-hour chart
The present analysis does not exhibit any proper patterns so the guidelines for a short-position are based on the Fibonacci lines calculated based on its previous top at $49.8. While ETC’s price should not have surged beyond $88 in the current rally, this particular range can now be considered an appropriate range for correction.
Breaching past its -1.272 Fib line, the rally is starting to slow down. Decreasing trading volume is a decisive sign at press time, as buying pressure is seemingly reducing in the 12-hour time frame.
Relative Strength Index is also tapering at a previous high range, which may indicate an eventual dump of buying pressure. Stochastic RSI is more uncertain but the selling pressure should be kicking in anytime in the chart.
On-balance Volume is currently higher than the end of April, and the chances of buyers selling for profit at this range are more likely than a week before.
Keeping the above narratives and range in mind, a short position can be entered at $115. An appropriate stop can be placed at $128, and distinguished by the Fib-line. Profits can be taken at any range between $88 and $74, but a correction to $74 should unfold over the next few days. While the Risk/Reward ratio is 3.08x, it is important to note that it is incredibly risky to short ETC at the moment, since buying pressure may invariably return if market sentiment triggers another rally.
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Polkally – the low-cost and safe NFT marketplace
By the end of summer this year, the first protocol version of Polkally, a decentralized auction platform enabling creation and selling of non-fungible tokens (NFTs), will launch on the Polkadot Network and will be open for all, not just for art professionals. It will bring with it a dedicated team of external experts that will […]
By the end of summer this year, the first protocol version of Polkally, a decentralized auction platform enabling creation and selling of non-fungible tokens (NFTs), will launch on the Polkadot Network and will be open for all, not just for art professionals.
It will bring with it a dedicated team of external experts that will carefully analyze smart contracts to ensure accuracy, if not perfection.
As for sales within its platform, only a minimal fee of 5% will be charged by Polkally. It will also have KALLY, its native token that can now only be bought through Uniswap, after its Initial Desk Offering (IDO) on ZeeDO and Poolz by mid-May.
More on Polkally
Polkally had a private sale of $700K worth of KALLY tokens. After that, these “digital assets” will only be available again on May 19 in a dual IDO.
The goal is to raise at least $200K on each of the IDOs for a total of at least $400K. This should bring a total fundraising haul of $1.1 million, enough to make the project gain some visibility and significance.
Polkally supports the creation of the most interoperable, user-friendly, and easy-to-use marketplace that values virtual artworks.
As the project is still in the development phase, its current pool of networks is expected to grow with the addition of Tron, EOS, Binance Smart Chain, and many more.
Polkally comes with key features like a dynamic auction system for selling artworks at reasonable prices, compatibility with EVM-compatible networks like Polkadot, and a decentralized “Know-Your-Customer” (KYC) based on IPFS.
Addressing common issues
The lack of interoperability, expensive fees, data vulnerability, and being too centralized are just some of the problems encountered today in existing NFT marketplaces.
Polkally addresses this issue with a minimal fee and no hidden charges while utilizing IPFS-based infrastructure to encrypt data for maximum protection.
Image courtesy of Polkally/YouTube
Major Law Firm CMS Adds Stratis (STRAX) to its Legal Accelerator Program
Blockchain-based services company Stratis was selected to become the newest member of CMS’s legal accelerator program.
The large law firm CMS selected the blockchain service company Stratis, for its equIP legal accelerator program. As a result, Stratis and CMS will offer support and guidance to startups requiring legal counsel.
CMS Adds Stratis to Accelerator Program
Founded in 1999, CMS is an integrated, multi-jurisdictional organization of law firms that offers full-service legal and tax advice. The firm has more than 70 offices in over 40 counties with nearly 5,000 lawyers.
In a press release shared with CryptoPotato, Stratis announced a partnership with CMS. The former is a blockchain-based project offering enhanced security, reliability, and performance through its DLT system.
This means that Stratis will join the law firm’s legal accelerator program called CMS equIP. The integration will enable the blockchain-based service company to “easily tap into CMS’s expert legal teams across the firm’s 70 offices worldwide.”
Stratis will also enjoy “steep” discounts and will be able to access the law firm’s network of investors, tech companies, and startups.
The CMS equIP program will offer support to startups requiring legal counsel. However, they would need to pass “stringent” selection processes.
“We are please do welcome Stratis to the CMS equIP fold. It has and continues to set a remarkable track record in supporting new businesses and startups that are being built by some of the brightest minds in the country.
As we build a center of excellence for legal services specifically for blockchain companies, and in EmTech generally, Stratis will form an important part of this.” – commented Charles Kerrigan, CMS Partner.
Crucial Importance for Stratis
The statement outlined the “critical” benefits coming in Stratis’ way after receiving access to the “best legal advice in the world.” Furthermore, the partnership could also serve as a major first step towards bridging the gap between companies from within and outside of the cryptocurrency industry, especially in times when global regulations are looming.
Stratis Founder and CEO Chris Trew also highlighted the significance of this integration for this company:
“Being selected to become a member of CMS’s exclusive equIP program is a tremendous achievement for Stratis and a testament to the fantastic technology we have built and delivered. As the first blockchain-based project to be admitted to the program, I look forward to exploring opportunities and collaborating with other innovative equIP members.”
Moma Protocol Completes $2.25M Round to Create Infinite Liquidity for DeFi Lending Markets
[Press Release – Singapore, Singapore, 6th May, 2021] Moma Protocol, an innovative solution to solve scalability, liquidity and speculation needs in the current DeFi lending market, has completed a $2.25 million dollar round of funding led by Fundamental Labs and SevenX Ventures. Moma Protocol creates, manages, accelerates, and aggregates lending markets through a proprietary smart […]
[Press Release – Singapore, Singapore, 6th May, 2021]
Moma Protocol, an innovative solution to solve scalability, liquidity and speculation needs in the current DeFi lending market, has completed a $2.25 million dollar round of funding led by Fundamental Labs and SevenX Ventures.
Moma Protocol creates, manages, accelerates, and aggregates lending markets through a proprietary smart contract factory, creating an ecosystem that allows for the infinite expansion of lending liquidity and market diversity. Moma Protocol was incubated and supported by Lichang, a community App with over a million registered users. Since the protocol’s concept inception, the concept of “improving the scalability of the DeFi lending market” has been favored by the crypto market and recognized by the community.
The investors in this round include Fundamental Labs, a highly reputable blockchain fund that has invested in Coinbase, and also SevenX Ventures, which has over 100 successful investments in it’s portfolio, as well as other investors including AU21 Capital, Blocksync Ventures, BuildingBlocks, Coins Group, Consensus Investment, DFG Capital, FBG Capital, Finlink Capital, Lotus Capital, Magnus Capital, Moonrock Capital, Moonwhale Ventures, Oasis Capital, Spark Digital Capital, Waterdrip Capital, X21 Digital and Zee Prime Capital. (Participating institutions in alphabetical order).
As an ecosystem with unlimited expansion of lending liquidity and market diversity, Moma Protocol can enrich the DeFi lending market by opening up new lending markets for long-tail digital assets.
SevenX’s spokesperson points out the reason for his bullish view on the Moma Protocol: “As the most important foundation pillar of DeFi architecture — the lending agreement, Moma has made a unique and permissionless innovation here, which greatly enriches the diversity of the market. It has huge potentials to become a scalable platform covering both the mainstream and long tail digital assets.”
Commenting on the investment in Moma Protocol, FBG’s founder Shuji Zhou said, “The DeFi market has seen explosive growth over the past year, with more and more assets being swept up in the DeFi wave. Moma Protocol meets the lending needs of long-tail assets by providing a proprietary smart contract factory that combines the strengths of Uniswap and Compound, to produce an unlimited number of customizable lending pools, thereby bringing more assets into the current lending market to increase the liquidity, diversity and scalability of the DeFi ecosystem, which is something to look forward to. ”
Moma Protocol’s Founder and CEO, Ocean Liao: “I believe that the goal that Moma Protocol wants to achieve is to create an expandable, scalable and flexible infrastructure for the DeFi world in 5-10 years, in a way that everyone can freely participate. I am optimistic about the DeFi ecology and the lending scenario, and I am happy to be able to drive Moma Protocol to explore the future with the infinite liquidity-generating factory model that fascinates me the most. We are ready to set sail!”
About Moma Protocol
As a solution to meet users’ demand for liquidity, scalability, and speculation needs in the DeFi lending markets, Moma Protocol produces, manages, accelerates and aggregates the lending market through a proprietary smart contract factory, creating an ecosystem that can expand infinitely in lending liquidity and market diversity. The beta version of the product has currently been online and the official version of the product will be live in Q2 2021.
Master Degree at Fudan University, senior programmer, serial entrepreneur in the blockchain industry with solid experience in initiating projects such as Gravity (300,000 users), Lichang (1 million users), TokenUp wallet (100,000 users); respected veteran in the Chinese community.
Master Degree at Fudan University, senior blockchain developer, independently led the development, testing, and deployment of two Ethereum-based DeFi projects, and was involved in the launch of the mainnet and application development of blockchain projects such as EOS, Platon and Worbli.
Co-founder of Coins Group, a crypto fund based in Hong Kong, 12 years of experience in digital marketing and internet start-up building; 4 years of experience in blockchain investment and project incubation, invested in over 30 blockchain projects
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