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Swiss SIX Receives Regulatory Approval to Launch Digital Token Exchange

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SIX Digital Exchange (SDX) – based in Switzerland – has obtained regulatory approval from FINMA, the Swiss Financial Market Supervisory Authority, to operate a marketplace for digital assets.

On Friday, September 10, the SIX Digital Exchange stated that FINMA, the country’s market regulator, awarded it two licenses to operate a stock exchange and a central securities depository for digital assets in Switzerland.

The digital exchange has stated that the new approval from the regulator has enabled the firm to launch a digital bourse, dubbed SDX – a fully regulated trading, settlement, and custody infrastructure for digital securities running on Distributed Ledger Technology (blockchain).

Thomas Zeeb, SIX’s global head of exchanges and a member of the firm’s executive board, said that:

“This authorisation enables SDX to go live with a fully regulated, integrated trading, settlement, and custody infrastructure based on distributed ledger technology for digital securities. With these licenses, SDX can now offer the highest Swiss standards of oversight and regulation.”

The SIX Digital Exchange stated that it plans to offer bonds and stocks in the form of digital tokens once the exchange is live. Mr. Zeeb signalled that the firm could also provide tokenised version exchange-traded funds and also other assets like art and real estate.

Through the approval, the exchange can now provide efficient services in a secure and regulated environment. The firm also outlines plans to invest in the expansion of the global digital financial ecosystem, like offering a regulated alternative to crypto exchanges, many of which operate outside the confines of established regulations.

The launch of SIX’s new platform would see the firm ahead of major exchanges such as the New York Stock exchange in providing securities based on the blockchain, though the firm stated that it does not plan to support Bitcoin and other crypto assets.

Getting Tokenized Stocks

The SIX Digital Exchange is entering the world of traditional finance with the launch of its new digital assets trading platform.

Similar to the likes of Injective Protocol, FUSANG digital security exchange, Global investment fund Franklin Templeton Investments, and others, the SIX Digital Exchange will allow companies to list their tokenised equities, bonds, or funds on its exchange. This product will give traders and investors direct access to listed companies without using an external broker or paying additional fees. Shares can be bought using US dollars or other accepted payment options, twenty-four hours a day, seven days a week.

The tokenised stocks and bonds available through the exchanges mentioned above allow customers to buy a fraction of a stock or bond without the need of purchasing the entire share, where the underlying risk of the token is derived from the tokenised company.

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Source: https://Blockchain.News/news/Swiss-SIX-Receives-Regulatory-Approval-to-Launch-Digital-Token-Exchange-534fb312-2b8b-4c10-80be-00cb2921be15

Blockchain

Cartesi Integrates Chainlink Feeds for Delegated Staking System

Cartesi announced that the Noether sidechain’s Delegated Staking technology is now operational on the Ethereum network. The firm is also excited about the two Chainlink Price Feeds linked to enable the Delegated Staking system. The first is a decentralized Oracle price powered by Chainlink for the present ETH/CTSI price and is used to determine user …

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Cartesi announced that the Noether sidechain’s Delegated Staking technology is now operational on the Ethereum network. The firm is also excited about the two Chainlink Price Feeds linked to enable the Delegated Staking system. The first is a decentralized Oracle price powered by Chainlink for the present ETH/CTSI price and is used to determine user staking incentives. The second method includes using the Chainlink Fast Gas Oracle to reimburse investors for gas expenses appropriately.

Cartesi boosts the dependability and transparency of Delegated Staking systems by incorporating Chainlink decentralized oracles and protecting them against possible attack vectors such as flash failures, exchange outages, or data tampering. This Delegated Staking system carries more transparency and security, as it continues to follow worldwide markets and work as planned.

The firm decided to upgrade oracle ETH/CTSI through Uniswap V3 TWAP with the Chainlink Price Feeds as it provides optimizations like:

  • Price Precision

Chainlink Price Feeds gather data from various top data aggregators, resulting in price data compiled from exchanges and free of outliers. The data aggregation technique used by Chainlink creates more exact global market prices that are immune to difficulties with a single or limited number of data suppliers.

  • Secure Node Operators

Free and Sybil-resistant oracle nodes managed by top Blockchain DevOps teams and traditional organizations with a track record of uptime, amid high gas prices and significant network congestion, protect Chainlink Price Feeds.

  • Decentralized Networks

Chainlink Price Feeds are decentralized at the resource data, oracle node, and high oracle network levels, resulting in robust defenses against outage and tampering by the data providing firm or the oracle networking server.

  • Complete Transparency

Chainlink offers a sophisticated reputation system and a set of on-chain monitoring tools that allow users to independently evaluate the previous performance by node operators along with oracle networks. They can also examine the real-time pricing.

Importance of Chainlink

Oracles are critical components of each blockchain ecosystem. They allow smart contracts to view a step ahead of the blockchain on which they are running. Oracles are a vital bridge to unleash the full possibilities of smart contracts, connecting data from other blockchains to real-world occurrences.

Chainlink is the market leader in delivering safe oracle solutions for blockchain applications, assisting in the security of billions of dollars of on-chain assets across various leading blockchains and applications. Cartesi is also happy with the Chainlink serving as the Noether sidechain’s eyes, assisting Noether staking pool operators in receiving more secure and equitable rewards amid gas spikes and CTSI pricing variations.

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Source: https://www.cryptonewsz.com/cartesi-integrates-chainlink-feeds-for-delegated-staking-system/

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El Salvador Buys Another 420 Bitcoins, Worth $25 Million for National Reserve

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The government of El Salvador has bought 420 more Bitcoins, thus increasing the total amount purchased to date to 1,120 Bitcoins.  

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On Wednesday, October 27, President Nayib Bukele announced on Twitter social media platform that the Central American nation has doubled down in its splashy crypto experiment by adding amounts of its Bitcoins by 420 BTC, worth almost $25 million at current prices when the flagship cryptocurrency trades around $59,000 per coin.

El Salvador took advantage of yesterday’s decline in the prices of Bitcoin to accumulate the nation’s reserve. 

Bukele stated on social media that he had purchased the proverbial dips Bitcoin, which climbed to an all-time high above $67,000 last week, but yesterday plunged to below $60,000, according to CoinMarketCap.

“It was a long wait, but worth it. We just bought the dip! 420 new Bitcoins,” Bukele announced on popular social media.

So far, President Bukele has ordered four Bitcoin purchases for the nation’s reserves.  

El Salvador first bought two batches of 200 Bitcoins on September 6 this year. The country purchased another batch of 150 Bitcoins a day later when the government officially adopted Bitcoin as legal tender on September 7.

The nation then bought another 150 Bitcoins on September 19, which brought the nation’s total amount of holdings to 700 Bitcoins. The latest purchase made yesterday has increased El Salvador’s Bitcoin reserve to 1,120 Bitcoins.

According to official data, El Salvador’s treasury holds an overall amount of 1,120 Bitcoins, currently worth almost $66 million.

El Salvador Betting on Bitcoin

Earlier last month, El Salvador became the first nation in the world to adopt Bitcoin as legal tender alongside the US dollar. During that time, President Bukele stated that Bitcoin adoption would lower the cost of remittances from Salvadorans living abroad.

Bukele has promoted the crypto asset as a path to financial freedom, stating that Bitcoin will help Salvadorians save about $400 million the government calculates is spent every year in commissions for remittances.

Traditional banks and other financial institutions usually charge hefty fees to process the money transfers.

The small and impoverished El Salvador’s economy heavily depends on around $6 billion in remittances sent home each year, with around one-fifth of households dependent on the cash infusions. 

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Source: https://Blockchain.News/news/el-salvador-buys-another-420-bitcoins-worth-$25-million-national-reserve

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Blockchain

AscendEX Lists Clearpool Under CPOOL/USDT Trading Pair

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AscendEX is excited to announce the Clearpool token (CPOOL) listing under the trading pair CPOOL/USDT on October 26 at 1 p.m. UTC.

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Clearpool takes core concepts from traditional credit markets and applies the principles of decentralization to create a decentralized capital markets ecosystem. Clearpool introduces single borrower liquidity pools, allowing whitelisted borrowers to compete for uncollateralized liquidity directly from the DeFi Ecosystem.

Liquidity providers on Clearpool are fairly rewarded for taking a risk and therefore earn additional rewards in the form of CPOOL tokens, enhancing overall liquidity pool APYs to achieve market-leading levels. 

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Comparable protocols such as TrueFi and Maple offer fixed loan sizes and interest, yet Clearpool is the first protocol to introduce continuous pools with dynamic interest rates driven purely by market forces. Additionally, Clearpool introduces single borrower pools, allowing liquidity providers to engage in more sophisticated risk management solutions.

CPOOL holders will vote on the whitelisting of new borrowers, a process that will qualify participants to earn additional CPOOL through an incentive-based reward scheme. Eventually, a complete decentralized governance system will be introduced, allowing CPOOL holders to propose, vote, and implement future changes and upgrades to the protocol.

CPOOL staking will be a necessary action for borrowers, who must stake an amount of CPOOL to access the protocol feature where they can create a proposal to be whitelisted.

About AscendEX

AscendEX is a global cryptocurrency financial platform with a comprehensive product suite including spot, margin, and futures trading, wallet services, and staking support for over 200 blockchain projects such as Bitcoin, Etheruem, and Ripple. Launched in 2018, AscendEX services over 1 million retail and institutional clients globally with a highly liquid trading platform and secure custody solutions.

AscendEX has emerged as a leading platform by ROI on its “initial exchange offerings” by supporting some of the industry’s most innovative projects from the DeFi ecosystem such as Thorchain, xDai Stake, and Serum.

AscendEX users receive exclusive access to token airdrops and the ability to purchase tokens at the earliest possible stage. To learn more about how AscendEX is leveraging best practices from both Wall Street and the cryptocurrency ecosystem to bring the best altcoins to its users, visit the website.

AscendEX on sociam media: Twitter, Telegram, Medium

About Clearpool

Clearpool takes core concepts from traditional credit markets and applies the principles of decentralization to create a decentralized capital markets ecosystem. Clearpool introduces single borrower liquidity pools, allowing whitelisted borrowers to compete for uncollateralized liquidity directly from the DeFi Ecosystem.

For more information and updates, visit the Website, Twitter, Telegram.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Source: https://beincrypto.com/clearpool-lists-on-ascendex/

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UAE Markets Regulator Approves Trading of Canadian-Based Bitcoin Fund on Nasdaq Dubai Stock Exchange

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The Dubai Financial Services Authority (DFSA) – a financial regulatory government agency – has approved the first Bitcoin fund, a closed-end investment vehicle based in Canada, for distribution and offering to qualified investors in the Middle East region.

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While the Bitcoin fund received approval from Dubai’s market regulator in June. It was listed on the Nasdaq Dubai stock exchange when it became the first digital asset-based fund serving the Middle East region.

Following its approval by the DFSA, the Bitcoin fund can list up to $200 million worth of units on the Nasdaq Dubai stock market. The approval, therefore, allows the first cryptocurrency-based product listed on a regulated platform to satisfy rising demand from institutional investors in the Middle East region.

The Bitcoin fund will be available to investors of all levels, from individual traders to institutional investors, such as big banks and other investment firms.

The fund aims to provide investors based on the region with exposure to Bitcoin, tracking daily price movements of the cryptocurrency in U.S. dollars, and long-term capital appreciation.

The Bitcoin fund, offered and run by 3iQ Corp, is a diversified portfolio of digital assets that invest in long-term holdings of Bitcoin, bought from over-the-counter (OTC) counterparties and Bitcoin exchanges.

3iQ Corporation group is the largest Bitcoin and digital asset fund management firm in Canada.

Frederick Pye, the Chairman and CEO of 3iQ Corp, talked about the new development and said:

“Since we listed The Bitcoin Fund on the Nasdaq Dubai, we have seen an ever-increasing appetite from the large regional institutional investors. With the ability to now execute significantly larger sale offerings we anticipate that this will help to further grow the fund in the region.”

Pye further added that “at the time of the Middle East launch, the price of Bitcoin was around the $33,000 mark – which from an investor standpoint we felt was a great entry point into the market for our Middle Eastern investors.”

Based on its commitment to embrace fintech, Nasdaq Dubai is the first official stock exchange in the Middle East to provide such a new innovative investment service.

The Dubai Financial Services Authority (DFSA) is trying to establish itself as an innovative regulator for the Middle East region, focusing on innovative financial solutions and new technology to boost economic growth in the area.

The UAE Enjoys Crypto-Friendly Jurisdiction

Dubai has become a more cooperative environment for crypto investments. As a result, investors in the Middle East are beginning to get familiar with cryptocurrencies following the introduction of regulations that allow investors to invest a portion of their funds in the new asset class.

Earlier this week, the DFSA introduced a regulatory framework for investment tokens as part of its commitment to promote the digital financial and technological environment while meeting market players’ demands and requirements.

As reported by Blockchain.News in March, the DFSA called on members of the public to submit comments and views in its proposed rules for crypto assets considered security tokens.

The financial market regulator designed the token investment framework to protect the interests of investors and offer legal certainty for market operators.

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Source: https://Blockchain.News/news/uae-markets-regulator-approves-trading-canadian-based-bitcoin-fund-nasdaq-dubai-stock-exchange

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