Weekly report: Dogecoin now on Coinbase
Coinbase dominated the news this week, adding support for Dogecoin (DOGE) and further improving its Coinbase Card
Coinbase lists DOGE and expands Coinbase Card support
Leading US-based cryptocurrency exchange Coinbase officially listed Dogecoin on its Pro platform earlier this week. This comes after announcing the support a few weeks ago. Dogecoin is one of the best-performing cryptocurrencies this year, adding over 6,000% to its value since the start of the year. Although the price has dipped in recent weeks, Coinbase listing the cryptocurrency saw its price surge again, and it is looking to reach the $0.5 mark again soon.
The cryptocurrency exchange also expanded the usability of its Coinbase Card. Coinbase announced earlier this week that its users can now link the Coinbase Card with Apple Pay and Google Pay. The card has been integrated into Google and Apple Pay, allowing users to use their cryptocurrencies to pay for everyday goods and services via the supported payment platforms.
BNY Mellon expands its presence in the crypto space
Traditional financial institutions seem to be trooping into the crypto space every week. This week, BNY Mellon, America’s oldest bank, expanded its presence in the market by opening a crypto custody solution in Ireland. BNY Mellon will offer the service through a new digital asset unit called Digital Innovation Hub. The firm, based in Dublin, will be a custodian for cryptocurrencies such as Bitcoin and other digital assets like nonfungible tokens (NFTs). With the Digital Innovation Hub, institutional investors can hold, transfer, and issue digital assets with ease. BNY Mellon is carving out a place as one of the leading traditional financial institutions by providing more crypto-related services to their clients.
Guggenheim files for a new fund to gain exposure to Bitcoin
Global investment firm Guggenheim wants to allow its investors to gain exposure to cryptocurrencies, after filing with the Securities and Exchange Commission. The Guggenheim Active Allocation Fund would be a diversified, closed-end management investment fund that would allow investors to access a wide range of assets, including Bitcoin and other cryptocurrencies. Guggenheim wants to gain exposure to Bitcoin via exchange-traded futures, cryptocurrency derivative contracts, and investment tools providing exposure to BTC. The firm said that it filed to access cryptocurrencies due to the massive demand from its investors. However, Guggenheim warned that due to the volatile nature of cryptocurrencies, investors could record substantial losses.
Google to allow crypto exchanges and wallets to target US users
Search engine giant Google announced that starting 3 August, cryptocurrency exchanges and wallet services can run adverts targeting US users. Google banned crypto-related adverts in March 2018. However, it partially lifted the ban the same year. The firm said it would only allow exchanges and wallet service providers with a federal or state bank charter to run ads and target US users. The companies also have to comply with other requirements, such as keeping the ad and landing page in accordance with Google Ads policies. Cryptocurrency exchanges have experienced massive growth over the past few years, with the present bull market leading to huge adoption.
SEC delays decision on the WisdomTree Bitcoin ETF application
The United States SEC has delayed the decision on the WisdomTree Bitcoin ETF application for another 45 days. The regulatory agency was supposed to decide on whether to approve or reject the proposal on 30 May. However, it has pushed the date forward and will make its decision on 14 July. This is the second Bitcoin ETF application the SEC has postponed, with VanEck’s review extension coming a few weeks ago. The US SEC has rejected all Bitcoin ETF applications submitted in the past, but must now review nine Bitcoin and three Ether ETF applications. While the US is yet to have any cryptocurrency-focused ETFs, Canada is blazing a trail with several Bitcoin and Ether ETFs.
CBDCs are gaining traction
Discussions around central bank digital currencies have been growing in various parts of the world over the past few months. Earlier this week, Yao Qian, a former director of the PBOC’s Digital Currency Research Institute, stated that he believes CBDCs can run on the Ethereum network. According to Qian, the functionalities of CBDCs should go beyond the digital version of physical cash, but they should have other features such as smart contracts and more. However, Qian said more work needs to be done with smart contracts to ensure their safety before they can be deployed on CBDCs.
The European Central Bank published a paper earlier this week that warned of the risks to financial stability if central banks don’t develop and issue CBDCs. According to the authors, attention should be given to the risks to stability that might arise if a central bank doesn’t offer a CBDC. Issuing central bank digital currencies would help maintain the autonomy of the local payment systems and the international use of a currency in a digital world. Several central banks are already developing their CBDCs, while others are investing heavily into their research. The ECB under Christine Lagarde is open to the idea of developing and issuing the digital Euro. However, the bank is trying to figure out the right infrastructure for the digital Euro, and Lagarde believes it could launch by 2025.
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