Crypto
Banking on Cryptocurrency – Maddyness UK
Crypto Regulation is GOOD!
Efforts to deliver reasonable, enforceable cryptocurrency regulation in Europe are encouraging conventional financial firms, or traditional finance (TradFi), to expand decentralised finance (DeFi) services.
Since first launching the Moni Talks cryptocurrency platform concept three years ago, I have been public in my support for decent regulation of the crypto space. We ensured we complied with the relevant rules in our home base, the Isle of Man, and committed to seeking regulatory approval in every jurisdiction we planned to operate.
My belief has always been that anyone in the digital asset space had a responsibility to protect consumers and the reputation of the industry. More than that, I believed the lack of regulation was preventing major financial institutions from embracing cryptocurrency, holding back its growth and widespread adoption.
The latest news from Bitstamp seems to suggest I was right.
Big banks go big for crypto
During an interview with CoinDesk, a senior executive from the longest-established crypto exchange, Bitstamp, revealed the business is in talks with three large European banks regarding the introduction of cryptocurrency services in early 2024.
Commentators have suggested the new shows that MiCA, the European Union’s cryptocurrency regulation effort, is making it easier for traditional financial institutions to get involved in digital assets.
It shows that regulation designed to protect without putting a stranglehold on the industry, drawn up through genuine consultation and actual listening, can produce results.
Contrast the situation in Europe, where new regulation is giving big banks the confidence to explore offering more digital asset services to what’s happening in the US. On the other side of the Atlantic, regulators, led by the US Securities and Exchange Commission, are cracking down on cryptos. Why would any reputable business ally itself with an industry under attack from the SEC?
Stamp of approval
As MiCA begins to give banks and other financial institutions the confidence to explore offering new digital asset services, Bitstamp has managed to establish itself as a ‘go-to’ service provider.
This is thanks to the innovative white label offering which banks and FinTech firms can license to deliver their own cryptocurrency trading products.
Robert Zagotta, global chief commercial officer of the Luxembourg-based company, said: “In the last six to nine months, we’ve had quite an increase in inbound inquiries about this offering from large European banks.
“We are in advanced conversations with three such banks, household name banks in Europe. I think first quarter-ish we will be able to announce.”
While Zagotta didn’t name the banks, this is clear good news for Bitstamp, as well as the crypto industry. It is in Europe, at least.
Unfortunately, in the US (Zagotta is CEO of Bitstamp’s US division as well), we’re seeing quite the reverse.
Constant cases being brough by the SEC, and others, against crypto players, is scaring off traditional institutions, as well as forcing major digital asset names to consider moving elsewhere. More welcoming jurisdictions, like Singapore, are proving popular.
Moving is not about escaping regulation, but finding a regulatory landscape which allows crypto to function and develop while looking after the welfare of consumers. Which is what the EU is trying to achieve through MiCA.
Against the backdrop of the European rule making, the likes of HSBC and Deutsche Bank have made headlines by announcing strategic partnerships with digital asset firms.
Zagotta confirmed that Bitstamp has experienced demand for a fully regulated swap product in Europe, and is working on developing a solution.
Something good from FTX
The controversial collapse of FTX, and subsequent trial of founder Sam Bankman-Fried and others, plus the regulatory issues Binance has faced in various jurisdictions damaged the reputation (and therefore adoption) of crypto.
However, business with a positive attitude towards well-written, reasonable rules, like Bitstamp, are now seeing the benefits from FTX’s fall.
During the first six months of this year, Bitstamp, with its “buttoned up” approach to regulation onboarded around one third more corporations than it did in the second half of 2022, when the FTX meltdown happened. Zagotta puts this down to FTX’s market share being redistributed and many looking for the safety of a regulated provider.
Like me, Zagotta believes the industry cannot allow another catastrophic event like FTX, especially if it were to involve another name known widely outside the inner crypto circle, like Binance.
No brainer for banks
With around 38 million people in Europe holding or trading crypto – of which 58% are under 34, 36% earn more than $100k a year, and 82% have a bachelor’s degree or higher, big banks embracing digital assets is a no brainer.
MiCA regulations create an opportunity for collaboration between established, traditional finance business and cryptocurrency service providers, just as we have seen Bitstamp discuss.
This is good news for mass adoption, or least European adoption, driving the industry forwards. In time, other regions will follow suit, for sure. This is a massive shift since last May, when the European Central Bank stated that crypto links with banks would pose a threat to financial stability.
The incoming regulations point to increasing market maturity and create a higher bar for compliance, levelling the playing field and ensuring that any gaps in oversight that led to breaches in the past don’t happen again. This will help us avoid history repeating itself.
This is good news and shows how the industry can move forward. However, it will not solve resistance to involvement in crypto from TradFi overnight – the road to widespread adoption is a long one.
Brendan Beeken is an entrepreneur, commercial strategist, investor, philanthropist, and the Founder and Chairman of cryptocurrency community Moni Talks.
Brenda’s success has been many years of hard work in the making, but it was after life-threatening heart failure that he crystallised his experiences, good and bad, into a culture, ethos, vision, and set of values. It was a catalyst to understand what he does and exactly why he does it now.
His professional life is built on four pillars: Trust, Curiosity, Spirit, and Heart. This simple approach allows Brendan to identify what matters in how you behave, and what you hope to see in others. A focus on ethics and clear goals has allowed Brendan to achieve success in multiple industries and sectors, establishing himself as a respected, trusted, and leading voice in the business community.
In 2023, Brendan was named among the Top 32 Business Influencers by respected publication Business Leader, recognising his expertise and status as a thought-leader.
An up-and-coming player in the world of cryptocurrency is looking to revolutionize the industry through its unique processes that highlight sustainability.
According to Be3, cryptocurrency XRP, developed by Ripple Labs, could have a “transformative impact on both finance and environmental sustainability” thanks to its unique consensus mechanism that does not require mining and uses a negligible amount of energy even as it scales.
It generates a minuscule amount of pollutants per transaction while producing 1,110 pounds of electronic waste and impacting just over 8 cubic miles of natural resources.
This approach separates XRP from its contemporaries, which often rely on the notoriously power-hungry proof-of-work systems and hulking mining centers that can destabilize the grid.
Statistics provided by TRG Datacenters show that XRP is the second-most eco-friendly cryptocurrency behind IOTA, consuming just 0.0079 kilowatt-hours per transaction. Comparatively, bitcoin ranks last at a staggering 707 KWh per transaction.
Furthermore, the cryptocurrency became the first major global blockchain to achieve carbon net zero by purchasing enough renewable energy to offset its minimal energy requirements, per the XRP Ledger.
Be3 also noted other features that make XRP an attractive option for institutions focused on environmental responsibility, as it takes just three to five seconds to settle at fractions of a cent per transaction.
It’s a welcome addition to a sector that desperately needs more sustainable options. A study by the International Monetary Fund found that crypto mines, in conjunction with artificial intelligence data centers, accounted for 2% of global electricity demand and 1% of carbon dioxide pollution in 2022.
The United Nations found that the bitcoin mining network used 173.42 terawatt-hours of electricity between 2020 and 2021, resulting in a carbon footprint equivalent to burning 84 billion pounds of coal.
Coal and natural gas also supplied 66% of the energy for mining operations during this period, polluting the planet with planet-warming gases.
Luckily, the sector has made significant strides in recent times in an effort to become more eco-friendly.
Alephium, which utilizes a proof-of-work blockchain, has partnered with Gigatons to implement a proof-of-less-work consensus that is significantly more energy efficient.
Meanwhile, Ethereum has transitioned to a proof-of-stake system that has cut its energy consumption by nearly 100%.
“In a world increasingly attentive to environmental impact, XRP’s innovative technology not only promises efficiency but also a greener future,” Be3 wrote.
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Zagreb, Croatia–(Newsfile Corp. – January 12, 2025) – ZIUM, a cutting-edge agency founded to tackle some of the most pressing challenges in social media and digital marketing, is now officially open for business. Specializing in Instagram username claims, account unbans, and cryptocurrency marketing, ZIUM has positioned itself as a trusted partner for individuals and businesses seeking innovative solutions in the digital age.
The agency operates at the intersection of technology, social media, and blockchain marketing, empowering clients to unlock their full potential online. With a dedicated team of experts and a results-driven approach, ZIUM is redefining the way people navigate the ever-changing online landscape.
ZIUM
To view an enhanced version of this graphic, please visit:
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A New Era of Digital Problem Solving
ZIUM’s services address real-world challenges in today’s digital ecosystem. Instagram, one of the largest and most influential social platforms, has become a critical tool for personal branding, business promotion, and community engagement. However, issues such as unavailable usernames or unfair account suspensions can hinder growth and cause frustration. ZIUM steps in to provide solutions that are fast, efficient, and tailored to each client’s needs.
Additionally, ZIUM excels in cryptocurrency marketing, offering projects and startups a strategic edge in the fast-paced blockchain industry. By combining deep knowledge of crypto trends with cutting-edge marketing strategies, the agency helps blockchain projects stand out in an increasingly crowded market.
Core Services Offered by ZIUM
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Instagram Username Claims
In the crowded social media space, having the perfect Instagram username can make all the difference. Whether it’s for a brand, influencer, or business, ZIUM specializes in acquiring sought-after usernames to align with clients’ goals and identities. The agency handles the process from start to finish, ensuring a smooth and hassle-free experience. -
Instagram Account Unbans
Account suspensions on Instagram can be devastating, especially for businesses and influencers relying on the platform for engagement and revenue. ZIUM offers expert account recovery services, helping clients navigate Instagram’s policies to regain access to their accounts quickly and effectively. -
Cryptocurrency Marketing
The cryptocurrency space is highly competitive, and visibility is key. ZIUM provides end-to-end marketing strategies tailored to blockchain projects, ensuring they reach the right audience. From brand development to targeted campaigns, ZIUM helps crypto ventures grow and thrive in an ever-evolving market.
Donald Trump is making news once more, but this time it’s not for political reasons; it’s about cryptocurrency. As he prepares to return as the 47th President of the United States, Trump will become the first sitting president to own meme currencies, a decision that has stirred both enthusiasm and skepticism in the crypto community.
Trump: A Significant Crypto Portfolio
Recent sources claim that Trump’s crypto wallet consists largely of meme coins and is valued roughly $8 million. Among the assets are $1.5 million in a meme currency with Trump-themed design and $5.5 million in TROG tokens.
In addition, he has about 1.3 billion GUA coins, which amounts to nearly $400,000, and $167,000 in TRUMPIUS tokens. This is a first of its kind, where Trump becomes an oddity in the world of politics and cryptocurrency, considering his earlier reluctance towards digital assets.
DONALD J. TRUMP WILL BE THE FIRST SITTING US PRESIDENT TO HOLD MEMECOINS pic.twitter.com/ODlNXDaKIT
— Arkham (@arkham) January 10, 2025
From Skepticism To Support
Trump’s journey into the crypto world is notable. He had been a strong critic of Bitcoin and other cryptocurrencies, calling them scams. But that all changed in 2024 when he started publicly endorsing Bitcoin and speaking out for the right to own it. That’s a broader trend among politicians, who are increasingly recognizing the potential of cryptocurrencies and their growing popularity among voters.
Trump’s financial success in the digital sphere was also aided by his venture into non-fungible tokens (NFTs) on Ethereum. Trump reportedly made a good living from these endeavors, and he currently owns roughly 496.77 ETH, which is worth about $1.6 million.
Implications For Regulation
Many people are eager to see how Trump’s administration will regulate cryptocurrencies now that he is back in office. A possible change toward a more advantageous regulatory climate for digital assets is hinted at by the nomination of important individuals like David Sacks as “Crypto Czar” and Paul Atkins as SEC chair. This could result in more precise rules for investors and businesses involved in the cryptocurrency industry.
Donald Trump. Image: Ronda Churchill/Reuters
The policies by Trump are already changing market dynamics as everybody is anxiously awaiting them. During this time when Bitcoin hit a record high of $108k, while meme coins surged, analysts still feel that Trump could make the year 2025 a major turning point in cryptocurrencies.
Meme Coin Boom
The rise of Trump-owned meme coins is indicative of a broader cultural shift among younger investors who are fed up with established financial institutions. This combination of the political influence of Trump and the speculative nature of meme coins puts a scenario under which political events could significantly affect cryptocurrency markets. Thus, while the investors go about this, they are not ignorant of the volatility that is usually associated with meme coins.
Featured image from Fortanix, chart from TradingView
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