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Cryptocurrency firm Payeer hit with record €9.3M penalty

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Cryptocurrency firm Payeer hit with record €9.3M penalty
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Crypto

Report: Coinbase Asset Management Creating Tokenized Money Market Fund

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Report: Coinbase Asset Management Creating Tokenized Money Market Fund

Coinbase Asset Management is reportedly creating a tokenized money market fund.

The company, which is an arm of cryptocurrency exchange Coinbase, is working on the project with Bermuda-based Apex Group, CoinDesk reported Wednesday (July 24).

This effort follows another move in the tokenization space by Coinbase Asset Management, according to the report. The company received in-principle approval from an Abu Dhabi regulator in December 2023 to tokenize traditional assets on its ethereum scaling network called Base.

It also comes after asset manager BlackRock introduced a tokenization of real-world assets: a fund called BUIDL that holds U.S. Treasurys and gained $500 million of assets following its launch in March, per the report.

Tokenization of real-world assets has become a big trend in crypto, the report said.

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It was reported in May that Coinbase has been diversifying its revenue sources and generated about a third of its sales in the first quarter from sources other than trading fees.

These sources include revenue share on USDC stablecoin and revenue from its Base blockchain. Coinbase also serves as the custodian for most U.S. spot bitcoin ETFs and is listed as a custodian for spot ether ETFs that are expected to be OKed by regulators.

In another move in the tokenization space, Ripple and Archax said in June that they extended their existing collaboration in an effort to bring hundreds of millions of dollars of tokenized real-world assets (RWAs) onto the XRP Ledger (XRPL) over the coming year.

“We have hit the tipping point for mainstream adoption of digital assets for real-world use cases,” Graham Rodford, CEO at Archax, said in a press release. “There is clear real-world utility in use cases like RWA tokenization for the operational efficiency, access to liquid markets and transparency inherent to crypto, and Archax has already tokenized assets such as equities, debt instruments and money market funds.”

The tokenization of real-world assets is a function of the blockchain landscape that has captured the imagination of various players across payments, finance and commerce, PYMNTS reported in April.

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Tokenized RWAs have the potential to make assets more liquid, accessible and efficient while enhancing transparency, security and global reach.


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In 5 Yrs, NCB Registered 92 Drug Trafficking Cases Involving Darknet, Cryptocurrency: Govt

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In 5 Yrs, NCB Registered 92 Drug Trafficking Cases Involving Darknet, Cryptocurrency: Govt

New Delhi: The Narcotics Control Bureau (NCB) has registered 92 cases related to the use of darknet and cryptocurrency in drug trafficking in the last five years, Rajya Sabha was informed on Wednesday. In response to a written question, Minister of State for Home Affairs Nityanand Rai said, “Use of darknet, cryptocurrencies and parcel and couriers for drug trafficking have been noticed.”

Data provided by the ministry in the response showed that between 2020 and 2024 (till April), the NCB has registered 92 cases in connection with the use of darknet and cryptocurrencies in drug trafficking.

According to it, the bureau registered three such cases in 2020, 49 in 2021, eight in 2022, 21 in 2023 and 11 till April this year.

In addition, 1,025 cases involving parcel and couriers in narcotics trafficking have been reported by all drug law enforcement agencies during the period, it said.

To tackle the trend, a special task force on darknet and cryptocurrency has been constituted to monitor suspicious transactions related to drugs on the darknet, Rai said.

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“The Narcotics Control Bureau in association with Interoperable Criminal Justice System (ICJS) has created a portal called National Integrated Database About Arrested NDPS Offenders (NIDAAN),” he said.

Rai added that an NCORD portal has been developed as an all-in-one portal for information related to drug law enforcement.

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Ferrari Expands Cryptocurrency Payment To Europe After US Success

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Ferrari Expands Cryptocurrency Payment To Europe After US Success

European customers can now buy a Ferrari with crypto.

Less than a year ago, Ferrari launched the ability for its United States customers to pay for their cars with cryptocurrency. Since then, adopting the new and rather futuristic payment form has proven successful for Ferrari and its US-based customers, as the Prancing Horse has announced today that because of said success, the same service has now expanded, launching in Europe, as well.

Ferrari will extend its cryptocurrency payment system to European dealers from the end of July. However, the historic supercar manufacturer won’t stop there. By the end of 2024, other countries in Ferrari’s international dealer network, where cryptocurrencies are legally accepted, will adopt cryptocurrency payment.

To address security concerns, Ferrari is leaning on the expertise of various companies in the crypto field. In addition, dealers can accept payments without needing to manage cryptocurrency directly, converting it immediately into traditional currency. Ferrari’s partners will be able to verify the sources of crypto transactions and prevent them from being affected by price fluctuations from exchange rates. By now accepting crypto payment in Europe and soon worldwide, Ferrari is leaning into futuristic technology throughout the scope of its brand.

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