Crypto
Green Bay’s Sequoir links community banks with cryptocurrency services
GREEN BAY – A Inexperienced Bay-based firm is giving new hope to neighborhood banks trying to maintain their very own in a fast-growing aggressive world of cryptocurrency and safe blockchain transactions.
The providing is a software program that integrates this new know-how into the already accessible on-line framework banks present.
The language continues to be troublesome for a lot of to grasp and so is the performance. Moreover, there are restrictions for American banks which have interaction in sure actions involving cryptocurrency.
However nonetheless, folks preserve speaking about it, and the entire worth of cryptocurrencies topped $2 trillion within the first few months of 2022.
Within the midst of all this, Sequoir, a Inexperienced Bay-based fintech firm, envisions the way forward for banking with digital property — like your start certificates or your land title— accessible at any second, and with the chance to make use of cryptocurrencies to commerce or make funds.
This firm believes in a future with built-in blockchain know-how: a distributed digital ledger of encrypted transactions maintained throughout a worldwide public community.
“It is only a matter of how it is going to be used,” stated Justin Seidl, founder and CEO of Sequoir.
Crypto revolution creates enterprise alternatives
Seidl, a software program developer, was born and raised in Luxemburg, 20 minutes from Inexperienced Bay. He graduated from the College of Wisconsin-Inexperienced Bay, lived in Chicago for 5 years and labored as head of product for the recruiting agency Hunt Membership.
In 2018, he moved to Inexperienced Bay along with his spouse and, across the similar time, began Sequoir. Seidl stated the identify comes from a smash up of “Sequoia” and “purchase,” and the places of work are situated on the Historic Bellin Constructing, in downtown Inexperienced Bay.
He foresaw the crypto revolution and thought finally banks and credit score unions had been going to leap in, broaden their product base and combine the know-how.
Just lately, his firm acquired $1.7 million from traders through Tundra Angels, an providing of the Better Inexperienced Bay Chamber. Traders embrace two area people banks, the Financial institution of Kaukauna and the Bristol Morgan Financial institution, which serve Dodge, Fond du Lac and Winnebago counties.
Mathew Kee, supervisor of Tundra Angels, stated it’s the group’s first Inexperienced Bay funding, and the primary that is crypto-related.
Extra:Constancy plans to supply bitcoin in its 401(okay) retirement funds. However is it finest for you?
Extra:Here is how to make sure your crypto stays protected and safe
Saving on third-party buying and selling apps charges
Of the issues attracting traders was this integration Sequoir gives, which can assist banks recapture quite a lot of property from third-party buying and selling apps like Coinbase, by “permitting clients entry crypto markets through the financial institution itself.”
The corporate additionally entered a program with Jack Henry, a know-how agency with headquarters in Monett, Missouri, which provides fee processing companies for the monetary trade. They serve over 8,500 shoppers nationwide, which embrace greater than 1,500 banks and credit score unions.
“What this implies, is we can have the aptitude to combine instantly into these on-line platforms that they supply to banks,” stated Seidl.
However at first this wasn’t his thought.
He targeted on constructing a software program that allowed United States residents purchase and promote digital property, like cryptocurrencies or NFTs (non-fungible tokens) and made compliance and regulation a precedence.
Sequoir has a regulatory base in place and is a part of the Monetary Crimes Enforcement Community, a division of the U.S. Treasury which collects and analyzes details about monetary transactions to be able to fight home and worldwide cash laundering, terrorist financing and different monetary crimes.
Seidl says this technique turned out to be a conservative strategy and introduced the corporate little or no progress.
In 2021, he determined to pivot to a service mannequin, utilizing Sequoir’s built-in software program to as an alternative supply the blockchain know-how to monetary establishments.
The massive win for shoppers, ought to they determine to enter these markets through their private financial institution, is that they gained’t need to pay these switch charges they pay on third-party crypto buying and selling firms.
Seidl defined that shoppers who use these enterprises pay a 1.5% payment for using Automated Clearing Home Community, a fund-transfer system utilized by organizations for payroll, direct deposit, tax funds and refunds, and different companies; and likewise a 3.5% payment for using bank cards.
Prospects would solely need to pay for the distinction between the shopping for and promoting value of a cryptocurrency, or what known as the “unfold” in buying and selling.
John Brogan, chairman of the Financial institution of Kaukauna, sees cryptocurrencies like property, as one other product banks can supply. However he additionally understands this know-how will add extra advantages to neighborhood banks and their shoppers.
Regulation falling into place
Monetary establishments present a safeguard for necessary paperwork like start certificates, wills or land titles. Brogan thinks sometime these paperwork might be digital property that may be accessed at any second, and it is sensible folks will use banks to retailer them. He additionally envisions crypto trades and funds being achieved utilizing the financial institution’s apps.
He believes banks will turn into the economic system validators of “who actually is making the transaction,” as a result of these establishments are sometimes in one of the crucial trusted positions.
Nevertheless, The Workplace of the Comptroller of the Foreign money, administrator of the U.S. banking system, stated in November that each one banks should notify their regulators about their intentions to offer transactions with Bitcoin or different cash. In addition they should reveal they’ve applicable threat administration instruments earlier than taking over these actions and others, like offering custody companies for patrons’ crypto holdings.
Regulation shouldn’t be fairly there but, stated Brogan, however it should occur in some unspecified time in the future.
Within the meantime he believes Sequoir can supply the infrastructure, and “is a terrific resolution for smaller neighborhood banks.” That is as a result of they don’t have the identical assets as bigger corporations to spend money on software program builders and construct this sort of know-how.
“What we now have to do is take a look at intelligent distributors and suppliers like Sequoir, who present the know-how resolution that might bridge the hole,” stated Brogan.
Nonetheless, Seidl defined that this know-how does not need to be particularly used for funds or to retailer worth or substitute typical types of fee.
It is like how debit and bank cards had been as soon as checked out with a cautious eye however at the moment are extraordinarily widespread.
He simplifies it: “That is only a brand-new car in at this time’s digital age to transact worth.”
Ariel Perez is a enterprise reporter for the Inexperienced Bay Press-Gazette. You’ll be able to attain him at APerez1@gannett.com or view his Twitter profile at @Ariel_Perez85
Crypto
Why This Crypto Market Is 'A Bear Trap' And Which Coins This Trader Is Backing
Crypto trader Intuitio declared the current market downturn a “bear trap,” comparing it to the 2021 summer bear trap while noting the stronger positions of Bitcoin BTC/USD and Ethereum ETH/USD this time around.
What Happened: Intuitio asserts that the present summer bear trap closely mirrors that of 2021. He points out that the bear trap in 2021 spanned from mid-April to mid-July, lasting three months. He adds that currently, we are two months into a similar bear trap.
Cryptocurrency | Price (April 15, 2024) | Current Price |
Bitcoin BTC/USD | $62,919.10 | $62,459.48 |
Ethereum ETH/USD | $3,066.72 | $2,898.83 |
Solana SOL/USD | $134.46 | $144.06 |
Dogecoin DOGE/USD | $0.155273 | $0.1491 |
Shiba Inu SHIB/USD | $0.00002273 | $0.00002363 |
A significant observation is the pattern in altcoin performance. In 2021, most altcoins dropped by 60-70%, while now they are down about 60%. However, the strength of Bitcoin and Ethereum sets the current scenario apart. In 2021, Bitcoin fell by 55%, but it is now only down 20%. Similarly, Ethereum declined by 65% in 2021 but is only down 30% now.
Intuitio attributes this relative strength to the influence of cryptocurrency ETFs, which have bolstered the two leading cryptocurrencies. He states this as “an amazing sign of strength.”
Reflecting on the aftermath of the 2021 bear trap, where quality altcoins surged 10x from their lows, Intuitio believes a similar rebound is imminent. “Bottom is very close. We are going to pump very soon. And yes, ETH will lift the whole market,” he asserts.
However, he emphasizes that not all assets will perform equally, with some pumping more than others.
Also Read: Crypto Expert Reveals How To Find ‘High-Risk High Reward’ Meme Coins
Why It Matters: Intuitio advises investors to remain focused and strategic, particularly on the fastest meme and AI coins, recommending concentrated bets on a maximum of four coins with big longs. He stresses the importance of the next six months, describing them as crucial for building significant positions in the market.
The trader suggests holding your ground, staying observant, and preparing for a surge in the crypto market. As he puts it, “Hold up your head and keep grinding,” signaling that those who navigate wisely through this bear trap will emerge stronger in the impending market upswing.
However, Former Wall Street Macro Trader Wizard Of SoHo has a different viewpoint on this. He states that it would be the biggest mistake to compare this cycle to 2021. He adds, “That cycle had trillions in stimulus and zero rates injected into the economy. This cycle has had zero new money injection.”
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Trader Nets A 553X Return With Meme Coin Of ‘The Most Memeable Cat On The Internet’
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.
Crypto
North Korea launders $147.5 million in stolen cryptocurrency, UN experts reveal
North Korea funnelled $147.5 million through the cryptocurrency mixer platform Tornado Cash in March, according to a confidential report by United Nations sanctions monitors reviewed by Reuters.
This illicit activity follows a hack on the HTX cryptocurrency exchange late last year, marking a major case in a broader pattern of North Korean cyber thefts targeting digital currency platforms.
The UN monitors reported to the Security Council sanctions committee that they have been investigating 97 suspected North Korean cyberattacks on cryptocurrency firms from 2017 to 2024, with total stolen funds amounting to approximately $3.6 billion.
The $147.5 million laundered in March was linked directly to the HTX exchange breach, based on data from crypto analytics firm PeckShield and blockchain research firm Elliptic.
In 2024 alone, the monitors have scrutinised 11 cryptocurrency thefts valued at $54.7 million, noting that many of these attacks might have been inadvertently facilitated by small crypto-related companies hiring North Korean IT workers.
These workers, operating abroad, reportedly generate substantial income for the isolated nation, which continues to face severe international sanctions aimed at curbing its nuclear and missile programs.
North Korea, officially known as the Democratic People’s Republic of Korea (DPRK), has been under UN sanctions since 2006.
Despite these measures, the country has continued to find ways to finance its prohibited activities, including through cybercrime and the use of virtual currency mixers like Tornado Cash.
The US sanctioned Tornado Cash in 2022 for allegedly supporting North Korean money laundering activities.
In 2023, two of its co-founders were charged with facilitating over $1 billion in illicit transactions, including for a North Korean cybercrime group.
Virtual currency mixers like Tornado Cash function by blending cryptocurrencies from various users, obscuring the origin and ownership of the funds.
This makes them attractive tools for laundering stolen cryptocurrency.
Lawyers for Tornado Cash co-founder Roman Storm, who pleaded not guilty to US charges in September, did not immediately respond to requests for comment.
The UN sanctions monitors faced a setback when their mandate expired at the end of April due to a Russian veto against its renewal.
Despite this, some monitors submitted incomplete work, including the findings on North Korea’s cryptocurrency activities, to the Security Council’s North Korea sanctions committee.
In addition to cyber theft, the UN monitors have been investigating reports of Russia releasing $9 million of North Korea’s frozen assets and allowing Pyongyang to open an account at a Russian bank in South Ossetia.
This arrangement is reportedly aimed to enhance North Korea’s access to international banking networks.
Furthermore, the monitors observed continued maritime activities suggesting ongoing arms trade between North Korea and Russia.
Ships suspected of carrying weapons have been seen travelling between North Korea’s Rajin port and Russian ports like Vladivostok and Vostochny.
China has also been implicated, with a North Korean vessel reportedly undergoing maintenance at China’s Ningbo port.
The US and its allies have accused North Korea of supplying weapons to Russia for use in the ongoing conflict in Ukraine, a charge both Moscow and Pyongyang deny.
However, both nations have committed to deepening their military cooperation.
In an additional report last month, UN monitors confirmed that debris from a missile that landed in Kharkiv, Ukraine, in January was from a North Korean Hwasong-11 series ballistic missile.
This highlights North Korea’s ongoing missile development and potential involvement in global conflicts.
North Korea’s evasion of UN sanctions continues to be a significant issue.
The monitors documented 208 voyages by North Korean cargo ships suspected of offloading coal in Chinese waters, often through ship-to-ship transfers.
Chinese Coast Guard vessels were observed in proximity to these transfers, raising questions about enforcement and compliance with international sanctions.
The Chinese mission to the UN did not immediately respond to requests for comment on these findings.
(With inputs from Reuters)
Crypto
Crypto NFT Today: The Latest News in Blockchain, Cryptocurrency, & NFTs- May Week 2 – Innovation & Tech Today
Welcome to another edition of Crypto NFT Today! The past two weeks have been full of must-know events that’ll be defining points for the future of blockchain, cryptocurrency, and NFTs.
With President Biden blocking a Chinese bitcoin mine, Wells Fargo announcing new investments in ETFs, and more, there’s lots of essential news you should know about. So, let’s dive in and see what’s happening!
President Biden Blocks Chinese Bitcoin Mine
On May 14, President Joe Biden issued a directive prohibiting a Chinese-backed cryptocurrency mining company from possessing land adjacent to a nuclear missile base in Wyoming, citing concerns about national security.
The directive mandates the sale of property utilized as a cryptocurrency mining facility near the Francis E. Warren Air Force Base. MineOne Partners Ltd., a company partially supported by Chinese investors, and its subsidiaries are instructed to dismantle specific equipment on the premises.
This action coincides with the United States’ plans to impose significant new tariffs on electric vehicles, semiconductors, solar equipment, and medical supplies imported from China.
Wells Fargo Announces Investments in ETFs
According to a regulatory disclosure, Wells Fargo & Company (WFC) has revealed its involvement in cryptocurrencies by investing in several Bitcoin exchange-traded funds (ETFs). This move reflects a growing interest in digital assets within the financial sector.
The disclosure indicates that Wells Fargo has acquired shares of Grayscale’s GBTC Bitcoin ETF, providing the bank with approximately $141,817 worth of exposure to the digital currency. Additionally, Wells Fargo has made a smaller investment of less than $1,200 in the ProShares Bitcoin Strategy ETF (BITO). This ETF enables investors to gain exposure to Bitcoin futures contracts, allowing them to speculate on the future price movements of the cryptocurrency.
Wisconsin Buys Blackrock Spot Bitcoin ETF
According to a filing, the U.S. state of Wisconsin acquired 94,562 shares of BlackRock’s iShares Bitcoin Trust (IBIT) in the first quarter, valued at nearly $100 million.
Following this news, Bitcoin experienced a 1% increase, currently trading at $61,957. However, it saw a 1.7% decline over the past 24 hours, coinciding with the release of new inflation data exceeding expectations during U.S. morning hours.
Wisconsin, which submitted its quarterly 13F report to the Securities and Exchange Commission (SEC) on Tuesday, becomes the first state to publicly disclose its bitcoin investment. Additionally, the state’s investment board bought shares of Grayscale’s Bitcoin Trust (GBTC) valued at approximately $64 million.
OKX Australia Launches
OKX, a cryptocurrency exchange, has launched its services in Australia, offering spot and derivatives trading options for local users.
This move follows OKX’s establishment of a Sydney office in May last year and marks the latest expansion into international markets, joining previous entries in countries like Turkey and Singapore.
OKX’s expansion into Australia reflects the growing interest in cryptocurrencies among Australians. Notably, the Australian Securities Exchange (ASX) is considering the potential introduction of Spot Bitcoin ETFs by the end of 2024.
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