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FC Bayern Munich Announces Digital Token to Boost Fan Engagement

FC Bayern Munich to launch digital collectibles of its players using blockchain technology. Germany’s FC Bayern Munich has become the latest football club to announce blockchain-based merchandise for fans. As reported Oct. 11, the club will partner with Stryking Entertainment to produce digital collectibles of its players. Play FC Bayern Munich past vs. presentThe collectibles will take the form of digital player cards with the likenesses of FC Bayern Munich players, past and present. Stryking is also creating a fantasy-league style challenge for the cards, offering a gameplay aspect to the collectibles. Fans can build virtual squads and play each other with outcomes derived based on current form and historical data. More clubs are expected to join Stryking as licensing partners for the system. Just the latest football/blockchain link-upThere seems to have been quite a trend for European football clubs to sell tokenized collectibles of late. Just last month, Spanish club Atletico Mad..

Galaxy Digital and XBTO Execute First Block Trade of Bakkt Bitcoin...

Intercontinental Exchange, the governing body behind the New York Stock Exchange, has executed the first block trade of Bakkt Bitcoin futures contract. Intercontinental Exchange (ICE), the governing body behind the New York Stock Exchange, has executed the first block trade of Bakkt Bitcoin (BTC) futures contracts. ICE revealed the development in an Oct. 4 press release, specifying that the first Bakkt Bitcoin Futures block trade was executed between digital assets merchant bank Galaxy Digital and crypto investment firm XBTO on Oct. 1. The deal was cleared by agricultural commodities merchant ED&F Man. Following the block trade execution, XBTO stated: “Last week, we bought the first Bakkt Bitcoin Daily Futures contract and took the first physical delivery of a digital asset under existing commodity futures laws and regulations. This week, we executed the first block trade. We’re pleased to report that the launch was successful and can accommodate large trades.” Block trades are privat..

Apple Will Not Create Its Own Digital Currency Like Facebook, Says...

In a recent interview, Tim Cook stated he believes money should remain a matter for governments, not businesses. Apple has no intention to follow Facebook in creating its own digital currency, the company’s CEO Tim Cook has said. Cook “not comfortable” about firms creating moneySpeaking in an interview with French media magazine Les Echos on Oct. 4, Tim Cook poured cold water on the idea that Apple could release its own currency tokens. “No,” he said when asked about the possibility, continuing: “I truly think currency should remain in the hands of the state. I’m not comfortable with the idea that a private entity can create a modern currency.” His comments strike a notably different tone to both Facebook, which is developing its Libra digital currency, and competitors. In the payments space, Apple is striving for market share with players such as Visa, Mastercard and PayPal via Apple Pay. All three of those companies have signed up to participate in Libra, despite revelations this w..

Central Bank Digital Currency Is ‘Inevitable,’ says the Fed’s Patrick Harker

Central bank digital currencies are “inevitable,” says Patrick Harker, president of the Federal Reserve Bank of Philadelphia. Patrick Harker, president of the Federal Reserve Bank of Philadelphia, is confident that central bank digital currencies are inevitable. As Reuters reported on Oct. 2, Harker expressed the idea that central banks — including the Federal Reserve — will inevitably release digital currencies. Still, Harker believes that the United States should not lead the way, given the dollar’s role as the world’s reserve currency and the need to test out new technologies. He stated at a community banking conference in regard to central bank digital currencies: “It is inevitable... I think it is better for us to start getting our hands around it.” Not in the near futureHarker made his remarks in response to a question about the Federal Reserve’s decision to develop its own instant payments system — dubbed FedNow — that was announced at the beginning of August. He noted: “I am ..

US Lawmakers Ask Federal Reserve About National Digital Currency

Senior members of the House Financial Services Committee asked the Federal Reserve whether there are plans for launching a U.S. dollar digital currency. Members of the United States House of Representatives Financial Services Committee asked the Federal Reserve whether there are any plans of launching a U.S. dollar digital currency. Fed has the mandate to develop a national digital currencyIn a Sept. 30 letter to Federal Reserve Board Chairman Jerome Powell, U.S. Representatives French Hill and Bill Foster expressed concerns that the importance of the U.S. dollar could be in jeopardy “from wide adoption of digital fiat currencies.” They stated: “Internationally, the Bank for International Settlements conducted a study that found that over 40 countries around the world have currently developed or are looking into developing a digital currency.” The lawmakers stated that, due to the potential of digital currencies to take on the characteristics and utility of paper money, it may be incr..

Swiss Digital Exchange Plans ‘Initial Digital Offering’ in 2020: Report

Swiss Digital Exchange, a crypto trading platform by SIX Swiss Exchange, reportedly plans to launch its initial digital offering in 2020. Swiss Digital Exchange (SDX), a digital asset trading platform by Switzerland’s principal SIX Swiss Exchange, will reportedly launch its initial digital offering (IDO) in 2020. SDX security tokenThe not-yet-launched SDX has reportedly set up a global consortium of financial institutions to back its IDO in the middle of 2020, Coindesk reports on Sept. 30. Thomas Kindler, who took over as SDX CEO on Sept. 1, elaborated that the consortium comprises a group of investors such as banks and market infrastructure providers intending to legitimize the technology and raise capital. According to the report, the IDO would be similar to a traditional initial public offering, except that the shares will be issued in the form of security tokens on SDX. Consortium members not revealedWhile not specifying the consortium members or the amount expected to raise, Kind..

Custody Services for Digital Assets: Everything You Need to Know

After long-standing limits, new advances in custodial solutions for Bitcoin are enabling larger financial institutions to enter the market. Bitcoin (BTC) has a unique advantage: self custody, which the traditional financial system cannot compete with. It is important that the Bitcoin ecosystem maximizes this competitive advantage in order to compete with the legacy system. Custodial solutions are important for financial markets, whether traditional or innovative, and have been historically limited for Bitcoin. But why do institutional investors need custodial services, and what are the unique challenges of Bitcoin custody? Why institutional investors need custodial servicesThere are two main reasons why institutional investors need custodial services: reducing risk and regulatory compliance. By separating the entity that stores assets from the entity that manages assets, financial institutions can specialize in what they are best at. This separation also reduces the risk that one empl..

Digital Gold Introduces GOLD Stablecoin, a Smarter Way to Invest and...

TwitterFacebookLinkedInReddit For many years, gold represented a standard of wealth preservation and has in many circles still remained so, with even more modern considerations for it as a medium of exchange. Although fiat currencies may have more prevailing usage due to portability, gold’s intrinsic properties make for superior value when compared to any other standard medium of exchange. Digital Gold recognizes this and is launching a stablecoin-like cryptocurrency that would be pegged to real-world gold bullion assets, thus digitizing the value of gold. Mission Digital Gold’s objective is to use the blockchain to transform the financial markets. And starting with the tokenization of gold’s approximate USD 3 trillion market cap, its stablecoin GOLD will facilitate the real-time movement of physical gold in digital form and allow holders to transact over the blockchain as though they were performing a real-time transfer of physical gold bullions. The blockchain would allow for tran..

Swiss SIX Digital Exchange CEO Departs Due to ‘Strategic Differences’

Because of strategic differences, the CEO of Switzerland's SIX Digital Exchange Martin Halblaub will depart at the end of August when his contract expires. The CEO of Switzerland’s SIX Digital Exchange (SDX), the cryptocurrency-focused arm of the the country’s principal SIX Swiss Exchange, is departing the company, local news outlet SwissInfo reported on Aug. 14. CEO departs before SDX launch Martin Halblaub will step down after eight months into his job when his contract expires at the end of August following disagreements on how the trading platform should be run. Halblaub reportedly wanted SDX to launch as an independent company, while the board of the parent company — SIX Group — disagreed. He commented on the decision: “I fully support SDX’s ambition and business model and would have loved to lead SDX into the future. However, I have decided with a heavy heart — given our differing ideas on strategy, combined with the stretch the role is for my life model — that I canno..

Can Central Bank Digital Currencies Be Used to Fight Financial Crimes?

Sovereign states and central banks could digitize paper money and be the concrete alternative to Libra. Paper money today is a marginal part of the currency in circulation and represents a direct relationship between the end user and the central bank. Its use is, however, unknown to the central bank; in a certain sense, it can therefore be said that like cryptocurrencies, cash can be used for illicit purposes. Central banks could start the process of digitizing paper money and thus create their own digital currency. Such a solution would have the great advantage of combating the shadow economy and illegal activities, and could be a viable alternative to corporate-backed digital currencies like Libra. Cash circulationThe amount of cash circulating in the world is around 10% of the total money supply [the author derived this calculation using information from individual central banks]. De facto, cash represents a direct and untraceable relationship between the end user and the central ..
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