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Wall Street giants including Charles Schwab, Citadel Securities and Fidelity Digital Assets have announced the launch of cryptocurrency exchange EDX Markets, which will be led by CEO Jamil Nazaral, a former senior executive at Citadel Securities.
A South Korean court has issued an arrest warrant for Do Kwon, the founder of Terraform Labs, the cryptocurrency ecosystem that imploded earlier this year and saw UST lose its peg and become nearly worthless.
Poolin, one of the largest Bitcoin mining pools by hashrate, has announced it will be issuing IOU tokens in a bid to “minimize the impact of withdrawal suspension” for its users.
GAIM Ops West is the key gathering and networking event of the year for private asset managers covering alternative investment operations, compliance and ODD. Join 300+ innovators shaping the industry and explore the latest trends and opportunities in digital transformation, ESG, private equity and crypto. CryptoCompare’s followers receive a 10% Discount with VIP code: FKN2939CC
Top stories in the Crypto Roundup today:
- Wall Street Giants Launch Crypto Exchange EDX Markets
- South Korean Court Seeks Arrest of Terraform Labs’ Do Kwon
- Crypto Miner Pooling Issues IOU Tokens After Halting Withdrawals
- U.S. Inflation Exceeds Expectations
- GAIM Ops West: Connect with leaders in alternative investment operations, compliance and due diligence
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Wall Street Giants Launch Crypto Exchange EDX Markets
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Wall Street giants including Charles Schwab, Citadel Securities, and Fidelity Digital Assets have announced the launch of cryptocurrency exchange EDX Markets, which will be led by CEO Jamil Nazaral, a former senior executive at Citadel Securities.
EDX Markets is backed by other high-profile brokers, including trading firm Virtu Financial and venture-capital firms Sequoia Capital and Paradigm. The move comes after BlackRock, the world’s largest asset manager, announced last month it will give its institutional clients a way to invest in cryptocurrencies.
In a statement, EDX Markets’ board of directors said:
"Crypto is a $1 trillion global asset class with over 300 million participants and pent-up demand from millions more. Unlocking this demand requires a platform that can meet the needs of both retail traders and institutional investors with high compliance and security standards."
The Exchange is set to initially focus on a few tokens, including BTC.
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South Korean Court Seeks Arrest of Terraform Labs’ Do Kwon
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A South Korean court has issued an arrest warrant for Do Kwon, the founder of Terraform Labs, the cryptocurrency ecosystem that imploded earlier this year and saw the UST coin become nearly worthless.
The court issued a warrant for Do Kwon and five others on allegations that include violations of the country’s capital markets law. All six individuals are located in Singapore.
Terra’s collapse triggered investigations in South Korea and the United States, as well as renewed regulatory scrutiny of stablecoins. In July, prosecutors raided the home of Terraform Labs co-founder, Daniel Shin, probing into allegations of illegal activity behind Terra’s collapse.
Kwon has said he plans to cooperate with authorities when needed.
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Crypto Miner Pooling Issues IOU Tokens After Halting Withdrawals
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Poolin, one of the largest Bitcoin mining pools by hashrate, has announced it will be issuing IOU tokens in a bid to “minimize the impact of withdrawal suspension” for its users.
The mining pool has detailed its wallet service will release Ethereum-based IOU tokens for users unable to withdraw their BTC, ETH, USDT, LTC, ZEC, and DOGE holdings. The pool will issue IOUBTC, IOUETH, IOUUSDT, IOULTC, IOUZEC, and IOUDOGE at a 1:1 ratio based on users’ holdings.
Poolinhalted withdrawals earlier over “liquidity problems.” The firm said:
“The company now is striving for multiple solutions to solve the short-term shortage of liquidity, including seeking new investments, debt-equity swaps and assets liquidating.”
The platform said it plans to burn users’ IOUs after they were given the opportunity to trade them back for their original tokens on-chain, or with third parties. The tokens could also be used to buy mining rigs or purchase shares in Poolin’s U.S. company.
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U.S. Inflation Exceeds Expectations
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Inflation in the United States has exceeded expectations after data from August revealed that price increases from a year ago were 8.3%, showing that prices increased 0.1% from July, despite predictions of a decline.
The biggest contributors to the rise in the U.S. Consumer Price Index (CPI) were food, shelter, and medical care. Shortly after the higher-than-expected inflation figures were revealed, BTC and ETH both gave up significant gains made over the previous week.
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GAIM Ops West: Connect with leaders in alternative investment operations, compliance and due diligence
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October 17 – 19 2022 | Monarch Beach Resort, Dana Point, CA
CryptoCompare’s followers receive a 10% Discount with VIP code: FKN2939CC
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GAIM Ops West is the key gathering and networking event of the year for private asset managers covering alternative investment operations, compliance and ODD. Join 300+ innovators shaping the industry and explore the latest trends and opportunities in digital transformation, ESG, private equity and crypto.
Participate in executive-level conversation with 100+ expert speakers and receive three days of exclusive content and countless networking opportunities.
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