cryptocurrency

Switzerland’s Largest Bank UBS Mulls Over Cryptocurrency Services

11/05/2021 by Idelto Editor

Swiss investment bank UBS Group is reportedly exploring offering cryptocurrency services to its wealthy clients. UBS joins a growing list of major investment banks that are either already offering or planning to offer crypto investments to their clients, including Morgan Stanley, Goldman Sachs, and Citigroup.

UBS Group AG is exploring “offering crypto investments to rich clients,” Bloomberg reported Monday, citing people familiar with the matter. According to the publication, the company is in the early stages of planning its offerings.

Several crypto investment options are being considered but any offering would be a small portion of the clients’ total wealth because of the volatility, one of the people told the news outlet. Some of the options being explored include investing through third-party investment vehicles.

UBS said in a statement: “We are monitoring the developments in the field of digital assets closely. Importantly, we are most interested in the technology which underpins digital assets, namely the distributed ledger technology.”

Based on total assets in 2020, UBS Group is the largest bank in Switzerland with more than $1.13 trillion in total assets, followed by Credit Suisse with $992 billion.

Several major investment banks have already said that they will be offering wealthy clients some crypto-related investments, including Morgan Stanley and Goldman Sachs. Citigroup and JPMorgan are also reportedly considering offering some crypto services.

In January, UBS published a report advising whether their clients should buy bitcoin. While acknowledging that the price of the cryptocurrency may increase, the bank is skeptical about any essential real-world use cases. Meanwhile, Paul Donovan, Chief Economist of UBS Global Wealth Management, recently said that “bitcoin is denied to those minority groups who have reduced online access.”

Do you think UBS should offer crypto services? Let us know in the comments section below.

Shiba Inu Gets Listed on Binance and FTX After Price Skyrockets

10/05/2021 by Idelto Editor

Shiba Inu, an Ethereum based Dogecoin ripoff, has been listed on two important cryptocurrency exchanges today, Binance and FTX, after the price skyrocketed more than 1500% last week. Binance has faced stiff criticism for listing Shiba Inu due to its origin, but their systems are now overwhelmed with associated inflows.

Shiba Inu Gets FTX and Binance Listing

Shiba Inu, an ethereum based meme coin looking to be the next Dogecoin, has been listed on two important exchanges in the cryptocurrency sphere: FTX and Binance. Binance included the currency in its innovation zone, which presents some limitation for its trading. FTX included it as a full-fledged cryptocurrency, including spot markets and perpetual futures to trade with it.

The cryptocurrency has experienced a hike in prices during the last week, skyrocketing by almost 1500%. However, this metric is dwarfed by how much it has grown in the last month, rising by 40,000%. However, even after the astounding price action movement, it is still considered interesting by new investors. They see it as a way of riding the bull market after having missed the Dogecoin pump.

Shiba Inu, which was launched in August 2020, and boasts a market cap of 1,000,000,000,000,000, played a very interesting move to gain notoriety and validity in the memecoin market: It gave 50% of its issued tokens to Vitalik Buterin, one of the founders of Ethereum, who now has control of more than $8 billion dollars of the currency, making him richer in Shiba Inu than in Ethereum.

Exchanges Face Stiff Criticism

However, after listing Shiba Inu in Binance, its CEO Changpeng Zhao faced stiff criticism from people that believe this currency is just a Dogecoin ripoff for allowing this to happen. Zhao answered quickly to these critics, declaring via Twitter that Binance was just answering to the rising demand of users asking for it to be available for trading. Zhao stated:

We follow users. There is a large number of users demanding it, to the point where we ran out of ETH deposit addresses due to SHIB today. Never happened before for any other ERC20 coin.

Zhao also argued that the work of exchanges is merely to provide a “neutral” place for users to do their trading business. He asked users to do their own research about new tokens, and advised them not to buy coins they did not understand. However, this behavior is not new: Binance also faced backslash after listing the currency “Sushi” last year, which, according to some, skipped due diligence procedure.

What do you think about Binance and FTX listing Shiba Inu? Tell us in the comments section below.

South Korea to Crack Down on Phishing Websites Attacking Crypto Users

10/05/2021 by Idelto Editor

South Korean authorities are intensifying their monitoring of phishing activity related to cryptocurrencies. The government has identified a record number of websites trying to obtain login details from crypto exchange users. Over 30 sites have been taken down in just three months this year.

Seoul Strengthens Monitoring of Crypto Phishing Scams

Rising market prices have led to an increased number of phishing attempts targeting investors and users of cryptocurrency in South Korea. The government in Seoul announced it’s strengthening its monitoring system to quickly detect such threats. It will also work closely with the Korean National Police Agency (KNPA) to prevent fraud.

The Korean Ministry of Science and Information and Communications Technology said it’s receiving an increasing number of reports of phishing attempts. Attacks are often conducted via text messages convincing crypto traders to enter their exchange usernames and passwords on fake websites. The perpetrators can then access their accounts and steal their holdings.

The department has found and blocked 32 phishing websites only in the past three months, Yonhap News Agency reported. That compares to a total of 41 sites identified during the whole 2020. Fake web pages often have domain names that look similar to those of real platforms. One of them is called Bithnub, a misspelled version of the name of one of the largest Korean exchanges, Bithumb. The monitoring system operated by the ICT ministry works around the clock to block such websites as soon as possible.

Police Agency Investigates 21 Cases of Breached Crypto Accounts

Meanwhile, the National Police Agency has opened its own front against crypto fraud since early March this year, the Korean Herald revealed in an article. KNPA is now investigating 21 cases in which accounts of cryptocurrency users have been breached and emptied of assets. The agency recently prohibited its own investigators from acquiring cryptocurrencies and obliged them to disclose any coins purchased before the ban.

A recent report revealed that South Koreans have access to more trading platforms and types of digital currencies than other nations such as Japan and the U.S. In April, the price of the leading cryptocurrency by market capitalization, BTC, reached 80 million won per coin in Korea (around $72,000). The high market prices have led to a spike in other illegal activities involving digital assets.

This week, the Korean police raided the offices of a Seoul-based cryptocurrency exchange suspected of defrauding customers through a multi-level marketing scheme. Korean financial regulators have announced an offensive against crypto-related money laundering and fraud which will continue until June.

What do you think about the announced crackdown on phishing attacks against crypto users in South Korea? Let us know in the comments section below.

Spacex to Launch Dogecoin Paid DOGE-1 Mission to the Moon

09/05/2021 by Idelto Editor

Spacex, the pioneer private space agency founded by Elon Musk, announced it will launch the DOGE-1 mission to the moon in coordination with Geometric Energy Corporation (GEC). The mission, whose objective will be to deliver a commercial payload to the moon, was paid in full using Dogecoin, the meme coin that has been made popular by Musk himself.

DOGE-1 to The Moon

Spacex, the innovative space exploration company that has been a pioneer in commercial spaceflight and in its plans for a planned trip to Mars, has announced today a new mission called DOGE-1 in partnership with Geometric Energy Corporation, a renewable energy-based firm.

According to a PR statement, the first objective of the mission will be to put a commercial payload on the moon. But what’s particular about this mission is that it was paid entirely on Dogecoin, the memecoin that has been adopted by several influencers after being popularized by Spacex CEO himself, Elon Musk.

Being the first commercial mission of this kind paid with cryptocurrency, DOGE-1 sets a precedent for payments in this aerospatial age, putting Dogecoin in a really special place amongst other cryptocurrencies. Tom Ochinero, Spacex Vice President of Commercial Sales, stressed that :

This mission will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce. We’re excited to launch DOGE-1 to the Moon!

The DOGE-1 payload consists of a 40Kg CubeSat that will deliver lunar data with integrated sensors, and banking-based payment solutions would not have been too much of a hassle to pay for the mission. GEC’s CEO Samuel Reid touched on this subject and stated that:

Having officially transacted with DOGE for a deal of this magnitude, Geometric Energy Corporation and Spacex have solidified DOGE as a unit of account for lunar business in the space sector

Musk Couldn’t Take Dogecoin to the Moon

However, this news contrasts heavily with what Dogecoin experienced yesterday in terms of price action. While most Dogecoin investors were expecting price rises due to the long-expected appearance of Elon Musk (called the Dogefather in social media circles) in Saturday Night Live yesterday, the opposite just happened.

Musk appeared in a news skit as a cryptocurrency expert who failed to explain what Dogecoin, calling it a “hustle,” while telling it would go to the moon. This didn’t do anything good for prices that stumbled going from $0.65 pre-show to $0.43 after the show, causing panic in social media.

What do you think about this Dogecoin paid space mission? Tell us in the comments section below.

Asian Auction House Phillips Will Accept Crypto at Auction for a Physical Piece of Banksy Art

08/05/2021 by Idelto Editor

The well-known Phillips Auction House has announced the company plans to accept cryptocurrency for the first time in a physical art auction set for June 7-8. Phillips will be auctioning a world-famous piece of artwork called the “Laugh Now Panel” created by the anonymous street artist Banksy.

‘Laugh Now’- Phillips to Accept Cryptocurrency at a Banksy Auction in June

Whether Banksy likes it or not, his artwork has been tied to blockchain technology and sold for crypto assets in recent times. Additionally, the infamous street artist’s work was even burned after it was transferred into a non-fungible token asset. The NFT sold for more money in an auction than the physical piece itself. Phillips Auction House has decided to accept cryptocurrency for the first time during a Banksy auction on May 7-8.

Phillips’ entry into the crypto space is a bit behind, in comparison to world-renowned auction houses Christie’s and Sotheby’s. In fact, Sotheby’s announced last week it was auctioning a physical piece of artwork created by the notorious Banksy.

Sotheby’s detailed on Tuesday that it would leverage the exchange Coinbase in order to sell Banksy’s “Love is in the Air” image. The “Love is in the Air” print has an estimated worth of around $3-5 million. The Banksy possessed by Phillips is the street artist’s famous print called the “Laugh Now Panel.”

Banksy’s art “Laugh Now” contains a picture of a monkey in the artist’s signature monochrome stenciled style. The monkey is wearing a sandwich board around his neck and it says: “Laugh now, but one day we’ll be in charge.”

According to Phillips, the “Laugh Now Panel” created by Banksy has an estimated worth of around $2.8 to $4.1 million. The art panel is also on tour right now in Beijing, Shanghai, Shenzhen, Taipei, Taichung, and Hong Kong ahead of the June auction.

The First Major Auction House in Asia Accepting Bitcoin and Ether

“This marks the first time a major auction house in Asia will accept Bitcoin or Ether as a payment option for a physical work of art,” Phillips announcement says. Banksy has been a disruptor in the art world with his distinctive oeuvre characterized by dark humor, satire, and political commentary,” the company’s announcement stresses.

Phillips further says:

Many of Banksy’s iconic original murals were transformed into canvas and editioned prints by the artist, allowing for the dissemination of his mischievous and satirical messages to wider audiences. By offering participants this new payment option to acquire Laugh Now Panel A, Phillips connects Banksy’s bold creations with tech-savvy collectors eager to quickly adapt to new technological advances.

The Banksy auction follows Phillips getting into the non-fungible token art space when it sold Mad Dog Jones’ multi-generational NFT, REPLICATOR for over $4 million. Like Sotheby’s, the Asian auction house Phillips will leverage Coinbase as well to conduct the crypto transaction settlement.

The auction of “Laugh Now” will be conducted in Hong Kong dollars and then the buyer will have the option to choose to pay via the crypto exchange’s payment service.

What do you think about Phillips accepting cryptocurrency for the Banksy art auction this June? Let us know what you think about this subject in the comments section below.