Weekly Cryptocurrency News Briefing

By Bilal Ahmed Mir, 21st November 2021

Fed Governor Christopher Waller praises Stablecoins as a genuine innovation that makes the development of CBDCs redundant as innovations from the “private sector innovations” positively impact large institutions like the Federal Reserve. Waller states that “Innovation can come from outside the banking sector……We should give those innovations the chance to compete with other systems and providers – including banks – on a clear and level playing field”.

Fidelity Clearing Canada ULC (FCC) has become Canada’s first regulated entity to offer Bitcoin custody and trading services for institutional investors. A statement from FCC president, Scott Mackenzie, states institutional demand continues to strengthen in Canada. He claims, “The demand for investing in digital assets is growing considerably and institutional investors have been looking for a regulated dealer platform to access this asset class”. Institutional investors in Canada can now invest in Bitcoin ETFs without the reliance on US-based custodians.

El Salvador, the only country in which Bitcoin is  legal tender, is going to build an entire city backed by $1 billion Bitcoin Bonds. President Nayib Bukele said in a Saturday night presentation at Bitcoin Week in El Salvador, “In BitcoinCity we will have digital and technological education. Geothermal energy for the entire city and efficient and sustainable public transportation”. The proactive involvement of prominent crypto companies like Bitfinex and Blockstream in launching a securities platform to hold the Bitcoin bonds will be key to the fruition of the city.

TIME Magazine will hold Ethereum on its balance sheet for the first time as part of a deal with Crypto investment firm Galaxy Digital to educate readers about the Metaverse. The magazine will host educational resources on the metaverse through a new webpage, TIME for learning. Galaxy Digital will deliver expertise to help explain the metaverse and its potential through insights from leading figures in the space.

According to a research note by the Royal Bank of Canada (RBC), Blockchain technology has evolved enough to meet the critical demands of at “least certain segments in the banking and financial markets”. RBC was initially sceptical of Blockchain technology’s suitability for banking and financial markets concerning “scale, speed, flexibility and autonomy”. The rapid development of blockchain technology since the Ethereum launch of 2015 has impressed RBC, claiming the Blockchain can handle “certain segments of the banking and financial markets”.

Los Angeles’ Staples centre will be renamed the Crypto.com Arena. A $700 million deal has been paid by the firm to have a 20-year agreement for the arena’s new name. This deal is part of a vigorous marketing campaign by Crypto.com, sealing sponsorship deals with influential sports organisations such as the UFC, Formula One and Paris-Saint Germain.

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