The bank of New York Mellon (BNY Mellon), America’s oldest bank, has signed an agreement with cryptocurrency asset manager Grayscale Investments to provide a set of services to its flagship Bitcoin (BTC) investment product. Grayscale officially announced Tuesday that it selected BNY Mellon as an asset servicing provider for Grayscale Bitcoin Trust (GBTC), a major digital currency investment product providing indirect exposure to Bitcoin. BNY Mellon is also expected to provide transfer agency and exchange-traded fund-related services for the GBTC upon its conversion to an exchange-traded fund, or ETF, Grayscale noted. As part of the agreement, BNY Mellon will provide …

Crypto market capitalization is down more than 40% since its $2.5-trillion high back in early May, but institutional investors continue to pile into the market. Despite Bitcoin (BTC) losing over half of its United States dollar value and altcoins tanking almost 70% on average, big-money players like hedge funds are still taking up digital currency investment positions. From direct exposure to crypto to backing firms developing products and services in the digital asset space, institutional investors are building a more significant presence in the cryptocurrency and blockchain space. Back in June, a survey of 100 chief financial officers at hedge …

The9, a Chinese internet company listed on the Nasdaq, is moving forward with its cryptocurrency mining plans by signing a contract with a major Russian data center operator. The company announced Monday that it has signed a crypto-mining hosting agreement with Russian crypto mining services provider BitRiver through its fully-owned subsidiary, NBTC. As part of the agreement, BitRiver will reserve 15 megawatts (MW) of its electric capacity for The9's Bitcoin (BTC) mining machine deployment for an initial term of two years. After the contract expires, both parties have the right to automatically extend their cooperation for one more year, the …

Binance has faced a number of regulatory issues in recent weeks. Payments player Clear Junction has suspended activity with Binance after similar moves from Barclays and Santander. “Clear Junction can confirm that it will no longer be facilitating payments related to Binance,” Clear Junction said in a statement that was tweeted out by Adam Samson of the Financial Times on Monday. “The decision has been made following the Financial Conduct Authority’s recent announcement that Binance is not permitted to undertake any regulatory activity in the UK.” The Financial Conduct Authority, or FCA, heads up regulatory overwatch of finance in the …

Paraguayan Congressperson Carlitos Rejala and Senator Fernando Silva Facetti are planning to introduce a Bitcoin (BTC) bill to Congress on Wednesday, July 14, underscoring the lawmakers’ urgency in formulating a coherent digital asset strategy for their country. “I am here to unite Paraguay,” Rejala tweeted Friday, adding that he and his fellow lawmaker are planning a “mega surprise for Paraguay and the world.” I am here to unite Paraguay , that is why we decided with Senator @FSilvaFacetti to present together the bill #bitcoin on Wednesday, July 14! Stay tuned since there will be a mega surprise for Paraguay and …

Research from European blockchain company Guardtime suggests that the current pandemic may have accelerated the launch of a major central bank digital currency by up to five years. According to Guardtime, the company said the growth of many technology companies, improved use of networking and telecommunications platforms, and digitalization of the world in general could mean the first central bank digital currency, or CBDC, from a major economy could be rolled out within three years. The firm works with several central banks around the world in exploring the development of a CBDC. “There is an increasing sense of a ‘race …

News of two contrasting approaches to crypto from U.S. members of congress surfaced this week. Alabama Rep. Barry Moore has been loading up on cryptocurrencies such as Ether (ETH), Cardano's ADA and Dogecoin (DOGE) over the past two months. Meanwhile, anti-crypto California Rep. Brad Sherman — whose stated aim is to shut crypto down — has reportedly received more than $100,000 in campaign donations from top financial firms. According to Friday's trading disclosures filed with the clerk of the House of Representatives, Moore purchased ETH on May 5, he bought ADA on May 10, 11, 13, and bought DOGE on …

The Financial Crimes Enforcement Network, or FinCEN, has recruited Michele Korver, formerly of the United States Department of Justice, to serve as the agency’s first chief digital currency adviser. In her role, Korver will be tasked with advancing "FinCEN’s leadership role in the digital currency space by working across internal and external partners toward strategic and innovative solutions to prevent and mitigate illicit financial practices and exploitation,” the agency announced on Tuesday. Crypto investors may be familiar with Korver, as she previously served as digital currency counsel for the Department of Justice’s criminal division. She also advised the Treasury Department’s …

Shinhan Bank, one of the largest banking institutions in South Korea, has entered into a partnership with Klaytn, a global blockchain platform developed by Kakao's subsidiary Ground X. According to the Monday announcement, Shinhan Bank has joined Klaytn’s blockchain governance council and become a member of the co-governance of the Klaytn blockchain. As part of the new partnership, Shinhan will be also involved in the development of Klaytn-based digital services to support fintech innovation. Launched in June 2019, Klaytn is a blockchain service provider focusing on integrating blockchain solutions into enterprise-grade infrastructures. The Klaytn blockchain is a hybrid blockchain network, …

China’s regulatory crackdown on cryptocurrencies continues to alienate major miners. Dubai-based investment company IBC Group reportedly plans to end Bitcoin (BTC) and Ether (ETH) mining operations in China following ban announcements from the different provinces across the country. The group has major mining operations in China and plans to distribute its operations to the United Arab Emirates, Canada, the United States, Kazakhstan, Iceland and various South American countries, according to sources. IBC Group recently relocated its headquarters to Toronto, Canada. Commenting on the crackdown on crypto with a focus on mining activities, IBC Group chairman and iMining CEO Khurram Shroff …

Prior to the Federal Reserve announcing it would release a discussion paper on a central bank digital currency, chairperson Jerome Powell met with Coinbase CEO Brian Armstrong. According to Powell's meeting calendar which was made public on Friday, the Fed chair held a 30-minute meeting with Armstrong as well as former House of Representatives Speaker Paul Ryan on May 11. The reason for Ryan’s presence is unclear — the former speaker left politics in early 2019 and is now with private equity investment firm Solamere Capital. While Powell’s schedule did not reveal the topics under discussion, Armstrong referenced the meeting …

A new bill drafted by the Iranian Parliament Commission on Economy aims to restrict the use of cryptocurrencies within the country while providing a clearer legal framework for miners. According to a Friday report from the Tasnim News Agency, lawmakers drafted a bill titled “Support for cryptocurrency mining and organizing the domestic market for exchanges,” which the country’s parliament first announced on June 23. If passed, the legislation would make Iran’s central bank the regulatory authority for the exchange of cryptocurrencies in the country. Under the bill, all cryptocurrencies could be prohibited within Iran for payments except for a "national" …