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Sygnum, the global digital asset banking group, announced a profitable first half of 2024, driven by a dynamic increase in business metrics, including a remarkable 500% boost in crypto derivatives trading. The company’s growth is further underscored by its substantial $4.5 billion in client assets and a strategic expansion of its platform and partnerships.
Building on its strong start, Sygnum has set the stage for a promising future. The company’s loan volumes soared by over 360%, and daily trades with 20+ B2B banks now service more than a third of the Swiss population. Additionally, the establishment of a new office in Europe in Q1 2025 signals Sygnum’s readiness to scale operations under the EU’s MiCA regulations, enhancing its connectivity within the global crypto ecosystem.
With a growing institutional client base nearing 2,000 and a 250-strong international team, Sygnum is poised to lead the market. The recent capital raise of $40 million and a valuation of $900 million highlight the confidence in its trajectory, setting a strong foundation for continued innovation and expansion in both traditional and crypto asset markets.
Repayments to the customers of Mt. Gox are set to begin after a decade-long court process.
Tokyo-based Mt. Gox once processed more than 70% of all BTC transactions at its peak before collapsing in 2014 after the loss of 950,000 BTC. Bitcoin was worth just $600 at the time.
About 20,658 customers will receive a portion of their lost assets this month, estimated at over $9 billion worth of BTC, BCH and ETH today.
The repayment process is planned to begin with BTC and BCH repayments first, according to Mt. Gox’s rehabilitation trustee.
Kraken CEO David Ripley announced the successful redistribution of Mt. Gox BTC and BCH to creditors yesterday. A sum of 48,641 BTC was sent to an…
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Global asset management leader Franklin Templeton Investments has recently affirmed its bullish outlook on Solana (SOL), positioning the blockchain as a key player in the evolving cryptocurrency landscape. The firm detailed its belief that Solana is not only gaining traction but is also poised to significantly influence the industry’s future. This endorsement is seen as a substantial positive catalyst for SOL.
Franklin Templeton outlined several important developments that they believe will propel the crypto sector forward, extending beyond the dominant roles of Bitcoin (BTC) and Ethereum (ETH). The firm praised Solana for its increasing adoption and ongoing maturation, highlighting the network’s resilience in overcoming technological challenges. They specifically noted Solana’s potential in utilizing high-throughput, monolithic architecture.
With over seventy years of experience and expertise, Franklin Templeton is one of the most established and influential asset management companies globally. Its support for Solana underscores the blockchain’s growing recognition and potential within the crypto market, further solidifying its importance in the broader digital asset ecosystem.
As of July 24, 2024, BlackRock has continued to lead the market of Bitcoin ETFs with 336,036 BTC, demonstrating continued strength with net inflows of +1,093 BTC. On the other side, Grayscale and Bitwise have reported losses in their holdings, with the former’s GBTC reported 11 BTC lighter and the latter’s BITB taking a more pronounced loss down -1,068 BTC.
At the same time, Fidelity’s FBTC remained stable at 181,039 BTC with constant holdings indicating a balanced interest from investors. But here, other players such as ARK Invest and VanEck both saw huge outflows, which indicated sentiment-driven changes in investments or strategic reallocations.
The total holdings across all of these ETFs amount to 911,396 BTC, valued at around $60.6 billion, with a collective net outflow of -1,394 BTC or roughly -$92.8 million. This shows the developments in the ETF sector, as investors position themselves according to market conditions and the opportunities that now arise in the crypto space.
Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.
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I’d like to be more of a wine snob, but I’m useless at figuring out what the notes in a glass of wine are or whatever. I was once told that every red wine tastes like cherry, though, so I just fall back on that one if I need to pretend to know what I’m doing.
Anyways, wine, but on the blockchain:
DVIN wants to keep track of wine
It was a brutally hot afternoon as I sat in a midtown Manhattan office building with David Garrett and Jana Kreilein, the co-founders of wine tokenization platform dVIN. An unopened bottle of…
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Riot Platforms, Inc. RIOT shares are on watch Wednesday as the broader markets, including the price of Bitcoin BTC/USD, slip.
The Details:
Riot announced the acquisition of Block Mining on Tuesday, a bitcoin miner with significant power resources which can support up to 305 MW by the end of 2025.
The acquisition also allows Riot to increase its hashrate targets to 36.3 EH/s by the end of 2024 and 56.6 EH/s by the end of 2025.
“Riot aims to solidify their position as one of the three largest U.S.-listed miners by hashrate and power pipeline,” JPMorgan analyst Reginald L. Smith emphasized in a research note.
Read Next: What’s Going On With Carnival…
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Company Name: Alby
Founders: Michael Bumann, Moritz Kaminski and René Aaron
Date Founded: Open-source project founded in December 2020 / Company founded in March 2022
Location of Headquarters: Fully remote
Amount of Bitcoin Held in Treasury: N/A
Number of Employees: 10
Website: https://getalby.com/
Public or Private? Private
Michael Bumann wants to make it simpler for people to send value across the internet.
This is why he created Alby — an open-source initiative-turned-company best known for its browser extension wallet app, which enables users to send and receive sats via the Lightning Network.
Bumann, a soft-spoken and introspective German web developer with decades of experience in his…
Read more on BitcoinMagazine