USDTradFi-Crypto Ties This Week: Weekly Recap of Big Bitcoin Shifts
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Standard Chartered Launches Institutional Bitcoin and Ethereum Trading via Existing FX Systems
Standard Chartered has become the first Global Systemically Important Bank (G-SIB) to offer institutional trading of Bitcoin and Ethereum through its existing foreign exchange systems. This service enables clients to execute and settle crypto trades seamlessly alongside traditional currencies. Bill Winters, the bank's CEO, emphasized the importance of digital assets in financial evolution. The initiative, three years in the making, reflects rising demand from institutional clients for regulated crypto access. By integrating digital assets into familiar trading platforms, Standard Chartered aims to enhance institutional confidence in crypto markets, marking a significant step towards convergence between traditional finance and digital assets.
GameStop Considers Crypto Payments for Collectibles Amid Shift from Hardware
GameStop is considering accepting cryptocurrency for collectible purchases, according to CEO Ryan Cohen. The company, pivoting from hardware to collectibles, remains open to various cryptocurrencies without committing to specific tokens. Cohen emphasizes crypto's utility and potential as a hedge against inflation. Following its acquisition of 4,710 Bitcoin worth over $500 million, GameStop claims a more conservative approach compared to MicroStrategy. With $9 billion in cash and marketable securities, the firm may explore digital asset integrations further, funded by a recent $450 million round. Despite these plans, GME shares showed little movement, indicating investor caution.
Sberbank to Launch Crypto Custody Services, Embracing Digital Assets Amid Regulatory Shift
Sberbank, Russia's largest bank, is set to launch custody services for crypto assets, reflecting the country's increasing acceptance of digital currencies amid shifting global financial dynamics. This move aligns with a softened regulatory stance from Russia’s central bank, which has started endorsing the use of digital currencies for international trade, particularly in light of Western sanctions related to the Ukraine conflict. Notable insights from Sberbank executives propose regulating crypto assets akin to bank account assets, ensuring their safety. The service aims to enhance transaction security and allow asset freezing if illegal activities are suspected, positioning Sberbank strategically in the crypto market.
Jack Dorsey’s Block Inc. to Join S&P 500 on July 23, Marking Second Crypto Presence
Jack Dorsey’s Block Inc. is set to join the S&P 500 on July 23, becoming the second crypto company in the index after Coinbase. Block Inc. will replace Hess Corp. following Chevron’s acquisition of Hess. The fintech firm specializes in Bitcoin payments and mining, holding 8,584 BTC, ranking 11th among public Bitcoin treasuries. Following this announcement, Block’s stock surged nearly 10% in post-market trading, reaching around $79.45 from $72.82. Despite a recent 15% surge over the last month, the stock remains down 15.47% year-to-date. Michael Saylor’s Strategy could potentially join the index in the future.
Bullish Crypto Exchange, Backed by Peter Thiel, Files for US IPO Amid Strong Financials
Peter Thiel-backed crypto exchange Bullish has filed for a US IPO, confirming earlier reports of its confidential submission to the SEC. Founded in 2021, Bullish achieved $302 million in revenue and $150 million in net income for 2023, positioning itself as a profitable contender in the crypto space. The exchange holds $874 million in cash and manages $2.4 billion in customer assets, including significant holdings in Bitcoin and EOS. With a regulatory license in Bermuda, Bullish aims for US growth amid a favorable crypto climate, backed by notable investors like Galaxy Digital and hedge fund managers.
Grayscale Files Confidential IPO Draft with SEC Amid Growing Crypto IPO Trend
Grayscale has confidentially filed draft IPO paperwork with the SEC, marking a significant step in the U.S. cryptocurrency landscape following Circle's NYSE debut. This move aligns with a growing trend of crypto IPOs under President Trump's pro-crypto policies, with companies like Gemini and Kraken also preparing to enter the market. The IPO signifies a busy period for Grayscale, which recently converted its Bitcoin and Ethereum trusts into ETFs. By keeping details such as share offerings and valuation under wraps, Grayscale allows for strategic gauging of investor interest before formally unveiling the prospectus.
Roxom Launches Bitcoin-Denominated Exchange, Pioneering BTC Trading for Public Companies
Roxom is launching the world's first Bitcoin-denominated capital market platform in September 2025, enabling trading of public company stocks and derivatives natively in BTC. Its "Bitcoin Treasuries" Spot product aggregates Bitcoin-rich companies, enhancing direct BTC exposure without fiat conversion. The exchange aims to foster a Bitcoin-native financial ecosystem, inspired by early Bitcoin finance pioneers. Backed by a $17.9 million funding round from notable investors, Roxom seeks to expand Bitcoin's utility for miners, businesses, and institutional investors. Additionally, its media arm, RoxomTV, will provide 24/7 coverage on macro trends and Bitcoin culture, reinforcing its long-term vision.
Moscow Exchange to Launch Ethereum and U.S. Treasury Bond Futures in August
The Moscow Exchange (MOEX) will launch futures contracts in August for Ethereum (ETH) and U.S. Treasury bonds, marking significant developments in Russia's financial market. The ETH futures will be linked to the iShares Ethereum Trust ETF, while the U.S. debt futures will track the iShares 20+ Year Treasury Bond ETF. This expansion follows MOEX's introduction of Bitcoin futures and aims to attract investors amid rising yields on U.S. securities. Currently, retail investors have open net positions in Bitcoin futures exceeding 1.25 billion rubles ($16 million), showcasing growing interest in crypto derivatives.
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