Author Archives: David Drake

Fidelity Investments Creates Special Crypto Platform, Will Wall Street Companies Follow?

  By David Drake   Fidelity Investments is now offering alternative solutions to clients that are in cryptocurrency trading business. The Wall Street firm has set up a new company dubbed Fidelity Digital Asset Service LLC to serve as both as custodian and trader for family offices, hedge funds, and endowment funds on various exchanges. The primary purpose of this […]

Can US-based Virtual Commodity Association Advocate for Crypto Industry Interests?

  By David Drake   Globally, the cryptocurrency industry has been gaining traction. In recent years, the technology that underlies digital currencies has been used to develop solutions across sectors. In marketing, platforms such as Noiz Chain and Qupon are facilitating interactive advertising and marketing of virtual coupons. URAllowance is enabling family interactions using smart contracts while ONe Network is […]

How Singapore’s Monetary Authority Efforts Could Foster Partnership between Banks and Crypto Firms

  By David Drake   Singapore is a country that has been building a good reputation in the world for its favorable investment environment. But beyond having a strong economy, the Singaporean government has offered support to the cryptocurrency industry and has legally allowed the use and trading of crypto with a view of gaining first-mover advantage over other countries. […]

Bitcoin Takes Nosedive After Investors React to IMF Ruling

  By David Drake   In its World Economic Outlook published last month, the International Monetary Fund (IMF) cited that vigorous growth of digital currencies and the premature celebration of the cryptocurrency movement could potentially create vulnerabilities within the international financial system (IFS). Immediately after the IMF made this announcement, prices of major cryptocurrencies, including bitcoin, plummeted, resulting to a […]

Crypto firms opening bank accounts: relation to Singapore cryptocurrency industry success

  By David Drake   Singapore is among the top countries that have a vibrant cryptocurrency industry, coming third after the US and Japan. In a bid to boost cryptocurrency industry growth, the country’s financial regulator, the Monetary Authority of Singapore (MAS) made public its plans to help cryptocurrency firms operating within its borders to open bank accounts locally. Previously, […]

What are Reasons Behind IMF’s Warning Against Cryptocurrencies?

  By David Drake   This past month, the International Monetary Fund (IMF) became the first global financial body to raise alarm over the fast growth of virtual assets and the impact this new asset class could have on the global financial market. The IMF warning comes just a month after the UK government issued a statement that branded the […]

Singapore’s Financial Regulator Supports Companies to Open Bank Firms Despite Strict Crypto Regulations

  By David Drake   Singapore continues to make groundbreaking moves in the cryptocurrency world. The country has been lauded as one of the most crypto-friendly environments despite the fact that the central government has not yet recognized cryptocurrencies as legal tender. In a move that is likely to make the country more attractive to cryptocurrency companies, the country’s financial […]

How France Could Become the Leading ICO Destination in Europe

  By David Drake   Like many countries in Europe, France is not new to cryptocurrencies. However, its popularity in the cryptocurrency space is getting better and better. This is because the French Parliament has adopted an initial coin offerings framework proposed by the country’s financial market regulator. According to the regulator, the country is positioning itself to become an […]

What are the Long-term impacts of IMF’s Announcement on Digital Currencies?

  By David Drake   Growth of the crypto market has largely been viewed positively by many players in terms of its contribution to the global economy. However, to other economic players, cryptocurrencies are increasingly becoming a risk to both consumers and investors. Just recently, global financial institution, the International Monetary Fund (IMF) stated that there are possibilities that virtual […]

How Binance’s Fiat-to-Crypto Exchange Addresses Key ICO Challenges in Singapore

  By David Drake   The world’s largest digital currency trading platform, Binance, started testing its beta version of fiat-to-cryptocurrency exchange in Singapore a few weeks ago. News about the launch of the fiat exchange were received positively as the country allows the use of virtual currencies and enjoys government support. But Binance’s decision to launch a fiat exchange in […]