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| Here is a quick look at the hits from today's Inside Cryptocurrency newsletter: - The fourth-largest German bank's new crypto custody license,
- Binance's plans to launch a local crypto exchange in Thailand next year,
- South Korean public pension fund's $19.92M purchase of Coinbase shares, and more.
Enjoy your reading! Doğa
p/dogayurduneri | |
| 1 | | Binance, the largest crypto exchange by trading volume, has announced its plans to launch a new crypto exchange in Thailand in early 2024 through a joint venture with Thailander private power producer Gulf Energy Development. The new exchange will operate under the name of Gulf Binance. More: - The move came nearly six months after Gulf Binance obtained a license from Thailand's Securities and Exchange Commission to operate as a registered digital asset exchange and to offer crypto brokerage services in the country.
- At the time, the approval marked Binance's first license in Southeast Asia.
- However, the Thailander securities regulator granted the final approval to Gulf Binance earlier in November, allowing the joint venture to commence operations.
- The platform is expected to launch in January.
- The exchange will initially serve as an invitation-only trading platform, and the two firms will later open it to the general public.
- Gulf Energy Development's financial technology (fintech) arm, Gulf Innova, and Binance first signed a deal to launch a joint venture in 2022.
- Gulf Energy Development holds a 51% stake in the joint venture, while Binance owns the remainder.
Zoom Out: - On the other hand, Binance started launching its operations in some jurisdictions through joint ventures with local firms after it faced heightened regulatory scrutiny in many countries, including the U.S., Australia, France, Belgium, and Brazil.
- The company also recently had to withdraw from several markets in the West, such as Canada, Austria, the Netherlands, Cyprus, the U.K., and Germany, mainly due to compliance issues.
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| 2 | | 
What the numbers say: Solana blockchain network's native token, SOL, increased by more than 10% in value within the past day. The token's price surged to as much as $67.99, up from the previous day's low of $61.64. Then, the figure saw a strong decline again, retreating to as low as the $59 level. The jump in SOL's price also caused the token's weekly value gain to reach more than 30%. Through the latest increase, the popular token outperformed some major cryptocurrencies, such as Bitcoin (BTC) and Ether (ETH), in the weekly price surge. Relevance: The brief jump in SOL's price came shortly after the investment management firm ARK Invest's crypto-friendly CEO, Cathie Wood, praised the Solana network during an interview with CNBC Television. In the interview, Wood said Solana is doing an excellent job. The famous investment manager also underlined that the network is currently even faster and more cost-effective than Ethereum, although the latter revolutionized by becoming faster and cheaper than Bitcoin. The blockchain's native token, SOL, reacted to Wood's comments positively, briefly increasing by more than 10% in price. Brands that should care: ARK Invest previously hit the headlines many times with its investments in shares of several crypto-related firms, including the crypto and stock trading platform Robinhood and the crypto exchange Coinbase. | | | |
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| 3 | | Commerzbank, Germany's fourth-largest bank, has obtained a crypto custody license from the German Federal Financial Supervisory Authority (BaFin), the country's financial market regulator. The license will allow the lender to offer a broad range of digital asset services, including the crypto custody service, with a particular focus on crypto assets. More: - The bank pointed out that it became the first full-service German bank to receive this license in the country under the German Banking Act.
- Commerzbank's crypto services will cater to institutional clients.
- The lender said the first step would be to establish a platform that is secure, reliable, and fully compliant with local regulations.
- The banking giant also underlined that the first product will be the custody service for Bitcoin (BTC) and Ether (ETH).
Zoom Out: - Commerzbank's move came amid a time when several other German banking institutions announced their plans to launch a crypto custody service.
- Most recently, DZ Bank, the third-largest bank in Germany by total assets, launched its crypto custody service that only caters to institutional customers.
- In September, Germany's largest bank, Deutsche Bank, also announced that it would start offering crypto custody services to institutional clients in partnership with Swiss crypto firm Taurus.
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| 4 | | In its latest stock holding report submitted to the U.S. Securities and Exchange Commission (SEC), South Korea's public pension fund, the National Pension Service (NPS), has revealed that it bought 282,673 shares of the largest U.S. crypto exchange Coinbase (COIN) during Q3. The shares were purchased for $19.92M in total. More: - The fund acquired 282,673 COIN shares at an average price of $70.50.
- The investment helped the NPS make a 40% profit within the last quarter.
- The total value of the shares purchased by the NPS currently stands at around $27.74M.
- COIN shares increased their value by 4% during Q3 and 177% since the beginning of the year.
- Through the investment, the South Korean pension fund added the shares of a digital asset company to its U.S. stock portfolio for the first time in its history.
- The country's National Assembly directed heavy criticism toward the fund for taking exposure to a virtual asset-related business.
Zoom Out: - The NPS is currently the third-largest public pension fund in the world, with its $800B assets under management (AUM).
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| 5 | | Decentralized crypto exchange PancakeSwap has recently launched a gaming marketplace that allows developers to build, release, and update their games. The platform said developers can also integrate Web3-related elements into the games, such as cryptocurrencies and NFTs, through the new marketplace. More: - PancakeSwap's gaming marketplace currently supports nine blockchains.
- The supported networks include Ethereum, Polygon zkEVM, Base, BNB Chain, OpenBNB, zkSync Era, Arbitrum One, Linea, and Aptos.
- The exchange also pointed out that it would launch two games on the platform upon launch.
- The games, titled Pancake Protectors and Pancake Mayor, were developed in collaboration with Mobox and Binary X, respectively.
Zoom Out: - PancakeSwap is currently the second-largest decentralized crypto exchange (DEX), with a 15% market share behind Uniswap.
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| 6 | | French soccer club Paris Saint-Germain F.C. has recently partnered with the avant-garde fashion brand Blvck Paris to release a new NFT collection. The collaboration will fuse sports, fashion, and digital artistry. More: - The NFTs in the collection will be first exclusively launched on Singapore-based crypto exchange Crypto.com's marketplace.
- The digital collectibles will later feature physical apparel, and the NFT holders will have early access to the physical items, along with other potential benefits.
- Each NFT in the 1,000-piece collection will be put up for sale for $50.
- A 10% portion of these NFTs will be special-edition collectibles that can be exchanged for a box of physical items from the collaboration.
- The physical fashion items in the collaboration, including an all-black hoodie with white text, a soccer ball, a T-shirt, a welcome mat, and a scarf, will be released next week.
- The NFTs were minted on the Cronos blockchain network.
Zoom Out: - Paris Saint-Germain also previously launched a crypto fan token in partnership with Socios.com.
- The club recently released AI-generated posters in the form of NFTs for free on Crypto.com.
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- The Montenegrin High Court has denied an appeal of Do Kwon, the co-founder of the collapsed Terra ecosystem, to a four-month prison sentence over charges of falsifying documents.
- The U.S.-based Bitcoin (BTC) services platform Swan Bitcoin has warned its users that it would terminate the accounts using coin-mixing services.
- Poloniex, a crypto exchange acquired by the blockchain-based operating system Tron's founder, Justin Sun, has announced that it would soon resume all the operations suspended after a $100M hack on the platform.
- The New York State Department of Financial Services (NYDFS) has published a new stricter guidance on the listing and delisting of cryptocurrencies.
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 | Staff Writer | | Doga is a tech and science editor who has been writing news for nearly 10 years. She worked for leading tech platforms and mainstrem media channels as an editor and presenter throughout his career. Then, she carried her know-how to more than one platform. She is a part-time cat lover and binge-watcher, and also fond of science, space, and emerging tech. She always has a story to tell. She is a bit addict to the laughter and -unfortunately- the '90s culture. | | This newsletter was edited by Aaron Crutchfield | |
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