Crypto This Monday: NEAR Soars After Alibaba Partnership, HSBC Makes Way for Crypto in Hong Kong, and More

Bitcoin holds new support on growing US interest

At the open of Wall Street on June 26, Bitcoin (COIN:BTCUSD) price was at $30,500 with new support being held by the bulls. Buyer interest in the US boosted the market, especially due to announcements of institutional product applications based on the spot price of Bitcoin. US-led demand is on the rise, indicating a possible longer-term revival. Price correction is considered unlikely, and the uptrend is likely to continue.

CoinShares sees record inflow of cryptocurrency investments

European asset management firm CoinShares reported the biggest inflows into crypto investment products since July 2022, with $199 million invested last week. Bitcoin led the gains, while altcoins saw smaller inflows. Total assets under management now stand at $37 billion, the highest level in some time.

Hut 8 secures $50 million credit line with Coinbase Credit

Hut 8 Holdings subsidiary of Bitcoin miner Hut 8 (NASDAQ:HUT) has secured a $50 million credit facility with Coinbase Credit for corporate purposes. The loan includes an amount of $15 million to be funded at closing, an additional $20 million loan in one to two months, and a $15 million delayed loan. The credit line is secured by Bitcoin held in Coinbase Custody and will expire after 364 days. “ All amounts borrowed under the Facility of Credit will bear interest at a rate equal to (a) the greater of (i) the federal funds rate at the applicable borrowing date and (ii) 3.25%, plus (b) 5 ,0% (…) At the same time, it ensures that we can maintain our dynamic pre-halving Bitcoin treasury management strategy”, said Hut 8 CEO Jaime Leverton.

Riot Platforms partners with MicroBT to produce ASICs in the US

Riot Platforms (NASDAQ:RIOT) announced a groundbreaking partnership with MicroBT, maker of Bitcoin ASICs. Riot is the largest public Bitcoin mining company in the US in terms of capacity. This collaboration will bring ASIC production to America and significantly increase Riot’s mining capabilities. In addition to strengthening the domestic supply chain, this partnership will also drive local job creation and establish Riot as a leader in the Bitcoin mining industry. “ For those concerned about our energy consumption, these machines will be more efficient than ever… our state-of-the-art data center coming to Corsicana, Texas ”, states the press release.

HSBC allows investment in cryptocurrencies and launches virtual education center

HSBC (NYSE:HSBC), Hong Kong’s largest bank, has enabled its customers to invest in cryptocurrencies for the first time, offering access to Bitcoin and Ethereum Exchange-Traded Funds (ETFs) listed on the Hong Kong exchange. This initiative marks an important milestone as it is the first bank in Hong Kong to allow transactions of this type, expanding exposure to cryptocurrency for its local customers. This indicates that traditional banking institutions are increasingly recognizing the potential of digital currencies as part of a comprehensive investment portfolio. HSBC’s move could have a significant impact on crypto accessibility in the Hong Kong financial market, and other banking institutions could follow suit. The bank also emphasized the importance of investor education by launching a virtual education center for investors in virtual assets. This update comes amidst other financial institutions entering the cryptocurrency space, and the crypto market has reacted positively, with an increase of more than $100 billion in its market capitalization value in the past week.

Algorand and DWF Labs Enter $50M Partnership to Power Blockchain

Algorand and DWF Labs entered into a $50 million partnership to support the growth of blockchain, especially in projects related to DeFi, art, music, games and infrastructure. Algorand offers unparalleled speed and security, while also excelling in environmental sustainability and social impact. Algorand’s protocol update brought improvements for developers to build high-quality dApps. DWF Labs is a global web3 multi-stage investment firm and digital asset market maker. With offices in Singapore, Switzerland, British Virgin Islands, United Arab Emirates, South Korea and Hong Kong, DWF Labs is present in several strategic locations around the world. Despite market uncertainty, the recent performance of the native token (COIN:ALGOUSD) had significant gains, up 15.09% for the week. “ We chose Algorand because of its unrivaled level of technology and security among permissionless DLTs, as well as its leadership in environmental sustainability and social impact. Algorand’s blockchain infrastructure provides the speed and instantaneous finality needed by creators, financial institutions and governments to smoothly transition to the new digital economy at scale, in an environmentally responsible way”, said Andrei Grachev, Managing Partner at DWF Labs.

NEAR Protocol partners with Alibaba Cloud, boosting token

The NEAR Protocol token (COIN:NEARUSD) hit a three-week high of $1.60 following the announcement of a partnership with Alibaba Cloud (NYSE:BABA). The NEAR Foundation highlighted that this collaboration will provide access to the cloud developer ecosystem of Alibaba Cloud, allowing it to attract new developers to NEAR’s blockchain network protocol. This is Alibaba Cloud’s latest partnership with web3 related organizations, following collaborations with Avalanche and Mysten Labs in the past.

Exodus adds Sovryn Dollar stablecoin to corporate balance sheet

Crypto wallet provider Exodus Movement Inc has added Bitcoin-backed stablecoin Sovryn Dollar (DLLR) to its balance sheet. The initial DLLR allocation represents approximately 25% of Exodus’ quarterly interest income. The addition of DLLR to the corporate treasury will allow Exodus to access operating funds on an ongoing basis. DLLR is also the default stablecoin in the Sovryn DeFi ecosystem for trading and lending. “ Our treasury allocation is a step towards a new era of financial control and self-custody. In addition to taking its place on our corporate balance sheet, the Sovryn Dollar asset will soon be available to all Exodus users across desktop, mobile devices and our Web3 wallet ,” said JP Richardson, co-founder and CEO of Exodus, in a statement.

zkSync launches ZK Stack to create ZK-Based Hyperchains

Ethereum’s zkSync (COIN:ETHUSD) scalability platform has released the ZK Stack, a modular framework for custom ZK-based blockchains called Hyperchains. These Hyperchains will function as a new layer over the existing Layer 2 protocol, enabling fast liquidity transfers and instant lending. While it shares similarities with Optimism’s Superchain network, the ZK Stack seeks to eliminate the need for insecure token bridges. zkSync plans to make the system available on the testnet by the end of the year and expects Hyperchains to be adopted by projects with specific privacy and speed requirements.

Swiss National Bank to issue central bank digital currency on exchange SIX

The Swiss National Bank (SNB) has announced that it will issue a wholesale central bank digital currency (CBDC) on Switzerland’s digital exchange SIX as part of a pilot. Central bank governor Thomas Jordan said: ” This is not just an experiment, it will be real money equivalent to bank reserves and the aim is to test real transactions with market participants “. While retail CBDCs are still a cause for caution, the SNB is exploring the technology but does not foresee the cash disappearing in Switzerland. “ It’s the only way retail households can hold central bank money. This resource needs to be maintained independently of the technology ,” said central bank governor Andrea Maechler.

Japan resets taxes for cryptocurrency issuers

According to CoinDesk, Japan’s National Tax Agency has issued a notice resetting the tax application for cryptocurrency issuers who own their own tokens. The change eliminates the requirement to pay taxes on unrealized gains, aiming to strengthen the cryptocurrency industry in the country and attract more companies in the sector.

BitGo seeks acquisitions, predicts consolidation in cryptocurrency sector

After withdrawing from the proposal to buy Prime Trust on June 22, BitGo CEO Mike Belshe revealed that the company has other acquisitions in the pipeline and expects more consolidation in the cryptocurrency sector in the second half of the year. While he didn’t divulge details, Belshe stated that BitGo is in contact with major players, including Coinbase (NASDAQ:COIN), who may need to separate their escrow service from their trading operations.

Binance continues to offer privacy coin trading in Europe

Binance has decided to continue offering privacy coin trading in Europe after announcing its removal from the list in May. The decision would have affected a dozen privacy coins: Decred (COIN:DCRUSD), Dash (COIN:DASHUSD), Zcash (COIN:ZECUSD), Horizen (COIN:ZENUSD), PIVX (COIN:PIVXUSD), Navcoin (COIN: NAVUSD), Secret (COIN:SCRTUSD), Verge (COIN:XVGUSD), Firo (COIN:FIROUSD), Beam (COIN:BEAMUSD), Monero (COIN:XMRUSD) and MobileCoin (COIN:MOBUSD). The company has revised its ranking and seven privacy coins will be spared from delisting in some European countries. The decision was taken in response to regulatory requirements in the European Union. While some coins are still restricted, the reversal was a result of community feedback and project negotiations. Binance has recently faced several regulatory issues in different countries.