Coinbase registers with FIU in India amid market comeback efforts

Crypto.com, the Singapore-based cryptocurrency exchange and digital asset brokerage, announced that it introduced an institutional trading platform in the United States. In a statement published on its website on Jan. 21, the company outlined that U.S. institutional and advanced traders can now access the new platform. The firm believes that the offering complements its retail-facing Crypto.com app., which currently serves the U.S. market.Photo by Joshua Hoehne on Unsplash480 trading pairsThe institutional-grade platform will enable access to over 300 cryptocurrencies and 480 trading pairs. The product is likely to appeal to a similar market segment as those clients targeted by the Crypto.com Custody Trust Company, a digital asset custodian, which was established last month. At that time, Crypto.com co-founder and CEO Kris Marszalek said that launching the digital asset custodian was the latest step on the company’s product roadmap, with a view towards building a business and a market presence within the U.S. and Canada.  Responding to this latest product offering, Marszalek stated: “We took the time to build the best possible product for institutional and advanced users around the world and we are now incredibly excited to fully introduce it in the market we continue to be bullish about – the U.S.” Marszalek added that Crypto.com has invested heavily in the exchange’s technological capabilities and banking rails. The Crypto.com CEO believes that this investment has resulted in exponential global growth for the company, with the platform becoming a leading U.S. dollar-supporting exchange. Regulatory tailwindsCrypto.com’s bullishness regarding the U.S. market currently stands in contrast with developments in June 2023 when the company decided to shut down its institutional exchange offering, citing limited demand amid a bleak market landscape for crypto in the United States.  At the time, the company was one of several to look towards opportunities outside of the U.S. Shortly afterwards, Crypto.com obtained a crypto trading license in Dubai. Competitors Gemini and Coinbase followed a similar strategy, looking at growth opportunities in the Middle East and Asia. It’s clear that a regulatory crackdown in the U.S. at that time curbed the expansion plans of many cryptocurrency platforms. Many industry experts are of the belief that there will be a pro-crypto Securities and Exchange Commission (SEC) in the U.S. as part of the newly seated Trump administration.  Regulatory clarity is necessary for institutional involvement in the digital assets sector. Last week, Mark Uyeda, Acting Chairman of the SEC, announced the formation of a crypto task force with the objective of creating a clear regulatory framework for crypto. The U.S. is home to the world’s largest capital markets. A report produced by New York-headquartered blockchain analysis firm Chainalysis late last year identified that 70% of North American crypto transactions involved transfers that had a value in excess of $1 million, pointing to the level of institutional activity within that market.  Earlier this month, Crypto.com added the ability for U.S. platform users to trade stocks and exchange-traded funds (ETFs).

Japanese Crypto Firm Pafin to Introduce DeFi Asset Management PlatformA Japanese company specializing in cryptocurrency services is preparing to launch a DeFi asset management platform.Photo by Shubham Dhage on UnsplashDeFi asset managementPafin, the company behind Cryptact, a service that automates cryptocurrency profit and loss (P&L) calculations, is set to introduce Defitact on June 5. Defitact is a platform designed to consolidate transactions involving decentralized finance (DeFi) assets and NFTs, complemented by illustrative charts. Pafin claims that it is the first provider of crypto P&L calculations to offer blockchain asset management in the Japanese language.The company envisions a broad array of services through Cryptact, from asset management to P&L calculations, to support all Web3 activities in today’s digital landscape.Beta test for subscribersStarting from May 29, Pafin will roll out a beta test for Defitact, exclusive to Cryptact newsletter subscribers. Subscribers will be able to access the service by entering their wallet addresses in the URL provided with the newsletter, which will be sent on the beta test launch date. The newsletter will be sent to those who sign up by May 28, and registration for a Cryptact account is free.This service emerges amidst the growing prominence of Web3, with DeFi — a financial service leveraging blockchain technology — standing out as one of its most rapidly evolving sectors. As of the close of 2021, the DeFi market had a near $100 billion valuation, according to a report by the Japan Research Institute.The nature of DeFi, lacking a centralized administrator, places the onus of crypto wallet management on individuals. The Defitact service seeks to resolve the inconvenience of monitoring and managing real-time transactions on DeFi platforms, typically operating outside crypto exchanges.Available in Japanese and EnglishAs a free, bilingual (Japanese and English) service, Defitact provides a transaction history and displays crypto market capitalization in three fiat currencies: the Japanese yen, the US dollar, and the euro.Pafin’s future plans include integrating Defitact with Cryptact, adding an NFT management service, and enabling the aggregation of multiple wallets for efficient digital asset portfolio management.

The SUI token has surged to an all-time high (ATH) price after the revelation of the project’s partnership with the American University of Sharjah (AUS) in the United Arab Emirates (UAE) to establish the AUS-Sui Blockchain Academy. SUI is the native token of the Sui blockchain, a layer one blockchain network and smart contract platform that’s striving to make digital asset ownership private, secure and accessible. The AUS-Sui Blockchain AcademyAccording to a press release published via regional news media outlet Zawya on Monday, the AUS-Sui Blockchain Academy is situated within the multidisciplinary Center of Entrepreneurship, Innovation and Sustainable Development, within the AUS. It’s been set out to align with the principles of entrepreneurship, innovation and sustainability with the objective of fostering responsible and impactful technological advancement relative to blockchain. The Academy aims to equip the next generation of leaders and innovators with the necessary knowledge to harness Web3 technology so as to address future global challenges. Dr. Greg Siourouni, Managing Director of the Sui Foundation, expressed enthusiasm for the blockchain education initiative, emphasizing its role in advancing Sharjah's goal of becoming a leading educational and research hub.Photo by Ainur Kamaev on UnsplashPrice surgeIn response to the announcement, SUI's token price has surged. While it’s up 4% over the course of the past 24 hours, the token is now standing at a record-high unit price of $1.79 since its launch in May 2023. The positive momentum in SUI's price underscores market enthusiasm for the layer-1 blockchain platform's educational initiatives. However, other in-roads being made by the project may also be playing a role. Last September the project launched zkLogin, a Web3 authentication solution that enables dApp users to login using social media accounts. The following month, the Sui Foundation announced a $50 million ecosystem fund in an effort to bolster growth relative to the Sui network. AUS and SUI blockchain education initiativesThis latest initiative is part of Sharjah's vision to position itself as a regional powerhouse for education and research, particularly in the realm of technology and blockchain. It’s not the first blockchain-centric collaboration that the university has engaged in. In June of last year, Dubai-headquartered crypto spot and derivatives trading platform Bybit partnered with AUS to establish a scholarship fund of $272,000. That endeavor is supporting fintech and blockchain studies for the benefit of 20 students. The Sui Foundation too has established a track record where educational initiatives are concerned. It has previously introduced several programs, including a Web3-focused curriculum at the Wheeler Institute for Business and Development at the London Business School. Additionally, it awarded $400,000 in Sui Academic Research Awards (SARAs) to 15 universities worldwide and introduced a Web3 curriculum for high school students. SUI's partnership with AUS to establish the AUS-Sui Blockchain Academy reflects its commitment to advancing education and innovation in the blockchain space, while its price surge is suggestive of market optimism for its future endeavors.