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In crypto news today:
Why is crypto down today? Zand Partners with Taurus to Become First Bank in the UAE to Offer Crypto Services Bitget Launches Fiat OTC Service for Block Trade, Supporting GBP, EUR, and USD Imperial College Launches I3-Lab Backed by £1 Million from IOTA__________
Why is crypto down today?
The global cryptocurrency market capitalization continues to fall. Over the past 24 hours, it dropped 8.6%, standing today at $2.08 trillion.
Total cryptocurrency trading volume in the last day is $147 billion, seeing a rise from $107 billion recorded yesterday.
Unlike yesterday, when not a single coin resided in the green fields, two coins in the top 100 category are green today.
Fasttoken (FTN) is the day’s best performer. It’s up 3.2% to $2.29.
Frax (FRAX), too, is green, but it’s barely changed: the price increased 0.2% to $0.9968.
On the red side, Core (CORE) fell 21.1% to the price of $0.8907.
Brett (BRETT) is next on the list, with an 18.9% price decrease to $0.1103.
The rest of the list is down 18% and below, with nearly 70 of the 100 coins seeing double-digit drops.
At the same time, all the top 10 coins are down again today.
Source: cryptonews.com/coins/Dogecoin (DOGE) fell the most. Its price decreased by 13.4% to $0.09649.
Binance Coin (BNB) and XRP also recorded double-digit drops. The former is down 10.7% to $472.5, while the latter fell 10.5% to $0.40503.
At the same time, Bitcoin (BTC)’s price decreased by 5.4%, currently trading at $54,447.
Ethereum (ETH) dropped 8.8%, now changing hands at $2,882.
Meanwhile, crypto exchange Mt. Gox transferred $2.7 billion worth of BTC to a new wallet. It also started paying back creditors, and there were more sales as leveraged traders aimed to play it safe due to market uncertainty.
In Germany, Joana Cotar, a member of the German Bundestag, slammed the government’s recent mass Bitcoin sell-off, calling it “not sensible” and “counterproductive.”
Zand Partners with Taurus to Become First Bank in the UAE to Offer Crypto Services
Zand Bank, a fully licensed bank regulated by the Central Bank of the United Arab Emirates (CBUAE), has signed a strategic partnership with Swiss crypto infrastructure firm Taurus.
According to the press release, Zand has selected Taurus as a strategic partner covering all aspects of its digital asset infrastructure, including custody, tokenization, and blockchain connectivity.
Zand will leverage Taurus’ integrated custody and tokenization solutions to expand its offering in the field of digital assets.
To provide institutional-grade custody for digital assets, Zand will utilize the Taurus-PROTECT wallet solution for secure storage of cryptocurrencies, NFTs, tokenized securities, and digital currencies.
Zand Bank has chosen Taurus as their strategic partner! As the UAE’s first digital bank, Zand will leverage Taurus’ custody and tokenization solutions to enhance their cryptocurrency, tokenized securities, NFT, and digital currency offerings.https://t.co/7F02IHNQVS pic.twitter.com/ak6VDDv9mG
— Taurus (@taurus_hq) July 3, 2024
Furthermore, Zand will utilize the Taurus-CAPITAL tokenization solution to issue and perform asset servicing of any tokenized financial and real-world assets (RWAs).
Zand will be able to deploy and manage the lifecycle of any smart contract standard across public and private blockchains, the announcement stated.
“As the first bank in the UAE to embrace digital assets,” it added, “Zand aims to revolutionize the finance world with innovation, AI, Blockchain technology and client-centric solutions that bridge TradFi and DeFi, empowering their UAE and global Corporate, Institution and Wealth clients to unlock infinite opportunities, foster sustainable growth, and drive positive impacts in the evolving digital economy.”
Backed by institutional investors such as Credit Suisse, Deutsche Bank, Arab Bank Switzerland, Lombard Odier, and Pictet Group, Taurus raised $65 million in 2023.
Bitget Launches Fiat OTC Service for Block Trade, Supporting GBP, EUR, and USD
Crypto exchange Bitget has launched its new fiat over-the-counter (OTC) platform for block trade.
According to the press release, the service initially supports Euros (EUR), Pounds (GBP), and US Dollars (USD).
It will soon extend the options to include Turkish Lira (TRY), Brazilian Real (BRL), and South African Rand (ZAR) for fiat to crypto and vice-versa settlements.
The new offering is for institutional investors and professional crypto traders. The minimum trade size is equivalent to $100,000 USD or EUR.
There is no maximum limit for trades and no fees for trading, account opening, maintenance, or processing.
Bitget Fiat OTC uses Multi-Party Computation (MPC) technology to create an advanced security firewall and protect clients’ assets, the exchange said.
Also, it doesn’t hold custody of fiat or crypto assets for its clients, adding more security and trust to the process.
Transaction data remains private, thus ensuring privacy for clients.
Settlement is instant upon trading confirmation, with no involvement of third parties.
Furthermore, it said, the OTC users have access to an aggregated liquidity pool sourced from major exchanges and market makers.
“Bitget OTC ensures competitive prices close to the spot rate, irrespective of the order size,” the team said.
There are also professional advisors available for one-on-one, round-the-clock service, in addition to the help center and service hotline.
Every weekend, enjoy zero-fee cryptocurrency purchases using your local fiat currency with a credit or debit card!
Buy crypto now !https://t.co/XNzIrvbSSk pic.twitter.com/kX0s5kDnAu
— Bitget (@bitgetglobal) July 5, 2024
Imperial College Launches I3-Lab Backed by £1 Million from IOTA
IOTA has announced the launch of a state-of-the-art facility, Imperial IOTA Infrastructures Lab, at Imperial College London (I3-Lab).
Per the press release, the IOTA Foundation has backed the I3-Lab with an endowment of £1 million, in addition to the funding from Imperial College London.
The I3-Lab has also secured grants for projects, including Autofair, iCircular3, CoDiet, and more.
The 25-member Lab will consist of five PhD students and several senior researchers.
“The I3-Lab puts DLT at the heart of the circular economy as well as includes an incubator for sustainable business models and digital tools based on servitization,” the announcement said.
The team is seen as “a beacon” for so-called translational research – an inquiry moving basic scientific discoveries into practice faster and more efficiently.
The I3-Lab will develop technologies that promote #sustainablebusiness models, aiming to decouple economic growth from resource consumption. Projects include Autofair for fair AI, iCircular3 for robotics and automobiles, and CoDiet for personalized nutrition. 2/4
— IOTA (@iota) July 3, 2024
“The I3-Lab marks a major stride in addressing the global climate crisis,” says Dominik Schiener, Co-Founder and Chairman of the IOTA Foundation. “Only when we see the value in bringing together experts in fields such as science, technology, philanthropy, DLT, and regulation will we be able to help businesses and consumers realize the potential of circular economy models and change behavior across the board.”
IOTA previously gave a £1 million grant to the founding of the I3-Lab for circular economy research within Imperial’s Dyson School of Design Engineering.
The Foundation also gifted £155,000 toward designing a congestion control algorithm, a new design paradigm for DLTs.
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The post What’s Happening In Crypto Today? Daily Crypto News Digest appeared first on Cryptonews.
