Alibaba launches NFT plan, retail is replaced by block trade

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On July 21st news, European Union (EU) policymakers on Tuesday proposed stricter supervision of the transfer of encrypted assets, requiring companies to collect detailed information on senders and receivers to help the authorities combat illegal funds. The law proposed by the European Commission will apply so-called travel rules to encrypted transactions to make them traceable.

On the same day, according to a draft press release issued by the Office of the Attorney General of the State of New Jersey, the US Securities and Exchange Administration plans to issue an “immediate termination order” to a multi-billion-dollar crypto financial service platform in New Jersey, requiring it to stop. Provide interest-bearing accounts.

China Currency (ZB) Research Institute believes that the major economic regions of the world have stricter policies on encrypted assets and encrypted financial services, which has led to a substantial reduction in the number of basic transactions, and the level of market transactions has increasingly shifted to a small and large-scale form. . According to relevant statistics from the China Currency (ZB) Research Institute, trading activities in January and February 2021 surged, and in the last few weeks of the quarter ending June 30, 2021, it returned to a level “closer to the previous period and maintained at Similar to the “early third quarter.” In addition, in the first quarter of 2021, 17% of its transaction-based revenue came from cryptocurrency transactions.

According to the news on July 21, the number of institutional investors (wealth management institutions, foundations, etc.) with encrypted assets has increased sharply and will continue to grow in the future. 70% of institutional investors plan to buy or invest in digital assets in the near future, and more than 90% of them plan to do so by 2026. The survey was conducted blindly, soliciting the opinions of more than 1,100 institutional investors, roughly distributed in the United States, Europe and Asia. It defines crypto ownership as a company that directly owns digital assets or invests in the crypto field.

According to data obtained by ZB Research Institute from the crypto-friendly bank Silvergate. Compared with the previous quarter, the company’s pre-tax revenue almost doubled, and the transfer service generated more than $239 billion in transaction volume in the second quarter of 2021, which is equivalent to an increase of 44% compared to the first quarter of 2021. . In addition, Silvergate disclosed that it currently has nearly US$20 billion in deposits from the digital asset industry, driving approximately 50% of its quarterly growth.

The above data also corroborates the view of ZB Research Institute that in the current market environment, retail is being replaced by bulk transactions.

On July 21, the Hong Kong South China Morning Post (SCMP), a subsidiary of Alibaba, announced that it would launch a related NFT platform plan, aiming to digitize “historical assets”. SCMP will create collectible NFTs from its historical news and is exploring governance through decentralized autonomous organizations (DAOs).

Market news

On July 21, ZB learned that Grayscale CEO Michael Sonnenshein stated that once the conditions are right, the company is “100% committed” to converting its Bitcoin product GBTC into an ETF. Last week, Grayscale announced the establishment of a partnership with the US banking giant Bank of New York Mellon, which will provide services to GBTC after the transition. He also emphasized that the US Bitcoin ETF will definitely be approved, but it is only a matter of time.

According to statistics from the China Currency (ZB) Research Institute, the current total value of digital asset securities products is 7.166 billion US dollars, a decrease of 1.88% from the previous month. Among them, the total holdings of Bitcoin securities products are 154,200, valued at US$4.623 billion; the total holdings of Ethereum securities products are 1.4319 million, valued at US$2.543 billion. This move by Grayscale will sooner the value of Ethereum out of the Bitcoin-dominated market.

According to news on July 21, Robinhood Markets Inc’s US initial public offering (IPO) has a target valuation of up to 35 billion U.S. dollars. As previously reported, Robinhood’s goal is to have an IPO valuation of up to $40 billion. Approximately 55 million shares will be issued in the initial public offering to raise more than $2.3 billion in capital.

According to news on July 21, Bitcoin mining company IrisEnergyPty plans to raise approximately US$200 million in a new round of financing before seeking a direct listing on the Nasdaq.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/alibaba-launches-nft-plan-retail-is-replaced-by-block-trade/
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