bookmark_borderHSBC reportedly blacklists MicroStrategy’s stock for investing in Bitcoin

The investment banking giant now reportedly classifies MicroStrategy as a “virtual currency product.”

Buying MicroStrategy stock (MSTR) is reportedly no longer possible for HSBC customers on the bank’s online trading platform — HSBC InvestDirect, or HIDC.

According to a supposed message from the bank to its customers, HSBC has directed users that already own MicroStrategy stock not to buy additional shares.

Twitter user Camiam claimed to have received such a message from the banking giant on March 29:

Hey @michael_saylor , you may want to ask your legal team if what @HSBC_CA is doing here is legal. It sure does not sound like it is! They wont allow us to buy @MicroStrategy . They maybe naked short… pic.twitter.com/GWSpt5t9eH

— Camiam⚡️☣️ (@Camadamus) April 8, 2021

The MSTR blacklisting appears to be part of the bank’s amended user policy prohibiting users from interacting with cryptocurrencies with an excerpt from the message reading:

“HIDC will not participate in facilitating (buy and/or exchange) product relating to virtual currencies, or products related to or referencing to the performance of virtual currency.”

According to the alleged HSBC communique, MicroStrategy is a virtual currency product hence the reason for the blacklisting.

MicroStrategy, a business intelligence and software firm, has pioneered Bitcoin (BTC) adoption among publicly-listed companies in the United States.

Since first adding Bitcoin to its balance sheet back in August 2020, the Fortune 500 company now holds over 90,000 BTC currently valued at about $5.26 billion.

The blacklisting MSTR is only the latest in HSBC’s recent anti-crypto moves. Earlier in the year, the world’s sixth-largest bank also reportedly blocked customers from moving profits from crypto exchanges to their bank accounts.

Despite banning users from buying MicroStrategy stock, reports of similar prohibitions are yet to emerge for other companies with Bitcoin investment interests.

Indeed, companies with significant Bitcoin investments like Tesla, Hut 8 Mining, and Square to mention a few are still listed on the HIDC trading catalog.

HSBC becomes the latest bank to react negatively to MicroStrategy’s Bitcoin involvement. Back in December 2020, Citibank downgraded MSTR over the company’s “disproportionate” focus on the largest cryptocurrency by market capitalization.

MicroStrategy’s Bitcoin investment initially seem to trigger a positive run for the company’s stock price reaching a 21-year high above $1,200 back in early February. MSTR has since struggled and is now almost 50% down from its 2021 peak.

Neither HSBC nor MicroStrategy immediately replied to Cointelegraph’s request for comments.

bookmark_border区块链平台 Crowny 完成种子轮融资,Dao Maker 等参投

链闻消息,旨在连接用户和品牌的区块链平台 Crowny 宣布完成种子轮融资,投资金额暂未披露,参投方包括 Dao Maker、Rarestone Capital、AU21 Capital、LD Capital、Twin Apex Capital、White Palm Ventures、PNYX Ventures、Genblock Capital 以及 Savy Capital。

Crowny 通过以忠诚度积分、折扣、奖励等形式鼓励用户参与其感兴趣的品牌和项目,从而在保护用户隐私的同时为品牌方找到受众群体。根据官方网站,Crowny 会首先在以太坊上发行代币,将在 DAO Maker 平台进行持有者发行 (Strong holder offering,SHO),之后会将代币迁移至 Solana。Crowny 首席执行官 Quincy Dagelet 为荷兰大型培训公司 Stagemarkt 的联合创始人。

原文链接:区块链平台 Crowny 完成种子轮融资,Dao Maker 等参投

bookmark_borderYou don’t own me: XRP price surge defies SEC’s clamp-down on crypto

Since the start of April, the surge in price of XRP has been backed by high tweet volumes, which approached relative highs.

After the United States Securities and Exchange Commission initiated a lawsuit against Ripple alleging that the firm had been indulging in the sale of securities worth $1.3 billion, a number of prominent exchanges across the globe (including Coinbase, Kraken, OKCoin) proceeded to delist Ripple’s native cryptocurrency, XRP, from their platforms. 

As a result, many across the globe thought it was just a matter of time before the once-promising project died a slow-but-sure death; however, it seems that XRP has been on a tear ever since the bad news dropped, with the cryptocurrency’s value having risen by over 100% since the start of April — currently trading at around $1.03.

Back in December 2020, the SEC filed a lawsuit against Ripple Labs, its CEO, Brad Garlinghouse, and chairman, Christian Larsen, alleging that they had participated in an “unlicensed security offering” back in August 2013. Not only that, the government body further accused Garlinghouse and Larsen of failing to register their personal XRP sales — estimated to be worth $600 million — with the regulatory body.

In turn, Ripple’s defense counsel has challenged the SEC’s suit, stating that the XRP token is similar to other prominent cryptocurrencies, such as Bitcoin (BTC) or Ether (ETH), both of which have been classified as commodities by the SEC. Furthermore, Ripple’s legal team has also highlighted the fact that it took the commission more than eight years to file its complaint.

So, what has actually caused XRP’s price to surge? José Maria Macedo, a partner at cryptocurrency analysis firm Delphi Digital, told Cointelegraph that in his view, this latest monetary upswing comes alongside a broader rise in other old-timer altcoins such as EOS and Stellar (XLM) and a reduction in BTC’s overall market dominance.

He added that XRP’s performance can, most likely, be attributed to positive news surrounding Ripple’s SEC case, particularly as it relates to its win in a recent discovery hearing, which will force the SEC to hand over its internal documents on Bitcoin and Ether. Macedo opined: “This is a victory for Ripple and for the crypto space as a whole, as these documents will hopefully help shed light on the SEC’s rationale regarding tokens as a whole.”

XRP: You either love it or hate it

XRP has been one of the most divisive cryptos in the cryptocurrency community for years, and its recent track record was beginning to prove its detractors right. However, the currency’s recent ascent has been nothing short of meteoric. Providing his take on the subject, Sheraz Ahmed, host of the Crypto Valley Association podcast and managing partner at Storm Partners, a crypto and blockchain solutions provider, told Cointelegraph:

“XRP’s upward momentum is fueled by Ripple’s newly announced 40% stake in Asia’s leading cross-border payment processor, Tranglo. The partnership will undoubtedly increase Ripple’s exposure to the Asian market. Its price rally can also be attributed to a potentially looming ease in regulations should Ripple reach a consensus with the incoming Gary Gensler-led SEC administration.”

He pointed out that Ripple co-founder Brad Garlinghouse had earlier expressed optimism in the new cabinet, stating that his team plans to hold progressive discussions with the new SEC executive brass. According to him, Ripple has continued to prove that its potential is limitless, especially when operating within a crypto-friendly setting.

Lastly, Garlinghouse has previously lambasted U.S. regulators for lacking clarity after drawing comparisons with other advanced countries where Ripple has thrived in the past. “His assertions seem to hold water considering that the regulatory framework in many parts of Asia and the Middle East has spurred Ripple’s growth. Exchanges may reconsider their decision to delist the coin in the coming weeks,” Ahmed concluded.

XRP gains social media traction again

Justin Barlow, a research analyst at The TIE — a provider of alternative data for digital assets — told Cointelegraph that following Ripple’s acquisition of a 40% stake in Tranglo, the company saw an immediate spike in its price and tweet volume.

As can be seen from the chart above, digital mentions in relation to XRP have been picking up alongside the currency’s price over the last week, with tweet volumes hitting a new monthly high as well. Barlow added:

“Ripple is likely seeing interest overseas as it remains listed on international exchanges and has not (yet) been subject to the same regulatory scrutiny overseas that it has in the U.S. I am not an attorney, but I don’t think a U.S. exchange will relist XRP if the SEC asserts it is a security due to the potential regulatory implications.”

One thing to note is that the Asian and Middle Eastern crypto markets don’t yet have a huge regulatory setup that establishes the rules of the game like the SEC. On the one hand, this sort of framework allows new promising projects to feel comfortable and develop faster. But, on the other hand, it also sometimes results in the springing up of many scams.

Thus, it stands to reason that while trading platforms that are directly affiliated with the SEC may not get involved with XRP by actively opposing and contradicting the commission’s wishes, non-affiliated platforms may once again begin to list Ripple, especially if it continues to showcase such a high level of monetary traction in the near future.

What lies ahead for XRP and crypto?

Slowly but surely, it appears as though cryptocurrencies are proving to be more resilient when it comes to any form of governmental pressure that may be placed on them, as is best highlighted by XRP’s most recent rebound. On the subject, Cage Chen, chief technical officer of decentralized cross-chain asset management platform Cook Finance, told Cointelegraph:

“Some countries face massive currency-crushing inflation; some countries have incredibly low annualized average incomes; and some countries are dominated by government intervention and observation. If a cryptocurrency is readily available, financially sound and shows optimistic future projections, people will turn to it as a replacement financial instrument to fiat currencies.”

In regard to where XRP might be heading in the near term price-wise, Thomas Ménard, development director at Diabolo.io — a social crypto trading platform — believes that if the digital asset market at large is able to keep up its performance, the industry might be in for big things, adding: “If altcoins continue in their momentum, XRP’s upward movement could take it to several dollars per unit and thus catch up with the market.”

However, with regulators all over the world taking stronger stances against various digital assets, it stands to reason that an onslaught of bad news in relation to some currencies for an extended period of time could potentially have an adverse impact on their image and ability to operate — to the point where even their diehard army of supporters may not be enough to save the day.

bookmark_border一站式 DeFi 钱包 DeBank 新增支持 xDai 链的 DeFi 协议

链闻消息,一站式 DeFi 钱包 DeBank 新增支持 xDai 链的 DeFi 协议,用户可以通过 DeBank 的 DeFi 资产总览、聚合代币兑换、DeFi 数据榜单等功能来访问 xDai 上的 DeFi 协议。xDai 上首批支持的 DeFi 协议包括 HoneySwap、Perpetual Protocol、Bao Finance、Component,即将支持 Agave 借贷协议。目前,DeBank 支持以太坊、BSC 链及 xDai 链上数百个 DeFi 协议。

原文链接:一站式 DeFi 钱包 DeBank 新增支持 xDai 链的 DeFi 协议

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