Market Update: October 20, 2022

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On October 28, Fidelity Digital Assets will begin enabling institutional clients to conduct Ethereum trades. The business began operations in 2018 with bitcoin trading and custody services, and in 2019 it was granted a trusted charter by the financial watchdog in New York. Fidelity also disclosed in a Securities and Exchange Commission (SEC) filing dated September 26 that it would introduce a new Ethereum Index Fund. The screenshot shared on Twitter reads, “With the Ethereum Merge completed, many investors are looking at Ethereum through a new lens.” Both Fidelity Digital Assets and its parent company Fidelity Investments have made a number of crypto-related announcements recently. According to the Wall Street Journal, Fidelity Investments plans to introduce bitcoin trading for retail customers on September 12.

Source : Coinleaks

Uniswap DAO claims that cryptocurrency exchange Binance is leveraging its users’ token holdings to exercise voting power. A representative for Binance stated, “There has been a misunderstanding of what occurred during the transfer of a large balance of UNI (about 4.6 million) between wallets. Similarly, Binance made the observation in a tweet on Thursday that its wallet had never cast a vote on any Uniswap governance proposal. Hayden Adams, the founder of Uniswap, claimed on Wednesday that Binance had drained almost 13 million UNI, the native token of Uniswap, off its books to become the second-largest UNI delegate. The Uniswap codebase is maintained by a handful of core developers, but the Uniswap DAO, which offers users voting rights based on how many UNIs they own, controls crucial protocol choices.

Source: Tbstat

In South Africa, digital Crypto assets are to be treated as financial instruments. A crypto asset can be exchanged, transferred, or kept electronically but is not created by the central bank. The announcement coincides with a drive for cryptocurrency regulation by governments worldwide. The Reserve Bank of South Africa has been collaborating with other regulators to acknowledge the coins as financial goods. According to Marius Reitz, general manager for Africa at cryptocurrency platform Luno, “The licensing requirements that will flow from this classification will drive high standards in the industry, particularly in relation to consumer protection, with potential investors being able to easily identify those providers that satisfy regulatory requirements.”

Source: Michalsons

That’s it for today, see you tomorrow


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