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Crypto winter causes Australian exchange to freeze operations permanently

Australian crypto exchange BTC.com.au announced its closure on June 17 and said “it’s not possible to continue operating” under the current market circumstances.

“Sadly, the worst thing that could possibly happen, did. “

Crypto winter claims another victim

The Terra LUNA/UST implosion in early May set off a cascade of events that rocked the crypto industry.

What’s come to light, including the mishandling of users’ funds, a laissez-faire attitude to risk, and accusations of fraud, will no doubt give regulators an open mandate to implement strict measures.

This knock-on effect has spread to other platforms, highlighting vulnerabilities across the entire crypto industry.

Recent weeks have seen crypto platforms freezing withdrawals to stay liquid, claims that major players, including Three Arrows Capital (3AC), are insolvent, and several exchanges announcing a cull in staff numbers.

As the mess unwinds, all of the above will plant downward pressure on token prices. And, against the backdrop of global economic decline, the outlook is gloomy.

Under these conditions, smaller players like BTC.com.au are hit hardest.

BTC.com.au says goodbye

BTC.com.au was launched in 2018 to provide safe and secure crypto trading for Australian users.

“We launched with a vision that cryptocurrency should be easy to access and available for everyone. Today, our platform has evolved into a full-featured trading platform used by thousands of everyday Australians, just like you!”

As a small exchange, details of its trading activities are not listed on data aggregators such as CoinMarketCap. However, just 13 tokens are available, as are OTC trading and AUD on/off ramping.

Announcing its closure, BTC.com.au said it had expanded its team 5-fold over the last year and added a range of new features and services in anticipation of further growth in user numbers.

However, market crashes in legacy and crypto markets had hit the firm hard, forcing its closure. Friday marks the end of all trading and deposits. But, more crucially, unrestricted user withdrawals are open.

“We will be keeping the platform alive until Friday, July 22nd to allow everyone time to finalise their accounts and to ensure everyone has downloaded their Trade Activity reports for tax purposes.”

The post Crypto winter causes Australian exchange to freeze operations permanently appeared first on CryptoSlate.

Societe Generale Counts on Fintech METACO to Grow Digital Asset Activities

SG-FORCE, a subsidiary of Societe Generale (SG), a French multinational investment bank, has partnered with Switzerland-based fintech company, METACO, to ramp up its institutional digital assets market activities.   METACO announced the development on Thursday on its website.   The Swiss company provides digital asset management technology and infrastructure to financial and non-financial institutions.  ::Listen

SG-FORCE, a subsidiary
of Societe Generale (SG), a French multinational investment bank, has partnered
with Switzerland-based fintech company, METACO, to ramp up its institutional
digital assets market activities.

 

METACO announced the development on Thursday on its website.

 

The Swiss company
provides digital asset management technology and infrastructure to financial
and non-financial institutions.

 

METACO also helps companies
to issue, invest in and manage digital -native security tokens created on
public blockchains.

 

SG-FORGE said the
collaboration will enable it to lead efforts to integrate security tokens into
traditional finance.

A security token is a physical or digital device that uses two-factor authentication (2FA) to determine the originality of a user’s identification details during a login process.

 

“Since 2019, Societe
Generale and its subsidiary SG –
FORGE structured several native security token issuances deployed on blockchain
for their clients such as the European Investment Bank’s (EIB) €100 million
digital bond issued in 2021,” SG FORCE explained in the statement. 

 

‘A Solid Foundation’

The French subsidiary
also intends to further increase its digital asset marketplace offerings with support from Harmonize, METACO’s
bank-grade digital asset custody and orchestration platform.

 

METACO explained that
Harmonize makes it possible to connect financial institutions to the
decentralized finance world. 

 

Furthermore, the platform powers
activities such as cryptocurrency custody and trading, staking, tokenization
and smart contract management, the Swiss technology and infrastructure provider said.

 

Jean-Marc Stenger, the
Chief Executive Officer of SG-FORGE, said SG is seeking to build “a solid
foundation” for its digital asset activities through the partnership. 

 

Stenger noted that
METACO’s secure infrastructure makes that possible. 

 

“Bridging the digital
asset industry and traditional finance requires a multifaceted approach
incorporating institutional-grade technology, regulation, as well as industrial
capacities,” Stenger explained. 

 

On his part, Adrien
Treccani, the CEO and Co-Founder of METACO, noted that the Swiss company is proud
to join forces with SG-FORGE to provide its infrastructure to support the
bank’s vision.

 

Additionally, Alexandre
Fleury, the Co-Head of Global Markets Activities, Societe Generale, said the
partnership proves SG’s capacity to “step-by-step implement a truly innovative
technology.”

 

Earlier in the year, SG launched a new
acceleration programme for emerging companies to improve customer experience services in the
transaction banking sector.

 

Meanwhile, in June 2021,
Societe Generale teamed up with
Kyriba, a cloud-based finance
and IT solutions provider, to launch a new treasury management solution.

This article was written by Solomon Oladipupo at www.financemagnates.com.

Crypto winter causes Australian exchange to freeze operations permanently

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