Blockchain
Robinhood launches crypto transfers in Europe as it pushes overseas expansion
Robinhood has announced a significant expansion of its cryptocurrency services in Europe, allowing users in the European Union to transfer cryptocurrencies in and out of its app. This new feature enables EU customers to deposit and withdraw more than 20 digital currencies, including Bitcoin, Ethereum, Solana, and USD Coin, giving them the ability to self-custody their crypto assets. This contrasts with the previous setup, where users could only buy and sell crypto but not move it to external wallets.
The decision comes as Robinhood eyes the EU as a key market, partly due to favorable regulations such as the Markets in Crypto-Assets (MiCA) framework, which unifies crypto regulations across the bloc’s 27 member states. Johann Kerbrat, Robinhood’s general manager of crypto, highlighted the EU’s attractiveness due to these harmonized rules, potentially making it as significant a market as the U.S.
In a move to incentivize early adoption, Robinhood is offering EU customers 1% of the value of tokens deposited back in the equivalent cryptocurrency.
This expansion comes amidst ongoing regulatory challenges in the U.S., where the SEC has been pursuing legal action against major crypto companies like Coinbase, Binance, and Ripple. Kerbrat expressed disappointment with the U.S. regulatory approach, contrasting it with the more clear-cut regulatory landscape in the EU.
Additionally, Robinhood’s acquisition of Luxembourg-based Bitstamp for $200 million, set to close in 2025, is expected to enhance its global presence, allowing the company to enter more international markets and gain key regulatory permissions. Bitstamp’s established licenses across regions like Singapore, the U.K., and the EU will aid Robinhood’s efforts to diversify into serving institutional investors.
At present, Robinhood’s crypto services are available only in the EU, not yet in the U.K., though the company launched its stock trading platform there in November 2023.
Source: cnbc.com
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Blockchain
$FAR Token ranks first on Bybit exchange and soars to 44%following staking program launch: Coingecko
Farcana — United Arab Emirates based Bitcoin shooter game, has announced that its $FAR token is now ranked first on Bybit exchange. This development comes after the launch of its staking program, which offers users a 60% annual percentage rate (APR) on their $FAR tokens.
The staking program requires users to utilize the Polygon network for staking their announcement. Following the announcement, $FAR token soared to 44% according to Coingecko.
Founded in 2022, Farcana recently raised $10 million in seed funding from Animoca Brands, Polygon Ventures, Fenbushi Capital, and Merit Circle among others. It is built on Unreal Engine 5 and Farcana shares a similar graphical style with Overwatch, a team-based multiplayer first-person shooter game by Blizzard Entertainment. The game is understood to operate under a free-to-play model.
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A new Ethereum meme coin, Pochita ($POCHITA), has made headlines after skyrocketing in value shortly after its launch. According to on-chain data, one trader turned an initial investment of $3,000 into $150,000 in under three hours, reflecting a near-5000% profit. This rapid surge has drawn comparisons to other meme coins like Bonk ($BONK), which gained significant attention in the Solana ecosystem.
Pochita launched on October 2, 2024, quickly reaching a $20 million market cap within 9 hours, despite the broader crypto market contracting by 2.9% over the past 24 hours. The meme coin sector also dipped 3.2%, now valued at $47.5 billion. Despite the falling prices, Pochita’s rapid rise suggests strong investor sentiment around meme coins remains, especially following recent Federal Reserve interest rate cuts.
Though meme coins are known for their volatility and lack of clear fundamentals, they can provide quick gains for traders. Pochita is being discussed as a potential successor to Bonk, and if it continues its growth, it could join the ranks of other top meme coins like Dogecoin, Shiba Inu, and Pepe Coin.
At the same time, other projects such as Crypto All-Stars ($STARS) are providing new avenues for meme coin holders by offering a unified staking platform where users can stake various meme coins and earn rewards. Crypto All-Stars has already raised over $1.9 million in its presale, indicating strong interest in platforms that provide utility and passive income opportunities for meme coin enthusiasts.
Source: cryptonews.com
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A recent Binance report highlights critical risks in the cryptocurrency market, warning of the dangers posed by inflated valuations and centralized token ownership. The report cautions that if these issues remain unaddressed, they could destabilize the long-term stability and growth of the crypto industry.
Valuation Concerns: The report emphasizes that overvaluation, particularly in newly launched tokens with low circulating supply, could lead to market bubbles and poor performance. Venture capital funds, which once aggressively invested in crypto, are now scaling back and shifting focus to sectors with more sustainable valuations. As the market becomes saturated with new tokens, the circulating supply could increase exponentially, further straining performance.
Centralization of Token Ownership: Binance also flags the risks of centralization, where large tokenholders dominate ownership. This concentration of power can result in governance issues, market manipulation, and potential crashes caused by sudden sell-offs. The report stresses the need for decentralized control and broad participation to maintain the integrity and resilience of crypto projects.
Transparency and Trust: To mitigate these risks, the report underscores the importance of transparency in fund management. A lack of clear disclosures can erode stakeholder trust and harm project sustainability. Binance notes that greater transparency, like the adoption of proof-of-reserves by platforms such as Coinbase, is crucial for fostering responsible financial management and building long-term trust in the market.
In conclusion, the report urges the crypto industry to prioritize decentralized governance and transparency to ensure sustainable growth and maintain market confidence.
Source: cointelegraph.com
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