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Flushing Financial Corporation, the parent company of New York-based Flushing Bank, has partnered with the New York Digital Investment Group (NYDIG) to offer Bitcoin services to its customers.
Fidelity Investments has filed with the U.S. Securities and Exchange Commission (SEC) to create an exchange-traded fund tied to the metaverse, called the Fidelity Metaverse ETF. The fund will invest in public companies with exposure to computing hardware components, digital infrastructure, gaming technology and wearable technology.
A draft version of the America COMPETES Act of 2022, which advanced out of the House Committee on Science, Space, and Technology could give the U.S. Treasury Secretary power to shut down cryptocurrency exchanges.
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Top stories in the Crypto Roundup today:
- $8 Billion Flushing Bank to Offer Bitcoin Services
- Fidelity Files to Launch ETF Tied to Metaverse
- Draft Bill Could Let U.S. Treasury Block International Crypto Transactions
- Crypto Market Movers – ATOM, KNC, POWR
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$8 Billion Flushing Bank to Offer Bitcoin Services
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Flushing Financial Corporation, the parent company of New York-based Flushing Bank, partnered with the New York Digital Investment Group (NYDIG) to offer Bitcoin services to its customers.
The bank was founded back in 1929 and has revealed in its Q4 report that it held more than $8 billion worth of assets at the end of last year, with a net income of around $200 million. Its customers will now be able to buy, sell, and hold BTC in a “safe and secure environment.”
Flushing Bank has detailed its plans to launch BTC-related services later this quarter and will share its roadmap details in the near future. Financial Corporation CEO and president John R. Buran justified the move saying the firm desires to keep up with growing trends in financial markets.
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Fidelity Files to Launch ETF Tied to Metaverse
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Fidelity Investments has filed with the U.S. Securities and Exchange Commission (SEC) to create an exchange-traded fund tied to the metaverse, called the Fidelity Metaverse ETF. The fund will invest in public companies with exposure to computing hardware components, digital infrastructure, gaming technology and wearable technology.
The fund will track the performance of the Fidelity Metaverse Index, which tracks “the performance of a global universe of companies that develop, manufacture, distribute, or sell products or services related to establishing and enabling the Metaverse.”
Fidelity has also filed to launch the Fidelity Crypto Industry and Digital Payments ETF, which will seek to replicate the performance of an internal index comprised of companies engaged in cryptocurrency mining, support services, and payments processing.
The firm has already launched the Fidelity Advantage Bitcoin ETF in Canada, which tracks the performance of the flagship cryptocurrency Bitcoin.
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Draft Bill Could Let U.S. Treasury Block International Crypto Transactions
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A draft version of the America COMPETES Act of 2022, which advanced out of the House Committee on Science, Space, and Technology, could give the U.S. Treasury Secretary power to shut down cryptocurrency exchanges.
The bill would also allow the Treasury Secretary to block or “impose conditions” on transactions, should the official find that the transaction or accounts involved are engaged in money laundering.
Overall, the bill aims to spur economic competitiveness with China, but industry think tank Coin Center has warned it would allow the Treasury Secretary to block financial institutions from interacting with a cryptocurrency exchange, cryptocurrency transactions validated by a non-U.S. miner, or non-custodial wallets.
Under existing law, the regulator, in consultation with the Federal Reserve Chair, Secretary of State, federal regulators and other agencies, can already impose these restrictions on transactions. Currently, a public rulemaking notice must be issued alongside the restrictions, which would lift after 120 days.
The new provision would remove the comment period and the 120-day expiration.
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Crypto Market Movers – ATOM, KNC, POWR
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Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.
Cosmos (ATOM) - Cosmos is a network of many independent blockchains, called zones. The zones are powered by Tendermint Core, which provides a high-performance, consistent, secure PBFT-like consensus engine, where strict fork-accountability guarantees hold over the behaviour of malicious actors. Tendermint Core’s BFT consensus algorithm is well suited for scaling public proof-of-stake blockchains.
Kyber Network (KNC) - KyberNetwork is an on-chain protocol which allows instant exchange and conversion of digital assets (e.g. crypto tokens) and cryptocurrencies (e.g. Ether, Bitcoin, ZCash) with high liquidity.
Power Ledger (POWR) - Power Ledger is a decentralized energy exchange platform. It incorporates energy applications, such as a P2P energy trading application that allows businesses to host trading on the platform. This technology enables the sale of surplus renewable energy generated at residential and commercial developments (including multi-unit/multi-tenanted) connected to existing electricity distribution networks, or within micro-grids.
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