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Crypto And Fintech Open New Career Options For Youngsters

Crypto And Fintech Open New Career Options For Youngsters

It is possible that studying economics or even just banking and finance will not be beneficial if you are interested in working in the financial industry at this time. A new kind of qualifications is coming into existence in order to provide qualified individuals to the newest generation of crypto and fintech companies.

For instance, the Bachelor of Science in Finance degree offered by the University of Southampton in the United Kingdom has been renamed the Bachelor of Science in Finance and Financial Technology degree. This new degree covers crowdsourcing, peer-to-peer lending, crypto and fintech.

According to Larisa Yarovaya, who is in charge of the new program at Southampton, it has been in the works for a number of years and might have been completed much sooner if COVID had not been involved. “The course is crafted to offer students with more basic knowledge about challenges like blockchain and the synergies between finance and technology,” says Yarovaya. 

Also Read: Crypto Exchange Huobi Gets Regulatory Permission In British Virgin Islands

“In this day and age, if our kids are just taught conventional finance, it may restrict their job opportunities. We wanted to create a curriculum that was as forward-thinking as it could be, so we included some cutting-edge technology.”

Despite the fact that cryptocurrency has been through another winter, supporters of the asset are as as enthusiastic as ever, and the blockchain technology that underpins crypto and fintech still being hailed as the next big thing in terms of payment systems. 

Following the conclusion of its most recent fintech conference, Deutsche Bank stated that despite the possibility of a recession, payments systems are still anticipated to deliver “solid growth” in comparison to other technology sectors. The bank also stated that the current conversation centers on topics such as real-time payments, payment velocity, software and embedded payments, and the electronic monetization of distributed ledger (blockchain) technology.

Also Read: Ethereum’s Merge Pushes ETH Price To New Height Against Bitcoin

There are other universities besides Southampton that have begun offering specialized degrees in financial technology. The New Jersey Institute of Technology in the United States has introduced a new bachelor’s degree program in financial technology. 

The New Jersey Institute of Technology in the United States has introduced a new bachelor’s degree program in financial technology.  The University of Sussex in the United Kingdom will begin offering a new degree in finance and technology beginning in the year 2020, while the University of Reading’s ICMA center will begin offering a new Bachelor of Science in Finance degree with an emphasis on fintech beginning in 2021.

Also Read: Selloff In Crypto Pulls Down The Market Value Below $1Trillion

It’s still very early in the process. At Southampton, Yarovaya would not specify the number of persons who have registered for the course this year; nevertheless, he believes that the number will eventually reach “several dozens” in the near future. Students who acquire knowledge in the field of financial technology will have a greater chance of finding job, according to her: “They will have the possibility to work in any industry or to build their own firm.”

Students won’t learn how to code in Southampton’s new class since it doesn’t cover that material. Although students will be exposed to the fundamentals of computer programming in addition to MatLab and AI, according to Yarovaya, coding will not be the primary emphasis of the course, at least not for the time being. She explains that in order to choose whether or not to include programming modules, “we want to see how sophisticated we can make the course.”

Crypto Exchange Huobi Gets Regulatory Permission In British Virgin Islands

Crypto Exchange Huobi Gets Regulatory Permission In British Virgin Islands

According to the well-known crypto exchange Huobi Group, The Financial Services Commission (FSC) has granted the British Virgin Islands’ regulatory licence. The company made the announcement on Friday.

The press statement sent to Finance Magnates says that Huobi’s local affiliate, Brtuomi Worldwide Limited, has been given permission to function as a licenced virtual assets exchange (BWL).

According to Lily Zhang, CFO of the crypto exchange Huobi Group, “This historic approval makes Huobi the first licenced digital asset marketplace for institutional-grade derivative products in the British Virgin Islands.”

Also Read: Ethereum’s Merge Pushes ETH Price To New Height Against Bitcoin

Huobi intends to provide spot and derivatives cryptocurrency exchanges, as well as other possible product lines, with the new permission.

We believe there is a significant market for cryptocurrency derivatives, with persistent futures expected to represent nearly half of all cryptocurrency trading activity worldwide by 2022. We will work to comply with all legal standards as we develop given the increasing significance of compliance in the sector, Zhang said.

Moving ahead, we’ll work collaboratively with the British Virgin Islands’ authorities to provide a range of authorised trading services and products and support the development of the sector there.

Also Read: Selloff In Crypto Pulls Down The Market Value Below $1Trillion

Being one of the biggest crypto exchange, Huobi has established itself in the spot and futures markets for cryptocurrencies. It has its headquarters in the Seychelles and controls a sizable portion of the cryptocurrency trading markets.

Only a few months after establishing its business there, the exchange ceased providing bitcoin derivatives products in New Zealand. Additionally, it forbids the use of its services by residents of 11 territories, including united States, Canada, Iran, Japan and Singapore, while its derivatives goods are inaccessible to customers from the UK, china, and 10 other territories. Huobi stopped operating in Thailand a few months ago after having its local licence withdrawn.

Also Read: Bitcoin Price Falls Below $19,800, Ether Also Plunges To $1,552

The Financial Services Commission (FSC) has granted the British Virgin Islands’ regulatory licence, according to the well-known cryptocurrency company Huobi Group, which made the announcement on Friday.

The local subsidiary of Huobi, Brtuomi Worldwide Limited, was given permission to function as a licenced virtual assets exchange, according to the press statement shared with Finance Magnates (BWL).

In the British Virgin Islands, Huobi is now the first regulated digital asset exchange for institutional-grade derivative products thanks to this historic permission, according to Lily Zhang, CFO of the Huobi Group.

Huobi intends to provide spot and derivatives cryptocurrency exchanges, as well as other possible product lines, with the new permission.

Ethereum’s Merge Pushes ETH Price To New Height Against Bitcoin

ETH Price Reaches New Height Against Bitcoin Before Ethereum's Merge

A positive feeling is being fostered amongst Ethereum holders as a result of the most widely awaited event, which is Ethereum’s Merge. After nine months of consistent growth, the price of Ethereum reached an all-time high when compared to that of Bitcoin. The bets that bears placed against Ethereum’s price increase saw significant liquidations, which was a blow to their positions.

During a large round of liquidation, Ethereum bears lost a total of $300 million.
The open interest in perpetual contracts, futures, and options was closed out within an hour on Thursday, which resulted in a loss of approximately $300 million for bearish in the Ethereum market. The cryptocurrency market breathed a sigh of relief at this news, and some experts saw it as a positive indication for the price of Ethereum.

Also Read: Selloff In Crypto Pulls Down The Market Value Below $1Trillion

An unexpected rebound in Ethereum’s price over the $1,600 mark resulted in a number of trades being liquidated and stop-loss orders being activated. A momentary fear was followed by an uptick in optimistic feeling among holders of ETH as the asset reached an all-time high in comparison to Bitcoin.

As the price surge continues Ethereum’s Merge, experts are keeping an eye on the $2,500 mark.

Since the beginning of 2022, the price of Ethereum has continued to exhibit upward momentum, resulting in gains. In the days running up to the Merge, analysts continue to have an optimistic outlook on the price of ETH. Following a new all-time high versus Bitcoin of 0.084, experts have set a target price of $2,500 for the alternative cryptocurrency.

Also Read: Bitcoin Price Falls Below $19,800, Ether Also Plunges To $1,552

The experts at JJCycles predict that Ethereum is on the verge of reaching the $2,500 goal before the Merge takes place. Yesterday, the price of Ethereum generated gains of about 10%.

The “flippening” storyline, in which it is proposed that Ethereum’s market valuation would eventually surpass that of Bitcoin, has not yet taken place. However, since the middle of June 2022, Ethereum has been making consistent gains against Bitcoin, which is a hint that advancements have been made toward the flippening.

Also Read: Indonesia’s largest technology company GoTo joins the cryptocurrency market!

As the Merge event gets near, analysts have recognized a potential possibility for a price surge in Ethereum. Those that are bullish on Ethereum might profit from the price increases that occurred in the weeks prior to the Merge.

Selloff In Crypto Pulls Down The Market Value Below $1Trillion

Selloff In Crypto Pulls Down The Market Value Below $1Trillion (1)

After a selloff in crypto, which once again knocked the sector’s whole market worth below $1 trillion, Bitcoin is getting dangerously close to testing the lows it reached earlier this year.

In New York, the biggest digital token was trading at around $18,750. This is a loss of more than 6% since the beginning of the week. According to CoinGecko, the total market capitalization of cryptocurrencies has seen a decline of a comparable percentage during the course of the last twenty-four hours. Ethereum lost roughly 4.4% of its value on Tuesday, wiping away the day’s gains.

Also Read: Bitcoin Price Falls Below $19,800, Ether Also Plunges To $1,552

Cryptocurrency is not exempt from the pressure that is being heaped on a variety of risk assets as a result of rising real interest rates, which are considered as the actual cost of borrowing money. The decline in the price of bitcoin is bringing it closer to a bottom of around $17,600 that was reached in June as a result of meltdowns that occurred at crypto lenders and hedge funds.

Kevin Loo, head of investment analytics at IDEG Asset Management Ltd, said that “the macro story is extremely hard to be able to let go” and that it will drive risk assets. “Bitcoin prices are now below $20,000.” Because we have been in this position previously, it is possible that we may possibly go a little bit lower.

Also Read: Indonesia’s largest technology company GoTo joins the cryptocurrency market!

At the same time, there is still some optimism left over from the forthcoming upgrading of the Ethereum network, which some experts believe may attract investment flows into Ether as well as other digital assets.

“Bitcoin was around $3,000 in the first crypto winter, and if you measure trough to trough, the tendency is we are headed higher in the long run,” said Loo. “If you measure, the pattern is we are moving higher in the longer term.”

Around sixty percent of the biggest tokens in the MVIS CryptoCompare Digital Assets 100 index have lost value so far in 2018. Bitcoin has seen a significant decline after reaching an all-time high of approximately $69,000 in November of last year.

Crypto Adoption Index Lists India On The 4th Rank

Chainalysis, a blockchain research platform, recently released its worldwide crypto adoption index for 2022, which ranked the countries with the greatest adoption rates of cryptocurrencies. India ranked fourth on the list, which is two slots lower than it did the previous year. According to a survey by Chainalysis, developing countries are now leading the pack on the Global Crypto Adoption Index in 2018.

Crypto Adoption Index Lists India On The 4th Rank

According to the research, “Out of our top 20 rated nations, ten are lower-middle income: Nepal, Vietnam, Kenya, Philippines, India, Ukraine, Pakistan, Morocco, Nigeria, and Indonesia.” Argentina, Thailand, Brazil, Russia, China, Ecuador, Colombia, and Turkey are among the eight countries that have an upper-middle income.

According to the crypto adoption index, India performs higher than the United States, the United Kingdom, and Russia, which may indicate that the crypto community in the country is not too far behind in advocating for broader usage of the blockchain technology.

Also Read: Bitcoin Price Falls Below $19,800, Ether Also Plunges To $1,552

Other Countries On The Crypto Adoption Index

The Philippines and Ukraine have moved up to the second and third spots, respectively, indicating a considerable desire for the adoption of cryptocurrency in the near future. Vietnam has maintained its position at the top of the worldwide ranking for the second year running, establishing itself as the nation that is most willing to welcome the adoption of cryptocurrencies. 

China, which had previously been ranked thirteenth on the list in 2021, moved back up to the top 10 this year. In light of the fact that the Chinese government has been cracking down on cryptocurrency operations since December of last year, this presents a highly fascinating mystery.

A Different Situation In India?

The pace of bitcoin adoption reached an all-time high in the second quarter of 2021. Since then, adoption has gone through a series of waves of change; nonetheless, it is essential to note that it is still much greater than it was during the bull market in 2019, as the research underlined. The Indian government has not yet established a comprehensive set of regulations for the cryptocurrency business, with the exception of the cryptocurrency tax of 30% that was implemented on the first of July of this year. 

Aslo Read: Indonesia’s largest technology company GoTo joins the cryptocurrency market!

In a speech given one month ago, the Governor of the Reserve Bank of India (RBI), Shaktikanta Das, issued a stern warning to the people of India about the dangers posed by cryptocurrencies, stating that “cryptos may give rise to dollarization of the countries like india as the price increases of values estimated are mostly represented in dollars.”

Bitcoin Price Falls Below $19,800, Ether Also Plunges To $1,552

Bitcoin Price Falls Below $19,800, Ether Also Plunges To $1,552

Bitcoin price fell over September 3 and was quoted at US$ 19,800.40 at 5.44 pm UTC. The price of Bitcoin has decreased by 2.37% over the previous five days, and it has plummeted by 13.23% over the past month. In addition, its performance has been somewhat unfavorable during the most recent half-year, falling by 53.36%.

Nevertheless, most of the leading cryptocurrencies are exhibiting a positive trend today. The price of Ethereum was reported at US$ 1,552.90, representing a decrease of 1.36%. The last time we checked, Ethereum’s price reached USD 1,574—a development that should be noted with interest!

Also Read: Indonesia’s largest technology company GoTo joins the cryptocurrency market!

The price of Litecoin was quoted at US$ 61.08, an increase of 0.26%; the price of Dogecoin was stated at US$ 0.0625, a rise of 1.88%; and the price of Cardano was listed at US$ 0.4801, an increase of 5.81%.

This is the first time in history that we have seen a market recovery after a market crash, with most cryptocurrencies recovering their losses and going up by around 10%. The only exception is Ethereum which has fallen by over 12% after its merge with EOS.

The fall was not caused by any significant event or news but rather by a report from CoinDesk that indicated that the Ethereum network would move to a proof-of-stake system instead of a proof-of-work system.

Also Read: Compass Mining Shuts 2 Bitcoin Mining Facilities Due To High Energy Price

This would potentially result in a boost in network speed and security while also resulting in a significant reduction in power needs necessary to operate the present Ethereum blockchain.”

Indonesia’s largest technology company GoTo joins the cryptocurrency market!

Indonesia's largest technology company GoTo joins the cryptocurrency market!

Indonesia’s largest technology company, PT GoTo Gojek Tokopedia Tbk (GoTo), has joined the cryptocurrency market by purchasing a local cryptocurrency exchange called PT Kripto Maksima Koin to broaden its service offerings.

According to a statement released by GoTo on Monday, the company bought one hundred per cent of the shares in PT Kripto Maksima Koin for the price of 124.84 billion rupiahs ($8.38 million). The technology company stated to Reuters that the purchase was essential to achieving its objective of becoming “a varied money management centre.”

goto gojek

Also Read: Compass Mining Shuts 2 Bitcoin Mining Facilities Due To High Energy Price

According to Reuters, GoTo said it plans to invest 1 billion rupiahs into the acquisition and will look for ways to use this money for future growth.

GoTo chairman, Arif Wijaya, said that the purchase of PT Kripto Maksima Koin is part of their long-term strategy of becoming a “varied money management centre.” On the other hand, the IT company did not reveal any more intentions for the newly acquired corporation.
PT Kripto Maksima Koin was purchased through an investment fund with capital from private investors.

Also Read: Crypto.com Transferred $10.5M Accidently To A Wrong Account, Realized After 7 Months

In its statement released late Monday, GoTo said that the company “believes that blockchain technology may play a widespread role in the future of banking.” The IT company did not reveal any more intentions for the newly acquired corporation.

The total transaction volume of crypto assets in 2021 increased by more than 1,000% to 859.4 trillion rupiahs ($57.70 billion) compared to the previous year, according to data provided by the agency. This indicates that cryptocurrency has gained popularity in Indonesia, the largest economy in Southeast Asia.

Compass Mining Shuts 2 Bitcoin Mining Facilities Due To High Energy Price

Compass Mining Shuts 2 Bitcoin Mining Facilities Due To High Energy Price

Due to the rising electricity cost in Georgia, two of the facilities that Compass Mining used to operate are being shut down. Compass Mining is a mediator that enables individual investors to engage in the bitcoin mining process. 

According to Compass co-CEO Thomas Heller, the owners of the sites are ceasing operations because the local power supplier has raised costs by more than fifty percent, a significant expense associated with bitcoin mining. He said that the owner of the facility made the announcement to the corporation yesterday afternoon.

compass mining banner for news

Individual investors can acquire tiny quantities of mining capacity in locations all around the globe via Compass Mining. It does not have any ownership stake in any of the facilities that are accessible via its platform. The problems the firm has been having with downtime, delays in deployment, and mining rigs delayed in Russia have been so severe that Whit Gibbs resigned from his position as CEO in June, and the new management has eliminated 15% of the personnel.

Also Read: Crypto.com Transferred $10.5M Accidently To A Wrong Account, Realized After 7 Months

According to Heller, the location in Georgia was hosting over 5,000 machines for Compass Mining clients, which equated to approximately 15 megawatts (MW). According to the co-CEO, the operator operates 8,000 machines for Compass, which translates to 25 MW.

As per a snapshot of an email to consumers circulated on social media, users can have their machines transported to a location in Texas. The shipping procedure is expected to take around one month. According to Heller, Compass will endeavor to reduce the downtime of its customers’ experience and provide credits to those consumers.

Also Read: As Per Forbes, The Industry’s Global Daily Bitcoin Volume Was $128 Billion On June 14

The facility in Texas has had its share of problems to deal with. Because of the delay in its connection to the energy grid, it was necessary to operate the facility on generators for some time. According to Heller, these, on the other hand, were not always running due to heat and other factors, which caused the mining rigs to experience periods of inactivity. Compass made an offer in July to relocate the machines from Texas to Georgia to improve the site’s availability. Compass Mining subsequently announced that it would not go through with the transfer, citing the high cost of electricity in Georgia as the reason.

Also Read: Avalanche Price Can Touch $30.00?

According to Heller, the uptime at the Texas location since it was linked to the grid back in August has been “extremely excellent.” According to the screenshot, even though it is anticipated that the plant would generate more than 100 MW of energy throughout the operation, Compass will only allocate 25 MW of that total by the end of September.

Because of how skilled the operator was, the Georgia facilities have been described as “extremely solid till now.” According to Heller, Compass anticipates that the same will be valid for the facility located in Texas, which is handled by the same business.

Crypto.com Transferred $10.5M Accidently To A Wrong Account, Realized After 7 Months

Crypto.com Transferred $10.5M Accidently To A Wrong Account, Realized After 7 Months

While processing a $100 refund, the crypto exchange platform Crypto.com made an oversight that transferred $10.5 million to an Australian lady. The company was unaware of the mistake for more than seven months.

After paying Hollywood actor Matt Damon to appear in a Super Bowl commercial with the slogan “fortune favours the brave,” the company found out in December 2021 that it had mistakenly transferred the fortune to Melbourne resident Thevamanogari Manivel, seven months after the mistake had occurred. The commercial featured the slogan “fortune favours the brave.”

After a blunder caused Manivel’s account number to be placed into the box for the payment amount, Crypto.com, which in Australia is known as Foris GFS, made the wrong decision to reimburse Manivel for $10.5 million rather than the usual $100.

Also Read: Avalanche Price Can Touch $30.00?

This year, the firm filed a lawsuit in the Victorian supreme court, and in February, it was permitted to freeze Manivel’s account at Commonwealth Bank. However, the majority of the money had already been moved to other charges, which were also eventually blocked by the court.

In February, the court was told that $1.35 million of the money had been used to purchase a house in Craigieburn, located in the northern part of Melbourne. The title of the residence was then forwarded into the name of Manivel’s sister, Thilagavathy Gangadory, who now resides in Malaysia.

Because Gangadory did not respond to emails sent to her by the solicitors working for Crypto.com, the attempts to serve her with the freezing orders were unfruitful. The only piece of correspondence that was turned up to the court was an email response to Manivel’s attorneys that said, “received, thank you.”

Also Read: As Per Forbes, The Industry’s Global Daily Bitcoin Volume Was $128 Billion On June 14

The attorneys told the court for Manivel that Crypto.com had been advised that Gangadory was “seeking legal assistance.”

Consequently, Crypto.com was granted a default judgement, which required Gangadory to sell the property as quickly as possible. The sale proceeds are to be paid to Crypto.com, with interest in the sum of $27,369.64 and any associated charges. While the matter was still pending in court, Crypto.com refused to speak more on the subject.

Jackson Hole Remark By Powell Stirs Cryoto Investors

The cryptocurrency market was hit hard with losses as a result of Jackson Hole remark made by Jerome Powell, head of the Federal Reserve (Fed), in which he hinted that the Fed may keep hiking interest rates significantly over the next several months. After being above the level for more than a month and a half, the market valuation of cryptocurrencies dropped below the $1 trillion threshold.

“Although lower inflation will result from higher interest rates, stagnant economic growth, and more favourable labour market circumstances, families and companies will nonetheless feel the negative consequences of these factors. These are the unavoidable expenses associated with lowering inflation. However, if we are unable to successfully reinstate price stability, we will experience much more suffering “Powell stated while speaking at the economic symposium in Jackson Hole.

Also Read: Avalanche Price Can Touch $30.00?

The statement caused a significant reaction throughout the world’s financial markets, but the effect was felt most strongly in the cryptocurrency sector. According to statistics from coinmarketcap.com, the total market cap of all cryptocurrencies dropped by almost $50 billion from $1.04 trillion on August 26 to $953 billion on Monday. This represents a drop from the previous high of $1.04 trillion.

Bitcoin, the most valuable cryptocurrency in terms of market capitalization, dropped below $20,000. As of one o’clock on Monday afternoon, the price had increased to $19,887. On August 26, it reached a daily high of $21,800 before falling to a day’s end price of $20,199.

On Monday, the price of Ethereum, the second most valuable cryptocurrency, was 1,453 dollars. According to the statistics from the market, before to Powell’s address on Friday, it had been trading at $1,689.

Also Read: As Per Forbes, The Industry’s Global Daily Bitcoin Volume Was $128…

Other prominent cryptocurrencies, such as Solana and Avalanche, have seen losses of 13% and 20%, respectively, during the course of the last week.

Bitcoin, on the other hand, has maintained its position as the dominant cryptocurrency in the market. It continues to retain more over 39 percent of the market share for all cryptocurrencies combined. Ethereum has a market share that is close to 19 percent of the whole amount.

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