Crypto News July 2021
This week has been a rather busy week so far in the world of cryptocurrency, having started the week expecting that bitcoin may hit an all-time low[1] to surging far beyond expectations with the rumour that Amazon may support Bitcoin payments in the future [2].
A survey by Nickel Asset Management found that investors still have Cybersecurity at the top of their worries when thinking about investing in Cryptocurrency [4]. So much so, that 76% of would be first time investors are hesitant to invest cash into cryptocurrency due to the concerns around both the security of their wallets and the lack of regulation within the industry as a whole [4].
Within the US, multiple states have acted against the non-bank lender BlockFi. [5] They believe that BlockFi has not gone through the required regulatory hurdles needed to offer a securities-based product.
BlockFi operates as an interest generating cryptocurrency account where the customer deposits their coins to BlockFi, who in turn lend those coins to institutional investors with interest rates, generating a yield for the original owner of those coins.
Finally, the UK government is still pondering the idea of a new centrally backed Cryptocurrency. In a LinkedIn post, The Chancellor of the Exchequer, Rishi Sunak said that the decision is not final and that the new digital currency, dubbed CBDC (Central Bank Digital Currencies) would complement existing cash and bank deposits and could be held by both businesses and households [6].
As the cryptocurrency market matures, so does the need for better security solutions. Nowhere is this more apparent than in the need to protect crypto wallets from cybercriminals. Learn more about 'Protecting Crypto Assets' by downloading the technical report on threat protection for cryptocurrency exchange applications, custodians and networks.