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Earlier this week, cryptocurrency bank Silvergate announced that its exposure to FTX was limited to its deposits.
The post What’s going on with Silvergate, the bank that props up the U.S. crypto market? appeared first on CryptoSlate.
One of the key worries of institutional traders about crypto adoption is the availability of liquidity.
FalconX is focused on providing institutional traders with advanced trading solutions.
The institutional digital asset prime broker FalconX has partnered with Fusion Digital Assets, TP ICAP's wholesale spot crypto asset exchange based in the UK. This collaboration aims toprovide FalconX access to competitive pricing and liquidity from TP ICAP'swholesale clients, leveraging Fusion Digital Assets' framework.
According to a statement shared by the company, thisintegration is important in the evolving landscape of crypto assets,where interaction between institutional digital asset prime brokers and majorfinancial market infrastructure providers is crucial.
Connecting Crypto and Traditional Finance
By bridging the native crypto asset ecosystem withtraditional financial markets, the collaboration aims to facilitate seamlesstransactions and foster growth in the digital asset industry.
Austin Reid, the Global Head of Revenue and Businessat FalconX, mentioned: "Collaborating with Fusion Digital Assets is another significantstep in our ongoing efforts to bridge traditional financial markets and thegrowing crypto asset ecosystem."
"This will enhance liquidity for our clientsand foster an environment that propels growth and innovation in the digitalasset industry. It underscores our commitment to providing secure, efficient,and seamless access to the global digital asset market for our clients."
Our Fusion Digital Assets exchange is built to provide deep liquidity that can be relied upon during all market conditions. That's why were excited to announce our partnership with FalconX, the worlds largest institutional digital asset prime broker. https://t.co/Iwq6qNbkoG
TP ICAP Group PLC (@TPICAPGroupPLC) February 1, 2024Enhancing Crypto Liquidity and Innovation
This partnership aims to enhance liquidity andfacilitate the creation of a more connected and innovative digital assetindustry. According to the duo, the collaboration between FalconX and TP ICAP'sFusion Digital Assets will unlock new opportunities and enhance global digitalasset liquidity access.
Last year, TP ICAP launched its institutional crypto exchange, Fusion Digital Assets. After securing a UK license in December 2022,TP ICAP's platform is operational for spot trading targeting institutionalcrypto investment.
The platform's first Bitcoin/US dollar trading pairtransaction was facilitated in partnership with FidelityDigital Assets. This launch marked a pivotal moment for TP ICAP, which has offered crypto derivatives services since 2019, Finance Magnates reported.
Fusion Digital Assets aims to expand its assetofferings in response to client demand. With plans for a multi-custody model,the platform is set to accommodate diverse investment strategies andpreferences.
This article was written by Jared Kirui at www.financemagnates.com.Celsius, the bankrupt crypto lender, has started selling its non-Bitcoin and non-Ethereum crypto assets, records on July 17 indicate. According to on-chain data from Lookonchain, Celsius has transferred approximately $23.5 million of various cryptocurrencies, including BNB, ZRX, LINK, BONE, and SNX, to FalconX and OKX, respectively. Different amounts of these tokens were transferred by Celsius, a move that, while it could be positive for creditors, may impact the token valuations of those projects. Celsius Selling Altcoins Lookonchain revealed that Celsius moved $8.5 million worth of LINK, the native currency of Chainlink, a middleware protocol linking on-chain smart contracts to external but verified data. At the same time, it also moved $7.84 million worth of SNX, the native token of Synthetix, a protocol allowing users to trade derivatives called synths, was transferred. Celsius also went on to move $3 million worth of BNB, the coin behind the sprawling Binance ecosystem, $2.26 million worth of 1INCH, the token aggregator, and $1.9 million worth of ZRX, the token behind one of the first decentralized finance platforms, Ox Protocol. The bankrupt lender also moved $709,678 worth of FTT, the token behind the collapsed FTX exchange, to FalconX. In response, FalconX has started depositing these tokens to Binance for selling. Related Reading: $18 Billion Worth Of Bitcoin Accumulated At $30,200 – BTC Bull Run Incoming? The only token moved to a different exchange was BONE, where Celsius moved $235,000 of the meme token to the popular cryptocurrency exchange, OKX. While OKX caters to retail and institutional investors, FalconX serves institutional investors, offering diverse services, including liquidity provision and risk management. So far, a large tranche of tokens held by Celsius has moved through FalconX. In late June, Judge Martin Glenn of the Southern District of New York allowed Celsius to start converting all their tokens to either Bitcoin or Ethereum, the two currencies that would be allowed to pay back creditors. All conversions were set to begin on July 1. Altcoins Taking A Hit The transfer also comes amid a favorable ruling that saw a US Judge say XRP, one of the major altcoins, is not a security and can be traded like a commodity, just like Bitcoin. However, even though news pumped altcoins, mostly XRP, momentum tapered during the weekend, and most altcoins fell back from last week’s highs. Related Reading: XRP Whales Ride The Crypto Surge, As Ripple Token Notches 62% Price Spike Among the impacted tokens included BNB, the native currency behind Binance, the world’s largest ecosystem. The coin currently oscillates within a $30 range as bears dominate price action. From the daily chart, BNB has resistance at $260 and is down over 30% from April 2023 highs. LINK and SNX are seeing similar price actions, both recording losses on the 24-hour chart. LINK is down 2.97% to be trading at $6.63, while SNX is nursing 3.94% losses, bringing its price to $2.64. Feature image from Canva, chart from TradingView
An analyst warns that volatility could emerge if the US election results are close, but traders will be relieved once it's over, giving the market firmer ground.
FalconXs CEO Raghu Yarlagadda said institutional confidence will strengthen with a more healthy, transparent crypto derivatives market in place.
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