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Binance introduces a new custody option allowing institutional clients to keep assets at independent banks, Coinbase implements a conversion fee for large USDC transactions, and Visa partners with Transak for direct crypto withdrawal and payment services, while Uncorrelated Ventures raises $315M for a new fund targeting infrastructure software startups in traditional and crypto sectors.
Your go-to podcast where we break down the latest cryptocurrency news into easy-to-understand insights.
Step into the enchanting world of 'Phoebe's Birmingham Beat,' the GenAI-powered podcast. This project is more than just a technical feat; it's a bridge between written words and the immersive world of audio storytelling. Artificial intelligence is not just a tool here. It is a co-author, editor and translator that transforms texts to make them perfect for listening. It gets rid of repetition, improves wording and tries to preserve a unique style. It's so nice to hear how accurately the voiceover captures intonations of surprise or annoyance. Sometimes the results are funny and weird - I love it. My favourite part is the wrong accents, numbers and off-the-cuff greetings.
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Host 1:Greetings! Are you prepared to delve into the captivating realm of cryptocurrency and technology?
Host 2:Absolutely prepared! I've donned my snorkel and flippers, ready for the plunge. What's our first foray into the depths?
Host 1:Binance is causing quite a stir with the introduction of a new custody option. This allows institutional clients to securely store their assets at independent banks. It's akin to having a safety deposit box for your digital gold!
Host 2:"Quite the game-changer, isn't it? And speaking of change, Coinbase is slapping on a conversion fee for hefty USDC transactions. So, if you're planning to move a crypto mountain, better brace yourself for a fee avalanche!"
Host 1:"Marvelous! In other news, Visa has forged a partnership with Transak to offer direct crypto withdrawal and payment services. It's akin to having a crypto ATM right in your pocket, isn't it?"
Host 2:"Absolutely splendid! And in the realm of startups, Uncorrelated Ventures has managed to secure a staggering $315 million for a new fund. Their focus? Infrastructure software startups in both the traditional and crypto sectors. Quite the ambitious undertaking, wouldn't you say?"
Host 1:"Quite the substantial sum! So, my dear audience, fasten your seatbelts as we venture further into these exhilarating developments. Keep your eyes peeled for more updates on the realm of cryptocurrency and technology!"
Host 1:"Have you caught wind of the latest maneuver by Binance, the colossal titan of the crypto exchange realm?"
Host 2:"Ah, you're referring to the one where they're allowing institutional clients to use independent banks as a secure storage option, aren't you? Quite the significant development, I must say."
Host 1:Absolutely! This new custody option is designed to mitigate what's known as counterparty risk. For our esteemed listeners who may not be well-versed in this term, counterparty risk essentially refers to the possibility of one party in a transaction failing to meet their contractual obligations.
Host 2:"Indeed, in the realm of crypto exchanges, it's the peril that traders face when entrusting their crypto or cash to an exchange. Should the platform collapse or halt withdrawals, there's the looming threat of losing their assets. Quite the precarious predicament, wouldn't you agree?"
Host 1:"Indeed, some of the third-party banks facilitating Binance's custody program are none other than Sygnum Bank and FlowBank, both nestled in the picturesque landscapes of Switzerland. Binance is also engaged in lively discussions with numerous other banking partners and institutional investors who have shown keen interest in this pioneering initiative."
Host 2:"Quite intriguing, isn't it? I've also been informed that as part of this initiative, corporate investors have the option to hold their collateral in cash or U.S. Treasury bonds, with the added perk of earning approximately 4% interest while engaging in their trades. Quite a delightful arrangement, I must say!"
Host 1:"Quite the transformation, isn't it? Previously, clients were restricted to holding their assets solely on the Binance platform or with its custody partner Ceffu, which, incidentally, was branded as a mysterious Binance-related entity by U.S. regulators last year."
Host 2:"Indeed, it's quite the tumultuous time for Binance, isn't it? Regulatory scrutiny seems to be closing in from all corners, including the likes of the U.S., Australia, France, Belgium, and Brazil. They've been compelled to make strategic exits from several markets worldwide, all due to compliance issues. Quite the intricate dance they're performing, wouldn't you say?"
Host 1:"It's undeniably a challenging period for Binance, but this innovative custody program has the potential to be a game-changer for both the exchange and its esteemed institutional clients. Let's eagerly await the unfolding of this intriguing development!"
Host 1:Amidst the pulsating beats and rhythmic melodies, one can't help but ponder Binance's recent strategic maneuvers and the regulatory obstacles they've been navigating. It's akin to a techno dance-off, wouldn't you agree?
Host 2:"Oh, you and your crypto banter, even in a club! But you're spot on, it's quite a spectacle. Despite all the regulatory tango, Binance managed to maintain its rhythm and secured a staggering 52.6% market share in 2023. It's akin to the DJ who keeps the party alive, come what may!"
Host 1:"Indeed! Upbit, their closest competitor, could only secure a modest 9.5% slice of the crypto pie. It's as if they're stuck doing the robot while Binance is effortlessly freestyling!"
Host 2:"And let's not overlook Coinbase, the lone ranger from the U.S., securing a respectable 6.3% share in the top 10. It's akin to the chap who may not have the fanciest footwork but still garners invitations to all the soirées because of his delightful company."
Host 1:"Indeed, the situation takes a rather intriguing turn. Binance found itself facing a substantial penalty, one of the largest in the annals of U.S. corporate history, as a resolution for allegations of money laundering and breaches of sanctions. It's akin to a party being interrupted by law enforcement, yet the music somehow manages to persist."
Host 2:"Indeed, it's quite the spectacle. Binance's CEO, Changpeng Zhao, found himself in a bit of a pickle and had to gracefully step down, accompanied by a rather substantial penalty. It's akin to the lead singer being unceremoniously ousted from the band, yet the show must go on, undeterred by the upheaval."
Host 1:"Remarkably, despite the tumultuous events, Binance's market share remained unscathed. It's as if the revelers were impervious to the commotion, wholly engrossed in the pulsating rhythm, undeterred by the surrounding drama."
Host 2:"Ah, the SEC has unleashed yet another lawsuit against Binance. It's as if the formidable bouncer has returned, and he's rather displeased. But do you know what? The likes of Coinbase, Gemini, Kraken, and Bittrex are also finding themselves under the piercing gaze of the SEC. It's akin to everyone being under the microscope at this gathering, isn't it?"
Host 1:"It's quite the rollercoaster in the crypto world, isn't it? Reminds me of a lively night at the club!"
Host 1:"Have you caught wind of the latest from Coinbase, our resident crypto guru?"
Host 2:"Ah, you're alluding to the recent adjustment in the conversion fee for the USD Coin, or USDC, aren't you? It's quite a noteworthy alteration, I must say."
Host 1:"Absolutely spot on! Coinbase has decided to implement a fee for institutional clients engaging in conversions exceeding $75 million between USDC and the U.S. dollar on a monthly basis."
Host 2:"Indeed, the fees are structured in tiers. For conversions ranging from $75 million to $150 million, a nominal 0.01% fee is levied. As the stakes rise to the $150 million to $500 million bracket, the fee escalates to 0.15%. And for those engaging in conversions exceeding $500 million, they'll encounter a 0.2% fee. Quite an intriguing fee structure, wouldn't you say?"
Host 1:"But there's a silver lining for some fortunate souls. Patrons of Coinbase's esteemed institutional crypto investment platform, Coinbase Prime, shall be exempt from the newly imposed conversion fee if their assets on the platform exceed $500 million or if they maintain an average of $100 million in USD or USDC over the course of a month."
Host 2:"And let's not overlook the esteemed members of the Coinbase Exchange Liquidity Program. If they happen to fall under the classification of Tier 1 or Tier 2 and fulfill their monthly eligibility criteria, they shall also enjoy exemption from the aforementioned fees, quite a delightful perk, wouldn't you agree?"
Host 1:"It's akin to a VIP section within a club. And speaking of clubs, the members of the Coinbase Exchange Liquidity Program contribute substantial liquidity to the platform in exchange for added incentives or privileges. It's like treating everyone at the bar to a round of drinks and receiving a complimentary bottle of champagne in return."
Host 2:"Quite a clever comparison! However, it's important to note that these fees are calculated based on the total USD to USDC conversion volume over the past 30 days, minus the total USDC to USD conversion volume within the same period. It's akin to a sophisticated numerical dance-off, wouldn't you agree?"
Host 1:A numerical dance-off, how delightful! For all you crypto enthusiasts out there, do take note of these developments. Understanding the ever-changing rules of the game is key in this dynamic arena.
Host 1:"Have you caught wind of the latest from Bitpanda, our esteemed source of crypto knowledge?"
Host 2:"The Austrian crypto exchange, you say? I'm all ears, my dear. What's the scoop?"
Host 1:"Ah, the latest from Bitpanda, our esteemed source of crypto knowledge? The Austrian crypto exchange, you say? I'm all ears, my dear. What's the scoop?"
Host 2:Fascinating! So, they're putting a temporary halt on their services for residents of the Netherlands, commencing from the 1st of February?
Host 1:"Absolutely spot on, my dear. And it appears they failed to secure an invitation from the De Nederlandsche Bank, the esteemed central bank of the Netherlands. They've taken the liberty of advising their users to transfer their funds to the DNB-registered Dutch crypto exchange Bitvavo before the arrival of February 1st."
Host 2:"That's a shrewd decision. Dutch users have until February 26th to withdraw or transfer their assets from the platform, correct? However, the trading festivities come to a close on February 1st."
Host 1:"Absolutely splendid, my dear Harry! Despite bidding adieu to the Netherlands, Bitpanda continues to hold court in 12 European countries, including their home turf of Austria, Germany, France, Czechia, Norway, and Sweden. Quite the impressive reach, wouldn't you say?"
Host 2:"That's quite the exodus. In the past year, we've witnessed other crypto exchanges such as Binance and Gemini bid adieu to the Netherlands, citing their challenges in meeting the stringent requirements set forth by the DNB for crypto trading platforms."
Host 1:"Quite right, but let's not overlook the fact that nearly 40 virtual asset service providers, including major players like Coinbase, Crypto.com, BitPay, and eToro, are currently gracing the DNB's esteemed guest list."
Host 2:"The world of cryptocurrency is undeniably a tumultuous journey, much like a thrilling roller coaster ride, wouldn't you agree?"
Host 1:"Absolutely, my dear listeners! Do keep your ears finely attuned to the ever-evolving world of crypto. There's bound to be more captivating updates on the horizon!"
Host 1:"Have you caught wind of Visa's recent venture into the realm of cryptocurrency? You always seem to be abreast of the latest in tech trends."
Host 2:"Ah, you're referring to their collaboration with Transak, aren't you? Quite the significant development. They're seamlessly integrating Transak's services into the Visa Direct solution. Quite the strategic move, I must say."
Host 1:"Absolutely right, my dear listeners! It's not just a matter of withdrawing cryptocurrencies directly from digital wallets like MetaMask or Coinbase Wallet. It's also about the ability to make direct crypto payments at millions of merchant locations worldwide where Visa is accepted. Quite the game-changer, wouldn't you agree?"
Host 2:Absolutely splendid! And the most delightful aspect is its near-instantaneous conversion of crypto funds to fiat currencies. Just picture the sheer joy of purchasing a cup of coffee with your Bitcoin and bypassing the agonizing wait for the transaction to process. Simply marvelous, wouldn't you say?
Host 1:"That's an absolute game-changer, wouldn't you agree? And it's not confined to just a handful of countries, is it?"
Host 2:"Indubitably. One can seamlessly convert over 40 cryptocurrencies directly into fiat currency across 145 countries, including the likes of Cyprus, Malta, Singapore, Turkey, Portugal, and the UAE. Quite the extensive reach, wouldn't you say?"
Host 1:"And I've been informed that Transak is overseeing all the identity verification checks, anti-money laundering measures, and risk monitoring technologies. Quite the meticulous operation, wouldn't you say?"
Host 2:"Quite the meticulous operation, I must say. As Transak's marketing head, Harshit Gangwar, eloquently put it, this integration signifies a momentous step in connecting the crypto market with traditional finance and fostering widespread acceptance of cryptocurrencies in the mainstream."
Host 1:"It's quite intriguing to observe how the Visa Direct solution is facilitating the connection of third-party service providers to Visa's network, allowing for direct routing of payments to Visa cards."
Host 2:"And let's not overlook the fact that Visa also provides crypto debit card services in collaboration with centralized crypto exchanges such as KuCoin, Binance, Gate.io, and Crypto.com. Quite the strategic move, wouldn't you say?"
Host 1:"It's quite evident that Visa is making a substantial foray into the realm of cryptocurrency. It shall be most intriguing to observe the unfolding of this development, don't you think?"
Host 2:"Absolutely. The world of cryptocurrency is advancing at a remarkable pace, and it's quite thrilling to witness venerable financial institutions like Visa embracing this evolution."
Host 1:You know, we do have a penchant for keeping a keen eye on the key players in the crypto sphere, don't we? And it seems that Uncorrelated Ventures has recently executed quite a daring maneuver.
Host 2:Ah, you're referring to the U.S.-based venture capital firm, I presume? They do seem to possess an almost magical touch when it comes to nurturing startups, don't they? Always ready to wave their funding wand and work wonders! So, what's their latest enchanting feat?
Host 1:"Quite the impressive feat, I must say! It appears that Uncorrelated Ventures has conjured up quite the surprise. They've managed to secure a staggering $315 million for a new fund. And here's the delightful twist - they're setting their sights on investing in infrastructure software startups, spanning across both traditional sectors and the ever-evolving crypto industry. Quite the strategic move, wouldn't you agree?"
Host 2:"Quite the substantial sum, isn't it? Especially in the current climate, where venture capital funding for startups has been experiencing a downward trajectory. It's almost as if they've stumbled upon a hidden treasure trove, wouldn't you say?"
Host 1:"Quite the intriguing insight, isn't it? It appears that they had no trouble at all in securing the funds. It seems they hold a steadfast belief in the value of blockchain technology, despite the recent challenges faced by the crypto market."
Host 2:"Quite fascinating, isn't it? It appears that they remain undeterred by the high-profile bankruptcies, scams, and legal entanglements that have beset the crypto market in recent years. Quite the bold stance, wouldn't you agree?"
Host 1:"In actuality, they're intending to allocate 80% of the fund to early-stage startups specializing in infrastructure software within traditional sectors, and the remaining 20% to similar startups within the crypto industry. Quite the strategic allocation, wouldn't you agree?"
Host 1:"They've dabbled in the realm of cryptocurrency before. Their previous ventures include investments in the crypto prime broker Hidden Road and the Indian crypto exchange CoinDCX. It appears that they have developed a keen interest in the Indian market, wouldn't you agree?"
Host 1:"Indeed, it's quite the audacious move, isn't it? But as they say, the proof of the pudding is in the eating. It's akin to being engrossed in a captivating film, isn't it? We shall simply have to bide our time and witness how it all unfolds!"
Host 2:Quite the intriguing maneuver, particularly in light of the substantial decline in VC investments within the crypto industry in 2023. It's akin to boldly swimming against the prevailing tide, wouldn't you say?
Host 1:"Indeed, their assets under management are set to skyrocket to over $700 million. Quite the princely sum, isn't it? It's akin to having one's own little island paradise, wouldn't you say?"
Host 2:"Quite the audacious strategy, isn't it? It's akin to placing a wager on the dark horse. One can anticipate a substantial surge in their assets under management, wouldn't you agree?"
Host 2:"Quite remarkable, isn't it? And this isn't their maiden voyage into the realm of cryptocurrency, is it?"