Ripple to acquire another crypto custody firm / Coinbase partners with Ledger / Oldest Scotch distillery to sell 50-year-old whisky collection with NFT pairs [EN]

Show Notes

Ripple acquires digital asset custody firm Standard Custody & Trust Company, the Crypto Fear & Greed Index hits a 27-month high amid Bitcoin's surge past $50,000, Ledger partners with Coinbase for easier crypto transfers to hardware wallets, StoneX Group expands its digital asset team and plans new crypto services, Banxa's U.K. subsidiary becomes a regulated entity by the Financial Conduct Authority, and The Glenlivet launches a 50-year-old whisky collection paired with Ethereum-based NFTs.

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Host 1:Greetings, crypto aficionados! Your trusty crypto guide is here, accompanied by the ever-curious soul who's eager to explore the depths of the crypto world.
Host 2:Absolutely splendid! I'm all set to dive headfirst into the captivating world of crypto!
Host 1:"Just be sure not to delve so deeply that you find yourself purchasing a 50-year-old Glenlivet whisky with Ethereum. It's a bit of a slippery slope, you know."
Host 2:"Goodness gracious, are you serious? Ethereum being accepted for payment? What's next, buying vintage Aston Martins with Dogecoin?"
Host 1:"Not just that, my dear friend. They've actually gone ahead and launched an Ethereum-based NFT collection to accompany their 50-year-old whisky. Quite the intriguing fusion of tradition and modernity, wouldn't you say?"
Host 2:You're making me feel like a child who has just stumbled upon a clandestine confectionery emporium!
Host 1:"Ah, brace yourself for this delightful news. Ripple has recently acquired Standard Custody & Trust, a rather esteemed digital asset custody firm."
Host 2:Ripple, once again causing ripples in the digital asset realm, I see?
Host 1:"Indeed. And on the topic of market movements, the Crypto Fear & Greed Index has surged to a 27-month peak following Bitcoin's ascent beyond the $50,000 mark."
Host 2:"Ah, that's akin to stumbling upon a rare crypto unicorn, isn't it?"
Host 1:"Absolutely splendid news! Ledger has joined forces with Coinbase to ensure that hardware wallet crypto transfers are as smooth as a freshly churned butter in the English countryside."
Host 2:"Indeed, the crypto world is akin to a blazing bonfire of activity, isn't it? Quite the captivating spectacle, I must say!"
Host 1:"Ah, and StoneX Group is stoking the flames further, my dear friend. They're bolstering their digital asset team and devising new crypto services."
Host 2:"I'm positively thrilled to witness what they have in their repertoire."
Host 1:And on the note of exhilaration, Banxa's U.K. subsidiary has just achieved the status of a regulated entity under the watchful eye of the Financial Conduct Authority. Quite the commendable feat, wouldn't you say?
Host 2:"Feels like unwrapping a delightful array of crypto news gifts just before Christmas, doesn't it?"
Host 1:"Ah, but wait just a moment, dear guests! This is merely the beginning of our delightful discourse. There's so much more to explore, so do stay with us! We're just getting started with the real substance. What piques your interest the most? Keep your ears open, for there's much more to come!"
Host 1:"Have you heard about Ripple's latest strategic maneuver? It's as if they're engaging in a high-stakes game of financial chess!"
Host 2:Ah, the acquisition, you say? Indeed, I've caught wind of that. Ripple's acquisition of Standard Custody & Trust Company, isn't it? It's as if they're strategically expanding their property portfolio on Boardwalk, wouldn't you agree?
Host 1:"Absolutely spot on! And it's not just any old company. Standard Custody & Trust is a U.S.-based digital asset custody firm. However, the deal is still pending approval from the New York Department of Financial Services. They're like the discerning gatekeepers of the financial market, aren't they?"
Host 2:(laughs) Quite the astute observation! And for our esteemed listeners who may not be familiar, a BitLicense, which Ripple already possesses, is essentially a business license for cryptocurrencies issued by the NYDFS. It's akin to a coveted golden ticket in the realm of crypto, wouldn't you say?
Host 1:"Absolutely! This acquisition will further bolster Ripple's burgeoning collection of regulatory licenses. And that's not all. Ripple and its subsidiaries currently hold close to 40 money transmitter licenses across various U.S. states. Quite the impressive array, wouldn't you say?"
Host 2:"Quite the impressive array, wouldn't you say? And I dare say, this signals a significant expansion of Ripple's operations beyond the realm of mere payment network services, doesn't it?"
Host 1:"Marvelous! This acquisition will indeed introduce a licensed crypto custody and settlement business to Ripple's already impressive array of offerings. Quite the strategic move, wouldn't you say?"
Host 2:"Ah, isn't there a fascinating connection between Ripple and Standard Custody & Trust? I seem to recall something about a shared co-founder, adding an intriguing layer of interconnectedness to this strategic maneuver, wouldn't you say?"
Host 1:"Ah, what a splendid memory you have! Standard Custody & Trust happens to be a subsidiary of PolySign, a digital asset infrastructure company founded by none other than Arthur Britto, a co-founder of Ripple. It's rather reminiscent of a delightful family reunion, wouldn't you say?"
Host 2:"But this isn't Ripple's first tango, is it? I do recall their acquisition of Metaco for a rather princely sum of $250 million back in May 2023. Quite the staggering amount of zeroes, wouldn't you agree?"
Host 1:"Indeed, quite the dramatic turn of events. Do recall the lawsuit filed by the U.S. Securities and Exchange Commission against Ripple in December 2020? The legal battle continues, and thus far, the scales seem to be tipping in Ripple's favor."
Host 2:"Quite the enthralling crypto drama, isn't it? Ripple certainly seems to have taken the lead role in this captivating narrative! (chuckles)"
Host 1:"(chuckles) Quite the intriguing perspective! And for our esteemed audience, we shall continue to provide updates on this captivating crypto narrative as it unfolds. Do stay tuned!"
Host 1:"Ah, you know how we adore a thrilling rollercoaster ride, don't we? Well, the crypto market is certainly providing us with just that. Have you caught wind of the latest surge in Bitcoin?"
Host 2:"Oh, you know I'm always up for a good thrill! And yes, I've been keeping an eye on Bitcoin. It's been quite the rollercoaster, hasn't it? The Crypto Fear & Greed Index recently soared to a 27-month high, hitting 79. The last time it reached such heights was back in November 2021 when Bitcoin was at its all-time peak of around $69,000."
Host 1:"Absolutely spot on! This surge in the index has propelled us into the realm of 'extreme greed.' It's akin to the moment when the DJ spins your favorite track, and the crowd surges to the dance floor. You're tempted to join in, but you exercise caution, not wanting to risk spilling your drink."
Host 2:"Indeed! The surge into the 'extreme greed' zone is a clear indication of investors exercising caution. It's akin to the moment when the club reaches its peak, and you sense it's time for a breather. However, let's not overlook the fact that this surge occurred a day after Bitcoin exceeded the $50,000 mark for the first time since December 2021."
Host 1:"And the momentum didn't wane, did it? It surged past the $52,000 mark, much like a DJ dropping hit after hit, igniting the crowd with an unstoppable energy!"
Host 2:Absolutely splendid! The surge in price propelled Bitcoin's market cap beyond the $1 trillion milestone for the first time since November 2021. It's akin to the moment when the club reaches maximum capacity, and a queue forms around the block. The primary catalyst for this upsurge has been the substantial investor interest in spot Bitcoin exchange-traded funds (ETFs), which received approval from U.S. regulators just last month.
Host 1:"And let's not overlook the impending Bitcoin halving event, projected to take place in April or May. It's akin to the club unveiling a surprise guest DJ, and the collective anticipation reaching a fever pitch!"
Host 2:"Quite the astute comparison! This impending event will halve miners' Bitcoin mining reward, effectively reducing the influx of new Bitcoins into the network by 50%. It's akin to the club slashing its guest list in half, rendering it even more exclusive. Industry pundits posit that this could potentially trigger a substantial long-term surge in Bitcoin's price."
Host 1:So, for our esteemed listeners, the Crypto Fear & Greed Index is akin to the atmosphere gauge of our club. A reading of 0 represents "Extreme Fear," reminiscent of an empty dance floor, while a score of 100 signifies "Extreme Greed," much like the club at full capacity. "Extreme Fear" may signal the perfect moment to hit the dance floor, while "Extreme Greed" could indicate that it's time to take a breather and savor a refreshing drink.
Host 2:"Quite eloquent! Therefore, dear friends, do keep a keen eye on the prevailing sentiment and sway to the rhythm of the crypto market!"
Host 1:"Ah, you know how we're always prattling on about the dance of the crypto market, don't we? Well, let's pirouette over to the crypto hardware side of things. Have you caught wind of the latest partnership between Ledger and Coinbase?"
Host 2:"Ah, you know I do adore a splendid tech tango! Indeed, I'm acquainted with this development. Ledger, the esteemed crypto hardware wallet manufacturer, and Coinbase, the preeminent U.S. crypto exchange, have joined forces. Their collaboration aims to streamline the process of transferring crypto assets from an exchange to a hardware wallet, providing users with greater convenience and security."
Host 1:"Absolutely spot on! Ledger is seamlessly integrating the Coinbase Pay solution into its Ledger Live app. It's akin to orchestrating an entirely new choreography for crypto transactions, isn't it?"
Host 2:"Absolutely splendid! And the cherry on top? With Coinbase Pay, users can seamlessly buy and transfer cryptocurrencies listed on Coinbase directly to and from their self-custody wallets. It's akin to having your very own exclusive dance floor where you call the shots on the music, the lighting, and the dance moves!"
Host 1:"And who wouldn't fancy that, eh? Furthermore, users have the delightful opportunity to procure digital assets through Coinbase Pay and seamlessly transfer these acquired funds directly into their Ledger wallets without incurring any additional charges. It's akin to receiving a VIP pass to the club without the accompanying surcharge, wouldn't you agree?"
Host 2:"Absolutely! Ian Rogers, the chief experience officer at Ledger, aptly described the process of buying crypto and transferring it to a self-custody wallet as rather laborious before the integration. It's as if they've transformed a slow waltz into a lively salsa!"
Host 1:"And Ledger has quite the history on the dance floor, haven't they? They've previously partnered with a number of other crypto payments providers, including MoonPay, Ramp, and Transak."
Host 2:"Absolutely spot on! Ledger, established in France in 2014, specializes in crafting secure hardware devices designed for safeguarding private keys. These are akin to the clandestine dance steps that grant users access to their crypto assets. Their solutions offer clients the opportunity to embrace self-custody, affording complete control over their crypto assets and mitigating personal financial risks associated with the potential failure of a third-party custodian."
Host 1:So, my dear audience, it's as if Ledger and Coinbase are extending a gracious invitation for us all to partake in this new dance of crypto transactions. And who's to say? This could very well be the dance that revolutionizes the entire game!
Host 1:"Quite the connoisseur of the latest crypto happenings, aren't you? Have you been apprised of the recent expansion at StoneX Group Inc.?"
Host 2:"Ah, indeed, the U.S.-based financial services company. I've heard that they've bolstered their digital asset-focused unit, StoneX Digital LLC. It seems they've recruited five former employees from Cowen Digital, which unfortunately closed down recently. Quite the art of turning adversity into opportunity, wouldn't you say?"
Host 1:"Absolutely, one of the recent recruits assumed the role of head of digital asset execution back in October 2023. StoneX Digital LLC, which made its debut in 2022, presently provides trading services for Bitcoin, the foremost cryptocurrency by market cap. This is being accomplished in collaboration with a crypto custody firm known as Etana Custody. It's akin to constructing a formidable fortress for Bitcoin, wouldn't you say?"
Host 2:"Ah, Bitcoin, the digital gold! But that's not all, is it? I've heard they're gearing up to introduce a non-custodial trading service for Bitcoin and Ether in the near future. This means clients will have the autonomy to manage their private keys and safeguard their crypto assets without relying on any third party. It's akin to having your very own digital vault! Quite exhilarating, isn't it, ladies and gentlemen?"
Host 1:"Indeed! And their ambitions don't end there. They're gearing up to introduce over-the-counter trading services for cryptocurrencies in the second quarter. This will empower customers to engage in direct digital asset transactions between two parties through a broker-dealer network, bypassing the need for a centralized exchange. It's akin to a private crypto marketplace. Quite the intriguing prospect, wouldn't you agree?"
Host 2:"Quite a plethora of crypto innovation, isn't it? And I've heard they're also gearing up to unveil a crypto lending service in the latter half of the year. It's akin to the creation of a comprehensive crypto ecosystem. It almost feels like witnessing a scene from a futuristic sci-fi movie, doesn't it?"
Host 1:Indeed, quite the intriguing turn of events. Cowen Digital's parent firm, Cowen Inc., blazed a trail as one of the pioneering investment banks to extend crypto trading services to institutional clients back in 2022. However, the plot thickened when the U.S.-based bank was subsequently acquired by the esteemed Canadian banking and financial services corporation Toronto-Dominion Bank, or TD Bank, in March of the previous year. Quite the captivating saga, wouldn't you say?
Host 2:"And for our esteemed audience members who may not be well-versed in the realm of NFTs, allow me to shed some light. These digital marvels are far more than mere eye candy. They function as a virtual testament, affirming the genuineness and proprietorship of the item. It's akin to possessing a digital title deed for your prized bottle of whisky."
Host 2:"Ah, the grand 200th-anniversary celebration with that exquisite 50-year-old whisky collection? Indeed, I'm well acquainted with the affair. Rumor has it that each bottle is being paired with a unique Ethereum-based NFT. It's a delightful fusion of tradition and technology, wouldn't you say? Quite the sophisticated blend, I must admit."
Host 2:"Ah, here's a delightful tidbit for our tech-savvy whisky enthusiasts. The Glenlivet has employed generative AI technology to craft bespoke labels for each bottle, drawing inspiration from the corresponding elemental theme. It's akin to having a personal artist create a unique masterpiece for every single bottle!"
Host 2:"Absolutely on point! You're catching on splendidly. The FCA has been rather strict with their oversight of crypto promotions. You'll recall that Binance ceased accepting new customers in the U.K. last year due to these regulatory adjustments. It's akin to a game of musical chairs, but with regulations."
Host 2:Absolutely! The crypto sphere is a captivating realm, wouldn't you agree? It's an ever-changing landscape, akin to a thrilling rollercoaster ride where surprises abound at every turn. One can never predict what's coming next, much like the exhilarating twists and turns of a rollercoaster.
Host 2:"Absolutely splendid! This registration will enable Banxa to provide crypto services to clients in the U.K. They're esteemed payments partners of major crypto exchanges such as Binance and OKX. It's akin to possessing the golden ticket to the chocolate factory, wouldn't you say?"
Host 1:"Absolutely captivating! It's a splendid fusion of tradition and innovation, isn't it? The Whisky Exchange's blockchain-based Cabinet marketplace ingeniously crafts digital certificates in the form of NFTs to authenticate and establish ownership of its exquisite rare whiskies."
Host 2:"Indeed, TD Bank closed down Cowen Digital just shy of two months post-acquisition, citing a distinct lack of interest in delving into the realm of crypto. A classic case of one individual's discard becoming another's prized possession, wouldn't you agree?"
Host 1:Indeed, it's always a delight to navigate these delightful surprises with you. Ladies and gentlemen, do stay tuned for more thrilling updates from the realm of technology and crypto! And always bear in mind, in the world of crypto, anticipate the unexpected!
Host 1:I perceive. So, they manage identity verification, handle fiat currency payments, and settle transactions for clients of these crypto exchanges. However, does this registration not grant Banxa the ability to facilitate their partners' services in the U.K.?
Host 1:"Indeed, the NFT pairs of the bottles are set to be auctioned on The Whisky Exchange's Cabinet marketplace on February 21. Following the auction, The Glenlivet will dispatch the bottles to the NFT holders along with a digital certificate come late summer."
Host 1:"That's quite a remarkable achievement, wouldn't you say? They've secured the distinction of being the first company to receive crypto service provider registration from the FCA in 2024. Quite the feather in their cap, I must say!"
Host 2:"Absolutely! They've recently obtained regulatory approval in the U.K. They've been officially registered with the Financial Conduct Authority, or FCA, which is akin to the esteemed headmaster of the U.K.'s financial institution."
Host 1:"It certainly appears to be the case! The ever-changing crypto landscape is undeniably captivating. One can't help but wonder if we'll all be immersed in crypto trading one day! What are your thoughts, ladies and gentlemen?"
Host 2:"And let's not overlook the fact that The Glenlivet, established in 1824, holds the esteemed title of being the oldest licensed distillery in Scotland. They are indeed ushering centuries of tradition into the digital era."
Host 2:"Quite a substantial price tag indeed! However, one must consider that these are no ordinary bottles. They have been undergoing maturation at the esteemed Speyside distillery in Scotland since the year 1974."
Host 1:"Yes, I recall that. However, OKX managed to weather the storm by implementing additional measures to comply with the new regulatory requirements. It's as if they discovered a life jacket amidst the tempest."
Host 1:"Have you caught wind of the latest from Banxa's U.K. subsidiary, BNXA UK VASP? Our resident crypto guru, I'm sure you're brimming with insights on this intriguing development."
Host 1:"Indeed, quite the intriguing collection, isn't it? The Twelve Elements, a nod to the 12 fundamental components that define The Glenlivet's renowned single-malt whisky."
Host 1:"Indeed, it's a delightful homage to the rich heritage and promising future of whisky! And to our esteemed listeners, do partake responsibly and invest judiciously!"
Host 1:"Indeed! And the price tag on those bottles is quite substantial. Each one is anticipated to exceed $43,000."
Host 1:"Have you caught wind of The Glenlivet's foray into the realm of digital assets, our esteemed tech guru?"