The new service will allow customers in over 90 countries to seamlessly conduct crypto transactions through the Crypto.com app. However, the service will initially be rolled out only in the UAE. The partnership comes in light of Dubai’s regulatory framework, which the Virtual Assets Regulatory Authority (VARA) handles to ensure safety and compliance. Eric Anziani, the COO of Crypto.com, described the partnership as a significant step in the platform’s global expansion plans. “Not only is it a significant step forward in our global expansion plans, but also enables our commitment to delivering a world-class customer experience whilst maintaining the highest levels of security and compliance.” Anziani also called the partnership significant in fostering global crypto adoption.
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From practically the time bitcoin launched in early 2009, I have been wondering what the heck it is good for. In the beginning, there were two basic theories: One said this first cryptocurrency was a refuge from government, and the other — possibly the one embraced by bitcoin’s creator — said it was an alternative to the corruption, instability and self-dealing in a financial system that had just finished wrecking itself, and everyone else along with it. Alas, neither of these theories has panned out. Indeed, as in Monday’s market meltdown, cryptocurrencies have often done the opposite of what they were supposed to do. Though bitcoin and other cryptocurrencies might be useful in places such as Venezuela, where monetary policy is so awful that anything — including a can of mackerel — is an improvement over the local currency, it isn’t a good substitute for money anywhere that has a reasonably well run central bank.
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After a strong Day 1 with $106.6 million of net inflows overall, spot ether ETFs on Wednesday experienced their first day of net outflows thanks to the $326.9 million that left the preexisting Grayscale product. This brings cumulative two-day outflows for Grayscale's ETHE to $811 million. These outflows from the Grayscale fund are expected to continue over the near term, as investors switch to cheaper ETF offerings or simply leave the market. In total, outflows for spot ether ETFs were $133.3 million on Wednesday, according to Farside Investors. The Fidelity Ethereum Fund (FETH) had the strongest day among the spot ether ETFs, with $74.5 million of inflows.
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