Fitch Warns Spezialfonds & Crypto Market, US Inflation Eases

Investing news

The unpredictable nature of crypto markets will provide significant hurdles to fund managers that include cryptoassets in Germany’s Spezialfonds, which are now permitted to invest up to 20% of their portfolios in crypto, according to major rating company Fitch Ratings. If price volatility causes trading halts for exchange-traded cryptoassets, managers of crypto-exposed Spezialfonds may find it more difficult to meet investors’ redemption requests or other responsibilities, they noted. “The possibility of mutually reinforcing sell-offs in cryptocurrencies and the funds exposed to them might increase volatility in crypto markets,” Fitch said.

The latest economic news

Consumer price hikes in the United States slowed in July, while being at a 13-year high on an annual basis, and there were modest signs that inflation had peaked as supply-chain disruptions caused by the epidemic worked their way through the economy, according to Reuters. The consumer price index rose 0.5 percent last month after rising 0.9 percent in June, according to the Labor Department on Wednesday. The CPI increased by 5.4 percent in the year to July. According to the data, the decline in the month-to-month inflation rate was the greatest in 15 months.

Adoption updates

BitPay, a prominent cryptocurrency payment processor based in the United States, announced that US cardholders of the BitPay Prepaid Mastercard can link their card to Google Wallet and spend using Google Pay. BitPay has already stated that it will support Apple Pay and Samsung Pay in the near future.

GME Remittance, a South Korean non-bank remittance service provider, announced its participation in RippleNet, the network developed by blockchain corporation Ripple (XRP), connecting it to Thailand’s largest bank, Siam Commercial Bank (SCB). According to them, this will scale payments from South Korea into Thailand because South Korea has 184,000 Thai nationals resident in the country.

Protocol for the blockchain Boson Protocol has announced the debut of Portal, a virtual lifestyle, business, and cultural playground that they claim “connects the metaverse with the universe.” Through the tokenization of those objects, Portal will enable brands, artists, and creators to sell or reward consumers with their real-world products both in-game and tangibly.
CBDCs in the news

According to PYMNTS, the Bank of Jamaica (BOJ) has coined the first instalment of what is projected to be JMD 230 million (USD 1.5 million) in central bank digital currency (CBDC). During the pilot phase, which is set to finish in December, the full sum will be distributed to “deposit-taking institutions and authorized payment service providers.”

News from the exchanges

Guesser, a real-time prediction market platform, has been bought by Gemini. Guesser will join Gemini’s product team to support the company’s projects in the decentralized finance (DeFi) sector.
Bitstamp has named Barbara Daliri, a former executive at Google, Netflix, and Microsoft, as Chief Growth Officer. Daliri will be in charge of Bitstamp’s growth and market strategy, as well as client interaction, according to the company.

NFTs breaking news

DraftKings, a fantasy sports and sports betting company, has created a non-fungible token (NFT) marketplace. Its first NFT series will be offered by NFT platform Autograph and will begin on August 11 with US football quarterback Tom Brady. Preseason Access Passes from prominent players such as Wayne Gretzky, Tony Hawk, Naomi Osaka, Derek Jeter, Tiger Woods, and more to be revealed are included in the Preseason Access Collection.

Twitter’s initial collection of NFTs, dubbed “The 140 Collection,” produced ETH 1,700 (USD 5.5 million) in trade volume on NFT marketplace OpenSea. At the time of writing, the floor price is ETH 76.5 (USD 247,615), and there are 110 purchasers.

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