The digital asset custodian of the software firms Anchor Labs, Anchorage, is the first entity that is qualified to support the institutional custody for Telegram’s Gram (GRM) token, the latest crypto news show.
Anchorage Trust Company is the wholly owned subsidiary of the California based company Anchor Labs – and is the first entity which will enable institutional investors and organizations to hold Gram tokens at launch on October 31. This was officially confirmed by the company’s co-founder and president Diogo Monica who announced the news on October 7.
As the blog post states, Anchorage is the first qualified Gram (GRM) custodian and the services will be offered either through Anchorage Trust Company or Anchorage Hold. Still, the firms are not registered with the United States Securities and Exchange Commission (SEC), as Monica noted, adding that their services will not be initially offered to New York residents.
The Anchorage Trust CEO described the two main options for acquiring Gram tokens. According to his statement in the latest news on altcoin, investors will be able to purchase existing Grams on the open market as well as new Grams from the Telegram Open Network (TON) Reserve.
The two markets are designed to counterbalance each other as well as stabilize both the price and supply of Grams, the executive said. Citing the TON white paper, the firm also noted that the TON Reserve “will incrementally increase the price of new Grams with every Gram sold,” following an “exponentially increasing function.”
After the news from Anchorage, we can see that the first Gram will be priced at $0.10 while every subsequent Gram will be sold for one billionth more than the previous one, the company added. Meanwhile, the TON network is scheduled to launch in late October and was officially announced by Telegram in a blog post on October 2.
The Anchorage announcement also noted that investors will be required to provide Telegram with a public key that is generated through a software – all in order to receive their GRM tokens by October 16. As we saw in late September in the coming altcoin news, Telegram released a wallet for the Gram (GRM) token in the app and its alpha version for iOS.
Privacy-Focused Zcash Demands Access To Ethereum’s DeFi Ecosystem
“Connecting to other chains doesn’t seem to be an Ethereum developer’s priority, but other chains seem to want to connect to Ethereum.”The developers all over the world have been working on interoperability solutions just so they can enable different networks and to be able to interact more efficiently in an attempt to eradicate the existing issues in regard to scalability and speed. Related to this matter, the VP of marketing and business development at Electric Coin Company Josh Swihart, explained that the Zcash community will develop a wrapped ZEC token that can be used on the Ethereum blockchain network by saying:
“If you want to do lending, if you want to do DAOs [decentralized autonomous organizations], all of that stuff could be done with Zcash as well … Ultimately, we want Zcash shielded [addresses] to be usable in Ethereum smart contracts.”The ZCash Foundation board member Ian Miers explained the issue of why decentralized app creators might want to protect their addresses and smart contracts. However, as previously reported in the blockchain news, the South Korean cryptocurrency exchange UpBit stopped the trading support for six cryptocurrencies including Zcash. The exchange decided to delist these six privacy coins in order to block the possibility of money laundering and the influx of external networks. Also, a few days ago, the OKEx crypto exchange confirmed that they will also stop the trading of Zcash and other privacy-oriented digital assets. the exchange made clear that all of the coins fall short on the new guidelines that were set out by the intergovernmental body which is the Financial Action Taskforce.
Russia Sees No Benefit In Launching National Crypto Assets
“Not only for technological reasons but also because it is [difficult] to really estimate what advantages will the national digital currency give, for example, in comparison with existing electronic non-cash payments. There are many risks, and the advantages may not be obvious enough.”Nabiullina previously stated that although there is an incentive to go crypto, the society will not be open to give up cash for digital alternatives. However, there are some signs of cash going obsolete such as in China but there are also signs of heavy reliance on physical cash in places of the world where privacy is valued or where there isn’t a good internet connection. While Russia’s central bank does not see the benefits by launching a CBDC, there is one potential benefit that might please the financial incumbents. The New York professor and economist Nouriel Roubini last year stated the central bank digital currencies:
“CBDCs [are] likely [going to] replace all private digital payment systems. By allowing any individual to make transactions through the central bank. CBDCs would upend this arrangement, alleviating the need for cash, traditional bank accounts, and even digital payment services.”As per the latest crypto news, some crypto banks are acknowledging his point and the Finance Minister of Germany and France already believe that the European Union should launch their own cryptocurrency as a response to Facebook’s Libra.
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