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Crypto

Wise to reapply for federal trust bank charter under Genius Act framework

Wise, a London-headquartered cross-border remittance and foreign-exchange services company, will submit a new application for a U.S. federal trust bank charter under the Genius Act stablecoin framework after the Office of the Comptroller of the Currency rejected its original proposal. The Block reported the OCC said the initial filing did not align with new Federal Reserve policy on payment system master account access. Reuters reported Wise will reapply on July 24.

Crypto

Bitcoin down 32.9 percent year to date; Bitwise says it is a correction, not a bear market

Bitcoin has fallen 13.4 percent in the second quarter and is down 32.9 percent so far this year, Bitwise said in a third-quarter crypto market review. Bitcoin briefly fell below $60,000 in June, about 52 percent below an October peak. Bitwise highlighted record second-quarter ETP outflows but said demand from spot products and listed companies still exceeded new supply. Corporate holdings rose to 1.28 million BTC.

Crypto

EDX Markets raises $76 million in SBI Holdings-led Series C round

EDX Markets, a cryptocurrency exchange for institutional investors, raised $76 million in a Series C funding round led by SBI Holdings, Cointelegraph reported on Monday. The company plans to use the funds to expand spot trading, clearing and settlement services, and to develop new products and expand overseas. EDX Markets operates a U.S.-focused institutional spot exchange and also offers a Singapore-based perpetual futures exchange for eligible institutional clients outside the United States.