By Kapil Rajyaguru
Crypto Custodian BitGo Launches OTC Trading Amid Rumored Late 2025 IPO.
Crypto custody services firm BitGo has launched a global over-the-counter (OTC) trading desk for digital assets after it was reported to be gearing up for an initial public offering slated for later this year.
The OTC desk has dozens of liquidity sources, including exchanges, and also offers spot and derivatives trading across over 250 digital assets as well as lending services and yield-generating products, BitGo said in a Feb. 18 statement.
Institutional crypto OTC trading volumes skyrocketed 106% in 2024, mainly fueled by US President Donald Trump’s election win and demand for US spot crypto exchange-traded funds, according to OTC infrastructure firm Finery Markets.
Tether Co-Founder Launches Rival Stablecoin That Offers Yield.
Reeve Collins, the co-founder of Tether, is introducing a decentralized stablecoin to rival the original dollar-pegged token he was instrumental in creating, thereby intensifying competition in a particular area of the cryptocurrency market.
According to a Feb. 18 Bloomberg report, Collins is now chairing Pi Protocol, a self-proclaimed decentralized project that will launch on the Ethereum and Solana blockchains later this year.
As Bloomberg reported, Pi will use smart contracts to allow parties to mint the USP stablecoin in exchange for the yield-bearing USI token.
The stablecoin will reportedly be backed by bonds and other real-world assets. Although the stablecoin’s name implies that it will be pegged to the US dollar, there were no details about the fiat currency or currencies it represents.
Grayscale Launches Pyth Trust for Accredited Investors.
Grayscale Investments has announced its plan to launch Grayscale Pyth Trust, a new investment vehicle for accredited U.S. investors to gain exposure to the PYTH governance token.
This trust is set up to make it easier for people to invest in the token by using a regulated security format.
The Pyth network delivers real-time price information to decentralized applications, or dApps, especially on Solana. In fact, 95% of Solana’s dApps use information from Pyth.
This makes the PYTH token highly valuable within the Solana ecosystem. Grayscale sees this as a fantastic opportunity for investors to tap into the market.
Robinhood to Launch Crypto Services in Singapore by 2025.
Robinhood Markets Inc. is planning to extend its crypto services in Singapore later this year. According to Bloomberg’s report, the U.S.-based financial platform intends to enter the Singapore market through a new entity connected to Bitstamp, a European digital assets exchange that it acquired for $200 million in June 2024.
The company wants to start this service after it finalizes the acquisition of Bitstamp in the first half of 2025, pending regulatory approval.
Meanwhile, Singapore has emerged as a big center for digital assets. The country is attracting crypto firms that are looking to operate in a friendly regulatory environment. Right now, it is competing with Hong Kong, which is also another hub for crypto and blockchain business.
Bitcoin Mining Firms Surge as Hashrate Nearly Doubles in a Year.
A report published by JPMorgan highlights that the total hashrate of Bitcoin mining companies listed in the U.S. has nearly doubled compared to last year, now accounting for approximately 29% of the global network. This significant increase indicates a rise in the competitive strength of the sector.
The report notes that the combined hashrate of 14 companies has increased by 95%, reaching 244 EH/s. Additionally, the overall hashrate of the global network has seen a 45% increase over the past 12 months.
The report indicates that mining companies currently earn approximately $53,600 in daily block rewards, reflecting a 6% decrease compared to January. Furthermore, the total market value of the tracked Bitcoin mining stocks has decreased by 1% from the previous month.
Nigeria Lifts Crypto Ban, Imposes New Tax and Licensing Rules.
Nigerian authorities are increasing attempts to regulate and tax cryptocurrency transactions in order to boost income and mitigate digital asset dangers.
Despite an original ban in 2021 due to illegal financing concerns, peer-to-peer trading sparked a regulatory reversal.
The restriction was abolished in December 2023 and replaced with SEC rules, a licensing system for virtual asset service providers, and the Finance Bill 2022, which includes crypto taxes.
However, hefty compliance costs may stifle innovation as compared to South Africa’s organized regulatory framework.
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