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Bank of England to Reject Revolut’s Banking Licence Application, ASX Abandons Blockchain, HashKey to Raise Funds at $1BN Valuation, Ledger Co-founder Calls Recover Service Launch a ‘Horrible Mess’

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Get your daily summary of crypto assets and blockchain related news – investigate the stories that are flying under the radar of today’s crypto news.

bank news

  • Bank of England Talk to Treasury that it is planning to deny UK-based neobank Revolut’s banking license application after a two-year campaign, allegedly due to concerns about its balance sheet, The Telegraph reports. report. The Cautious authorities (PRA), the branch of the Bank responsible for licensing, informed the Government in March that it intends to issue a statutory warning notice against Revolut within weeks.

blockchain news

  • Australian stock exchange operator, ASX . Co., Ltdsaid it will no longer attempt to rebuild its software platform using blockchain-based technology, Reuters report. At the May 17 meeting, ASX exchange project manager Tim Whiteley said that, while the exchange continues to explore all options, it “will definitely […] need to use a more conventional technology than the original solution to achieve business results,” the report said, citing a meeting recording.

investment news

  • Digital asset financial services company HashKey Group is planning to raise capital at a $1 billion valuation, according to to Bloomberg, citing people familiar with the matter. The company is reportedly targeting a $100-200 million raise, looking to capitalize on the current favorable environment for crypto companies in Hong Kong.
  • grayscale is targeting a possible loophole with the filing of a new Bitcoin (BTC) ETF. According to With the Financial Times, Grayscale is suggesting that 40% of the exposure to spot bitcoin ETFs will be balanced between the five underlying funds. If approved, the US-listed vehicle will invest in ‘spot’ bitcoin exchange-traded products in other countries, it said.

wallet news

  • ledger Co-founder, shareholder and former CEO Éric Larchevêque called the wallet maker’s controversial and new service launch a “terrible mess”. He speak that he doesn’t have all the details about the launch, but that “there must have been something wrong and the Ledger Recovery service has exposed you in the worst possible way. This is clear. is a sensitive topic and needs much more preparation than communication.” However, he argued that the “crisis” was a PR failure, not a technical one. “Ledger is safe, there is no backdoor, Ledger Recover is not a conspiracy, no one is forcing anyone to use Recover,” he said.

mining news

  • New York-based Bitcoin Miners digital bit is expanding operations to Iceland in an effort to hedge legal risks amid Joe Biden administration’s proposed crypto mining tax, Wall Street Journal report. Samir Tabar, chief executive officer of Nasdaq-listed miner, said the company purchased 2,500 new mining machines for $5 million last week and will place them in Iceland, the first time the company has sent new computers outside the United States after two years.

CBDC . news

  • Central bank digital currency (CBDC) systems operating on different networks can be used for cross-border and cross-currency payments, according to to a new report published by researchers with the US New York Federal Reserve And Monetary Authority of Singapore (MAS). “Project Cedar is the first project of New York Innovation Center (NYIC) [and] a multi-phase engineering research effort evaluating the potential applications of financial technology solutions to improve the efficiency of wholesale cross-border payments,” it said.

tax news

  • The Swiss canton of Zug has increased its tax payment limit in BTC and Ethereum (ETH) to 1.5 million yen ($1.66 million) from 100,000 yen ($111,000) previously. “The cap increase is an important step towards the digital future,” Zug CFO Heinz Tannler said in a statement. report by The Block. “From the second half of 2023 onward, another innovation will be possible — paying taxes directly in crypto by scanning the QR code on the payment slip issued by the tax authority. Simple process. This digitization makes paying with cryptocurrencies more attractive.”

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