UK Launches Digital Securities Sandbox; Galaxy Digital’s Strategic Expansion; Circle Launches Solana-based EURC Stablecoin

Written by BTSE

December 19, 2023

This morning as the sun rose across Asia, Bitcoin surged past the $43K mark, reaching $43,000.08 with a 4.85% increase, while Ethereum climbed to $2,231.17, marking a 2.86% rise. Recent data from Coinglass reveals significant market movements with $103.5 million in liquidations of token-tracked futures in just 12 hours, out of which $95 million are long positions. Notably, $33 million in Bitcoin positions were liquidated, with $29 million being long positions. Despite the recent Ledger hack, the broader market remains resilient, bolstered by anticipated rate cuts and growing interest in Bitcoin, partly fueled by the buzz around Ordinals. Will this trend continue?


UK’s Leap into Digital Securities Sandbox: The U.K. steps up its game in the digital finance world by introducing regulations for a Digital Securities Sandbox, aimed at testing Distributed Ledger Technology (DLT) and tokenization. Starting January 8th, the Financial Conduct Authority and the Bank of England will oversee the sandbox, allowing businesses to explore tokenizing traditional securities under regulatory supervision. This initiative, stemming from the Financial Services and Markets Act 2023, positions the U.K. at the forefront of regulating the crypto sector. Could this sandbox model become a global benchmark for digital securities regulation?


Galaxy Digital’s Strategic Expansion Amid Crypto Bankruptcies: Galaxy Digital (GLXY), led by Mike Novogratz, is reportedly actively seeking to acquire more assets from bankrupt crypto firms. This strategy follows their notable deal in August, where they successfully managed the sale of Bitcoin and Ethereum holdings of the now-defunct crypto exchange FTX, significantly boosting their assets under management to $5.3 billion. Further strengthening their position, Galaxy also received court approval to sell FTX’s stakes in Grayscale and Bitwise investment funds. Steve Kurz, the global head of asset management at Galaxy, shared with the Financial Times their ambition to replicate this success with other bankrupt companies, including those previously backed by FTX as a venture capital provider. Just last December, Galaxy Digital clinched a victory in acquiring the self-custody platform GK8 from the bankrupt crypto lender Celsius Network. Kurz emphasized their seasoned crypto venture team’s five-year investment track record, positioning them as a formidable player in capitalizing on these unique opportunities. Will Galaxy Digital’s aggressive acquisition strategy move markets of bankrupt company tokens?


Circle’s EURC Stablecoin Joins the Solana Ecosystem: USDC issuer Circle has expanded its horizons by introducing its EURC stablecoin to the Solana network. Aimed at enhancing on-chain foreign exchange transactions and remittances, EURC is designed to be a regulated e-money token under EU regulations. With this move, Circle is not just diversifying its offerings but also tapping into the potential of stablecoins in the digital asset market. The growth of EURC, despite the dominance of USD-pegged stablecoins, highlights an evolving landscape. How will this influence the global stablecoin market, and what are the implications for the markets of other stablecoins?


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Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.

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