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1 November 2022

Crypto Products Launch In Debit Cards, Payment Gateways, Trading Platforms

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BakerHostetler

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Recognized as one of the top firms for client service, BakerHostetler is a leading national law firm that helps clients around the world address their most complex and critical business and regulatory issues. With five core national practice groups — Business, Labor and Employment, Intellectual Property, Litigation, and Tax — the firm has more than 970 lawyers located in 14 offices coast to coast. BakerHostetler is widely regarded as having one of the country’s top 10 tax practices, a nationally recognized litigation practice, an award-winning data privacy practice and an industry-leading business practice. The firm is also recognized internationally for its groundbreaking work recovering more than $13 billion in the Madoff Recovery Initiative, representing the SIPA Trustee for the liquidation of Bernard L. Madoff Investment Securities LLC. Visit bakerlaw.com
This week, two cryptocurrency financial services and trading platforms announced partnerships with traditional financial services companies to offer new crypto debit cards.
United States Technology

This week, two cryptocurrency financial services and trading platforms announced partnerships with traditional financial services companies to offer new crypto debit cards. Blockchain.com's card, initially available only to U.S. residents, will be linked to a verified Blockchain.com account and will enable users to spend cryptocurrencies in transactions that settle in fiat for the merchant. BitOasis, a leading crypto platform for the Middle East and North Africa, announced a similar crypto debit card linked to users' crypto wallets to enable fiat-settled payments across 90 million global locations. Ola Doudin, BitOasis' CEO and co-founder, said, "We continue to witness sustained demand amongst our customers for crypto to be integrated into, and relevant for, their daily lives. Research tells us that 47% of the Middle East population now believes crypto is the future of money."

Anchorage Digital, a digital asset platform, infrastructure provider and federally chartered digital asset bank, recently launched "Build With Anchorage," a full-stack infrastructure offering that facilitates crypto payment gateways, financial products and market participation. According to a press release, Build With Anchorage can enhance partner product and service development "through a combination of flexible Anchorage APIs – which partners can connect to programmatically [and] include[e] trading, settlement, staking, and custody APIs – and a dedicated team of industry-leading solution architects, integration engineers, and deployment strategists."

Earlier this week, Prometheum Ember ATS, a broker-dealer and alternative trading system (ATS) regulated by FINRA and the U.S. Securities and Exchange Commission, announced the launch of its new ATS enabling institutions to trade digital asset securities compliant with federal securities laws. According to a press release, Prometheum ATS is built to integrate with legacy securities trading systems by connecting directly with qualified custodians to facilitate quick, efficient and compliant digital asset security trades. The underlying blockchain technology reportedly eliminates intermediaries and provides same-day settlement. "For too long, digital asset trading has been conducted on unregulated platforms instead of on a platform which works within the current SEC framework for digital asset securities," stated Prometheum Founder and Co-CEO Aaron Kaplan. "Prometheum sets itself apart by maintaining the ability to be sustainably compliant under current securities laws, ensuring the multilayer protections and standards required on Wall Street."

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