By Mark L. - Cryptocurrency Professional - 08-04-2021
Fireblocks provides a significant institutional milestone for the Bitcoin-on-Ethereum project.
Badger DAO, a decentralised finance protocol, revealed an upcoming collaboration with Fireblocks, a crypto asset management, coin storage, and DeFi cross-over platform for their institutional Bitcoin investing participants.
An announcement for the “strategic partnership” between Fireblocks and Badger DAO was released, stating the aim is to “to enable their 200+ institutional clients to securely hold Badger assets on their platform.” Clients will also be able to put their Bitcoin (BTC) investments “to work” through the Badger protocol.
In March 2017, Fireblocks introduced institutional access to Decentralised Finance through a partnership with the DeFi lending protocol Compound (COMP), one of the largest applications built on Ethereum (ETH). It has integrated a dozen more protocols since, including Synthetix (SNX) and Aave (AAVE). Clients comprise of prominent cryptocurrency funds, including Parafi Capital and Galaxy Digital, and raised a whopping $133 million in a funding event led my BNY Mellon.
When asked about the potential increase in total value locked Badger after being implemented to the growing list of protocols, founder Chris Spadafora refused to speculate, and instead demonstrated Fireblocks' scope and high-net worth clientele to give an indication of optimism.
The business planning process that brought together the DAO and the infrastructure provider was unique. According to Spadafora, a group member arranged an introduction between Fireblocks and the Badger DAO core team. Although it is not uncommon for the group to "kickstart" BD efforts with other DeFi protocols, this is just another example of a DAO collaborating with an institutional participant thus far.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards