The mayor of Jersey City, Mayor Steven Fulop, has announced that the city would allocate a portion of its pension fund to spot Bitcoin exchange-traded funds (ETFs) after declaring on social media that “crypto/Bitcoin won.”

Coinbase’s United Kingdom subsidiary has been fined £3.5 million ($4.5 million) by the Financial Conduct Authority (FCA) for failing to adequately screen customers and “repeatedly breaching” an agreement set with the regulator.

Michael Novogratz’s Galaxy Asset Management has secured $113 million for a new venture fund focused on early-stage cryptocurrency companies. The fund, Galaxy Ventures, aims to invest in startups building foundational infrastructure, software, and financial applications for the digital asset ecosystem.

Top stories in the Crypto Roundup today:

• Jersey City’s Pension Fund to Invest in Spot Bitcoin ETFs
• Coinbase UK Fined $4.5 Million for Onboarding ‘High-Risk’ Customers
• Galaxy Digital Raises $113 Million for Crypto Venture Fund
• Crypto Market Movers – ZEN, ZEC, HNT

Jersey City’s Pension Fund to Invest in Spot Bitcoin ETFs

The mayor of Jersey City, Mayor Steven Fulop, has announced that the city would allocate a portion of its pension fund to spot Bitcoin exchange-traded funds (ETFs) after declaring on social media that “crypto/Bitcoin won.”

On social media the mayor said that the “question on whether crypto/Bitcoin is here to stay is largely over” as he announced that the Employees’ Retirement System of Jersey City is currently finalizing paperwork with the Securities and Exchange Commission to allocate a portion of the fund to Bitcoin ETFs.

Fulop anticipates the allocation could reach 2% of the fund, mirroring a similar move by Wisconsin’s state pension fund earlier this year. The mayor said the move should be completed by the end of the summer and expressed confidence other state and local pension funds will follow.

The move comes as Fulop positions himself to become New Jersey’s next governor.

Coinbase UK Fined $4.5 Million for Onboarding ‘High-Risk’ Customers

Coinbase’s United Kingdom subsidiary has been fined £3.5 million ($4.5 million) by the Financial Conduct Authority (FCA) for failing to adequately screen customers and “repeatedly breaching” an agreement set with the regulator.

Back in 2020, CB Payments Limited (CBPL), part of the cryptocurrency exchange, entered an agreement with the FCA preventing it from onboarding customers deemed “high risk.” However, it has allegedly onboarded 13,416 customers the FCA deems “high-risk.”

The FCA said the lapses raised money laundering risks and added the exchange’s controls “had significant weaknesses and the FCA told it so, which is why the requirements were needed.” Per Therese Chambers, joint executive director of enforcement and market oversight at the FCA, this “increased the risk that criminals could use CBPL to launder the proceeds of crime.”

In a statement, Coinbase acknowledged the error and noted CBPL “unintentionally onboarded some customers between October 30, 2020, and October 1, 2023 (representing 0.34% of customers on-boarded).” It added the investigation focused on the firm’s e-money transmitter services, not cryptocurrency transactions.

Galaxy Digital Raises $113 Million for Crypto Venture Fund

Michael Novogratz’s Galaxy Asset Management has secured $113 million for a new venture fund focused on early-stage cryptocurrency companies. The fund, Galaxy Ventures, aims to invest in startups building foundational infrastructure, software, and financial applications for the digital asset ecosystem.

Institutional investors, family offices, and high-net-worth individuals have already committed to the fund, which expects to continue fundraising into next year with a target of $150 million, citing strong investor interest in the cryptocurrency sector.

Galaxy Ventures will expand on the firm’s existing venture capital portfolio, which includes investments in more than 100 companies including Ethena, M^0 and Plume. The fund plans to make approximately 30 investments and will be led by Will Nuelle and Mike Giampapa.

Crypto Market Movers – ZEN, ZEC, HNT

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Zcash (ZEC) - ZCash is a privacy-focused cryptocurrency that uses zero-knowledge cryptography to ensure that users can transfer funds securely and privately. It is an open-source cryptocurrency that uses a unique cryptographic protocol called zk-SNARKS to obfuscate the sender, receiver, and transaction amount. ZCash (ZEC) is based on a Proof-of-Work algorithm and utilizes a consensus mechanism called Equihash to secure its network.

Helium (HNT) – Helium is a decentralized blockchain-powered network specifically designed for Internet of Things (IoT) devices. It was launched in July 2019, with the mainnet enabling low-powered wireless devices to communicate and transfer data across its network of nodes.

Horizen (ZEN) - Horizen is a digital cryptocurrency and an integral part of the Horizen platform. The platform is a privacy-oriented blockchain network that aims to deliver an inclusive ecosystem where everyone is empowered and rewarded for their contributions.

State of the Crypto by Top Tier Exchange Volume

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