Major South Korean Bank To Provide Crypto Custody Services – July 12

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $33,566

Bitcoin price spiked to the mid-$34,000s overnight, only to retreat back into the $33,000 range to begin the week.

Top-20 altcoins are almost completely unchanged over the last 24 hours, as Ethereum falls less than 1%, XRP gains 1% and Polygon is the largest mover with just a 2% drawdown.

Top Stories for July 12, 2021 πŸ”₯

πŸ‘‰ Major South Korean Bank To Provide Crypto Custody Services

One of South Korea’s largest banks, Woori Financial Group, is reported to be setting up a cryptocurrency custody service in partnership with crypto exchange Coinplug.

Woori Financial Group is not the first bank to venture into the crypto custody space, with other including KB Kookmin and Nonghyup Bank already making moves into crypto-related services within the last two years.

πŸ‘‰ JPMorgan Believes El Salvador Will Put Pressure On Bitcoin Network

Experts from JPMorgan have released a report saying that El Salvador’s adoption of Bitcoin as legal tender may put a strain on the Bitcoin network.

They believe that the use of Bitcoin as legal tender in the country will significantly limit Bitcoin’s capability of serving as a medium of exchange, with daily payment activity in El Salvador potentially representing 4% of recent on-chain transaction volume.

πŸ‘‰ Former NYSE President To Take Crypto Exchange Public

Tom Farley, former president of the New York Stock Exchange (NYSE) is taking cryptocurrency exchange, “Bullish”, public via a SPAC deal.

The deal will merge Bullish with SPAC company Far Peak Acquisition Corp, which is led by Farley and will see him become with exchange’s new CEO.