In this episode of the Coin Street headlines, we dive into the latest headlines from the cryptocurrency world. We discuss how the U.S. cryptocurrency exchange Kraken has announced the confidential filing of a draft registration statement for a proposed initial public offering (IPO). Bullish has reported its strongest quarter since going public, driven by increased institutional activity. We analyze their impressive turnaround from a loss to a net income of $18.5 million, despite a dip in stock price. As global banks race to keep up with the stablecoin trend, HSBC is set to offer tokenized deposits to corporate clients in the U.S. and UAE. We explore the implications of this move for the banking sector. Finally, following Kenya’s implementation of its first comprehensive cryptocurrency law, Bitcoin ATMs have emerged in major shopping malls. We discuss the significance of this development amidst regulatory challenges. Jane King with the latest from the NYSE.
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Thanks, Rey.
Here's a look at your coin Street headlines.
Kracken, the US cryptocurrency exchange, announced the confidential filing of a draft registration statement for a proposed initial public offering.
This follows months of speculation among many in the cryptocurrency and blockchain industry.
Kraken said it had confidentially submitted a Form S1 with the Securities and Exchange Commission for a proposed IPO of its common stock, setting the groundwork for the company to go public.
The potential IPO. is subject to review by the SEC.
Well, Bullish reported its strongest quarter since going public, lifted by surging institutional activity around its new US stock market and a crypto options desk that crossed $1 billion in volume.
Bullish recorded $18.5 million in net income, swinging from a $67 million loss in the same quarter a year ago.
Bullish's stock price though did not react positively.
It was down.
More than 6% is down in fact 40%.
Over the past month, HSBC is doubling down on tokenization over stablecoins as global banks rush to keep pace in the stablecoin race.
Bloomberg reports that HSBC Holdings will start offering tokenized deposits to its corporate clients in the US and the United Arab Emirates in the first half of next year.
The tokenized deposit service by HSBC enables clients to send money domestically and abroad in seconds around the clock.
That's according to HSBC's global head of payments.
And Bitcoin ATMs were spotted across major shopping malls in Nairobi days after Kenya implemented its first comprehensive cryptocurrency law.
Local media outlet Capital News reported several major malls had the bankless Bitcoin installed beside traditional banking kiosks, offering cash to crypto service to locals.
However, regulators claim that no crypto provider is yet authorized to operate, and that is the latest Coin Street headlines.