JPMorgan uses JPM Coin for Euro payments, Casa supports Ethereum storage, BlockFi gets temporary relief from SEC penalty, and Gemini Staking Pro expands to the UK in today’s crypto news.

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Banking news

• JPMorgan has extended its blockchain-based payment system, JPM Coin, to include transactions denominated in euros for its corporate clients, according to a report by Bloomberg . JPM Coin, which was launched by the bank in 2019, went live with euro transactions on Wednesday, said Basak Toprak, JPMorgan’s head of Coin Systems for Europe, the Middle East, and Africa. Germany’s Siemens AG made the first euro payment on the platform.

Investment news

• The cryptocurrency self-custody platform Casa has added support for storing ethereum (ETH). According to the company’s blog post, “Casa is the first and only place to manage both BTC and ETH multi-key vaults in one simple app, so you don’t have to split up your self-custodied assets between multiple providers.” Casa vaults are designed using multisig principles, and for ETH, the process is performed through smart contracts, it added.
• The crypto custody firm Prime Trust has “a shortfall in customer funds” and was unable to fulfill all withdrawal requests this month, according to the Nevada Department of Business and Industry in the USA. The authority ordered Prime Trust to cease all activities in violation of Nevada regulation, stating that the company is “operating at a substantial deficit” or may already be insolvent; that on or about June 21, it was unable to honor customer withdrawals due to a shortfall of customer funds caused by a significant liability on the firm’s balance sheet owed to customers; that it failed to safeguard assets under its custody and is unable to meet all customer withdrawals.
• The blockchain technology company Metatime announced that it has successfully secured a total investment of $25 million to date for its blockchain ecosystem. It has developed a portfolio of over 70 products, created its own blockchain network called MetaChain, and is preparing to list its ecosystem token, Metatime Coin (MTC), on major cryptocurrency exchanges from June 2023, according to the press release. Metatime aims to integrate blockchain solutions into various sectors such as energy, tourism, insurance, CRM, advertising, cybersecurity, and virtual reality. It plans to launch these solutions on Mainnet, after testing on Testnet, it added.

Legal news

• The bankrupt crypto lender BlockFi has been granted temporary relief from settling a penalty of more than $30 million to the US Securities and Exchange Commission (SEC), according to a court filing on Thursday. The lender’s outstanding balance with the regulator totals nearly $30.3 million, but it doesn’t have to be repaid until BlockFi’s debtors are reimbursed, in order “to maximize the amount that may be distributed to investors and avoid delay in such distribution,” said the Commission.

Exchange news

• Gemini has announced the expansion of its Gemini Staking Pro service in the United Kingdom. Users in the UK with a minimum of 32 ETH can now launch dedicated validators on the Ethereum network, said the exchange. Gemini Staking Pro is already live in the United States, Singapore, Hong Kong, Australia, Brazil, and more than 30 other countries, it added.
• Crypto.com has obtained registration as a Virtual Asset Service Provider (VASP) from the Bank of Spain. The exchange can now offer its suite of products and services to users in Spain, according to the announcement.
• BingX has announced its further expansion into the Middle East and Northern Africa (MENA) markets. According to the press release, the MENA region has seen “a significant surge in interest and adoption of cryptocurrencies, with a growing number of individuals and businesses seeking reliable and secure platforms to trade digital assets. BingX recognizes the immense potential in this market and aims to meet the evolving needs of crypto enthusiasts in MENA.”