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Blockchain.com Receives MiCA License and Expands into 27 EEA Countries
Blockchain.com has recently secured a MiCA license in the EU, allowing it to offer its services across all 27 member states of the European Economic Area. Malta has been chosen as the strategic location for this expansion, which is considered advantageous due to its reputation for regulatory clarity. Florentina D’Amore, previously with the Maltese Financial Services Authority (FIMA), will lead the European operations. In a press release, D’Amore stated, “Malta is the perfect launchpad for our European expansion and offers top-notch regulatory clarity.” This license marks a significant step for Blockchain.com, as more companies, including fintech firm Revolut, are also obtaining MiCA licenses.
“Malta is the perfect launchpad for our European expansion and offers top-notch regulatory clarity.” - Florentina D’Amore
Summary: Blockchain.com has received a MiCA license to operate in the EU, with Malta as its base for expansion. Florentina D’Amore will lead the European operations.
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Kadena Falls 70% After Company Closure Announcement
The price of Kadena (KDA) plummeted below $0.065 on Thursday after the company announced it would cease operations. This announcement led to a dramatic decline of over 70% in the price this week, with several crypto exchanges, including Bybit and OKX, halting trading of KDA. The closure has negatively impacted liquidity and access for investors, increasing selling pressure on KDA. However, the Kadena blockchain will continue to operate independently through decentralized proof-of-work mining, ensuring that network operations remain unaffected.
Summary: Kadena has announced the cessation of its operations, resulting in a dramatic price drop of over 70%, while the blockchain continues to function independently.
Blockchain Throughput Achieves 100-Fold Growth
A recent report from a16z indicates that blockchain throughput has increased more than 100-fold over the past five years. This significant advancement in scalability allows blockchain technology to process transaction volumes that can compete with large traditional financial systems. The current throughput of blockchains is approximately 3,400 transactions per second (TPS), surpassing the transaction rates of Stripe and NASDAQ, which stand at around 2,300 TPS and 2,400 TPS, respectively. However, blockchain technology has yet to exceed credit card transactions, which are around 24,500 TPS.
Summary: Blockchain throughput has increased over 100-fold, now exceeding the transaction rates of Stripe and NASDAQ.
Editorial Assessment
The granting of the MiCA license to Blockchain.com represents a significant advancement for the regulation and acceptance of cryptocurrencies in the European Union. This licensing allows Blockchain.com to offer its services in 27 EEA countries, potentially strengthening the company's market position. Malta's selection as a base is strategically wise, given its advanced regulatory framework. The appointment of Florentina D’Amore, an experienced professional in the financial sector, could further support the implementation of the expansion strategy and build user trust.
Overall, this move could serve as a model for other companies to position themselves in an increasingly regulated market. The growing number of MiCA licenses signals a positive trend in the industry, aiming for greater security and trust in crypto services.
Key Insights: Blockchain.com receives MiCA license for the EU, strengthening its market position. Malta offers regulatory advantages. D’Amore's appointment may support the expansion.
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