Digital assets are about more than just Bitcoin. The global adoption of blockchain, expansion of cross-border payments, new investment vehicles tied to intellectual property, and more, could one day establish a global market of digitized assets worth $50 trillion. This channel provides access to the latest developments, opportunities, risks, and thought leaders in the growing Digital Assets space.
Wall street heavyweight Goldman Sachs (NYSE: GS) has filed with the SEC for launching a new ETF titled the Goldman Sachs Innovate DeFi and Blockchain Equity ETF. According to the filing, the fund would benchmark the Solactive Decentralized Finance and Blockchain Index.
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More Stories on Digital Assets
Sapiens International Corp. N.V. (NASDAQ: SPNS), an Israeli software company listed both on the Nasdaq and in Tel Aviv, was allegedly forced to pay $250,000 in bitcoin to hackers amidst the COVID-19 crisis.
The Bank of Korea has commissioned a legal task force to assess regulatory roadblocks for the issue of a South Korean central bank digital currency (CBDC). Last February, the Korean central bank had set up a research team to look into the possibility of a digital currency and assess moves in this regard by other central banks. That move was reportedly triggered by Chinese advances towards a digital yuan, including a pilot test. It may be recalled that the Bank of Korea said on December 1 that “we are considering issuing digital currency (CBDC).”
Vanguard, technology provider Symbiont, an unnamed ABS issuer, and bankers have worked together on the successful, first pilot of an ABS settlement by incorporating its entire transactions cycle on a distributed ledger technology (DLT) network
Galaxy Digital, owned by Mike Novogratz, and Bakkt, the bitcoin futures provider majority-owned by the Intercontinental Exchange, have teamed up to offer top-flight services to institutions and asset managers relating to bitcoin.
Fidelity Digital Assets issued a report on digital assets on Tuesday based on a survey of nearly 800 institutions in the U.S. and Europe conducted from November 2019 through early March 2020.
A growing number of institutional investors believe that digital assets should be a part of their investment portfolios, the report found. In fact, 80% of institutional investors found something appealing about the asset class.
In its first year, Factorin, a Russian blockchain-based trade finance platform has processed 246,000 invoices and supplies and chalked up a transaction turnover above $ 500 million. 30 banking organizations and factoring companies are already on-board the platform, and numerous small and medium-sized businesses are grateful customers.
Bloomberg analyst Mike McGlone sticks with his bullish stance on bitcoin, the ‘first-born’ cryptocurrency, calling it a “resting bull.” McGlone’s analysis in the June 2020 Edition of the Bloomberg Crypto Outlook colors both gold and bitcoin (BTC) in the same bullish hues. “The metal and the crypto remain our top candidates to advance in 2020, with added rally fuel from Covid-19,” writes McGlone.
CipherTrace’s latest report, “Cryptocurrency Crime and Anti-Money Laundering Report, Spring 2020,” claims that crypto-crimes during the first five months of 2020 netted their perpetrators $1.36 billion. At this rate, 2020 could well achieve the dubious distinction of recording the second-highest value in crypto crimes ever recorded. In 2019, crypto-criminals made off with $4.5 billion.
In a bid to expand its institutional client base, BEQUANT, the UK-based digital asset solutions provider recently introduced its prime broking services. The service is intended to provide institutions with easier access to liquidity, custody, lending, and other products in the crypto space. BEQUANT has now announced its tie-up with cryptocurrency marketplace OKEx for the launch of its prime brokerage service.
China Merchant’s Port (HKG: 0144), the country’s largest port operator, is collaborating with Alibaba Group (NYSE: BABA), and its subsidiary, Ant Financial to develop a distributed ledger technology (DLT), or blockchain platform.
Crypto fans have not taken kindly to a Goldman Sachs presentation that fired potshots at bitcoin.
The offending presentation from Goldman Sachs (NYSE: GS) has sparked a raging controversy for its remarks against bitcoin. Luminaries from the crypto world took to Twitter and the media to lambast “the vampire squid” for its observations.
Revolut, the digital challenger bank that allows crypto trading, revealed data on cryptocurrency trading on its app during the COVID lockdown. Over 3 million customers in the UK use Revolut’s cryptocurrency trading service. Analysis of the data from the neo bank shows up interesting insights on cryptocurrency adoption and the effect of virus lockdowns on…
Swiss cryptocurrency financial services company Bitcoin Suisse has made yet another move towards expanding the range of products that can be traded on its platform. On April 29 it announced trading with fiat currencies. On Tuesday it followed up with the announcement that it now permitted precious metals trading against the top cryptocurrencies.
The Reserve Bank of India, the Indian central bank, confirmed that there currently exists no banking ban on the crypto industry in India. CoinDCX, India’s largest cryptocurrency exchange, gained a strategic investment of $2.5 million that was led by Polychain Capital with participation from Coinbase Ventures. Meanwhile, Indian crypto exchanges have benefited from the lockdowns imposed due to the coronavirus pandemic.
The crypto sector benefiting from a huge surge in interest, trading volumes, and new user signups during the lockdowns.
Layer1, the bitcoin miner backed by the likes of top-flight VC Peter Thiel and early-stage investor Shasta Ventures, based its operations in west Texas to take advantage of cheap power. Wind energy and natural gas combine to make the cost of power here the cheapest in the world. But for Layer1, there’s icing on this cake. It gets paid $17 million annually to not draw power when the grid needs it most.
Canadian e-commerce giant Shopify (NYSE: SHOP) has added another crypto payment processor to its retinue of digital platforms facilitating crypto payments. It entered a strategic partnership with CoinPayments, the world’s largest cryptocurrency payments processor.
After Bitcoin, Ethereum, Ripple’s XRP, Litecoin, and Dash, French startup Digycode has added Tezos (XTZ) to its lineup of cryptocurrency prepaid vouchers purchasable at tobacco shops across France. Digycode has partnered for this purpose with Nomadic Labs, which contributes to the development of the Tezos core software.
The Grayscale Bitcoin Trust (OTCMKTS: GBTC) is amassing bitcoin on an impressive scale. The trust, which is heavily patronised by institutions, added 60,762 bitcoin to its stocks between February 7 and May 17. That works out to a daily average acquisition of 607 bitcoin during those 100 days.
Panamanian crypto exchange Cryptobuyer has tied up with Venezuelan local payments processor Mega Soft to enable the use of bitcoin by shoppers at Venezuela’s biggest retail chains. Starting June, more than 20,000 point-of-sale (PoS) located throughout Venezuela will accept bitcoin and other cryptocurrencies in payment for shoppers’ purchases of goods and services.
Onchain Custodian, which is a digital asset custody provider backed by Sequoia Capital, Fosun, and DHVC Capital, will provide secure and insured custody to CyberBank for its digital assets.
CoinDCX, which claims to be India’s largest and safest crypto exchange and liquidity aggregator, will entrust its crypto assets to the custody of U.S.-based BitGo. It may be noted that BitGo has in place a US$100 million insurance policy coverage for crypto assets provided by a syndicate of insurers in the Lloyd’s of London and European Marketplace.
Federal Reserve Chair Jerome Powell spooked the markets when he came out Wednesday with a highly pessimistic outlook on the pandemic-struck U.S. economy. He said that additional stimulus would be perhaps needed because of “significant downside risks.” The Fed chief’s view, if implemented, could prove bullish for an anti-fiat, non-correlated asset such as bitcoin.
PwC and Elwood Asset Management Services used data from the largest global crypto hedge funds to compile the report.
Assets under management (AUM) at cryptocurrency hedge funds doubled from $1 billion in 2018 to $2 billion in 2019, while average assets under management expanded from $21.9 million to $44 million, said the report. Median AuM increased from US$4.3 million to US$8.2 million.
The Bitcoin blockchain completed its third halving on May 11, 2020, at about 3:21 pm EST.
Bitcoin miners will now get 6.25 BTC per block, down from 12.50 BTC per block before halving. The halving happened earlier than expected, with most expectations for it to take place on May 12, 2020.
Post-halving, Bitcoin has fluctuated between $8,450 and $8,950 and is currently trading at $8,913.