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.
West Realm Shires Inc., dba FTX US, has won the bankruptcy auction for the assets of Voyager Digital with a bid of about $1.422 billion. It was held to be the best and highest bid after an auction process that included multiple rounds of bidding over a period of two weeks.
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More Stories on Digital Assets
An official release from Ningbo Rail Transit announced that all 125 of its metro stations will accept the country’s digital yuan in payment via the subway systems dedicated app. The move is in furtherance of the stated objective of the Chinese central bank to expand adoption of the Chinese digital currency.
A new scam is making the rounds, and the criminals typically locate and home in on their victims using social media or dating portals such as Tinder and LinkedIn. After establishing contact, they develop an ongoing relationship with the victim, gradually leading to trust. This could easily be a romance-cum-investment scam unfurling over weeks, even months, a period that could be described as a grooming period.
Coinbase (NASDAQ: COIN) is likely to benefit substantially from the Ethereum Merge, according to JPMorgan analyst Kenneth B Worthington. In a note to clients, Worthington estimated that Coinbase likely accounted for a 15% share of Ethereum assets, and that recent steps it took “to maximize the value of Eth staking for its clients” would help to bolster its own revenues.
The debut fund, Shima Capital Fund I , received funding from investors including Dragonfly Capital, Bill Ackman, Animoca, OKex, Mirana Ventures, Republic, and Andrew Yang, among others.
Derivatives exchange CME Group (NASDAQ: CME) intends to launch options on its ether future contracts on September 12. The new option contracts are based on one ether futures, sized at 50 ether per contract, and based on the CME CF Ether-Dollar Reference Rate, which serves as a once-a-day reference rate of the U.S. dollar price of Ether.
UK digital bank Revolut will now be able to offer additional and regulated crypto services to its 17 million customers in Europe. The bank seeks an opportunity in the potential compliance required in upcoming EU regulations, and the Cyprus hub will enable it to support digital asset innovation, offer strong customer protection, and expand its crypto business.
After Nubank and Mercadolibre, XP Inc., the Brazilian brokerage with over 3.6 million customers, has launched a crypto trading platform dubbed XTAGE. Initially, trading will be offered only in bitcoin and ether. XTAGE has been integrated into XP’s trading systems and app. The platform utilized technology from Nasdaq, the US stock exchange, and crypto custody firm BitGo.
Anthony Scaramucci, of Skybridge Capital, said on a CNBC interview that the long-term fundamentals of bitcoin remained robust, more so due to recent developments on the institutional side. “Everybody is a long-term investor until they have short term losses,” he observed. Two factors could affect institutional activity in bitcoin and trigger a demand shock for the crypto.
PicPay, the well-known Brazilian payment app, has got its shoe in the crypto door in partnership with Paxos, a leading regulated blockchain infrastructure company. Picpay is opening crypto trading services for its over 30 million customers and Paxos will manage the trading and custody of the digital assets. To be opened up gradually, the crypto service will initially cover bitcoin, ethereum and USDP, the regulated dollar-backed stablecoin from Paxos.
Digital Assets: BlackRock Makes Another Move To Woo Institutional Crypto Clients, Forms Private Trust For Bitcoin
BlackRock (NYSE: BLK) announced today a private trust that would offer institutional clients direct exposure to bitcoin, despite a pervasive bearish sentiment gripping the crypto assets market since it topped out in November, and recent high profile failures of major market players.
Alternative Investments/ESG: An “Anti-ESG” ETF, Backed By Thiel And Ackmann, To Gun For Fossil Investing
Strive Asset Management announced the launch of the Strive US Energy ETF (NYSE: $DRLL) which seeks to take advantage of a likely bull run in US energy stocks from an unfolding demand-supply imbalance in the global energy markets. Taking an anti-ESG stance, the ETF will mandate U.S. energy companies to reject shortsighted political agendas and to focus on long-term profitability, including through increased investment in oil and gas production.
Ripple Labs, the blockchain payments company that created the XRP cryptocurrency, is interested in purchasing assets of Celsius Network, the crypto lender that was forced into bankruptcy amidst the meltdown in the crypto assets market. Ripple itself is engaged in a high stakes legal battle with the SEC which has charged the company and executives for conducting a $1.3 billion unregistered securities offering by selling XRP.
Nuri, a digital banking platform and app, offered users crypto transactions as well as normal banking activities including a debit card. The firm announced it had filed for insolvency on August 9, 2022 in view of a “lasting strain” on the liquidity of its business amidst “significant macroeconomic headwinds and the cooling down of public and private capital markets,” as well as a crypto bear market.
SoFi Invest, the investing and trading arm of SoFi Technologies, announced the launch of two new ETFs, SoFi Web 32 (NASDAQ: TWEB) and SoFi Smart Energy (NYSE: ENRG) that provide exposure to two of the world’s fastest-growing industries.
Singapore-based crypto lender Hodlnaut has frozen withdrawals, swaps and deposits following an apparent liquidity crunch it attributed to “recent market conditions” and an intention to “focus on stabilising our liquidity and preserving assets.”
Voyager Digital (TSE: VOYG), the crypto lender currently in bankruptcy proceedings said Friday it had received permission from the court to restore access to customers for their cash held by the company at Metropolitan Commercial Bank (NYSE: MCB).
Digital Assets: Institutional Crypto Clients To Connect Via BlackRock’s Aladdin Platform To Coinbase Prime
Coinbase (NASDAQ: COIN) and BlackRock (NYSE: BLK) have agreed to create new access points for institutional crypto adoption by connecting Coinbase Prime and Aladdin, BlackRock’s end-to-end investment management platform. Coinbase Prime is built for institutions and is a full-service platform to provide them access to crypto markets at scale.
Digital challenger bank Revolut has expanded its list of tradeable crypto tokens to 82 by adding 22 new tokens including ApeCoin, Request, Sandbox, and Ethereum Classic.
Crypto lending, or “yield farming” could boost returns at the Fund despite recent debacles such as at Celsius Network. The $6.8 billion Fairfax County Retirement Systems has been cleared by its trustees to commence a kind of investment known as “yield farming,” where the investor owning crypto tokens can lend them out and earn an…
Horizon Kinetics LLC launched the Blockchain Development ETF (NYSEARCA: BCDF) on August 2. The ETF will invest in companies benefit, either directly or indirectly, from the issuance, facilitation, custody, trading and administration of digital assets, including cryptocurrencies or distributed ledger technology.
In another fallout of the crypto winter, bitcoin evangelist Michael Saylor, who is currently Chairman & CEO of business intelligence company MicroStrategy (NASDAQ: MSTR), has relinquished his role of CEO with effect from August 8. The organizational change came the same day that the company announced a net loss for the second quarter of $1.062 billion, or $94.01 per share, $93.17 worse than the analyst estimate of ($0.84). The loss was primarily on account of impairment losses of $917.8 million on the company’s bitcoin holdings.
A Bloomberg report says Ledger, the French crypto wallet maker, is in talks to raise a minimum of $100 million from strategic investors. The company previously raised a $380 million Series C in June 2021 at a valuation exceeding $1.5 billion, and this may not be the best of times to raise financing given the dire state of the digital assets market.