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.
An iconic property in Bel Air, Los Angeles, designed by internationally acclaimed English architect John Pawson changed hands last month for $133 million and the buyer was Coinbase (NASDAQ: COIN) CEO and co-founder Brian Armstrong. The seller: a corporate entity linked to Japanese entrepreneur Hideki Tomita.
Get Daily Updates
Subscribe to DailyAlts Today to get Alternative Investment news, insight, and commentary delivered straight to your inbox every day.
More Stories on Digital Assets
About 40 banks have applied to Germany’s Federal Financial Supervisory Authority, or BaFin, for licenses to operate custody services for digital assets. (Coingeek)
Bafin last month released new guidelines that will impact firms offering or intending to offer custody services for digital assets such as cryptocurrencies and tokens. Effective January 1, 2020, depository or custody services for crypto assets stand classified as a financial service under the German Banking Act.
Former NYSE Institutional Broker Michael Ackerman Charged and Arrested for Alleged Crypto Fraud. He and two of his vehicles, Q3 Holdings, LLC and Q3 I, LP, are charged with alleged fraud and misappropriation of digital assets. Michael Ackerman allegedly raised $33 million in a fraudulent crypto trading scheme. Ackerman and his two partners misled investors by claiming they had developed an extraordinarily profitable crypto trading algorithm. One of the partners was a doctor.
Bitcoin to Beat the Dow to $40K, Says Analyst Tom Lee. The Fundstrat Global Advisors co-founder said in a CNBC interview on February 10 that he expected Bitcoin to record a gain of nearly 200% after it recently broke above its 200-day moving average.
The Intercontinental Exchange (ICE) announced Wednesday its agreement to acquire Bridge2 Solutions, a leading provider of loyalty solutions for merchants and consumers. ICE did not disclose the terms of the acquisition.
Bakkt intends to monetize for consumers the loyalty rewards programs that run on the Bridge2 platform. It will do this through its proposed Loyalty App.
International Money Express, Inc. (NASDAQ: IMXI), a cross-border remittances and payment services company operating primarily in Latin America and the Caribbean, announced its partnership with Ripple, the provider of enterprise blockchain solutions for global payments.
Founding Duo of Zima Digital Assets Arrested In $7.5M Criminal Complaint. The United States Secret Service arrested John Michael Caruso, 28, of Scottsdale, Arizona, and Zachary Salter, 27, of Paradise Valley, Arizona, on January 30, 2020, for allegedly conspiring to commit wire fraud and for money laundering
ConsenSys will attempt to put the stubbornly traditional municipal bonds market on the blockchain. A previous shy at the task by Neighborly, whose backers included Laurene Powell Jobs, proved stillborn.
ConsenSys will tokenize the $3.8 trillion municipal bonds (munis) market.
GK8 has dared hackers to burgle a bounty of $125K stored in a cold wallet, with the promise of another payout of a $125K bonus. The first person to crack the GK8 system could, therefore, earn about 28 bitcoin for their efforts. GK8 promises unhackable custody for crypto-assets that is NEVER connected to the Internet.
Bitcoin in bullish setup and Bakkt futures OI at an ATH
The BTCUSD daily chart above shows a very bullish setup for the cryptocurrency. When taken with the blast-off in the open interest in Bakkt’s physically-settled Bitcoin futures market, and the continuing surge in volumes of the CME cash-settled futures contract, there is every likelihood of an explosive move higher.
South Korea is scrambling to make up for the lost time in the global moves towards central bank developed digital currencies. It now intends to constitute a new research team for the very same purpose, according to cryptonews.
Last year, it demobilized a research task force it had constituted for digital and cryptocurrencies. The ostensible reason given at the time was that South Korea had no intention of issuing a central bank digital currency (CBDC): “There is no plan to issue a CBDC in the near future because CBDC is no incentive to respond to the reduction of cash use or to increase financial inclusion.” (translated)
What seems to be the cause of the rethink by the central Bank of Korea on CBDC?
Bitfinex, the Hong Kong-based crypto exchange, commenced margin trading for Tether Gold with US dollar (XAU₮/USD), tether (XAU₮/USD₮), and bitcoin (XAU₮/BTC) on Thursday at 2:00 PM UTC.
This follows the listing of Tether Gold (XAU₮), a stablecoin backed by physical gold. Trading in XAU₮ commenced on January 24 at 2:30 PM UTC. One token represents ownership of one troy fine ounce of physical gold, held in a Swiss vault with TG Commodities.
Swiss Ski Resort Zermatt Goes Crypto; Will Accept Taxes in Bitcoin. A curious mayor and the precedents from other municipalities trigger the move.
Inspired by Swiss Municipality Zug, which started accepting payments in Bitcoin in 2016, the Swiss ski resort of Zermatt followed suit.
Insurance coverage for digital assets is gradually adapting to the rapid changes and growth in crypto assets, says a presentation by Marsh JLT Speciality, a global leader in risk management and insurance broking . However, 2020 will be the test year for digital assets’ insurance.
The Gold Standard, which Nixon junked in 1971, might come back in a new avatar: Bitcoin
According to Hans Hauge, a crypto asset investment analyst at Ikigai Fund, bitcoin and not gold, is the most suitable asset to back the oncoming rush of Central Bank Digital Currencies (CBDCs) from various countries.
Covantis is a blockchain-focused project backed by multinational agri-business companies Cargill, Archer Daniels Midland Company, Bunge and Louis Dreyfus Company. Launched in 2018, the project aims to digitize the firms’ global shipping transactions using distributed ledger technology (DLT) and AI.
Covantis and Consensys will set up the blockchain-powered platform. The founding firms have also announced covantis.io, the new website for the project. The platform will launch this year and will initially focus on digitizing grain and oilseed post-trade execution.
Tether announced the launch of the Tether Gold (XAU₮), a digital token that is backed by collateral of physical gold (XAU). These tokens can be held in a Tether wallet and reside as an ERC-20 token on the Ethereum blockchain and as a TRC20 token on the TRON blockchain, according to a Tether announcement.
One token represents ownership of one troy fine ounce of physical gold, currently worth approximately $1,581.
Digital Assets: Ray Dalio – Cash is trash; BTC is Untouchable; Libra Maybe; Stocks are Good; Gold is Best
Ray Dalio, a long time bitcoin sceptic, again panned the cryptocurrency at Davos. Cash is trash; BTC is Untouchable; Libra Maybe; Stocks are good; Gold is Best, he said.
Payments processor Square won the US patent number 10,540,639 titled “cryptocurrency payment network” for a new network that could seamlessly process crypto-to-fiat transactions and the reverse. The transactions would occur automatically, in real-time, and instantly.
The UAE is a Flag-bearer for Blockchain Technology Deployment. A joint white paper has been issued by the World Economic Forum and the United Arab Emirates’ Centre For The Fourth Industrial Revolution. Titled “Inclusive Deployment of Blockchain: Case Studies and Learnings from the United Arab Emirates,” the paper provides global decision-makers insights into the UAE’s experience with blockchain implementation.
The Bitwise / ETF Trends 2020 Benchmark Survey of Financial Advisor Attitudes Toward Cryptoassets gives useful insight into what advisors are thinking about Bitcoin and cryptos going into 2020. ETFs and passive investing being the flavor of the season it’s easy to conclude that a Bitcoin ETF could prove immensely popular. Note that financial advisors manage roughly half of all wealth in America.
J. Christopher Giancarlo, former Chair of the Commodity Futures Trading Commission (CFTC), along with Charles Giancarlo and Daniel Gorfine, have joined hands with Accenture on the digital dollar, or US CBDC project.
The nonprofit Digital Dollar Foundation engaged Accenture as the lead architect and technology innovation partner for the project. Accenture is working with Sweden’s Riksbank to develop an e-krona CBDC as a pilot project.
China is working on guidelines for the establishment of online-only banks.
Chinese regulators are pushing for the establishment of new, 100% digital banks to reduce risk in the country’s financial sector. They also want to broaden Chinese banking by allowing participation from new players including foreigners.
Roger Ver, nicknamed Bitcoin Jesus for his championship of the digital currency, says BTC is now a pyramid scheme.
Speaking to BlockTV, Ver said the sole argument in favor of continued adoption of Bitcoin Core was the assumed appreciation in its value. In contrast, Bitcoin Cash rested on the bedrock of its utility for people.
The UK-regulated Nickel Digital Asset Management announced Tuesday it’s launch of the Nickel Digital Gold Institutional Fund, its second cryptocurrency offering. The digital assets of the fund will be secured using long-term cold storage provided by Fidelity Digital Assets. For Fidelity, Nickel Digital represents its first European partner fund.
Fidelity Investments, the $7.8 trillion investment management giant, incorporated its UK arm on December 16, 2019. Its brief: to provide crypto services to European businesses, hedge funds, and family offices.