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.
SoFi Technologies Inc., a rapidly expanding financial-services provider, is exiting the cryptocurrency market due to heightened regulatory scrutiny. The San Francisco-based company, initially focused on student-lending refinancing, diversified its services over 12 years. Having obtained a bank charter in January 2022, with conditions attached regarding its crypto business. Those necessitated regulatory approval or an exit from the digital asset sector within a two-year conformance period.
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The Legal & General Global Thematic Fund, a new launch from Legal & General Investment Management (LGIM), addresses UK investors and their demand for access to multiple themes. The innovation-focused fund is a bouquet of eight themes in the areas of technology, energy and resources, and changing demographics.
In an announcement today the Securities and Exchange Commission deferred its decision on the application by the Cboe BZX Exchange on March 1, 2021, to list shares of the VanEck Bitcoin Trust through a proposed rule change.
Tesla’s (NASDAQ: TSLA) first-quarter results, announced on Monday, showed the electric vehicle maker clocked a record quarterly net profit of $438 million on a GAAP basis. Of particular interest to bitcoin aficionados, the company also made some more information, and commentary, available on its investment of $1.5 billion in bitcoin in the first quarter.
The Turkish authorities are grappling with thousands of investor complaints after two of the country’s crypto exchanges, Thodex and Vebitcoin, suspended their operations within the space of about a week. Both exchanges are being investigated for fraud and authorities have already arrested numerous persons in this connection.
Turkish crypto exchange Thodex has gone dark and that its CEO Faruk Fatih Ozer is missing. Ominously, according to local media reports, Istanbul police are of the view that Ozer has hot-footed it to Albania, taking $2 billion of investors’ money with him.
The “2021 State of U.S. Crypto Report” from Gemini takes a look at what investors and crypto-curious consumers in the United States think about cryptos after new trends that emerged in 2020. These include rising institutional interest and corporate actions by companies such as Tesla (NASDAQ: TSLA), MicroStrategy (NASDAQ: MSTR), PayPal (NASDAQ: PYPL) that fuelled a huge rally in bitcoin.
Speaking on CNBC’s “Worldwide Exchange” Guggenheim Partners’ Scott Minerd warned that bitcoin could see another of its gut-wrenching declines – as much as 50% – as the leading crypto had likely had run too hot, too quickly. Long-term, however, Minerd remained bullish on bitcoin.
Volt Equity, the boutique investment firm based in Silicon Valley, has joined with Simplify Asset Management to launch a new class of ETFs that are highly concentrated in their exposure and come with an inbuilt options strategy. These ETFs allow investors to “bet big” on companies that are disruptors in their field, or are creating new industries, yet also offer a cushion against downsides. The target audience for these ETFs is Robinhood-era bull investors.
Social payments, or P2P, app Venmo has launched the facility to buy, sell or hold cryptocurrencies from within its app. Users can buy bitcoin, ethereum, litecoin, or bitcoin cash with as little as $1 and enjoy the thrills of owning cryptocurrencies.
Alternative Investments/Digital: Its Raining Crypto ETF Approvals In Canada, But Fee Wars Erupt In Ether
Canadian regulators cleared three Ethereum ETFs last week. These were funds from Purpose Investments, CI Global Asset Management, and Evolve ETFs that are expected to commence trading today. Meanwhile, the fourth bitcoin ETF to be approved by Canada, the 3iQ CoinShares Bitcoin ETF, commenced trading on the TSX effective Monday. Unsurprisingly, the (surfeit?) of new ETFs has resulted in a chase for investors’ dollars, and fee cuts have been announced.
The Bank of England and HM Treasury announced Monday the joint creation of a Central Bank Digital Currency (CBDC) Taskforce to coordinate the exploration of a potential UK CBDC. Slowly, but steadily, more and more central banks and governments across the globe are waking up to the potential of CBDCs.
The Bank of England and HM Treasury today announced the joint creation of a Central Bank Digital Currency (CBDC) Taskforce to coordinate the exploration of a potential UK CBDC. However, in a statement, the Bank said no final decision has been made on whether to launch a CBDC in the U.K., and that the Bank and the Government would “engage widely with stakeholders on the benefits, risks, and practicalities of doing so.”
CI Global Asset Management announced Friday that its CI Galaxy Ethereum ETF had been cleared by the Canadian Securities regulators and that the ETF is likely to start trading on the TSX on April 20. On the same day, Purpose Investments Inc said it had received the regulator’s go-ahead for the Purpose Ether ETF which will invest in physical Ether tokens.
Horizons ETFs Management (Canada) Inc announced the launch of the BetaPro Inverse Bitcoin ETF (TSE: BITI) on the Toronto Stock Exchange effective Thursday. The ETF will allow investors to make bearish bets against bitcoin, the leading cryptocurrency. It will provide up to 100% of the inverse daily performance of an index, the Horizons Bitcoin Front Month Rolling Futures Index.
BlackRock’s CEO Larry Fink, giving his views on cryptos in a CNBC interview on Thursday, said large and long-term investors such as retirement funds, sovereign wealth funds, and family offices didn’t appear to be too interested in investing in cryptos.
CoinShares, the largest digital asset manager in Europe, announced the launch of CoinShares Physical XRP (XRPL), its latest exchange-traded product (ETP). XRPL provides investors exposure to the XRP cryptocurrency and the native token unit of the Ripple network. Each unit of XRPL is physically backed at launch by 40.0 XRP.
AXA has become the first all-lines insurer in Switzerland to accept payments from customers in bitcoin. The company’s decision stems from a 2019 survey of people between the ages of 18 to 55 and their views on cryptocurrencies. AXA (EPA: CS) found that about a third of respondents already owned them or intended to do so. That trend received a fillip from the digital transformation propelled by the pandemic.
The much-awaited day of Coinbase’s listing is finally upon us. Trading in COIN, the ticker symbol assigned to Coinbase, is yet to commence. However, CNBC reported that the shares in the crypto exchange, which are to be directly listed, are likely to open at about $360 per share, though Nasdaq provided a reference price of $250 on Tuesday.
TIME Magazine, which launched in 1923 and is in the midst of a digital transformation, has embraced bitcoin in a big way. According to a tweet by Michael Sonnenshein, the CEO of Grayscale Investments, TIME will hold bitcoin on its balance sheet.
In a unique plug for bitcoin’s adoption, MicroStrategy (NASDAQ: MSTR), the business information firm, has decided to pay its non-employee directors in bitcoin. The company has been a trendsetter, setting aside millions of dollars from its reserves to invest in bitcoin. Now its directors will get bitcoin in lieu of their services.
Alternative Investments/Digital: Yet Another Bitcoin ETF Application; Galaxy Digital Is The Latest Hopeful
Galaxy Digital, the cryptocurrency investment firm led by Mike Novogratz, has filed an application with the SEC to launch a bitcoin ETF that will trade on the NYSE Arca. The preliminary prospectus states that “the trust provides direct exposure to bitcoin. The shares are valued on a daily basis based on data from bitcoin pricing sources.”
New York Digital Investment Group (NYDIG) announced Thursday its raise of $100 million as additional growth capital from strategic insurance partners including property and casualty (P&C)-focused insurers Starr Insurance, Liberty Mutual Insurance, and other P&C insurers. NYDIG already partners with life insurance and annuity-focused strategic partners New York Life and MassMutual.
SEBA Bank, a FINMA-licenced Swiss Bank, and GHCO, a liquidity provider and market maker specializing in exchange-traded funds, have partnered to launch a suite of crypto ETPs on the SIX Swiss Exchange from April 9, 2021.
XRP made a huge move Tuesday, shooting above $1 and touching a 3-year high. No real reason could be ascribed to the move then, beyond generally bullish cryptocurrencies – the market value of all cryptocurrencies moved above $2 trillion. However, Ripple made a dent in its suit with the SEC, winning the right to ‘discovery,’ or access, to the SEC’s internal records on bitcoin, ether, and XRP.