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.
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.
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More Stories on Digital Assets
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.
Alex Mashinsky is best known as the inventor of VoIP, which over a billion people worldwide use to make free calls over the Internet. He is also the chief executive of Celsius Network, a community-based Proof-of-Stake blockchain protocol that allows members to borrow dollars against crypto-assets and to earn interest when they deposit and lend their crypto out. He spoke to COIN TELEGRAPH about the recent introduction of Tether Gold (XAUT) on the Celsius platform.
Paul Tudor Jones, the founder, and chief executive at Tudor Investment Corp. told CNBC that Wall Street could be having a grandstand seat at the historic “birthing of a store of value” in bitcoin. The storied investor trashed fiat currencies for the destruction in their purchasing power due to incessant money printing by central banks.
On Thursday, Bitcoin briefly flirted with the $10,000 mark. That’s a very fast rebound from the massive sell-off Bitcoin suffered in March due to the impact of the coronavirus. At the time, it touched a low of $4,017, in what appears in hindsight to be a mouth-watering price. It is now trading at $9,850, showing an appreciation of 145%. According to Coindesk, high volume buying on spot exchanges such as Coinbase triggered the crypto’s lunge at $10,000.
Franklin Resources, Inc. [NYSE: BEN], a global investment management organization operating as Franklin Templeton, has acquired AdvisorEngine Inc. AdvisorEngine is a digital wealth platform and provider of technology and consulting services to more than 1,200 financial advisory firms. These firms manage over $600 billion in assets.
The Bloomberg Crypto Outlook, May 2020 edition, issued by Bloomberg Senior Commodity Strategist Mike Mcglone, is unreservedly bullish on the prospects of Bitcoin. The “firstborn cryptocurrency” seems to be firing on all cylinders, being supported by favorable supply, demand, and macroeconomics.
With halving now just a week away, is BTC repeating the script from its previous two halvings? On both the two previous occasions, bitcoin enjoyed sharp rallies post the halving event, though, in 2016, there was a dip before the rally commenced.
Cache Private Limited is licensed under Singapore’s Ministry of Law under the Precious Stones and Precious Metals Dealers (Prevention of Money Laundering and Terrorism Financing) Act (PSPM Act) of 2019. The provider of fully-redeemable digital assets backed by gold has tied up for a custody solution with digital assets custody service provider Onchain Custodian Private Limited.
Andreessen Horowitz, the hallowed venture capital firm from Silicon Valley, has pulled off a coup by raising $515 million for its second crypto-facing fund. The fund will invest in late-stage networks, payment blockchains as well as decentralized finance (deFi) initiatives.
US exchange operator Nasdaq, which embraced the blockchain as early as 2010, has tied up with R3 for building full lifecycle solutions for digital assets market places. Nasdaq will utilize R3’s enterprise blockchain software Corda, and its professional services and support for the purpose.
Founded in 2019, Arrano Capital is the blockchain arm of Venture Smart Asia Limited. On April 20, Venture Smart Asia got the approval from the Hong Kong Securities and Futures Commission to launch the territory’s first regulated virtual-assets fund. The approval let Arrano Capital set up its bitcoin tracking fund, one that could invest 100% in virtual assets.
Whereas the value of stocks and bonds has declined due to the coronavirus pandemic, digital assets have not fundamentally lost value, says Jeff Dorman, chief investment officer at Arca. Further, investors are beginning to think more about the “return of capital” than “return on capital,” writes Dorman in an article titled “Digital Assets Are More Recession-Proof Than You Might Think.”