Cathie Wood’s Ark Investment Buys Another Batch of Coinbase (COIN) Shares

Cathie Wood’s Ark Investment Buys Another Batch of Coinbase (COIN) Shares

This continuous addition of COIN stocks has Coinbase now accounting for 4.59% of ARK Innovation ETF (ARKK) Holding.

Cathie Wood’s Ark Investment started this week by adding to its COIN shares stash. On Monday, Ark bought another 113,043 shares of cryptocurrency exchange Coinbase.

Ark made a sizable purchase right on the first week of Coinbase’s direct listing on Nasdaq, and since then, the ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and ARK Fintech Innovation ETF (ARKF) have been gradually adding shares.

For the past two weeks, Ark has been continuously buying COIN shares, increasing its exposure to the largest crypto exchange in the US.

Ark buying COIN

This week, COIN shares were added to the ARK Fintech Innovation ETF (ARKF) that invests primarily in up-and-coming fintech stocks. Some of its biggest holdings include Square and PayPal — both of which offer cryptocurrency services, along with Zillow, Pinterest, and Alibaba.

The fund currently has $4.2 billion in net assets.

With this, Coinbase now accounts for 4.59% of ARK Innovation ETF (ARKK) Holdings, as of July 27, 2021. Coinbase is currently the top 10-holding, 7th largest, in ARK’s flagship Innovation fund that invests primarily in disruptive innovation across multiple industries.

Tesla is ARKK’s biggest holding with a 10.28% share, the only company with a share in double digits. The next biggest holding of 6.63% is Roku.

The electric car maker holds Bitcoin on its balance sheet and its CEO Elon Musk also personally owns BTC, ETH, and DOGE. Musk recently revealed that his other company SpaceX is also a long-term holder of Bitcoin. BTC 5.40% Bitcoin / USD BTCUSD $ 39,392.19
$2,127.185.40%
Volume 35.06 b Change $2,127.18 Open $39,392.19 Circulating 18.77 m Market Cap 739.34 b
3 h Bitcoin Miner Crusoe Energy Eyes Expansion Play, Seeks Outside Investment 9 h Tesla Reported No Changes in Digital Assets in Q2 But Recorded A Bitcoin-Related Impairment of $23 Million 9 h Bitcoin Hash Rate Recovers to 110 TH/s as Price Rallies Past $40k, Thanks to Largest Short Squeeze Ever
ETH 2.68% Ethereum / USD ETHUSD $ 2,297.67
$61.582.68%
Volume 23.06 b Change $61.58 Open $2,297.67 Circulating 116.87 m Market Cap 268.52 b
9 h Tesla Reported No Changes in Digital Assets in Q2 But Recorded A Bitcoin-Related Impairment of $23 Million 9 h Bitcoin Hash Rate Recovers to 110 TH/s as Price Rallies Past $40k, Thanks to Largest Short Squeeze Ever 10 h Goldman Sachs Applies For a DeFi ETF, But Without a Single DeFi Token
DOGE 0.46% Dogecoin / USD DOGEUSD $ 0.21
$0.000.46%
Volume 2.23 b Change $0.00 Open $0.21 Circulating 130.61 b Market Cap 26.9 b
9 h Tesla Reported No Changes in Digital Assets in Q2 But Recorded A Bitcoin-Related Impairment of $23 Million 11 h Cathie Wood’s Ark Investment Buys Another Batch of Coinbase (COIN) Shares 1 d Robinhood Considering Offering US Retirement Accounts (IRAs), Which Are Holding $12.6 Trillion

As of writing, COIN shares are trading at $245.45, up from $220.61 a week back but still way off of its debut high of $429.54.

Meanwhile, a class-action lawsuit has been filed against Coinbase, its executives, and investors over the company’s Nasdaq listing. The lawsuit claims that the statements made by the company before its IPO were false and misleading.

The lawsuit is on behalf of investors concerning the company’s possible violations of federal securities laws.

Read Original/a>
Author: AnTy

FCA’s Crackdown Hits Another One After Binance, Which Has ‘Not’ Seen Institutional Activity Slowdown

FCA’s Crackdown Hits Another One After Binance, Which Has ‘Not’ Seen Institutional Activity Slowdown

Rather, this continued interest from institutional investors is coming not only from crypto native firms but also from traditional finance institutions. Meanwhile, in the US, DeFi is on regulators’ radar where with no intermediary, the question is, “who do we put this on?”

Britain’s Financial Conduct Authority (FCA) said that crypto broker CoinBurp is not fully authorized to have its initial token offering and the launch of its BURP token planned for Monday.

However, the company can start a business under its temporary registration, the FCA added, as long as it has the controls in place.

Last week, the project raised $6 million to build a non-fungible tokens (NFTs) marketplace. Last week, in a press statement, CoinBurp claimed to be a “regulated broker” and said that all the NFTs listed on its market could be sold to investors.

Although CoinBurp is listed on the watchdog’s temporary registration register, this status only allows them to trade. The watchdog said the company isn’t yet assessed as “fit and proper” or entitled to claim to be authorized by the FCA as the regular has yet to determine their application for the money laundering regulations. The UK regulator said in its statement,

“The firm does not yet hold full FCA registration under the money laundering, terrorist financing, and transfer of funds (information on the payer) regulations … but has submitted an application for the FCA for registration.”

For some time now, FCA’s crackdown has been going on with Binance, which has no headquarters, particularly bearing the brunt of it. This has resulted in several big UK banks such as Barclays, Santander, and NatWest banning retail customers from sending money to the exchange.

Due to this, several hedge funds, according to the Financial Times, have also curbed trading on Binance as a regulatory crackdown on it continues to grow.

However, Binance told FTX that it has “not seen a slowdown in institutional activity. On the contrary, we have seen continued interest in our institutional offering from not only crypto native firms but also traditional financial institutions that have entered the crypto space.”

Amidst this, on Monday, Binance reduced the leverage from previously 125x to now 20x.

Meanwhile, DeFi is on US regulators’ radar, with CFTC Commissioner Dan Berkovitz saying in an interview,

“I’m very concerned there’s none of the reporting, none of the normal pricing and regulatory limits. The bottom line is there’s no free lunch anywhere in the economic system.”

As we saw last week, Uniswap Labs delisted several tokens from the exchange. With no intermediaries in decentralized finance, which has grown to become $110 billion in total value locked (TVL) and $85 billion in total market cap, the question is, “who do we put this on?” said Alabama Securities Commission Director Joseph Borg.

While Sen. Elizabeth Warren is urging regulators to rein in DeFi activities, Borg said, SEC and CFTC would have to come together to assess the potential possibilities and potential risks. OCC spokesperson Bryan Hubbard said,

“While DeFi, by definition, is decentralized and does not necessarily rely on the banking system, there are linkages, which are part of our review through the lens of responsible innovation, cognizant of the potential benefits of new technologies while focused on understanding the potential risks and use cases.”

Read Original/a>
Author: AnTy

Grayscale Takes Another Step Towards GBTC’s Conversion into a Bitcoin ETF, Partners with BNY Mellon

Grayscale Takes Another Step Towards GBTC’s Conversion into a Bitcoin ETF, Partners with the World’s Largest Custodian

Grayscale says engaging BNY Mellon is an “important milestone” as part of our commitment to converting GBTC into an ETF; however, many feel a Bitcoin ETF might not be coming soon.

The world’s largest digital asset manager, Grayscale Investments, announced on Tuesday that it had selected BNY Mellon as an asset servicing provider for Grayscale Bitcoin Trust (GBTC).

BNY Mellon will now provide GBTC with fund accounting and administration effective October 1.

The oldest bank in the US, BNY Mellon, is the largest custodian in the world with over $1T in ETF assets, which announced in Feb. this year that it will hold, transfer, and issue bitcoin and other cryptocurrencies on behalf of its clients.

“Digital assets are the future,” said BNY Mellon at the time, noting a “very significant demand for digital assets” from its clients.

Now, it has partnered with Grayscale, which Roman Regelman, CEO of Asset Servicing and Head of Digital at the banking giant, said is “another critical milestone in our rapidly growing digital asset capabilities.”

An Important Milestone

BNY Mellon will help the digital asset manager with its Bitcoin ETF when approved. Not a single Bitcoin ETF has been approved by the regulator so far, while several, at least twelve such applications have been filed with the SEC.

“It is anticipated that BNY Mellon will provide transfer agency and ETF Services for the Grayscale Bitcoin Trust upon its conversion to an ETF,” noted Grayscale with its CEO Michael Sonnenshein maintains that it is an “important milestone as part of our commitment to converting” its largest product into an ETF.

According to Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, it might not happen anytime soon.

“Was just at the NYSE having a discussion, and a bitcoin ETF doesn’t seem likely soon,” said Gerber, to which Eric Balchunas, Senior ETF Analyst for Bloomberg, agreed, saying:

“When you look at isolated like any other ETF, you get bullish. They work great in Canada, big issuers filing, ETF would save retail from less efficient product, crypto-friendly chairman. But then factor in outside variable of higher ups in govt ‘concerned’ you get bearish.”

Grayscale Bitcoin Trust currently holds 650.92k BTC, representing $21.4 billion in assets under management (AUM).

Back in April, Grayscale first announced its intention to convert its GBTC into an ETF. Soon after, its parent company Digital Currency Group (DCG), authorized up to $750 million worth of GBTC shares to shrink the ongoing discount but to no avail.

The discount on GBTC is currently sitting at 15.36%, which started in March, and since then, it has seen no private placements.

Read Original/a>
Author: AnTy

VanEck’s CEO Calls for Bitcoin ETF Approval Amid Intense Customer Demand

Following another delay in the approval of the VanEck Bitcoin exchange-traded fund (ETF), the CEO of the investment firm has called for a prompt decision.

In a recent interview with CNBC, Jan van Eck urged the Securities and Exchange Commission (SEC) to approve a Bitcoin ETF due to the high customer demand.

SEC Continues Delay In Approving VanEck’s Bitcoin ETF

Last week, the SEC postponed its decision on approving VanEck’s Bitcoin ETF for the second time.

The agency extended the review process till August 2021 while requesting public comments on the proposed rule change and if the ETF would be vulnerable to market manipulation.

During the interview on CNBC’s ETF Edge, van Eck highlighted the growing demand for a Bitcoin ETF, adding that investors are asking for a more efficient means of trading the premier digital asset.

The CEO also took a shot at the Grayscale Bitcoin Trust, the largest bitcoin-related fund on the market. He said that the only alternative to a Bitcoin ETF in the US is a closed-end fund that trades it at a 40% premium or 20% discount. VanEck added,

“Bitcoin futures … aren’t any better because of the shape of the futures curve. There’s a futures-based fund that underperformed bitcoin by 22% last year and 8% this year.”

Speaking on the frequent delays, VanEck said the April extension was only an artificial deadline. According to him, the SEC chairman was unwilling to prioritize or make a decision regarding a Bitcoin ETF.

Van Eck’s comments come amid his company’s continual attempt to have an exchange-traded product approved in the US.

The global investment firm currently has two ETF proposals with the SEC awaiting approval, a Bitcoin ETF and an Ethereum ETF.

VanEck filed the Bitcoin ETF last year intending to work alongside Chicago Board Options Exchange (Cboe) on the proposed offering.

The Ethereum ETF, which is the first Ethereum ETF proposal in the US, was filed earlier this month. VanEck’s goal for this ETF is to expose retail and institutional traders to ETH without directly investing.

Meanwhile, the SEC has also delayed in approving ETFs from firms like WisdomTree, Kryptoin, and Fidelity Investments.

VanEck Files New Prospectus For A Bitcoin Futures Mutual Fund

As VanEck waits for the SEC’s final decision on its Bitcoin ETF, the firm decided to also file another draft prospectus for a BTC Futures Mutual Fund.

Dubbed the “Bitcoin Strategy Fund,” the fund is aimed at investing in BTC futures contracts, pooled investment vehicles, and ETPs with exposure to the largest cryptocurrency.

According to the prospectus, the fund will invest in Bitcoin futures through a subsidiary in the Cayman Islands, and the portfolio will be managed by Gregory Krenzer.

Read Original/a>
Author: Jimmy Aki

Skittish Investors Wipe Out All 2021 Gains, Sending Bitcoin Crashing to a New Low & Ether Back at $1,700

The cryptocurrency market is experiencing another brutal day.

The price of Bitcoin went down as low as $28,830 on Coinbase, as of writing, lower than the May 19 low of $30k on the exchange, a level last seen in early January. On other cryptocurrency exchanges, prices went even lower.

Today’s sell-off has put in a new low for 2021 and wiped all the gains made by bitcoin this year.

“There’s just a lot of fear, and when there’s fear, people sell risky assets. I do think that Bitcoin’s still perceived as a risk-on asset,” Meltem Demirors of CoinShares, said in an interview on Bloomberg. “Generally, investors are skittish.”

image1

Ether’s price went down to $1,700 on Coinbase, below the May low of $1,725, last seen in March this year only. The total cryptocurrency market cap has stumbled to $1.2 trillion, last seen in early February.

After yesterday’s $1 billion liquidations, another 238,232 traders were liquidated for almost $1 billion and growing in the past 24 hours. These numbers, however, are not correct because Binance API only publishes 1 liquidation per second.

According to Antoni Trenchev, co-founder of crypto lender Nexo in London, breaking $30k means “we should revisit $25,000 and even $20,000 before the next leg up.”

Pankaj Balani, chief executive officer of digital asset derivatives exchange Delta Exchange, is of a similar opinion who told Bloomberg that a conclusive break below $30,000 would mean a “massive hit” to sentiment and possibly “heavy selling activity” across the crypto market.

However, he expects bitcoin to rebound and challenge $40,000 in the coming weeks.

“Negative trading conditions in the market are coming from an overly long position built up in the strong first-quarter runup that has not cleared itself out yet,” said Adam Reynolds, CEO at Saxo Capital Markets.

With this latest sell-off, Bitcoin’s correlation with the S&P 500 had broken and now fallen to zero after reaching an all-time high when coronavirus struck.

Stocks are progressing towards their all-time highs after recovering sharply from their last Friday lows following the Federal Reserve’s shift in policy. JPMorgan strategists said in a note,

“Last week’s FOMC meeting was a hawkish surprise but does not change our market outlook. The reflation trade experienced a sharp, technically driven pullback, but we expect the trade to resume and see this move as an opportunity to add exposure to cyclical equities and commodities.”

For Bitcoin, it’s more than just the Fed and rising dollar at play here; the industry-specific factors, especially China cracking down on the cryptocurrency market, are impacting the prices.

As we reported, China’s latest measures came from the nation’s central bank, which summoned officials from banks and payment institutions like AliPay to reiterate a ban on crypto services.

Although this is nothing different from the past and has already been in effect, the fact that it comes straight from the top makes it hit harder. Seth Melamed of Tokyo crypto exchange Liquid said,

“Some of the miners in China may be more willing to sell their bitcoin now versus when they are able to run their mining operations, because they have to raise cash.”

At the Qatar Economic Forum on Tuesday, founder and chief executive officer of Galaxy Digital, Michael Novogratz, argued for Bitcoin as a dependable store of value. He said,

“If you’re going to be long gold, Bitcoin is a better version because it’s got the same macro tailwinds, but it is also very early in the adoption curve.”

Billionaire investor Mark Cuban also argued along the same lines as he said while not a “hedge,” bitcoin is similar to gold because both the assets are driven “exclusively by supply and demand.” It’s just that “BTC does a better job with both,” while gold “is useless, pretty much across the board, but particularly as a hedge,” he added.

Read Original/a>
Author: AnTy

Long-Term Chart Clearly Shows Bitcoin Still in an ‘Uptrend’ But Biggest Macro Headwinds Looms Over Price

“BTC needs another major catalyst to regain momentum and combat some of the uglier charts in the near term,” said Kevin Kelly, co-founder and head of global macro at Delphi Digital, in his latest report.

In April, Bitcoin hit its all-time high at nearly $65,000, and last month, it had a drawdown of 54% to 57% as the price fell to $30,000 on Coinbase and $28,000 on some exchanges. Today, that price finally crossed the $40k mark on the news that legendary investor, Paul Tudor Jones, has upped his allocation of bitcoin to 5% of his portfolio. He originally said 2% back in May of 2020.

Slashing of Bitcoins’ value by half was driven by the major unwind in leveraged positions, profit-taking following one of BTC’s best runs, and of course, the narrative of crypto-mining not being good for the environment.

“When everyone is leveraged long, it’s not a matter of if but when a major correction will take place.”

Wiping out all the gains of 2021 has the cryptocurrency’s year-to-date gains now at just over 35%. In comparison, ETH is up 236%, WTI 45.71%, and S&P 500 13.08%. Both gold and dollar’s YTD gains are negative by 1.20% and 0.57%, respectively.

BTC-v-Major-Asset-Classes-YTD

Still, more than 85% of Bitcoin UTXOs are in profit — “price bottoms following historical drawdowns of similar magnitude tended to coincide with a drop in the % of profitable UTXOs to at least ~55%.”

The total supply of Bitcoin by long-term holders on a percentage basis which recently bottomed at 58.5%, is also now back above 61%, a good sign for the longer term.

For now, BTC has strong support at around $30k, but if it breaks down, the prices can very well dive below $20k.

Not to mention, the death cross is coming — BTC’s 50-day MA is on the verge of crossing below its 200-day equivalent for the first time since March 2020. As we reported, this leads to a bullish golden cross like many times in history, but this could also turn out like 2017 when it solidified the bear market, which would mean the bottom may not be in quite yet.

However, there’s more to Bitcoin price than just technical analysis.

As we saw recently, the sentiments towards cryptocurrency have turned sour, with the Crypto Fear & Greed Index falling to its lowest level since the March 2020 sell-off. On May 30, the reading was 10, which has now gone up to 28.

One of the biggest macro headwinds to BTC, according to Kelly, is the deceleration in the growth of central bank asset purchases.

BTC-Peaks-v-Central-Bank-Asset-Growth

Historically, the price tends to peak at roughly the same time as y/y growth in major central bank balance sheets, which hit $8 trillion for the first time last week.

With the trend of large-scale debt monetization and asset purchases likely to continue, it spells bullish for Bitcoin, but the talks of tighter monetary policy in the face of rising inflation could serve as a headwind for BTC in the near term.

Bitcoin and crypto actually rated to sell-off around the time inflation expectations actually peaked in mid-May. “It’s an important distinction because markets trade on changes in expectations, not backward-looking data prints,” said Kelly.

BTC-Long-Term-Uptrend

However, not only “the long-term chart clearly shows BTC still in an uptrend” despite the recent drawdown and compared to previous cycles, the price trajectory still looks to be right on track, so unless $20k is retested, Bitcoin can continue higher.

Read Original/a>
Author: AnTy

BSC-based BUNNY Crashes 95.5% Following a Flashloan-based Price Manipulation Attack

BSC-based BUNNY Crashes 95.5% Following a Flashloan-based Price Manipulation Attack

Another day, another BSC-based DeFi exploit.

BUNNY Finance was the latest project that was the target of a flash loan attack, resulting in the price of the token plummeting by 95.5%. 690,000 bunnies were sold into ETH and BNB.

As of writing, the token is trading at $30.06, down 93.5% from the $512.75 ATH hit late last month.

The Pancake Bunny team took to Twitter to clarify that no vaults have been compromised, and the exploit was an economic one that attacked the price of BUNNY using flash loans.

What happened was the hacker used PancakeSwap to borrow a huge amount of BNB, and by manipulating the BUNNY mint price, they ended up getting a huge amount of BUNNY through this flash loan and then dumped them on the market for profit, causing the token’s price to crash.

Blockchain security company PeckShield shared in its incident report that 6.97 million BUNNY were minted by using the bug in the way of measuring the LP price from an AMM-based oracle.

The attack involved 8 flashloans with more than $700 million, it said.

In the light of a series of exploits happening on a BSC-based project, people on Twitter are advising others to be cautious and maybe even move the funds off-chain. One person who claims to be running a BSC node noted,

“The network is constantly forking uncontrollably. For every block that is part of the main chain, there are around 5 uncles (forked blocks). Several validators are running sub-par hardware and cannot keep up with the rest of the network.”

Read Original/a>
Author: AnTy

Positive Momentum for Ethereum Continues with Another $60M in Inflows: CoinShares

Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report

Cardano (ADA) and Litecoin (LTC) are also seeing a great start with inflows of $6.6 million and $3.6 million, respectively. Bitcoin still accounts for the lion’s share of the inflows at $290 million last week.

Crypto asset investment products saw a resurgence of demand last week with inflows of $373 million, as per the data provided by CoinShares.

While continuous outflows were seen in some of both the Bitcoin and Ethereum’s individual products, reflecting profit-taking behavior was only a negligible 0.27% and 0.1% of total assets under management. BTC 1.59% Bitcoin / USD BTCUSD $ 56,714.09
$901.751.59%
Volume 61.32 b Change $901.75 Open $56,714.09 Circulating 18.71 m Market Cap 1.06 t
7 h Palantir says Bitcoin Is ‘Definitely on the Table’ to be Put on the Balance Sheet 7 h Tesla’s Elon Musk Considers Accepting Dogecoin As Payment For Cars in New Twitter Poll 7 h Legendary Investor Stanley Druckenmiller Is Extremely Bullish on BTC; Unsure of ETH & Bearish on USD

The positive momentum for Ethereum kept on last week as well, with $60 million in inflows bringing the total assets under management to a new record of $16.5 billion.

“Institutional demand for ETH exposure is certainly growing. The open interest is growing rapidly for CME’s ETH futures and is now above $500 million,” noted Arcane Research.

Amidst this, ETH balance on exchanges continues to drop, with a total of 4.54 million ETH withdrawn from centralized exchanges in 2021 so far. While 4.71% of the circulating supply is getting out of exchanges, another 8.74% of the circulating supply of Ethereum is currently locked in DeFi Protocols, and more than 4% is locked in ETH 2.0 deposit contract.

Bitcoin, which achieved Ether’s current AUM level in December 2020, still accounts for the lion’s share of the inflows at $290 million last week.

New investment product entrants Cardano (ADA) and Litecoin (LTC) got off to a good start with inflows of $6.6 million and $3.6 million, respectively. This brings total assets under management to $10.8 million for Cardano and $12.5 million for Litecoin. ADA 7.50% Cardano / USD ADAUSD $ 1.77
$0.137.50%
Volume 5.43 b Change $0.13 Open $1.77 Circulating 31.95 b Market Cap 56.43 b
8 h Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report 5 d Georgia’s Apex Bank Considers CBDC, Calls For Partnerships 6 d Bitcoin and Ether Record The Largest Inflows Since February: CoinShares Report
LTC 4.84% Litecoin / USD LTCUSD $ 377.44
$18.274.84%
Volume 8.8 b Change $18.27 Open $377.44 Circulating 66.75 m Market Cap 25.2 b
8 h Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report 11 h Tech Stocks Dragging Bitcoin, Ether, & Crypto’s Down, But ‘Fundamentals Still Strong’ 5 d Ethereum Fork ETC Trading 12% Higher on Coinbase, CAKE Wicks Down Over 13.5% on Binance

Exchange trading volumes for Bitcoin (BTC) averaged $10.5 million last week, with Bitcoin investment products higher than recent weeks with total trading volumes of $6.1 billion.

Grayscale remains the world’s largest digital asset manager with $50.83 billion in AUM, followed by CoinShares, with just over $6 billion in assets.

Read Original/a>
Author: AnTy

DeFi Protocol, Rari Capital, to Become a DAO After the $10 Million Exploit

Over the weekend, another DeFi protocol was exploited for about 2600 ETH, worth more than $10 million.

Rari Capital, whose first product is focused on delivering the highest yield, was attacked on Saturday. The funds were extracted from its Ethereum Pool before the attacker was stopped by pausing the contracts — the loss amounting to 60% of all users’ funds in the Pool.

The team shared in its post mortem that its Ethereum Pool deposits the ETH into Alpha Finance’s ibETH token as a yield-generating strategy.

What the attacker did was flashloan ETH from dYdX, deposit that ETH into the Pool, manipulate the value of `ibETH.totalETH()` by pushing it artificially high, and withdraw more ETH from Pool.

According to Alpha Finance, `ibETH.totalETH()` is manipulatable inside the `ibETH.work` function, and a user of `ibETH.work` can call any contract it wants to inside `ibETH.work,` including the Rari Capital Ethereum Pool deposit and withdrawal functions, but Rari Capital contributors were not aware of it.

To avoid any such issues in the future, Rari Capital will list the protocols it integrates to review their integrations. Also, prevent deposits and withdrawals in the same block or timelock by up to one hour to mitigate the speed of potential attacks.

Furthermore, the team will be checking invariants that shouldn’t need to be checked, internally review the protocols they are looking to integrate with for attack vectors, and enlist more top auditing firms other than Quantstamp and Omniscia.

The project already has another audit planned with OpenZeppelin.

Late on Sunday, the team announced that RariCapital would be becoming a decentralized autonomous organization (DAO), and the team’s allocation of $2 million RGT will be going to it.

As such, “There is no more Rari Capital team. There are only contributors to the protocol,” Jai Bhavnani of Rari capital.

“Decentralization was inevitable, the hack just accelerated evolution,” said Tetranode, an investor in the project.

In the next step, the team focuses on the reimbursement proposals that will go through the voting process.

Read Original/a>
Author: AnTy

Canadian Fintech Firm Mogo Adds Another 146 Ethereum to Its Crypto Portfolio

Canadian Fintech Firm Mogo Adds Another 146 Ethereum to Its Crypto Portfolio

Vancouver-based fintech company Mogo has purchased Ether as it continues to allocate its cash reserves into cryptocurrencies.

Mogo Deepens its Belief in Crypto

The company which had previously purchased Bitcoin announced that it had purchased 146 ETH at an average price of $2,780. This brings the purchased cryptocurrency to $405,880 in value at the time of the investment.

Mogo’s earlier investment in Bitcoin totals $1,054,618 at the current exchange rate, bought at an average price of $33,083.

Mogo’s move shows its intention to focus more on crypto assets, especially now that it has liquidated its equity investments in Vena Solutions.

The fintech company sold its Vena solutions holdings for $4.7 million, where it locked in a 116% profit from the book value on December 31, 2020. The company had divested its equity stake in Vena during its $300 million Series C funding.

Speaking on the latest Ether purchase, CEO and founder of Mogo Greg Feller said that the current investment in Ethereum compliments the earlier acquisition of Bitcoin.

“This initial investment in Ether complements our earlier investments in Bitcoin and reflects our belief in the long-term potential of blockchain technology and its position as a core component of a next-generation financial technology platform.”

Feller has previously spoken about how much the company believes in cryptocurrency. Mogo’s product development-related investments in crypto date back to 2018, when the company launched MogoCrypto.

MogoCrypto is a platform that enables its members to buy and sell bitcoin at real-time prices instantly through the Mogo app using their mobile device.

In March 2021, the company announced its Bitcoin rewards program that provides members with the opportunity to earn Bitcoin through engagement with Mogo’s products while enabling them to accumulate Bitcoin over time.

Apart from Mogo’s new-found crypto love, the company also recently closed its strategic investment in Coinsquare Ltd. The firm acquired a 19.99% stake in the popular Canadian exchange with an option to increase its stake to 43%.

Institutional Investors Choosing Bitcoin Over Ethereum

Mogo happens to be one of the few companies that have chosen to invest in the second-largest cryptocurrency. For so long, many of the institutions buying cryptocurrencies focused solely on Bitcoin. This was somewhat attributed to the popularity of the premier digital asset. The last couple of weeks has seen many companies make inroads into Ethereum.

According to Coinbase’s annual review for 2020, more institutional clients are snapping up positions in Ether as they now see the crypto as a potential store of value and its growing status as an asset that powers transactions on the Ethereum network.

Last month, Chinese company Meitu, known for its mobile apps, purchased 386 BTC ($21.6M) & 16k ETH ($28.4M) on March 17th and another 175.6 BTC for $10M on April 9th.

Read Original/a>
Author: Jimmy Aki