Bonfida DEX Restricts Access to US-based Users

Serum-based, Bonfida decentralized digital asset exchange (DEX) is the latest decentralized finance (DeFi) project to put the US in its restrictive region list.

According to Bonfida’s terms of use, the Bonfida DEX is not available to residents of the USA. With this, the US has joined the Democratic People’s Republic of Korea, Belarus, the Central African Republic, the Democratic Republic of Congo, the Crimea region of Ukraine, Cuba, Iran, Libya, Somalia, Sudan, South Sudan, Syria, Yemen, and Zimbabwe.

“If you intend to enter into any transactions involving derivatives, you also confirm that you are not located in, incorporated or otherwise established in, or a citizen or resident of, a Derivatives Restricted Jurisdiction,” said the exchange.

Last month, the decentralized exchange aggregator 1Inch also started geofencing US IP addresses.

As we reported, 1Inch also includes the US in its list of restricted territories and blocks people from these regions from using a Virtual Private Network (VPN) to access the website. The platform said that it had been planning to launch a new product in the US in compliance with the regulatory requirements.

DEX dYdX has also updated its terms of service to mention that if the user is a US citizen or resident, they are required to physically settle all trades made using dYdX and fully close and physically settle all open margin positions within 28 days.

US-based users are also not permitted to access or trade any of the platform’s advanced features, including Bitcoin trading and perpetual contracts on dYdX. They are also not to use a VPN to modify your internet protocol address or otherwise circumvent or attempt to circumvent this prohibition.

Earlier last month, dYdX users celebrated a massive DYDX token airdrop worth thousands of dollars for many people. However, those who traded on the platform using an IP address within the United States were not eligible for the airdrop or to participate in its staking program.

“This has become almost standard now. People don’t need the US market to win anymore, so US regulators no longer have leverage with truly global founders. The future has already escaped their grasp,” commented Balaji Srinivasan, former CTO of Coinbase and General Partner at Andreessen Horowitz.

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Author: AnTy

$9.5T Asset Manager BlackRock is Studying Crypto, “We Believe That Will Play A Very Large Role”

$9.5 Trillion Asset Manager BlackRock is Studying Crypto, CEO says “We Believe That Will Play A Very Large Role”

Larry Fink, the CEO of the world’s largest asset manager, BlackRock doesn’t understand much about Bitcoin but said he sees huge opportunities in digitized currencies.

“I see huge opportunities in a digitized crypto-blockchain-related currency and that’s where I think it’s going and that’s going to create some big winners and some big losers,” he said during his conversation with CNBC.

But when it comes to the trillion-dollar asset BTC, Fink said he is “not a student of bitcoin” and does not know where it’s going to go.

“I can’t tell you whether it’s going to $80,000 or zero.”

“But I do believe there is a huge role for a digitized currency and I believe that’s going to help consumers worldwide.”

Interestingly, Bitcoin jumped 5% to nearly $57,300 on Wednesday, continuing the green month in which the cryptocurrency is up more than 30%.

When further asked about JPMorgan CEO Jamie Dimon calling the leading cryptocurrency “worthless,” Fink said he’s “probably more on the Jamie Dimon camp.”

In an interview this week, Dimon said, “(Bitcoin) makes no difference to me” but added, “Our clients are adults. They disagree. That’s what makes markets.”

But that doesn’t mean, the asset manager isn’t interested in the crypto market as on being asked when he has shifted in his view in offering access to crypto to BlackRock investors, Fink said,

“We’re studying blockchain and the whole concept of crypto and we believe that will play a very large role.”

Back in February, BlackRock’s chief investment officer of global fixed income Rick Reider said the firm had “started to dabble” in crypto assets. Then in a filing with the Securities and Exchange Commission (SEC) dated July 31 showed that the BlackRock Global Allocation Fund had been trading Bitcoin futures. The asset manager giant has also invested millions in Bitcoin mining companies.

On Wednesday, the New York firm reported a 16% increase in revenue to $5.05 billion while its assets under management jumped 21% to $9.46 trillion, as of Sept. 30 from $7.81 trillion a year earlier.

Earlier this week, at the Institute of International Finance, Fink had commented on inflation, saying he doesn’t believe that it is transitory.

“I’m not calling for stagflation — I don’t see any evidence of that — but do I see persistence in inflation? Yes.”

“I think it’s more than transitory related to supply-chain issues and commodity prices.”

While President Rob Kapito said at the time some clients are increasing allocations to various alternatives from 1% to up to 20%, the CEO said some are allocating more to equities.

“I don’t think there’s one global trend of going in and out of one product because [there are] inflationary fears and some clients don’t believe in that.”

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Author: AnTy

Shiba Inu (SHIB) Leads the Crypto Market, Currently the Most Traded Asset on Binance, Coinbase, and Huobi

Shiba Inu (SHIB) Leads the Crypto Market, Currently the Most Traded Asset on Binance, Coinbase, and Huobi

Shiba Inu enthusiasts have also made a petition to get the SHIB token listed on Robinhood, which has gained 200,952 signatures so far.

The latest coin leading the crypto market is Shiba Inu (SHIB).

Up more than 240% in the past 7-days, the SHIB token is currently trading at $0.00002380. Even more exciting is that from its low in late November, SHIB is up a whopping 41,673,167%.

Despite the recent gains, the funding rate on SHIB perpetual contracts is still negative, as per Bybt, which gives hope to an extension of this uptrend.

Just five months back, SHIB had made a new all-time high of $0.00003791 and is currently down 38% from this peak.

Much like in May, the volumes for the crypto asset are seeing a big spike for the last couple of days.

Additionally, much of this trading activity is actually happening on the biggest cryptocurrency exchanges, namely Binance, Coinbase, and Huobi. According to CoinGecko, in the past 24 hours, Binance had recorded $4.2 billion, Coinbase $1.85 billion, and $1.13 billion on Huobi in SHIB volume.

Interestingly, on Coinbase, SHIB is doing more volume than Bitcoin right now. 30.32% of Coinbase’s total volume is currently coming from SHIB against USD and USDT, while Bitcoin, Ethereum, Solana, and Dogecoin account for 18.19%, nearly 12%, 5.22%, and over 4%, respectively.

It was only about last month that Shiba Inu was made available on Coinbase.com and in its Android and iOS apps.

The same as Coinbase, SHIB is leading the activity on Binance as well by accounting for 13.60% of its total volume, with Bitcoin coming in second at less than 10%. Similarly, about 17% of Huobi’s volume is from SHIB/USDT.

There is also a petition to get the SHIB token listed on Robinhood, which has gained 200,952 signatures so far. The petition reads,

“Dogecoin has been a huge success for Robinhood, and its investors. We have all enjoyed the ride. Shiba Inu is a similar meme coin with genuine potential.”

With Robinhood having 18 million accounts and the original meme coin DOGE already a success on the platform, such a listing is not only a lucrative opportunity for SHIB holders but also for the online brokerage company.

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Author: AnTy

Swiss-based SEBA Bank Becomes The First Firm To Receive A Digital Asset Custodian License From Regulators

Swiss-based SEBA Bank Becomes The First Firm To Receive A Digital Asset Custodian License From Regulators

Switzerland-based SEBA Bank became the first Swiss-licensed financial institution to receive a license from regulators to offer digital assets to mutual funds in the country. The cryptocurrency-focused bank will act as a custodian to the firm enabling mutual funds to get exposure to cryptocurrencies.

In an announcement on Wednesday, the Swiss Financial Market Supervisory Authority, or FINMA, announced they have granted a license, a first of its kind, to SEBA Bank, one of the leading banks dealing with digital assets in Switzerland, to offer mutual funds investments in digital currencies such as Bitcoin and Ethereum. The bank will act as the custodian of the funds from institutional clients enabling them to add to their alternative investments basket.

In a phone interview, SEBA Bank CEO Guido Buehler confirmed the product would first be launched to institutional clients with retail clients in plans.

“This collective investment scheme license allows institutional clients, and then later retail clients, to invest into crypto assets on a liquid basis through fund structures.”

”It means there is now the opportunity for institutions to establish their fund structures for crypto as a liquid asset, so people can subscribe today and can sell tomorrow.”

The fintech firm launched in mid-2018 promising to offer clients the “best services in digital banking” and has since introduced digital assets and cryptocurrencies in line with the company’s vision. Having received its digital asset banking license in late 2019, the bank raised $95 million (100 million CHF) in mid-2020 in a bid to enhance its services in preparation for institutional investors.

Unlike the US and China, which are setting up strict regulations on cryptocurrency, Switzerland is leading the way in offering digital asset licenses to Swiss companies. Such ease in regulations is seeing growing interest in traditional firms hoping on to the crypto train. Recently, Swiss-bank UBS was reported exploring various alternatives to offer its wealthy clients exposure to cryptocurrencies such as Bitcoin.

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Author: Lujan Odera

Brazilian Asset Manager BTG Launches Bitcoin Trading Platform

Brazilian Asset Manager BTG Launches Bitcoin Trading Platform

Cryptocurrency adoption appears to be kicking into high gear in Latin America, with companies and government organizations embracing crypto more.

The latest organization to embrace the industry is BTG Pactual – a top investment banking and asset management firm in Brazil.

BTG Goes For BTC

Earlier today, local news source The Rio Times confirmed that BTG Pactual launched a new crypto trading platform that allows Brazilian traders to buy and sell cryptocurrencies. The new platform is dubbed Mynt and is open to all Brazilians.

The platform would initially support the trading of Bitcoin and Ether, while other digital assets are expected to follow in the future.

Company chief executive Roberto Sallouti explained that the launch of Mynt was in response to increased demand among locals. He added that besides just letting people buy and trade cryptocurrencies, Mynt would also host educational content to inform crypto newbies and help them make better investment decisions.

Mynt’s launch means that BTG Pactual is the first major Brazilian financial institution to allow customers to participate in cryptocurrency markets. The company is regulated by both the Brazilian central bank and the Brazilian Securities Commission, and it will be looking to operate all its crypto services in line with current regulations.

Mynt represents BTG’s further entry into the crypto market. Earlier this year, Brazil Journal reported that the investment bank had started a crypto investment fund -c allied the Bitcoin 20 Multi-Market Investment Fund. The fund was approved in March, and it was the first Bitcoin fund launched by a Brazilian investment company.

The fund invests20 percent of its assets under management into Bitcoin, while 55 percent is allocated into treasury bonds. 20 percent is allocated to bank deposit certificated, and the other 5 percent to repo operations.

BTG’s Bitcoin fund also partnered with American crypto giant Gemini earlier this year for custody. The partnership will see Gemini Fund Solutions and Gemini Custody – two of Gemini’s subsidiaries – offer custody for BTG’s crypto assets.

South America Opening Up to Crypto

BTG has explained that its objective is to make crypto truly democratized and offer avenues for everyone to invest in the assets, regardless of their purchasing power.

Now that BTG is moving deeper into crypto, it would appear that the industry is finding a home in South America. This year has already seen several developments come from the region, with the most prominent being El Salvador’s decision to accept Bitcoin as an acceptable means of payment in the country.

VISA has also announced plans to integrate Bitcoin payments in Brazil. Earlier this month, Eduardo Abreu, the company’s vice president of new business, told local news source Seu Dinheiro that they plan to integrate crypto as both a store of value and a means of payment. This could be an avenue for even greater crypto adoption in the country.

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Author: Jimmy Aki

$1.5 Trillion Asset Manager Franklin Templeton Eyes Crypto With Latest Filing

$1.5 Trillion Asset Manager Franklin Templeton Eyes Crypto With Latest Filing

The crypto space is seeing a paradigm shift, with more legacy-backed financial institutions gradually transitioning into the blockchain industry. The latest is American multinational holding company Franklin Resources Inc.

$20 Million Total Value For Pooled Venture Fund

According to a Wednesday filing with the US Securities and Exchange Commission (SEC), the investment firm plans to raise $20 million for its Venture Capital Fund dubbed the Franklin Templeton Blockchain Fund I, L.P.

The asset manager admitted in the filing that it had raised $10 million or 50% of the targeted value. The venture is expected to channel the raised funds to blockchain startups and crypto-focused businesses in the coming months.

However, the expected value is minimal given the funds crypto startups gulp in fundraising rounds. Franklin Templeton may likely be testing the SEC’s resolve with the venture fund and could go all out if the results are favorable.

Founded in New York City in 1947, Franklin Resources is a global investment manager with over 12,000 employees spread across 34 countries. It serves clients in 160 countries and provides mutual fund investment services. It is better known as Franklin Templeton, with over $1.5 trillion worth of assets under management (AUM).

Franklin Templeton Diving Deeper Into Crypto

Franklin Templeton has a long history with the cryptocurrency industry.

In 2019, Franklin Templeton joined forces with cloud-based institutional wallet provider Curv to bolster the security of digital shares in its money market fund. This saw the investment firm use Curv’s patented multiparty computation (MPC) to secure its blockchain and connect with the Stellar network.

Franklin Templeton was also a key contributor in the $15 million series A funding round of digital asset data company, Amberdata.

The California-based company has also made overtures in establishing a “Tokenized Asset Development Department” following a job posting advertising for a cryptocurrency research analyst last month.

In the LinkedIn post, Franklin Templeton specified that the successful candidate would research the most liquid and tradable crypto-assets like Bitcoin, Ether, and others. Also, the research analyst will conduct a market overview on decentralized autonomous organizations (DAOs) and build out investment strategies for the firm’s digital products.

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Author: Jimmy Aki

$500B German Asset Manager is Considering Adding Bitcoin to A ‘Handful’ of Private Funds

Union Investment, a $500 billion Germany-based asset manager, is testing a pilot program with Bitcoin exposure certificates. If the program becomes a success, it will also open Bitcoin exposure to other funds.

The certificates will be available in the quarter fourth of this year with the date yet decided.

For this, “We are considering adding bitcoins in small amounts of 1% to 2% maximum to a handful of other funds for private investors,” Portfolio Manager Daniel Bathe told Bloomberg.

Union Investment had its first Bitcoin exposure in its mixed fund at the beginning of this year. These were Delta 1 certificates in private funds that are allowed to invest up to 1% in Bitcoin, and currently, they are just below that, according to Bathe.

With this move into cryptocurrency, Union Investment aims to get ahead of its competitors, with one of the largest ones, DekaBank, not yet offering any fund with Bitcoin exposure. However, a spokesperson from Dekabank, Germany’s largest asset manager, did say in July that the firm was also considering investing in the leading cryptocurrency.

Germany is expected to see a massive wave of crypto adoption after a new law came into effect in August that allowed “Spezialfonds” that are holding $1.8 trillion to invest 20% in crypto.

“We are observing an increased interest of mixed fund managers in crypto assets,” said Kamil Kaczmarski, a consultant for financial service providers at Oliver Wyman in Frankfurt.

Traditional German investment managers are likely to begin their crypto exposure through certificates and other derivatives, as seen with German public bank Sparkassen, which recently made Bitcoin and crypto investment available to its customers via certificates, individual stocks, and ETFs.

The post 0B German Asset Manager is Considering Adding Bitcoin to A ‘Handful’ of Private Funds first appeared on BitcoinExchangeGuide.

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Author: AnTy

Seasonality Affecting BTC the Same as Other Asset Classes, Longest Consecutive Outflows Since Jan 2018

Seasonality Affecting Bitcoin the Same as Other Asset Classes, Longest Consecutive Outflows Since Jan 2018: CoinShares Report

However, this time, outlaws from Bitcoin investment products are proportionally far less, with only 0.2% of assets under management (AUM) compared to nearly 5% in the 2018 bear market.

While the Bitcoin price is showing strength, the institutional money that went away in May hasn’t made its comeback yet. But as the well-known financial-world adage goes, “Sell in May and go away, and come on back on St. Leger’s Day,” which falls in September, may come back soon.

By this adage, the crypto market still has a way before institutional money makes its way back in, and the way the price has been recovering, it could just so happen that we have broken 2021 ATHs, which has started happening with Solana (SOL) and Terra (LUNA).

For now, though, the digital assets investment products had a 6th consecutive week of outflows. The outflow of $22 million this time brings the total 6 week run of outflows to $115 million.

“Despite the continued negative sentiment, it comes at a time of low investor participation likely due to seasonal effects as seen in other asset classes,” noted CoinShare in its report.

This, however, now marks the longest run of consecutive outflows since January 2018, but proportionally far less. This time, outlaws only represent 0.2% of assets under management (AUM) compared to nearly 5% in the 2018 bear market.

Volume is also down at $3.1 bln per week in investment products, down from $7 bln per week in May.

In contrast, the uptrend in the market has resulted in the AUM rising 10% week-on-week to $55 bln.

Bitcoin (BTC), yet again, continues to be the main target of these outflows, accounting for almost the entire $22 million last week.

Ethereum (ETH) saw minor outlaws totaling $1.1 million, and akin to this, Binance recorded $0.9 mln of outflow.

Multi-asset investment products, which, unlike Bitcoin, continued to draw investors’ attention, also saw outflows this time. This happened for the first time since June 2020, but they were minor at just $0.3 mln.

When it comes to inflows, a few crypto assets still managed to attract some, including Cardano (ADA), Polkadot (DOT), and Stellar (XLM) at $1.3 mln, $0.4 mln, and $0.4 mln, respectively.

When it comes to asset managers, 21 Shares had the highest at just $3.5 mln, Grayscale $0.3 mln, Bitwise $0.1 mln, and others $3 mln, as per the data.

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Author: AnTy

Singapore’s DBS Bank Gets Approval from MAS to Offer Crypto Services to Asset Managers & Companies

Singapore’s DBS Bank Gets Approval from MAS to Offer Crypto Services to Asset Managers & Companies

Singapore’s DBS Bank is the latest to receive approval “in principle” from the Monetary Authority of Singapore (MAS) under the country’s Payment Services Act.

DBS Vickers, the bank’s brokerage arm, is the one that received the go-ahead from the country’s financial regulator to begin offering crypto services directly to companies and asset managers via its DBS Digital Exchange (DDex).

“We are pleased to have made steady progress on our digital asset ecosystem in the six months since we launched the DDEx last year,” said Eng-Kwok Seat Moey, group head of capital markets at DBS, who also reported of “keen interest” among corporations and asset managers for access to crypto.

Earlier this month, cryptocurrency exchange Independent Reserve received the first such approval.

In 2019, the Payment Services Act was passed requiring all digital payment token service providers to operate. Since it came into effect in January last year, hundreds of applicants have applied for the license.

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Author: AnTy

$402B Asset Manager Giant Files to Start Offering Bitcoin and Ethereum Exposure Immediately

$402 Billion Asset Manager Giant Files to Start Offering Bitcoin and Ethereum Exposure Immediately

Neuberger Berman will be offering indirect exposure to the top two crypto-assets through futures and funds invested in BTC and ETH in line with SEC Chairman Gary Gensler’s openness to Bitcoin futures-backed ETFs.

Neuberger Berman, the asset manager with over $400 billion in assets under its management, filed with the US Securities and Exchange Commission (SEC) Wednesday to start offering exposure to the top two crypto-assets.

Much like the latest Bitcoin-related ETFs filed with the SEC, such as VanEck and Invesco, Neuberger Berman will also offer indirect exposure through futures instead of investing directly in Bitcoin and Ether after SEC Chairman Gary Gensler indicated that he is more open to futures backed ETFs that offer more protection. The SEC filing reads,

“Effective immediately, Neuberger Berman Commodity Strategy Fund’s (the “Fund”) investment strategy will permit actively managed exposure to cryptocurrency investments and digital ​​”assets through (i) cryptocurrency derivatives, such as bitcoin futures and ether futures, and (ii) investments in bitcoin trusts and exchange-traded funds to gain indirect exposure to bitcoin.”

The fund giant will be making the investment through its subsidiary.

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Author: AnTy