BNB Flying to Achieve $100 Bln Market Cap Ahead of Coin Burn & Amidst ‘BSC DeFi Summer’

Is BNB setting the stage to replace Ether as the second-largest digital asset or acting as another funnel for ETH DeFi?

BNB is enjoying an explosive rally, hitting new highs every day.

Today, BNB went to nearly $640. Binance CEO Changpeng Zhao, meanwhile, is doing all he can to send it even higher as he reminded his 1.4 million followers on Twitter that BNB burn is coming in a few days.

“When you burn coins, they are taken out of circulation forever. It increases the value of the remaining coins,” tweeted CZ.

BNB is now the third-largest cryptocurrency with a market cap of $92 billion, while competitor Ethereum sits at second place with $250 billion.

Some people are now questioning if BNB can replace ETH. ETH -0.28% Ethereum / USD ETHUSD $ 2,144.39
-$6.00-0.28%
Volume 21.71 b Change -$6.00 Open $2,144.39 Circulating 115.44 m Market Cap 247.56 b
2 h Keep Network to Launch An Updated Bitcoin to Ethereum Bridge, tBTC Protocol V2 9 h Topps Launching its Flagship Baseball Card Collection in NFTs in Partnership with MLB 10 h BNB Flying to Achieve $100 Bln Market Cap Ahead of Coin Burn & Amidst ‘BSC DeFi Summer’

Up over 1,440% YTD, BNB started uptrending this year like all the other cryptos; however, the real rally started in late March thanks to the growing usage of the Binance Smart Chain.

BSC, which was first unveiled a year back, is currently recording more than 4 million transactions per day, with the highest number of 4,995,155 transactions on April 8, while the lowest number of 38 transactions was seen on August 30, 2020, as per BSC Scan.

In comparison, the second-largest network is recording just over 1 million transactions per day, with the highest number of 1,406,016 transactions set on September 17, 2020.

As of April 11, there were over 64.4 million on BSC in terms of unique addresses, a huge increase from just 1.26 million exactly two months back. Meanwhile, over the past six years, Ethereum has achieved a total of 147.3 million unique addresses. However, not everyone is impressed with these numbers; as Ryan Watkins of data provider Messari says,

“Price action will cause people to believe anything. I don’t care how high BNB or CAKE go, it won’t change that they’re still copycats. It’s one thing to view these assets as a way to make money, it’s another to view them as innovations that push this industry forward.”

Watkins argues that this growth is the result of centralization, that’s it, and instead of choosing BSC for speed and scalability, he says Solana is the way as it’s more decentralized than BSC. SOL 3.00% Solana / USD SOLUSD $ 28.63
$0.863.00%
Volume 309.37 m Change $0.86 Open $28.63 Circulating 270.02 m Market Cap 7.73 b
10 h BNB Flying to Achieve $100 Bln Market Cap Ahead of Coin Burn & Amidst ‘BSC DeFi Summer’ 11 h The Reasons for Low Gas Fees on Ethereum Network, Despite Heightened Activity 4 d BSC Recording ‘Tremendous’ Usage, Fees Cut in Half as Transactions & Active Wallets Explode Higher

Meanwhile, users only care about how easy and cheap a network really is, as can be seen with BSC TVL getting ready to hit $30 billion.

Like BNB, the projects built on BSC also enjoy immense gains, with CAKE being the most popular one with a $4.16 billion market cap, up 4,520% YTD. PancakeSwap has also surpassed Coinbase Pro in volume today and is doing about 2.5x of the biggest DEX Uniswap. CAKE -0.69% PancakeSwap / USD CAKEUSD $ 26.34
-$0.18-0.69%
Volume 1.25 b Change -$0.18 Open $26.34 Circulating 149.96 m Market Cap 3.95 b
10 h BNB Flying to Achieve $100 Bln Market Cap Ahead of Coin Burn & Amidst ‘BSC DeFi Summer’ 3 w Total Value Locked in Binance Smart Chain (BSC) Surpasses $15 Billion; Brave Joins in with Wrapped BAT 3 w 0x and Matcha Becomes the Latest Protocols to Join Binance Smart Chain (BSC) After Alpha as Part of “Multi-Chain Future”

Despite the success, these tokens aren’t really available for trading on many or any centralized exchanges.

According to Spartan Black of crypto fund The Spartan Group, this is the reason DeFi tokens are underperforming for the last few weeks. He said,

“BSC is having its own DeFi summer….so much alpha to be discovered in BSC (XVS, CAKE). If you are wondering why Ethereum DeFi coins are lackluster, it’s because of the huge valuation gap that still exists between the BSC coins and ETH equivalents.”

And until BSC-based DeFi tokens have their own DeFi summer, “money isn’t rotating back to ETH DeFi coins.”

Despite BSC’s growing usage, it doesn’t mean other chains’ demise; rather, many believe it will only onboard more users to the decentralized finance (DEFi) space.

“BSC adoption is foreshadowing what L2s will do to Ethereum,” said Santiago R Santos, a partner at ParaFi Capital. “My thesis is that BSC is another funnel for ETH DeFi.”

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Author: AnTy

Grayscale Adds Chainlink (LINK) to its Digital Large Cap Fund

Grayscale Investments, the world’s largest digital asset manager, has rebalanced its Digital Large Cap Fund (GDLC) composition to make the crypto asset LINK part of it.

Built on Ethereum, Chainlink is an oracle service provider which was recently announced by Grayscale as a single-asset investment product.

The 10th largest cryptocurrency by market cap of $14.17 billion is the only one qualified for this inclusion in the Fund, out of the other four latest additions, LivePeer (LPT), Filecoin (FIL), Decentraland (MANA), and Basic Attention Token (BAT) by Grayscale. The Fund’s composition is evaluated every quarter.

The Fund’s portfolio, a passive rules-based strategy that seeks to provide exposure to 70% of the digital asset market, has been adjusted by selling its existing components. The cash proceeds from that were then used to purchase LINK.

As of April 2nd, 2021, the Fund is a composition of 79.8% Bitcoin (BTC), 17.5% Ethereum (ETH), 0.80% Bitcoin Cash (BCH), 1.00% Litecoin (LTC) and 0.90% Chainlink (LINK).

On April 1st, Grayscale added 65.67k LINK and now holds a total of 115.57k LINK, worth just over $4 million.

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Author: AnTy

CI Global Asset Management Launches Bitcoin Mutual Fund, Also Files for Ether ETF & Mutual Fund

CI Global Asset Management Launches Bitcoin Mutual Fund, Also Files for Ether ETF & Mutual Fund

CI Global Asset Management has launched North America’s first mutual fund, CI Bitcoin Fund, to provide dedicated exposure to the leading cryptocurrency.

The Fund provides access to the Bitcoin market at an “industry-low” management fee of 0.40%, which has an initial minimum investment limit of just $500. Kurt MacAlpine, Chief Executive Officer of CI Financial Corp., the parent company of CI GAM said,

“As investor interest in digital assets continues to grow, it was a natural next step for CI to extend our bitcoin investment capabilities to a mutual fund platform, in addition to the CI Galaxy Bitcoin ETF.”

The firm’s CI Galaxy Bitcoin ETF is already trading on the Toronto Stock Exchange under the ticker BTCX. They are also working on merging their other product, a closed-end investment fund, CI Galaxy Fund (BTCG), launched in Dec. 2020 with BTCX.

The Bitcoin Fund is available to Canadian retail investors in Series A, F, and P units, with Series A carrying a management fee of 0.90% and Series F, a 0.40% the same as that of BTCX.

Mike Novogratz’s Galaxy Digital provides the segregated cold storage system for the secure storage of bitcoin holdings.

Besides Bitcoin, the firm is also working on launching Ethereum products and has obtained receipts for the preliminary prospectuses of CI Galaxy Ethereum ETF (the “Ether ETF”) and CI Ether Fund, a mutual fund. The Ether ETF will be investing directly in Ether, while CI Ether Fund will invest in the Ether ETF units.

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Author: AnTy

Millions of Dollars Flow Into Funding Crypto Companies; Digital Asset Bank Avanti, Raises $37 Million

Millions of Dollars Flow Into Funding Crypto Companies; Digital Asset Bank Avanti, Raises $37 Million

“The offering was upsized twice due to market demand,” in its Avanti Bank’s Series A capital funding.

In the ongoing bull market, crypto companies are raising millions of dollars every other day.

Money is flowing into companies dealing with digital assets, and the latest one is Avanti Bank & Trust.

The digital assets bank announced the completion of its Series A capital funding in which it raised $37 million, bringing the total raised capital to date to $44 million.

“The offering was upsized twice due to market demand,” noted the start-up digital asset bank.

Series A shareholders included a global mix of institutional investors, family offices, and cryptocurrency companies like Binance.US, Coinbase Venture, Morgan Creek Digital, Susquehanna Private Equity Investments, The University of Wyoming Foundations, and many others.

“As Bitcoin and digital asset markets mature and financialization network effects take root, there is a tremendous need for both well-crafted laws and experienced, competent operators,” said Trace Mayer, who participated in Series A fund raising.

In its official announcement, Caitlin Long, Avanti’s founder, and CEO shared the bank’s plan to offer API-based U.S. dollar payment services for wires, ACH, and SWIFT and issuance of tokenized, programmable U.S. dollar called Avit along with custody and on-/off-ramp services for digital assets.

Since receiving its bank charter in Oct. 2020, it has received over 2,500 inbound customer inquiries.

In the month of March, we saw the money flowing in huge numbers:

  • Blockchain.com, which raised $300 million at a $5.2 billion valuation,
  • Decentralized project Covalent raising another $2 million,
  • Derivatives trading platform Vega raising $5 million,
  • $23 million by NFT marketplace OpenSea,
  • $133 million by Fireblocks at a $1.8 billion valuation,
  • Bitpanda raised $170 million,
  • DeFi lending protocol Alchemix raising $4.9 million,
  • Crypto exchange aggregator OpenOcean raised $2 million,
  • Decentralized service protocol Automate network was funded for $1 million,
  • Ethereum 2.0 staking protocol StakeWise received funding of $2 million,
  • Rewards-focused startup Eco got $26 million,
  • Bitcoin Rewards App Lolli raised $5 million,
  • CoinSmart crypto exchange raised $3.5M

All of this has happened only in March so far.

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Author: AnTy

New Zealand Digital Asset Firm Launches Country’s First Compliant Stablecoin, $NZD

New Zealand Digital Asset Firm Launches Country’s First Compliant Stablecoin, $NZD

The stablecoin is built on Ethereum leveraging Circle, Coinbase, and Blockchain Labs frameworks. Audit reports on the reserves will be released quarterly, the report states.

Techemynt, a digital asset transaction service, announced the launch of a New Zealand dollar-backed stablecoin, $NZD.

Auckland-born digital asset service provider, Techemynt announced the launch of a New Zealand dollar-backed stablecoin. The Ethereum-based token is fully backed 1:1 with cash and cash equivalents in the firm’s treasury (denominated in New Zealand Dollars).

According to the report, the stablecoin will provide an avenue to digital payments, remittance, arbitrage opportunities across the country. Additionally, $NZD aims to strengthen and stabilize the New Zealand dollar in order to make it “a prominent participant in the global digital asset economy,” it further reads.

Fran Strajnar, Executive Director of Techemynt, said the company partnered with top teams in crypto such as Circle, Coinbase, and Blockchain Labs to successfully deploy $NZD on Ethereum. This will be the first compliant New Zealand dollar-backed stablecoin and will continue to be built “adhering to NZ legal requirements,” he added.

“After nearly a year of development, $NZDs is now first to fully execute and deliver on the promise of bringing a New Zealand Dollar stablecoin to the world.”

To ensure transparency and accountability in issuing the $NZD stablecoins, Techemynt will employ the services of a “leading accounting firm” to provide quarterly audit reports on the state of the reverses to $NZDs issued.

Starting today, the Techemynt $NZD tokens will be distributed directly to customers who wish to acquire $100,000 NZD or more worth of tokens (~$71,300). Users can also acquire coins in the secondary markets through Bittrex owned exchange, Dassetx.com.

However, this is not the first time a New Zealand stablecoin has launched in the markets. Back in 2017, now-defunct crypto exchange, Cryptopia launched its NZDT stablecoin, reported to be backed 1:1 to the New Zealand dollar.

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Author: Lujan Odera

Chinese Publicly Listed Company Buys Bitcoin (BTC) and $17.9M Ether (ETH)

While Meitu’s Bitcoin purchase is part of the company’s asset allocation strategy, the company bought Ether in preparation to enter the blockchain industry.

China’s beauty app Meitu Inc. has become the latest corporation to invest in cryptocurrency as the company buys $22.1 million worth of Bitcoin, 379.1 BTC, and $17.9 million worth of Ether, 15,000 ETH in the open market on March 5, revealed in the Sunday evening exchange filing.

It isn’t only US companies anymore; Tesla, Square, and MicroStrategy, that are accumulating Bitcoin and Ether on their balance sheets.

The company’s crypto purchase pushed Meitu’s prices as much as 14.4% Monday before succumbing to the wide market selloff.

While the Hong Kong-listed company has bought the crypto assets only now, Meitu’s founder announced in mid-2018 that he personally bought 10k+ BTC. In recent years Cai Wensheng, Meitu’s chairman and a crypto enthusiast, has also been exploring blockchain technology.

Meitu, an app that helps touch up user-profile pictures, is a $10 billion company with 50 million daily active users that launched Hong Kong’s biggest initial public offering in 2016.

It took the crypto route as part of the company’s plan to use as much as $100 million of its cash hoard to fund crypto purchases.

The company believes the prices of digital assets have “ample room” to appreciate in value, and they can help diversify its portfolio. It also notes that cash is now “subject to depreciation pressure due to aggressive increases in money supply by central banks globally.”

Wensheng says Bitcoin has several features that potentially even render Bitcoin “as a superior form to other alternative stores of value such as gold, precious stone and real estate.”

While Bitcoin is part of the company’s asset allocation strategy, the company purchased Ether in preparation to enter the blockchain industry. The document reads,

“Blockchain technology has the potential to disrupt both existing financial and technology industries, similar to the manner in which mobile internet has disrupted the PC internet and many other offline industries.”

It further states that the company believes the blockchain industry is “still in its early stage, analogous to the mobile internet industry in circa 2005.”

Meitu is evaluating the feasibility of integrating blockchain technology in its overseas businesses, and given that Ether powers the second largest network, purchasing it was a “logical preparation,” the filing said.

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Author: AnTy

Former CFTC Chairman, Giancarlo & Billionaire Lasry Invest in Crypto Asset Manager, BlockTower

Former CFTC Chairman, Giancarlo & Billionaire Lasry Invest in Crypto Asset Manager, BlockTower

  • Milwaukee Bucks billionaire co-owner, Marc Lasry, and former CFTC Chairman, Christopher Giancarlo, invest in BlockTower, a crypto investments firm.

Bitcoin-enthusiast and billionaire, Gary Lasry and Christopher Giancarlo, the former Commodities and Futures Trading Commission (CFTC) chairman, are reportedly making an undisclosed investment in cryptocurrency and blockchain investment firm, BlockTower.

According to a report from Bloomberg, Lasry, the CEO of Avenue Capital Group, made an independent into the crypto firm, persons familiar with the matter reported. The Milwaukee Bucks co-owner declined to comment on the reports.

Known as ‘crypto dad’ across crypto circles, Giancarlo made huge progress in regulating the U.S. crypto field during his time as the chairman of the CFTC. The former CFTC boss has been vocal on developing the Bitcoin and crypto ecosystem – recently calling for the launch of a digital dollar.

Giancarlo confirmed the investment but declined to comment further or disclose the amount invested in Block Tower.

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Author: Lujan Odera

Singapore’s Sovereign Wealth Fund Leads Digital Asset Bank Anchorage’s $80M Series C Round

Singapore’s Sovereign Wealth Fund Leads Digital Asset Bank Anchorage’s $80M Series C Round

Anchorage has raised $80 million in a Series C round led by Singapore’s sovereign wealth fund GIC with participation from a16z, Blockchain Capital, Lux, and Indico.

“Largest sovereign wealth funds leading rounds in global crypto-asset custodians,” commented Su Zhu, chief executive officer, and chief investment officer at Three Arrows Capital.

Earlier this year, Anchorage received a national trust charter from the Office of the Comptroller of the Currency (OCC), making it the first federally chartered digital asset bank in history.

“Anchorage has gone through a brilliant metamorphosis — from a world-class custody solution to the standard-bearer for crypto banking,” said W. Bradford Stephens, Co-founder and Managing Partner of Blockchain Capital.

“In just a few short years, they’ve already been a powerful, catalytic force for institutional adoption, regulatory confidence, and overall maturation of the space.”

Now it is raising funds to expand its digital bank services with a focus on enabling institutions to participate in the digital asset space.

The firm laid down its five key goals for the year ahead, including offering at-launch support for new protocols. It will also continue to invest in broad asset support, just as with Filecoin, Oasis Protocol, and Celo.

Anchorage has already been seeing an “influx of interest” ever since it obtained the charter and helping organizations participate in digital assets through corporate treasuries and endowments.

As a bank, the focus is also to make crypto lending even more seamless and secure, and they further plan to scale its lending products and operations.

Besides partnering with neo banks, challenger banks, and traditional banks, the idea is to make institutional DeFi participation accessible.

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Author: AnTy

5% of Companies Plan to Hold Bitcoin as Corporate Asset This Year: Gartner Survey

5% of Companies Plan to Hold Bitcoin as Corporate Asset This Year: Gartner Survey

Some companies are worried about the extreme volatility of Bitcoin. But this is actually a feature, not a bug.

The latest survey conducted by Gartner Inc., consisting of 77 finance executives, including 50 CFOs, showed that 5% of them plan to hold bitcoin on their balance sheet this year.

84% of respondents, however, said they do not plan on ever purchasing the leading digital currency as an asset, which is nearing $52,000.

Volatility was the biggest concern of these naysayers, with 84% of respondents saying Bitcoin’s wild price swings pose a financial risk, the February survey said.

“It would be extremely difficult to mitigate the kind of price swings seen in the cryptocurrency in the last five years,” said Alexander Bant, chief of research at Gartner Finance.

According to Mike McGlone, a commodity strategist at Bloomberg Intelligence, who sees $100,000 as a longer-term target, the volatility may continue to rise in the near term “until it settles in around its next plateau.”

For the crypto market, the famed volatility is actually a feature rather than a bug. Antoni Trenchev, the co-founder of crypto lender Nexo, reminded that Bitcoin never moves up in a straight line and

“Short-term volatility is very much a feature of this bull market.”

Besides volatility, broader risk aversion, digital currency’s slow adoption as an accepted form of payment, regulatory concerns, and cyber risks were also among the concerns.

“There are a lot of unresolved issues when it comes to the use of Bitcoin as a corporate asset. It’s unlikely that adoption will increase rapidly until we get more clarity on these challenges,” Bant said.

The survey came while publicly-listed MicroStrategy shared its plan to issue another debt round of $690 million to add to its 71,079 BTC stash. Earlier this month, Elon Musk’s Tesla also bought $1.5 billion worth of Bitcoin.

“The mood, music, and momentum is impossible to ignore,” said Trenchev. “To the annoyance of many, the Bitcoin express has left the station.”

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Author: AnTy

Booming Crypto Market has Thai SEC Setting Registration Deadline For Digital Asset Managers

Booming Crypto Market has Thai SEC Setting Registration Deadline For Digital Asset Managers

The Thailand Securities and Exchange Commission (SEC) will also hold hearings this month to set guidance for crypto exchanges to protect retail investors.

On Monday, the Thailand Securities and Exchange Commission (SEC) unveiled numerous announcements that will affect virtual and crypto asset portfolio managers.

Beginning February 24, all asset managers and crypto investment advisers will need to apply for operating licenses from the regulator, the Bangkok Post reports.

According to the Thailand SEC, a virtual asset investment adviser is anyone who offers advice in regards to the trading of cryptos or digital tokens and receives remuneration from such services. Therefore, the latest regulations will apply to portfolio managers as well as digital asset fund distributors.

Before this announcement, fund managers dealing with assets not covered by the legal definition of futures contracts, securities, or other equivalent financial instruments were not under SEC supervision. Also, investors dealing with unregulated portfolio managers were not covered by investor compensation funds.

Although crypto exchanges have been operating under the SEC’s supervision, investors had little or no guidance when it came to portfolio managers. The regulator is now seeking to enhance crypto and digital assets oversight via fine-tuning the existing asset management regulations.

As per the existing rules, crypto exchanges must share the users’ information with the regulator when funds are transferred from one exchange to the other. This requirement focuses on containing the increasing illicit activities in the worldwide crypto industry.

According to the announcement, any fund manager who fails to apply for an operating license will be deemed engaging in illegal activities and forced to close down.

Thailand is the latest nation to come up with such requirements after several jurisdictions crafted similar regulations. The Thai SEC will be holding a hearing this month to set retail investor qualifications for exchanges according to the Bangkok Post. Europe is currently implementing AMLD5, a pan-European directive that ensures custodian wallet providers and crypto exchanges are governed within one EU AML platform.

Thailand is also implementing steps that enhance cryptos’ use and adoption by introducing regulations and guidelines that leverage the opportunities within the crypto and blockchain space.

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Author: Joseph Kibe