94% Financial Industry Pioneers say Digital Assets will Replace Fiat in 5-10 Years: Deloitte Report

“Participation in the age of digital assets is not an option—it is inevitable,” says the report, as digital assets have a fundamental impact on deposits and with organizations’ current business models at stake.

An impressive 97% of the financial services industry (FSI) Pioneers and more than three-quarters of all respondents see blockchain and digital assets as a way to gain competitive advantage reports Deloitte 2021 Global Blockchain Survey.

The survey was conducted between late March and early April 2021 as a way to gain insights into overall attitudes and investments in blockchain and digital assets. It polled 1,280 senior executives and practitioners in the US, the UK, Mainland China, Germany, Japan, Hong Kong, Singapore, South Africa, and the United Arab Emirates.

According to the survey, nearly 80% of respondents said that digital assets would be “very/somewhat important” to their respective industries in the next 24 months.

“The business imperative of adopting blockchain and digital assets is growing noticeably, as organizations increasingly accept that their current business models are at stake,” noted the report.

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There is also a consensus among the FSI people that digital assets will replace fiat currencies in the next five to 10 years, with 76% believing the changeover will occur. This number jumps to 94% for FSI Pioneers.

With the growing interest of major institutions and individuals in the cryptocurrency industry, funds also continue to flow into the digital assets market. According to Deloitte, “the fundamental impact on deposits creates an important opportunity for banks and all industries that hold assets.”

As such, nearly half (47%) of FSI survey respondents said that custody of digital assets represented a “very important” role for crypto assets in their respective organizations, ranking as the top role. Safe custody, too, ranks as the top concern around holding or transacting in central bank digital currencies (CBDC) at 57%.

Custody is followed by new payment channels, diversifying investments/portfolios, access to decentralized finance platforms, and tokenization of assets in terms of the role of digital assets in the respondent’s organization or project.

Approximately six in 10 respondents saw regulatory barriers among the biggest obstacles to the acceptance of digital assets.

Meanwhile, nearly 70% identified data security regulation as the greatest need of modification and 71% cybersecurity among the biggest obstacles to acceptance of digital assets — “suggesting that even the most dedicated believers in digital assets have legitimate security concerns.”

Still, there is “shared optimism” about future revenue opportunities from crypto solutions, with 80% strongly or somewhat agreeing.

Coming onto decentralized finance, 83% of FSI respondents said they believe digital assets will play a very or somewhat important role in it.

When it comes to which digital asset types will have a significant positive impact on their organizations, 42% said stablecoins or CBDCs, 38% algorithm-driven stablecoins, and 33% enterprise-controlled coins.

“Participation in the age of digital assets is not an option—it is inevitable,” concludes the report adding, “Leaders are left only to decide how and when their organizations should start—and how to use digital assets and the new global financial service infrastructure to their greatest advantage.”

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Author: AnTy

Genesis Digital Assets Secures 20,000 ASIC Miners in Expansion Play

Genesis Digital Assets Secures 20,000 ASIC Miners in Expansion Play

North America-based Bitcoin miner Genesis Digital Assets is ramping up its mining capacity.

Earlier this week, the company announced the successful purchase of 20,000 mining rigs from Canaan Creative as it looks to continue scaling up its mining activities.

Additional 180k ASIC Miners Up For Grabs

In its official statement, Genesis explained that the purchase is just a step in its current expansion phase. Besides these rigs, Canaan has also allowed the company to purchase an additional 180,000 mining rigs.

Both parties didn’t reveal the specific make of the rigs or how much they cost in total.

Meanwhile, this recent acquisition continues a long-standing relationship between Genesis and Canaan, with both companies entering into a partnership in Q1 2021 after Genesis purchased Avalon miners for $93 million. Most recently, Genesis bought 10,000 Bitcoin miners from Canaan in June.

Genesis co-founder and executive chairman Abdumalik Mirakhmedov explained that these rigs will be deployed primarily in North America as well as its outlets in several Nordic countries.

“Genesis remains committed to its goal of hitting a power generation rate of 1.4 gigawatts at the end of 2023 The company’s current levels stand at just over 143 megawatts – or a total of 2.6 exahashes (EH/s),” he added.

The purchase is coming after Genesis closed a $125 million equity funding round, led by British investment firm Kingsway Capital. At the time, the company had said that it would direct the funds towards its expansion efforts in the Nordic region and the United States.

Competition Heats Up

Genesis is just one of the mining companies that have ramped up expansion efforts in the wake of China’s ban on all crypto mining activities. But, it is currently facing stern competition.

Last month, the top US mining operation, Riot Blockchain, published its quarterly results, showing record revenues for Q2 2021. The results showed that Riot netted an impressive $31.5 million from mining-related activities throughout the quarter – up 1,540% year-on-year (YoY).

Net incomes also hit record levels for Riot, with $19.3 million compared to the $10.6 million loss suffered in Q2 2020.

The company is expanding aggressively as well, with the purchase of 42,000 s19k Antminers from Bitmain. Riot’s chief operations officer explained that the deal, valued at $138.5 million will position Riot as the foremost mining company in the United States.

Riot also plans to get a minimum of 3,500 s19j Antminers monthly from November 2021 to October 2022, and it recently purchased Whinstone U.S. Inc, a Texas-based data facility, for a record value of $650 million.

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Author: Jimmy Aki

Digital Assets “Not Regulated by the CFTC,” Even if They Are A Commodity: CFTC Commissioner

Digital Assets “Not Regulated by the CFTC,” Even if They Are A Commodity: CFTC Commissioner

One of the Commissioners of Commodity Futures Trading Commission (CFTC), Dawn D. Stump, released a statement on Monday detailing the agency’s regulatory authority over digital assets. She said,

“The CFTC’s regulatory oversight authority, as well as the application of our enforcement authority, must be well understood by the public. Only then can proper regulatory compliance be demanded.”

With the growth in cryptos’ popularity raising the question of how this new financial asset class is regulated in the US, Stump said, “there has often been a grossly inaccurate oversimplification,” regarding either categorizing them as securities regulated by the SEC or commodities regulated by the CFTC.

This misunderstanding about “US regulatory delineations has grown to a point” that Stump believes it now requires correction. In response, she has laid out ten points as to how and what the CFTC regulates.

These basics by Stump covers that commodity’s definition under CFTC is “extremely broad” and does not regulate cash commodities. So, “Even if a digital asset is a commodity, it is not regulated by the CFTC,” however, the CFTC does regulate derivatives on digital assets, it said.

She further states that when it comes to CFTC’s regulatory authority concerning crypto-assets, instead of considering whether a cryptocurrency is a commodity or security, the focus should be on whether a futures contract or other derivatives product is involved.

“The CFTC does not regulate commodities (regardless of whether or not they are securities); rather, it regulates derivatives—and this is true for digital assets just as for any other asset class.”

CFTC Chair Brian Quintez, a notable crypto advocate meanwhile, is preparing to spend August 31st as his last day in the office. In his statement upon departure, he said,

“During my term, the CFTC has overseen the listing of Bitcoin futures contracts; the custody of digital assets within the traditional clearing infrastructure; the proliferation of blockchain technology; the creation of cryptographic, tokenized commodities; and the rapid expansion of decentralized finance (DeFi), which purports to realize the ultimate transparency-competition-innovation-reward dynamic of a true free market.”

US president Joe Biden is reportedly planning to nominate acting CFTC Chair Rostim Behnem to serve as the full chairman.

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Author: AnTy

Swiss Companies to Offer Institutions Tokenized Assets Built on Tezos (XTZ)

Swiss Companies to Offer Institutions Tokenized Assets Built on Tezos (XTZ)

A trio of Swiss-based crypto-friendly banks has announced plans to offer regulated tokenized assets using the Tezos blockchain. The banks are Crypto Finance, InCore Bank, and Inacta.

Regulated Trio Team Up with Tezos to Create Tokenized Assets

Tezos was chosen because of its unique blockchain. The network is self-upgrading, which enables the activation of essential consensus updates without splitting the network.

The banks plan to integrate financial products for their institutional clients using a new token standard on the Tezos blockchain.

The new standard dubbed “DAR-1” was created based on Tezos’ FA2 design. The DAR-1 token standard enables smart contracts necessary to support the modern financial markets in compliance with regulations.

Crypto Finance would serve as the infrastructure provider on the project, while InCore Bank would handle the tokenization using the new DAR-1 token standard, which Inacta developed.

In addition to the joint partnership, InCore Bank has also introduced institutional-grade storage, staking, and trading services for XTZ, the native cryptocurrency of the Tezos blockchain.

This would make InCore Bank the first Swiss business-to-business bank to launch staking services for the Tezos network, unlocking new yield earning products for institutional customers.

The XTZ staking with InCore Bank can be initiated directly via embarking, unlike the traditional staking method. Clients will receive periodic statements regarding staking payouts.

Tezos is quite popular in Switzerland, which is not surprising as the network’s founders, the Tezos Foundation, is based there. Last year, Swiss-based digital asset firm Sygnum Bank launched trading and custody services for Tezos.

More recently, Crypto exchange Gemini announced the listing of the Tezos token on its Gemini Earn platform. Gemini Earn is a passive income program where tokens are locked with world-class security and interest accrued daily.

Tezos Rolling Out Upgrades On Network

In recent times Tezos has welcomed integrations from different protocols as it continues to upgrade its network.

Tezos is an open-source proof of stake blockchain network that powers applications and tools behind leading financial institutions, central banks, NFTs, DeFi platforms, and so on.

The network’s seventh successful upgrade called Granada went live this year. Granada contains numerous bug fixes and minor improvements for the Tezos protocol. The update cuts block times in half and decreases smart contract gas consumption by 3-6x. It also introduces liquidity banking.

The upgrade, which is the third to occur this year, was named after a Spanish city. Granada goes live less than three months after the previous one, dubbed Florence.

The Florence upgrade was the update that doubled the size of maximum operations (from 16kB to 32kB), reduced gas in smart contract execution. It streamlined the amendment process by deactivating unused test chains on the Tezos protocol.

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Author: Jimmy Aki

Financial Industry Is Witnessing A Seismic Shift in Adoption of Crypto Assets: Deloitte Survey

Financial Industry Is Witnessing A Seismic Shift in Adoption of Crypto Assets; Could Replace Cash Within 10 Years: Deloitte

Satoshi Nakamoto’s original plan of revolutionizing the financial landscape is gradually coming to the fore. According to a report by one of the Big Four accounting firm Deloitte, more businesses and professionals are open to the idea of digital assets playing a role in their operations in the future.

Crypto May Rival or Replace Fiat In A Decade

The research titled Global Blockchain Survey polled over 1,280 financial service industry (FSI) professionals across several regions. The respondents were from the United States, the UK, Brazil, Germany, China, and others. The FSI professionals all agreed that there was a seismic shift in how financial services are being carried out since the advent of blockchain technology.

This prompted 76% of respondents to admit that crypto assets could serve as a strong substitute or outrightly replace traditional cash within ten to ten years. 73% noted that businesses should begin to adopt blockchain-based assets to avoid losing the competitive edge in the fast-paced crypto environment. 97% of a subset labeled FSI Pioneers with active blockchain-focused products noted that leveraging blockchain technology keeps their business competitive.

A total of 81% of respondents acknowledged that distributed ledger technology (DLT) is “scalable and has achieved mainstream adoption.”

Deloitte is a global professional services network operating out of 150 countries. It is part of the Big Four accounting firms, including KPMG, EY, and PwC. Deloitte has been hugely interested in the blockchain space for several years now. The firm has been keeping tabs on the nascent industry for the last four years.

Cybersecurity A Threat For Widespread Crypto Use

Aside from the positives, several participants who were questioned also pointed out a few barriers to its adoption.

71% of respondents said cybersecurity risks were a huge barrier to high-stake industries openly embracing the industry. According to them, the recent offshoot of cybercrimes has greatly curtailed investments in the burgeoning industry.

73% of the FSI Pioneers felt that regulatory uncertainty was the cloak on crypto’s shining armor. According to them, legacy-based financial institutions are still uncertain on regulatory stance given the general lack of regulatory goalposts for good practices in the emerging space.

A further 65% noted that the current financial infrastructure was not rightly positioned to tap into the revolutionary way of doing business that blockchain has facilitated.

Meanwhile, 43% of respondents noted that their businesses are exploring accepting crypto assets as payment methods. Another 45% said they would tokenize their assets as a means to stay up-to-beat with the fast-changing financial space.

Decentralized finance (DeFi) also got a worthy mention, with 44% of participants noting that exposure to cryptocurrencies would enable them to tap into the $85.94 billion industry.

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Author: Jimmy Aki

Merrill Lynch’s Former ETF Boss to be the Head of its Newly Created Crypto Assets Initiative

Merrill Lynch’s Former ETF Boss to be the Head of its Newly Created Crypto Assets Initiative

Bank of America Merrill Lynch’s former head of exchange-traded products (ETF) will be leading the bank’s newly created digital assets initiative, including crypto strategies.

Mark Donoghue was previously leading the ETP and SMA group at the firm but has been given a new role during the second quarter to serve as head of digital trading within the wider investment products group aimed at defining and executing the wealth management strategy related to digital assets, reported Citywire.

However, so far, no crypto-related offerings are available to the advisors and users of the bank.

A spokesperson for Merrill Lynch confirmed that this division is separate from the cryptocurrency research team, which is part of the bank’s global research group, lead by Alkesh Shah, that provides company views, investment insights, and economic forecasts. A spokesman for Merrill Lynch said,

“These moves highlight our continued focus on talent mobility, as well as our strong commitment to product and trading innovation within our wealth management business”

Recently, BofA became a new strategic investor along with FTX, Coinbase Ventures, and Founders Fund in New York-based Paxos’ $300 million Series D funding that it raised three months back.

With this, the investment giant has joined its competitors. JPMorgan started to pitch an in-house private Bitcoin fund to its wealthy investors just this week after announcing in July that it would make five crypto funds available to all of its wealth management clients. Morgan Stanley also made three bitcoin-focused funds available to its wealth management clients in March.

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Author: AnTy

Asset Manager Files for a Bitcoin ETF But Won’t Invest Directly in BTC to Appease SEC Chair

Investment manager Invesco, which has $364 billion in assets under management (AUM), has become the latest company to file with the US Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) that will offer exposure to Bitcoin and other assets.

However, the firm says it won’t be investing directly in the cryptocurrency instead in Bitcoin futures.

According to the filing Thursday, Invesco Bitcoin Strategy ETF will invest in cash-settled bitcoin futures contracts traded on CME. At times, it also seeks to invest in exchange-traded products (“ETPs”) and ETFs listed outside the US, and open-ended private investment trusts that are linked to bitcoin such as Grayscale Bitcoin Trust (GBTC).

The “non-diversified” Fund will also invest in cash, cash-like instruments such as U.S. Government securities, money market funds, corporate debt securities, and other short-term unsecured promissory notes.

The collective “Collateral is designed to provide liquidity, serve as margin or otherwise collateralize the Subsidiary’s investments in bitcoin futures,” reads the document.

SEC Chair Gary Gensler, who has been getting increasingly vocal about regulating the crypto industry, said he is open to approving a crypto ETF this week. The agency has received several, in double digits applications.

But as we reported, Gensler has warmed to a Bitcoin futures backed ETF and not a physically-backed ETF, which is the main deal.

Eric Balchunas, the Senior ETF Analyst for Bloomberg, noted that Invesco rushed this filing in for a Bitcoin Strategy ETF under 40 Act to “satisfy Gensler” and won’t be surprised if several like these are filed by Friday night alone. Balchunas said,

“Here’s inv strategy. Basically the SEC’s hang up w 40 Act could end up funneling billions into derivatives, GBTC (which is a major reason ETF needed!), as well as up north into another country when the ppl just want an ETF that holds bitcoin directly.”

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Author: AnTy

Bitcoin Unaffected by Macro, is Driven by Idiosyncratic Variables But Still Facing A Major Headwind

Crypto assets are in the red this week.

Bitcoin price keeps down around $31,500, and in tandem, Ether has fallen under $1,900. Altcoins are getting hammered except for selective ones like Axie Infinity, with the total market cap now at $1.35 trillion, down 48.5% from the mid-May peak. ETH -3.92% Ethereum / USD ETHUSD $ 1,916.60
-$75.13-3.92%
Volume 15.72 b Change -$75.13 Open $1,916.60 Circulating 116.71 m Market Cap 223.68 b
8 h SEC Extends Decision On WisdomTree’s Bitcoin ETF Application 9 h Bitcoin Unaffected by Macro, is Driven by Idiosyncratic Variables But Still Facing A Major Headwind 9 h Solana Based Crypto Wallet Phantom Raises $9M to Scale Operations
AXS 2.74% Axie Infinity / USD AXSUSD $ 23.96
$0.662.74%
Volume 2.07 b Change $0.66 Open $23.96 Circulating 60.91 m Market Cap 1.46 b
9 h Bitcoin Unaffected by Macro, is Driven by Idiosyncratic Variables But Still Facing A Major Headwind 2 d SLP Farming Is Turning Out to Be Very Lucrative, While Axie Infinity (AXS) Has the Lowest P/E Ratio 3 d KuCoin (KCS) Rallies as Degens Turn to KuCoin Community Chain (KCC)

Meanwhile, the stock market is keeping around its all-time highs hit just this week. The US dollar shows strength around 92.55, with gold recording some gains at $1,825.

The latest price action in the stock market is after Federal Reserve Chairman Jerome Powell’s comments on inflation to remain high for some time and assuring that tapering is not coming just yet.

While Bitcoin sometimes responds to macro events like the last FOMC meeting and the latest CPI data, which showed the highest inflation in 13-years, it does so on rare occasions.

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The leading cryptocurrency remains an uncorrelated asset, for the most part. For Bitcoin, the dominant factor contributing to risk measures, basically the percentage of volatility due to factor exposure, is “residual.”

This means the cryptocurrency is mainly driven by bitcoin-specific (i.e., idiosyncratic) variables. And for Bitcoin, these idiosyncratic drivers have been money flows lately.

“Equities, rates, inflation, gold, the dollar, these all matter as everything is interconnected, yet most of the time are of secondary importance when it comes to BTC,” said trader and economist Alex Kruger. “Don’t need to have an explanation for every time the price goes up or down.”

This week, the data showed that the price of food, energy, travel and primarily used cars increased dramatically, the most since 2008, which makes sense given that the costs of these things also fell sharply when the lockdowns were implemented last year.

A significant increase in the prices of everyday items makes crypto assets more attractive as in the past year, compared to other investments, crypto has provided much higher returns and more money to spend.

“When it comes down to inflation, most of it is, in fact, transitory,” Kruger noted.

“Inflation is a rate of change. Prices are supposed to increase in aggregate. Price increases are indeed not transitory. High inflation likely is” because central banks’ reserves creation is slowing down, supply-side bottlenecks are temporary, the population is aging, household savings will mean revert leading to fewer dollars to spend, and employers will hire less than before due to limited wage pressures, he added.

In a fireside chat, American economist Ben Bernanke said that the central bank wants to see some modest inflation. The Fed’s target inflation rate is 2%.

According to him, the Fed will be successful in getting it in low 2% for a time before getting it down to 2.0% while noting that in the 1990s, inflation averaged 3% over that whole decade.

Persistent 3% inflation, however, would produce anxiety this time as it would question credibility, given the 2% target, according to him.

Bernanke, who served two terms as the Federal Reserve Chairman from 2006 to 2014, believes the tapering of the current $120 billion per month bonds buying will be a year-long process, $10 billion per meeting was how it was down in 2013. An increase in its rate won’t happen until the end of tapering, which pushes into 2023.

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Author: AnTy

There’s “More Interest in Ether,” says Fidelity Digital Assets President

There’s “More Interest in Ether,” says Fidelity Digital Assets President

And they “want to be ahead of that demand,” something also recognized by SkyBridge Capital which has rotated its Bitcoin profits into Ether. Client type is also expanding from hedge funds and family offices previously to now cover retirement advisers and corporations.

Fidelity Digital Assets is looking to increase its staff by about 70% as demand for cryptocurrency services from institutional investors continues to be strong.

FDA is a unit of Boston-based asset manager giant Fidelity Investments Inc.

The company plans to add about 100 new employees in technology and operations in Dublin, Boston, and Salt Lake City, said Tom Jessop, president of Fidelity Digital Assets, in an interview.

This increased headcount will help the business develop new products and further expand into the crypto sector besides Bitcoin, he said.

Last year “was a real breakthrough year for the space, given the interest in Bitcoin that accelerated when the pandemic started,” said Jessop adding.

“We’ve seen more interest in Ether, so we want to be ahead of that demand.”

Besides Fidelity Digital Assets, as we reported, a big bitcoin proponent, SkyBridge Capital, has also ventured into the second-largest cryptocurrency.

The company trimmed its position in BTC to keep it from growing further and rotated “a small amount of the capital into Ethereum,” revealed Co-Chief Investment Officer​ Troy Gayeski in an interview.

Gayeski defined Bitcoin as the market leader in terms of store value and Ethereum as the market leader in terms of transaction use.

Institutional investor demand for Bitcoin, Ether, and other crypto-assets is only rising, said Fidelity Digital Assets’ President.

He further noted that while previously their clients tended to be hedge funds and family offices, they have now expanded to retirement advisers and corporations who want to hold crypto as an asset class.

“Bitcoin has been the entry for a lot of institutions,” Jessop said. “It’s now really opening up a window on what else is going on in the space.” A big shift is in “the diversity of interest” from new and existing customers, he said.

The company is also pushing to offer trading throughout the week, as is the norm in the cryptocurrency industry, unlike the traditional market.

“We want to be at a place where it’s full-time for most of the week.”

Besides trading and holding Bitcoin, Fidelity Digital also allows its institutional customers to use the crypto asset as collateral against cash loans through its partnership with BlockFi.

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Author: AnTy

Inflows Recorded Across Digital Assets for the First Time in 9 Weeks: CoinShares Report

Inflows Recorded Across Digital Assets for the First Time in 9 Weeks: CoinShares Report

After five weeks of consecutive outflows, digital asset investment products finally saw inflows last week totaling $63 million in the week ending July 2nd, according to CoinShares’ data.

It was also the first time in nine weeks that inflows were seen across all individual digital assets, “implying a turnaround in sentiment amongst investors.”

Bitcoin saw the most inflows at $39 million, a minor update to the previous weeks’ data highlighting a two-week run of inflows now.

Compared to Bitcoin’s (BTC) two consecutive weeks of inflows, Ethereum (ETH) had three weeks of inflows totaling $18 million. BTC -3.93% Bitcoin / USD BTCUSD $ 33,931.74
-$1,333.52-3.93%
Volume 26.85 b Change -$1,333.52 Open $33,931.74 Circulating 18.75 m Market Cap 636.18 b
6 h Inflows Recorded Across Digital Assets for the First Time in 9 Weeks: CoinShares Report 7 h Aave Pro for Institutional Investors Is Coming This Month ‘Due to Extensive Demand’ 8 h Grayscale Bitcoin Trust (GBTC) Unlocks Coming to an End, They Aren’t Bearish But Bullish for BTC Price
ETH -4.59% Ethereum / USD ETHUSD $ 2,217.74
-$101.79-4.59%
Volume 20.24 b Change -$101.79 Open $2,217.74 Circulating 116.57 m Market Cap 258.53 b
6 h Inflows Recorded Across Digital Assets for the First Time in 9 Weeks: CoinShares Report 7 h Aave Pro for Institutional Investors Is Coming This Month ‘Due to Extensive Demand’ 10 h Smart Money Is Becoming Bullish on Ether, Bitcoin, and Cryptocurrencies Again

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While inflows have finally come in, Bitcoin investment product trading turnover was the lowest since November 2020. According to CoinShares, a similar observation was seen more broadly across the whole of the Bitcoin ecosystem, with volumes down 38% relative to the average for 2021.

Among altcoins, Polkadot (DOT) had the highest inflows of $992.1 million followed by XRP and Cardano (ADA) at $512 million and $90.7 million respectively. DOT -4.11% Polkadot / USD DOTUSD $ 15.36
-$0.63-4.11%
Volume 844.83 m Change -$0.63 Open $15.36 Circulating 957.84 m Market Cap 14.71 b
6 h Inflows Recorded Across Digital Assets for the First Time in 9 Weeks: CoinShares Report 5 d After Compound Finance, Now Coinbase is Offering Users 4% APY on USDC 6 d Coinbase’s Goal is to List ‘Every’ Crypto Asset, says CEO Brian Armstrong
XRP -5.18% XRP / USD XRPUSD $ 0.66
-$0.03-5.18%
Volume 2.08 b Change -$0.03 Open $0.66 Circulating 46.15 b Market Cap 30.45 b
6 h Inflows Recorded Across Digital Assets for the First Time in 9 Weeks: CoinShares Report 3 d BIS: Crypto Investors’ Objectives Are Same as Other Asset Classes, “So Should Be The Regulation” 4 d Japan’s SBI Holdings Says XRP Ledger Can Be Used To Build NFT Markets
ADA -2.86% Cardano / USD ADAUSD $ 1.42
-$0.04-2.86%
Volume 1.78 b Change -$0.04 Open $1.42 Circulating 31.95 b Market Cap 45.22 b
6 h Inflows Recorded Across Digital Assets for the First Time in 9 Weeks: CoinShares Report 1 d Cardano (ADA) Gains 3rd Largest Weightage in Grayscale’s Rebalanced Large Cap Fund 1 w Three Consecutive Weeks of Bitcoin Outflows Mark the Longest Bear Run Since Feb 2018

Inflows of $0.6 million were seen into multi-digital asset investment products; however, this was much smaller than previous weeks suggesting investors were less interested in diversification.

When it comes to digital asset managers, the largest one in the world, Grayscale still hasn’t seen any while its AUM is currently at just above $30 billion. Meanwhile, the second-largest CoinShares had net outflows with its AUM now at almost $3.3 billion, with 3iQ also recording net outflows.

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Author: AnTy