SEC Extends Kryptoin’s Bitcoin ETF Application By 45 Days

The US Securities and Exchange Commission (SEC) has extended the review period for Kryptoin’s Bitcoin exchange-traded fund (ETF) application.

The regulator disclosed the update in a notice dated June 9. The SEC said its decision would be delayed for another 45 days, ending July 27, 2021.

SEC Delays Another ETF Application

The delay of the Delaware-based investment advisory firm’s application makes it the latest extension the SEC has announced in the last few weeks.

Last month, the SEC postponed WisdomTree’s Bitcoin ETF application review by 45 days. VanEck’s bid got a similar treatment in April.

According to the agency’s notice, Kryptoin’s application was delayed to allow it to have adequate time to consider the proposed rule change. The notice said,

“The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the comments received.”

Kryptoin first applied for a Bitcoin ETF in 2019, and after a year and a half of inactivity, the firm filed for an amendment in April this year.

In its first filing, Kryptoin chose to list its shares on the New York Stock Exchange but later changed it to Cboe BZX in its amended filing. Both WisdomTree and VanEck also named Cboe as their planned listing exchange.

The Kryptoin ETF provides exposure to Bitcoin using the CF Bitcoin US Settlement Price as its pricing mechanism.

Founded in 2016, Kryptoin Investment Advisors is a financial services company run by Jason Toussaint.

Will The SEC Approve A Crypto ETF This Year?

The US is yet to allow a Bitcoin-based ETF, with the SEC pointing to the Bitcoin market’s vulnerability to manipulation, among other concerns, as its rationale for rejecting all such applications.

At the moment, there are eight active ETF applications before the SEC. Apart from the previously mentioned VanEcK and WisdomTree, other firms that have filed for Bitcoin-based ETFs include NYDIG, Valkyrie, SkyBridge Capital, Simplify, and Fidelity.

WisdomTree and VanEcK are the only two companies that have also filed for Ethereum ETFs in addition to their Bitcoin ETFs.

This signifies that Ethereum ETFs are gaining more popularity as retail and institutional investors look to gain exposure to the digital asset without investing in it directly.

Several factors have driven Ethereum’s popularity and increasing institutional adoption among investors. These include decentralized finance (DeFi), non-fungible tokens (NFTs), and improvement in the crypto asset’s infrastructure. A planned upgrade from proof-of-work (PoW) to proof-of-stake (PoS) has also piqued investors’ interest.

If VanEcK and WisdomTree’s Ether ETF applications are approved, they would be the first set of Ether ETFs in the US, but not the first in North America.

Three Ethereum ETFs have already been approved and are available in Canada on the Toronto Stock Exchange (TSX).

Canada has also approved several Bitcoin ETFs, and these funds have grown exponentially in a few months with massive investor interests. In the US, investors continue to be optimistic that the SEC’s new crypto-conscious chairman, Gary Gensler, will approve an ETF soon.

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Author: Jimmy Aki

Robinhood Raises $460M for A Total of $660M in Series G As Trading App Popularity Grows

The retail trading app, Robinhood, announced an additional $460 million extended fundraising in its Series G round, bringing the total round funding to $660 million. Some of the current investors, including Andreessen Horowitz, Sequoia, and DST Global, participate in the round.

According to a Robinhood spokesperson speaking to Reuters, Robinhood Markets Inc. extended its Series G funding round, adding an additional $460 million from top investment partners. The latest extended Series G funding came barely two months after a $200 million investment from D1 Capital Partners.

The latest extended funding round brings the total valuation of Robinhood to $11.8 billion. The extended investment came from some of the existing partners and new ones, including Ribbit Capital and 9Yards Capital.

The latest funding round follows a successful trading period during the quarantine period on Robinhood, which simplified and popularized trading for amateur and millennial traders. However, the digital mobile retail exchange has faced several shutdowns in the past few months, and customer experience failures, raising concerns for traders.

According to the spokesperson, the new funding round aims to reduce the cases of system crashes and provide a better user experience on their platform. Robinhood spokesperson said,

“We’ve raised an additional $460 million in subsequent closings to our Series G to support our core product and customer experience and new offerings like cash management and recurring investments.”

The surge in users and capital invested in Robinhood over the past nine months have seen the trading app raise over $1.25 billion from investors in 2020 alone. This brings the total investment in Robinhood to $2 billion.

The trading app announced in July that it would be pausing its expansion into the U.K as the exchange focuses on its operations in the U.S. The company blamed the tough COVID 19 pressure on business as the cause to shelve its expansion plans.

Moreover, there have been complaints across the U.S that Robinhood is offering amateur traders very complex financial instruments to trade. In a sad case, a 20-year old committed suicide after checking their account and wrongly misinterpreted the data output.

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Author: Lujan Odera

Gemini to Add Four More Trading Pairs in Euros and Pounds Bolstering EU Expansion Plans

  • Gemini exchange has now extended support for four more trading pairs to the five they initially offered.
  • They are awaiting pending approval from European authority to operate in the region. They were among the first crypto exchanges to get BitLicense approval from NY authorities.

The Winklevoss twins announced that they have now extended support for four more trading pairs on their Gemini exchange. This was during an interview with the Consensus.

The Winklevoss backed crypto exchange has now unveiled that they have included Orchid Protocol (OXT), DAI, BAT, and Chainlink.

Prior to which they had only offered the markets most popular crypto assets: Bitcoin (BTC), Bitcoin Cash (BCV), Litecoin, Ethereum and Zcash while ignoring EOS and the XRP by Ripple.

The president of Cameroon highlighted that they were well on course with expansion plans into Europe. This as they revealed that they would avail trades in also pounds and Euros alongside the dollar to consolidate their Europe expansion plans. He cited that the projects they now support on Gemini are solving real issues in DeFi such as privacy concerns.

They are now awaiting License approval from European financial watchdogs SEA to allow them to commence operations in the region. This should be a walk in the park as they were among the first exchanges to get the BitLicense approval NYSFDS. The BitLicense grants firms access to operate in the New York Crypto space. Notably, some crypto firms have had trouble being embraced by the NYSFDS.

Zcash Commercial Privacy Aspect

They first onboarded Zcash on their platform in 2018 as the only exchange to do so. According to CEO and co-founder Tyler Winklevoss, Zcash offered a unique alternative for clients who thought the Bitcoin Network was too public.

He cited that Zcash has addressed commercial privacy concerns as they look catapult their exchange to global status. He remained confident that the crypto sphere was set to improve remarking the next four years were the best yet.

“There’s just not much in the way of commercial privacy. Zcash, led by Zooko Wilcox, can do that.”

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Author: Lujan Odera