Crypto Mining ETF Focused On Green Energy Launches On NYSE

Investment firm Viridi Funds has launched an environmentally friendly, crypto mining-focused exchange-traded fund (ETF). The fund aims to invest in crypto mining firms using cleaner sources of energy.

Viridi Funds’ New RIGZ ETF

The ETF dubbed the Viridi Cleaner Energy Crypto-Mining and Semiconductor ETF will trade on the New York Stock Exchange’s Arca platform under the symbol ‘RIGZ.’

According to the announcement, Viridi Funds will serve as a sub-adviser to the fund, with Alpha Architect creating the fund’s infrastructure.

The ETF, which has an expense ratio of 0.9%, was first filed by Viridi in April this year.

Viridi said 80% of the fund’s investment would go to publicly traded miners, while 20% would go towards semiconductors that take advantage of clean energy. The fund would only invest in miners who have switched to nuclear or renewable energy sources or are working on offsetting their carbon emissions with carbon credits.

According to the CEO of Viridi Funds, Wes Fulford, the firm would use an internal proprietary screening algorithm to select the companies based on their current and planned energy source.

Viridi Funds is backed by several investors, including CoinShares, Alameda Ventures, Luxor Technology, Fundamental Labs, and Mechanism Capital.

Fulford commented on the recent movement of miners from China to North America. He said this was good news as North American miners have access to renewable energy sources.

“We believe that based on recent developments within the Chinese mining sector, North American miners that have access to sustainable low-cost power, large fleets of new-generation rigs, and access to capital are well-positioned to generate higher returns during the months and years ahead.”

With the migration of Chinese miners to North America, the country now accounts for nearly 17% of all global Bitcoin mining, CNBC reports.

Viridi’s ETF Amid Calls For Clean Energy

Viridi’s new product launch is part of the growing efforts of institutions in focusing on environmental, social, and governance (ESG) issues.

Several partnerships have been formed lately by US crypto mining firms to make Bitcoin mining more environmentally friendly. Last week, Bitcoin miner Cleanspark partnered with ESG focused miner Coinmint to increase scalability.

Other companies like Hut 8 and Hive Blockchain have also signed deals recently purchasing new machines to increase their hashrate.

For months, all the buzz has been about Bitcoin exchange-traded funds. While countries like Canada and Brazil have already listed Bitcoin ETFs in their stock exchanges, the US is yet to approve any.

Viridi’s ETF differs because it will not invest directly in cryptocurrencies but will likely have indirect exposure to Bitcoin, Ethereum, and other cryptocurrencies. This is because many publicly listed miners have these assets on their balance sheets.

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Author: Jimmy Aki

The Malta Based Crypto-Focused Founders Bank Raises $10M From Binance And Polychain

A crypto friendly bank has managed to raise $10 million from major crypto players. The bank which will be located in Malta secured the money from lead investors which comprise of Binance and Polychain Capital and will start operations from next year.

The bank which is known as Founders Bank will be co-founded by Paula Pandolfino. According to CoinDesk, the bank also secured the backing of Carduus Asset Management.

Although it is not clear the amount every investor contributed, Pandolfino stated that the bank is looking forward to raise an additional $30 million in the near future.

Pandolfino explained that cryptocurrencies will take over the finance industry and as such it is important to have a bank that will fully support the sector. She added that Founders bank aspires to be a major pillar within the banking sector focusing majorly on crypto based projects and startups. The co-founder also stated that the bank is in the process of changing how the conventional banking conducts its operations.

Currently, the bank is still waiting for the European Union banking certification and initially planned to get funding through equity tokens. However, to speed up the licensing process the idea of equity tokens was abandoned to ensure that there are minimal regulatory aspects.

According to Polychain president, Joe Eagan, the decision to fund the bank was as a result of personal experience after his company had challenges to get a banking partner in 2016. Eagan explained that while the situation has changed after several banks like Metropolitan Bank and Silvergate started to serve the crypto space, there is still room for more players and Founders can help to bridge the gap.

Malta has been working hard to market herself as a blockchain hub and has managed to attract some of the largest companies in the industry. The country is currently dubbed as the Blockchain Island and has so far passed three bills that seek to come up with a regulatory framework and encourage innovation in the blockchain space.

The passing of the three legislative bills made the country the inaugural nation to come up with a legal framework to guide the nascent blockchain industry.

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Author: Joseph Kibe

Czech Republic To Enforce Crypto Regulations Deemed Harsher Than The Ones Issued by the EU

Czech-Republic-To-Enforce-Crypto-Regulations-Deemed-Harsher-Than-The-Ones-Required-by-the-EU

While some countries are friendly to Bitcoin, others seem to hate it. Unfortunately, the Czech Republic is far from one of the friendliest countries with crypto. According to recent reports, the country is about to enforce regulations on the crypto industry which are deemed to be even harsher than the ones required by the European Union.

A local media outlet has recently affirmed that, in order to comply with the European Anti-Money Laundering (AML) laws, the Czech Republic is set to take extreme measures.

For instance, the country will fine in around $20,000 USD for any illegal crypto company, as well as to enforce the regulations from the EU’s Fifth AML Directive. According to this new directive, the countries of the union would need to have a close oversight on wallets and exchanges and ask them to provide more transparency.

The media outlet that reported on this story, Hospodářské Noviny, affirmed that the measure was a bit harsh and that it could get in the way of the competitiveness of the sector, despite the fact that only exchanges who are not regulated will be fined. All exchanges within the boundaries of the law will not need to worry.

The Czech Republic is one among many examples of countries that decided to upgrade the European requirements and to look more closely at crypto companies. Cyprus, for instance, also decided to enforce several obligations which are not stated by international law.

These cases might be happening because the local governments believe that, if they need to make obligatory changes in regulation, they might as well just make them specific to their countries.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Nirmala Velupillai