Fidelity Launches Digital Asset Analytics Tool For Institutional Investors

Financial services firm Fidelity investment has launched a digital assets analytics platform for institutional investors.

Fidelity’s Sherlock To Guide Institutional Investors

Fidelity named the platform Sherlock, which is a digital assets analysis tool that will provide fundamental and technical analysis for fund managers and investors.

According to the firm, Sherlock will collate valuable pieces of information on the blockchain, market, social sentiment analysis, as well as industry news into a single portal.

The platform will also research crypto-assets relying on quality institutional data providers coupled with the provision of unique analytics to guide investors.

Fidelity’s Sherlock is expected to provide much-needed competition against existing solutions produced by companies like Messari.

In 2018, Messari launched a data solution service and had gained valuable recognition worldwide by integrating with Kaiko’s Rest API.

Other giant forces to be reckoned with in the provision of data and analytics are Dune Analytics, Glassnode, Skew, Coin Metrics, and Santiment.

Speaking on the new development, Kevin Vora, Vice president, Product Management, Fidelity Center for Applied Technology (FCAT), said Sherlock would deliver comprehensive data and deep analytics as clients will no longer face numerous irrelevant resources.

Fidelity Dominating the Crypto Space

Besides developing Sherlock to help institutional investors, Fidelity investment has been making significant contributions to the crypto space.

Earlier, Fidelity Charitable, the charitable arm of the mutual fund giant, reportedly raised $28 million in cryptocurrency donations.

The acceptance of cryptocurrencies as part of donations for the non-profit was a welcome development in the crypto space.

More importantly, the investment firm plans to launch its bitcoin exchange-traded fund (ETF) for digital assets and virtual currency, per Form S-1 filed with the Securities and Exchange Commission.

While SEC is yet to approve any firm to date, Fidelity might be feeling lucky due to its track record in the traditional finance space.

Given the prevalence of existing data and analytics solutions for institutional investors, observers will be eager to see if the newly introduced Sherlock solution by Fidelity investment will also turn things around.

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Author: Jimmy Aki

Century-old Baillie Gifford Makes Single Largest $100 Million Investment in Blockchain.com

Century-old Baillie Gifford Makes Single Largest $100 Million Investment in Blockchain.com

This latest investment from the UK-based money manager, which is known for its early bets on Tesla, Amazon, and Google, is seen as another sign of approval from institutional investors for digital assets.

Baillie Gifford & Co. has invested $100 million in Blockchain.com.

The Edinburgh-based money manager known for early bets on technology stocks like Tesla, Amazon, and Google participated in the latest funding round for the crypto start-up.

This $100 million makes Baillie Gifford the single largest investor in the company today, which according to company founder and CEO Peter Smith, is another stamp of approval from institutional investors for digital assets.

“As one of their first investments in a crypto company, we’re honored to include them on our journey.”

“It’s also a validation that a balanced and diversified retail/institutional business has incredible growth potential in the coming years.”

Just last month, Blockchain.com raised $300 million in a Series C funding round with a valuation of $5.2 billion.

UK-based crypto wallet provider has processed more than $620 billion in transactions since 2013 and boasts of 71 million wallets.

Baillie Gifford, which oversees $445 billion in assets, was founded over a century ago is one of the largest outside investors in Elon Musk’s electric carmaker, which has invested $1.5 billion in Bitcoin and accepts BTC as payment for its cars.

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Author: AnTy

Social Trading Platform, eToro US, Adds Chainlink (LINK) & Uniswap (UNI) For Trading

Social Trading Platform, eToro US, Adds Chainlink (LINK) & Uniswap (UNI) For Trading

Social investment platform, eToro adds Chainlink (LINK), a decentralized oracle network, and Uniswap (UNI), a decentralized exchange token to its platform bringing the total number of cryptocurrencies to 18. The two tokens join Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Tezos (XTZ) on the eToro trading platform.

This move marks eToro’s involvement in the booming decentralized finance (DeFi), which has grown to over $55 billion in total locked value (TVL), according to DeFi Pulse. Uniswap currently places as the third-largest DeFi protocol on DeFi Pulse with $5.65 billion locked on the DEX while LINK’s ubiquitous nature sets it apart from every decentralized oracle in the industry.

Despite lagging behind in listing cryptocurrencies, Doron Rosenblum, VP of Business Solutions at eToro, believes “now is the right time to add tokens” as investor appetite for cryptos reaches fever pitch.

“Both LINK and UNI have interesting use cases and remind us that not all cryptos are designed to be currencies.”

“Chainlink is an important project that aims to overlay internet data with information stored on the blockchain and Uniswap is a critical part of the crypto trading infrastructure.”

eToro has seen magnificent growth since launching its first crypto products in 2013. In its plans to expand, the company is planning to go public through a merger with special purpose acquisition company (SPAC) FinTech Acquisition Corp. in a $10.4 billion valuation deal. The company boasts of 20 million customers across the world enjoying zero-commission trading o crypto.

Rosenblum further stated the social trading app is looking forward to adding more cryptocurrencies across the year.

“We will continue to find ways to open up this sector to more people, including adding more tokens later this year.”

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Author: Lujan Odera

Rothschild Increases GBTC Exposure by 26% and Buys Grayscale’s ETHE Shares in Q1

Rothschild Investment Increases GBTC Exposure by 26% and Buys Grayscale’s ETHE Shares in Q1

Rothschild Investment Corporation owns 38,346 shares of Grayscale Bitcoin Trust (GBTC), which revealed the firm in an SEC filing.

As per the latest filing, the firm has added 7,892 shares of GBTC in the first quarter of 2021.

Besides increasing its position on GBTC, Rothschild reported a new position in Grayscale ETH Trust. The firm bought 265,302 shares of ETHE.

This week, both Bitcoin (BTC) and Ethereum (ETH) made a new all-time high at $65,000 and $2,500.

Grayscale currently holds just over 654k BTC and 3.17 million Ether, and both GBTC and ETHE are trading at a discount.

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Author: AnTy

JPMorgan Piloting Blockchain-based Payment Solution in Asia

American investment bank and financial services provider JPMorgan, on Monday, April 12, launched ‘Confirm,’ a blockchain solution to reduce the number of rejected or returned payments.

‘Confirm’ Validates Transactions In ‘Near Real-time’

Following the launch, the US bank is now test-running the blockchain solution with 12 banks in Taiwan. The financial institutions include CTBC Bank, Taiwan Cooperative Bank, and First Commercial Bank.

As part of the test run, the banks were required to transfer money to Indonesia, using JPMorgan’s clearing solution – ‘PayDirect.’

Disclosing this development to the investing public, the banks which were used as case studies, according to JPMorgan, were able to request and receive confirmation of beneficiaries’ account information in ‘near-real-time.’

According to the US banking giant, there are numerous risks attached to transaction failures in the blockchain market, some of which are -a heightened risk of fraud, increment in cost from payment returns, and poor customer experience because of delays in processing payments.

Why this solution is timely for digital asset holders

In the blockchain industry, transactions are mostly seamless as cryptocurrency transactions are often done without problems. But there are instances where unsuccessful and failed transactions are recorded. In situations where failed transactions occur, one of the most common reasons is ‘fees.’

It is pertinent to note that the fees asset holders input in their transactions is collected by miners, who are shouldered with the responsibility of confirming transactions on the network.

These fees are used to determine the priority of each transaction as far as blockchain is concerned. Meaning that the higher the fee, the higher the level of importance placed on a transaction, and vice-versa. So, if the price an asset holder includes is too low, there are chances that miners will not consider such a transaction worthwhile to validate. And the most common consequence of this is rejection.

While no data is accessible at press time to confirm the rate at which traders experience failure in their transactions, there are indications most of the transactions that suffered rejection were because of the injected fee. More so, when a low price is used during the period that a network is experiencing congestion, there is a likelihood that it will not be successful. Due to how the blockchain is designed, miners are the only ones that determine every transaction’s status.

However, with ‘Confirm,’ JPMorgan brings a solution aiming to reduce failed transactions and increase successful ones.

Through a secure peer-to-peer network in the blockchain industry, trading entities can request an account’s validation before payment initiation. They can also respond to requests for account owner and status or participate as both a requestor and a responder.

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Author: Jimmy Aki

Teeka Tiwari Presents Crypto’s Next Trillion-Dollar Coin Event Today

Teeka Tiwari is hosting a crypto investment webinar on March 31.

The crypto analyst and former hedge fund manager will reveal the next cryptocurrency he believes could reach a $1 trillion market cap. The webinar is called Crypto’s Next Trillion-Dollar Coin.

Bitcoin recently broke the $1 trillion barrier. What will be the next cryptocurrency to shatter that ceiling? Find out on March 31 during Teeka Tiwari’s latest webinar.

About Crypto’s Next Trillion-Dollar Coin

Crypto’s Next Trillion-Dollar Coin is a crypto investment webinar scheduled for March 31 at 8pm ET.

The webinar is hosted by Teeka Tiwari and his team at the Palm Beach Research Group, a Florida-based financial publishing company.

Teeka will identify the next cryptocurrency he believes will reach a $1 trillion market cap during the webinar.

Bitcoin surged earlier this year, smashing through a $1 trillion market cap. The price of bitcoin (BTC) has sat in the $50,000 to $60,000 range ever. Now, Teeka believes he has identified the next cryptocurrency to reach that will reach this mark – and he’s sharing that tip during the March 31 webinar.

Crypto’s Next Trillion-Dollar Coin is a free webinar. Anyone can sign up through the official website. Just enter your email address into the online form. You will receive marketing communication from Teeka in the lead-up to the event. You will also receive a link to the webinar just before it’s scheduled to begin.

What Will You Learn During the Crypto’s Next Trillion-Dollar Coin Webinar?

During the Crypto’s Next Trillion-Dollar Coin webinar, Teeka will discuss what he believes will be the next coin to reach a $1 trillion market cap.

Teeka will tell viewers the name and ticker symbol of that coin. Viewers who share Teeka’s opinion could buy the coin today and hold it for the long term. If Teeka is right, readers could make huge returns.

Teeka will also discuss his justification for the recommendation during the webinar. He’ll explain why he expects that coin to shatter the $1 trillion market cap boundary.

Other topics Teeka could cover during the webinar include:

  • Why one coin will be the next to break the $1 trillion market cap limit
  • What makes that coin different from other cryptocurrencies
  • How one coin is launching the decentralized app (dApp) store marketplace that could position it for future dominance
  • The name and ticker symbol of Teeka’s recommendation

For perspective, the next largest cryptocurrency in the world after bitcoin is Ether (ETH), the digital token that fuels Ethereum. ETH 4.43% Ethereum / USD ETHUSD $ 1,926.53
$85.354.43%
Volume 30.13 b Change $85.35 Open $1,926.53 Circulating 115.28 m Market Cap 222.09 b
4 h Traditional Auction House Now Accepts Bitcoin and Ether on ‘Demand from Consumers’ 4 h R3’s Corda Releases Ethereum-Based XDC Bridge for Interoperability 5 h Teeka Tiwari Presents Crypto’s Next Trillion Dollar Coin Event Today

Ether has a market cap of around $213 billion as of March 31, 2021. For ETH to reach a market cap of $1 trillion, it would need to quintuple in value over the next few months or years. That’s certainly doable – we’ve seen similar gains in the crypto space, even among the largest coins like bitcoin. BTC 0.04% Bitcoin / USD BTCUSD $ 58,924.59
$23.570.04%
Volume 65.26 b Change $23.57 Open $58,924.59 Circulating 18.67 m Market Cap 1.1 t
3 h Blockstream Offer Investors Exposure to Bitcoin Mining with BMN Security Tokens 4 h Traditional Auction House Now Accepts Bitcoin and Ether on ‘Demand from Consumers’ 4 h R3’s Corda Releases Ethereum-Based XDC Bridge for Interoperability

It’s possible Teeka will discuss ETH during the webinar. It’s also possible he’ll recommend another, lesser-known cryptocurrency as the next coin to break the mark.

What is the App Store of Blockchain?

In the weeks leading up to the highly-anticipated webinar, Teeka Tiwari and his team have teased the trillion-dollar coin with certain hints.

In a recent email, a Palm Beach Research Group team member explained that the cryptocurrency that creates the “app store of blockchain” could be the world’s biggest cryptocurrency.

That team member, Greg Wilson, used Apple as an example. Apple didn’t just create the iPhone for developers. They also created the iOS App Store, and they take a cut of every app sold in that store.

Greg Wilson is the Palm Beach Daily editor, a free financial newsletter from Palm Beach Research Group.

In the email, Greg shares the story of a young man named Nick D’Aloisio. When Nick was 12, he released his first app onto Apple’s app store. The app store had just launched, and developers were experimenting with different ways to make money through it.

By the time he was 17, Nick had sold his app (Summly) for $30 million.

There were many similar stories from the early days of the app store. Apple encouraged these stories, and the app store helped make Apple’s iPhone into the giant it is today.

How a dApp Store Works

Teeeka’s trillion-dollar cryptocurrency might be building an app store for decentralized apps or a dApp store.

Decentralized apps are already here. They’re apps built on the blockchain. There are productivity apps, finance apps, communication apps, and video game dApps built using blockchain.

As blockchain technology becomes more usable, dApps are surging in popularity. We’ve already seen how one blockchain, the bitcoin blockchain, can disrupt the modern financial system. Other apps are disrupting their own fields, using blockchain’s transparency and security to change the world.

Here’s how Greg explains the dApp revolution and how it relates to Nick D’Aloisio’s original story from the Apple app store:

“D’Aloisio’s road to riches marked the beginning of an explosion in apps…Today, we’re seeing a similar trend in the blockchain space, the underlying technology of cryptos.”

Blockchain-based apps could do more than just disrupt the financial space. They could disrupt entire industries. Teeka’s trillion-dollar cryptocurrency play could be the dApp store that hosts all of these apps.

How Decentralized Apps (dApps) Work

Decentralized apps (dApps) are already changing the world. Over the last few years, we’ve seen a surge in dApp development as developers compete for market share.

Decentralized apps work in a similar way. Developers build software on the blockchain, and the blockchain runs that software in a secure, transparent, and immutable way.

Developers might build on a blockchain like Ethereum, for example. Ethereum functions like a super-computer. The Ethereum blockchain runs the software, fueled by ETH-based tokens.

Ethereum is one of many blockchain platforms open for developers. Binance Smart Chain (BNB), Solana (SOL), Polkadot (DOT), Cardano (ADA), Cosmos (ATOM) are just to name a few others, although Ethereum is the most popular, other platforms have unique advantages.

Examples of dApps

There are all types of dApps available today. Some are financial apps disrupting the global financial system through decentralized finance (DeFi) technology. Others are gaming apps, messaging apps, or NFT marketplaces.

Some of the biggest dApps available today include:

Uniswap: Uniswap (UNI) is one of the best-known and most popular dApps available today. Uniswap allows you to trade cryptocurrencies seamlessly. Instead of transferring money to an exchange, finding a matching trade on the marketplace, and withdrawing your coins, you can make the same exchange in seconds via Uniswap.

Chainlink: Chainlink (LINK) is an open standard for an oracle system. It’s a dApp that other dApps can use to prove certain data. A gambling app might use Chainlink to verify sports scores, for example. Chainlink secures the data feed to and from smart contracts, making smart contracts more secure.

Brave: Brave is a web browser with over 10 million users. Brave aims to disrupt the online advertising space using Basic Attention Tokens (BAT). It’s the first web browser where users can earn crypto for viewing ads – instead of selling their ad viewing for free.

Axie Infinity: Axie Infinity (AXS) is a dApp game built on the blockchain. Some have described it as like a blockchain-based version of Clash of Clans. Users raise, battle, and trade creatures called Axies, earning real crypto for their conquests.

Other dApps: Decentralized app development has exploded. As dApp development grows, we’ll see dApps disrupting all types of industries.

Invest in the dApp Store Instead of Individual Apps

As blockchain technology grows, there will be winners and losers in the space.

One company will create the best blockchain-based bank. Another will create the best blockchain-based communication platform. Eventually, one or two companies will become dominant in these niches, and their coins will become valuable. Other dApps will disappear, and the value of their tokens will plummet.

However, Teeka seems to recommend investing in the dApp store as a whole instead of individual apps.

Instead of buying cryptocurrencies or digital tokens for dApps, you can buy the digital token that fuels the entire app store. No matter which dApps win, you win because you own the digital token for the dApp store.

Here’s how Greg Wilson explains the benefits of investing in the app store instead of individual apps:

“If it can do what Apple did, Daily editor Teeka Tiwari believes it will be [the] next trillion-dollar coin. It will take crypto to [the] next level… and send smaller coins up 25x or even 50x – just like Apple did for some breakout apps on its platform.”

Based on the hints sent over the last few weeks, Teeka could recommend a dApp store token as his next trillion-dollar cryptocurrency. Or, he could surprise viewers with something totally different.

How Much Money Could Viewers Make?

In marketing material leading up to the webinar, Palm Beach Research Group has dazzled viewers with stories of enormous returns.

Picture 3

As mentioned above, Greg and Teeka believe the trillion-dollar cryptocurrency could send other coins skyrocketing by 25x to 50x. As a dApp’s userbase grows, the value of its native token will inevitably rise.

Meanwhile, the official webinar’s sales page mentions gains as high as 38,055%. By investing in the right crypto at the right time and then selling that crypto at the optimal time, you could have made gains as high as 38,055%:

“Bitcoin breaking the $1 trillion barrier sent other cryptos into escape velocity, delivering stunning returns like 1,201%, 1,728%, 3,237%, 3,976%, 17,613%, [and] 38,055%.”

Greg and Teeka believe dApp store development is in the same place mobile app development was in 2008. They believe the industry is on the cusp of going mainstream, and that could mean huge returns for investors who buy the recommended cryptocurrency today.

When Will Crypto’s Next Trillion-Dollar Coin Webinar Take Place?

The webinar is scheduled to take place on Wednesday, March 31, at 8pm ET.

There are no physical tickets to the event, and there’s no way to attend the event in person. It’s purely a webinar, and all viewers will be watching the event over the internet.

How to Attend the Webinar

The Crypto’s Next Trillion-Dollar Coin webinar is an online event available to anyone who signs up through the online form.

There’s no cost to sign up, although you must agree to receive marketing communication from Teeka and Palm Beach Research Group.

There’s no “catch” to the webinar. You genuinely get to view the webinar for free without buying anything, signing up for any newsletters, or paying any hidden fees. You’ll receive advertisements for other Palm Beach Research Group products, but you are not obligated to buy those products.

Who is Teeka Tiwari?

Teeka Tiwari is a former hedge fund manager who works as an editor for Palm Beach Research Group.

Teeka has been an advocate for bitcoin since 2016, just before bitcoin surged in popularity. Teeka recommended buying bitcoin when it was under $1,000. He also recommended buying bitcoin as prices plummeted down to the $5,000 range in 2018 to 2020. Today, Teeka’s followers are reaping the benefits of that recommendation.

Teeka leads a range of newsletters for Palm Beach Research Group, including a crypto-focused advisory named Palm Beach Confidential. Viewers of the Crypto’s Next Trillion-Dollar Coin webinar may receive advertisements for Palm Beach Confidential.

About Palm Beach Research Group

Palm Beach Research Group is a financial publishing company based in Delray Beach, Florida. The company employs investment analysts from across different industries, offering specialty and general investment newsletters.

Some Palm Beach Research Group newsletters target crypto investing – like Teeka Tiwari’s Palm Beach Confidential. Others target commodity investing, high-risk investing, and other strategies.

You can contact Palm Beach Research Group via the following:

  • Email: [email protected]
  • Phone: 1-888-501-2598
  • Mailing Address: 55 NE 5th Avenue, Delray Beach, FL 33483
  • Email Form: https://www.palmbeachgroup.com/contact-us/

Conclusion

Teeka Tiwari is hosting a webinar on March 31 at 8 pm ET called Crypto’s Next Trillion-Dollar Coin.

During the webinar, Teeka will reveal his top cryptocurrency recommendation, which is a coin he believes will rise to reach a $1 trillion market cap in the near future. That coin appears to be linked to decentralized app development, and it could be creating the “dApp store” of the future.

Anyone can attend the webinar for free. just enter your email address into the online form, then view the webinar on March 31 at 8 pm ET.

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Author: Andrew Tuts

100,000 BTC Scooped Up by Bitcoin Funds in the First 3 Months of 2021

Exchange-traded bitcoin investment vehicles now hold 4.3% of the circulating BTC supply, as per Arcane Research.

A steady amount of Bitcoin has been gobbled up from the market throughout the first quarter of 2021, as per the data shared by Vetle Lunde, an analyst at Arcane Research.

Exchange-traded bitcoin investment vehicles had just under 695k BTC under management at the end of last year, which has increased to 800,416 as of March 26th. This represents 4.3% of the circulating bitcoin supply.

During the same period, the price of Bitcoin went up more than 100%, from about $27,500 to $55,000.

These Bitcoin-related products added more than 40k BTC in the month of January. While only half of this was added in February, and about 43,692 BTC were added in March. Overall, this year, 100,000 BTC have been absorbed by Bitcoin funds.

Combined, the exchange-traded bitcoin investment vehicles manage $43 billion worth of bitcoin, noted Lunde.

The world’s largest digital asset manager, Grayscale Investments, is the leader in the space, accounting for 82% of the market, managing $36.5 billion worth of bitcoin.

GBTC, meanwhile, continues to trade at a discount, currently at 7.27%, ever since earlier this month.

“It’s a perpetual security, and it charges 2% mgt fee per year. So if duration is 7-10 years, a 15-20 percent discount to NAV makes sense. That’s also where many closed-end funds trade,” commented Mike Novogratz of Galaxy Digital, which also holds GBTC shares, on the discount.

According to Novogratz, GBTC used to be “the only game in town,” which has now changed with the launch of several Bitcoin exchange-traded funds (ETF) in Canada that too at a much lower fee.

“The ethos of crypto has always been about ‘transitioning’ to a world that eliminates the rent takers,” added Novogratz.

Arcane Research also noted that the three recent ETF approvals in Canada had pushed Grayscale’s dominance in the market on a decline. The combined AUM of the Purpose ETF, Evolve ETF, and Galaxy ETF has reached a market share of 2.5% in just a couple of weeks.

Grayscale is looking to turn its closed-end fund into an ETF and is currently hiring many executives.

This is why the market is seeing fee compression. Recently, NYDIG cut its cost to 0.30% of net asset value per year.

“Trying to transition the fund to an ETF is difficult but elegant. My firm belief is the community won’t allow rent takers for too long,” said Novogratz adding, “GBTC provided a huge service to the crypto community and accelerated adoption.”

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Author: AnTy

Fortress Investment Offering an Early But Discounted Payout to Mt. Gox Creditors

Fortress Investment Offering an Early But Discounted Payout to Mt. Gox Creditors

Instead of waiting another year and a half, the SoftBank Group-owned company offers a liquidity option for creditors now.

Fortress Investment Group LLC is offering the creditor of the now-defunct cryptocurrency exchange Mt. Gox an earlier payout. Since 2017, Fortress has been owned by SoftBank Group.

However, this will be a discounted payout to what the creditors would get under a trustee-backed proposal set for a vote in October. According to Bloomberg, this is the highest value that a private equity and hedge fund firm has ever offered creditors.

The Civil Rehabilitation plan from Mt. Gox’s trustee set for an October vote would refund credits about 90% of their claim value while Fortress is offering about 80%. Fortress is using a calculator constructed by Mt. Gox creditor Kim Nilsson to determine the payout value of a claim.

However, the rehabilitation plan payments are not likely to occur until mid-2022, unlike Fortress, which offers liquidity now.

While there is no certainty that creditors will approve the plan, Fortress figures investors don’t want to wait and may choose to cash out now; as such, they have been now sending out thousands of letters to Mt. Gox creators.

“Rather than waiting another 1 to 1.5 years, we are offering a liquidity option for creditors who want to receive cash or BTC now,” said Michael Hourigan, managing director at Fortress.

Creditors would get the amount owed in either cash, Bitcoin (BTC), or Bitcoin Cash (BCH) based on their deposits, under the Fortress proposal.

For years, Fortress has been buying up Mt. Gox claims, offering as little as $600 per BTC and as much as $1,300 per BTC. Bitcoin price, meanwhile, has risen to a record nearly $62k.

Japan-based Mt. Gox that was launched in 2010, was once the world’s biggest Bitcoin exchange, handling more than 70% of all BTC transactions worldwide in 2013. That is until it lost thousands of customers’ bitcoin in a hack.

Some of the holdings were found, and the trustee is working to reimburse creditors for years now as the process gets delayed by lawsuits.

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Author: AnTy

Anthony Scaramucci’s SkyBridge Files for a Bitcoin ETF

The Bitcoin bull is the latest to rush in with a Bitcoin ETF who defended Tesla’s BTC investment and said Elon Musk owns over $5 billion in the cryptocurrency.

SkyBridge Capital founder Anthony Scaramucci has filed for the Bitcoin exchange-traded fund (ETF).

As per the Form S-1 filed with the US Securities and Exchange Commission (SEC) on Friday, the company applied to offer the First Trust SkyBridge Bitcoin ETF Trust (the “Trust”). The document reads,

“The Trust seeks to purchase and sell such number of bitcoin so that the total value of the bitcoin held by the Trust is as close to 100% of the net assets of the Trust.”

First Advisor would be serving as the advisor to the ETF and SkyBridge as the sub-advisor. The shares of the fund would trade on NYSE Arca.

SkyBridge is the latest one to file for an ETF with many others already in this race, including WisdomTree, NYDIG, and Valkyrie. VanEck’s filing from December has officially put the SEC on the clock for approval or disapproval.

According to the SEC commissioner aka ‘Crypto Mom,’ Hester Pierce, the agency has “dug ourselves into a little bit of a hole” by refusing to approve a single bitcoin ETF.

The world’s largest digital asset manager, Grayscale Investments meanwhile is also working on its own ETF product as it begins hiring for several ETF executives. In the meantime, GBTC premium remains negative for the 17th day in a row.

Three Bitcoin ETFs have already been launched in Canada, while one was approved just this week in Brazil. The first-ever Bitcoin ETF (BTCC) by Purpose Investments has now amassed $1 billion in assets in one month on the market.

The dominant store of value

As we reported, Scaramucci is a bitcoin bull who recently likened his outlook on the crypto asset to the shares of Amazon, which provided massive gains in the first 12 years and, after that, a 64x return.

The former White House Communications director concluded that Bitcoin is in a transitory phase and “Once it fully scales, … you’re going to be looking at that situation and saying, ‘OK, it’s way less speculative.’”

He also took to Twitter to defend Elon Musk’s decision to invest $1.5 billion of Tesla’s funds in Bitcoin.

“Idea Elon Musk would invest in “dirty asset” is absurd. Future of bitcoin mining is renewable energy,” said Scaramucci. According to him, Musk sees the future is renewables replacing fossil fuels and that Bitcoin demonetized gold, equities & art to become the “dominant” store of value.

Scaramucci also believes that Musk didn’t stop with just Tesla and that SpaceX also owns Bitcoin on its balance sheet.

“Elon Musk owns over $5 billion in bitcoin via Tesla, SpaceX, and personally. No living person has done more to protect the planet against climate change,” he said.

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Author: AnTy

DEX Balancer Raises Million Ahead of its V2 Launch Next Month

DeFi protocol, Balancer, has secured an investment of $5 million from Three Arrows Capital and DeFiance Capital, both of which will be key strategic partners in its expansion in Asia.

The popular DEX also has Pantera Capital and Alameda Research as its investors, which directly purchased BAL tokens from the Balancer Labs treasury, bringing its total raised fund in Series A round to $12 million.

The funding is expected to further accelerate the growth of Balancer Labs as it prepares for the launch of Balancer v2.

Earlier last week, Fernando Martinelli, the co-founder and CEO of Balancer Labs, shared that the V2 upgrade, expected to launch in March, will bring the project “closer to Balancer’s vision of being the primary source for DeFi liquidity.”

“The Balancer team has pioneered a great deal of innovation in the DeFi space and is one of the most widely used liquidity protocols. We are excited to help them expand further,” said Su Zhu, Three Arrows Capital, a Singapore-based crypto asset hedge fund.

The protocol that works on building the primary source of liquidity for DeFi has a TVL (total value locked) of $1.25 billion.

In the world of DEX, the protocol recently surpassed $10 billion in total swap volume and did about half a billion dollars worth of volume in the past 7 days compared to $1 billion by Curve, $1.3 billion by 0x, $3.5 billion volume recorded on SushiSwap, and $7.6 billion on Uniswap.

Balancer currently has 3.24% of the DEX market share, as per Dune Analytics.

The native token of the project BAL, which has a market cap of $$332 million, enjoyed the news and jumped 30% to hit $50, up 240% YTD.

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Author: AnTy