Vermont-Based Teucrium Files Bitcoin Futures Proposal With The SEC

Popular agricultural exchange-traded fund (ETF) provider Teucrium is joining a long queue of Bitcoin ETF hopefuls.

Teucrium Makes First Crypto Filing

The filing made on Thursday to the Securities and Exchange Commission (SEC) looks to track a benchmark of Bitcoin futures contracts. If approved, the proposed ETF named Teucrium Bitcoin Futures Fund (BCFU) will be publicly tradable on New York Stock Exchange’s subsidiary Arca.

According to Teucrium, the BCFU would provide a cost-effective means through which investors can gain exposure to the volatile asset class. The Vermont-based ETF issuer also said that the proposed fund might show a disparity of figures between its shares and the spot price of Bitcoin as it is tracking the cost of the Benchmark Bitcoin Futures Contract and not directly investing in the digital asset.

This is the first crypto asset ETF proposal the agricultural ETF provider has filed. Its repository offers investors access to agricultural produce ETFs like Teucrium Soybean Fund, Teucrium Sugar Fund, Teucrium Wheat Fund, Teucrium Corn Fund, and the Teucrium Agricultural Fund.

Bitcoin ETFs have become the new mania in the US, given the surge of cryptocurrencies in the past few months. The world’s oldest cryptocurrency, which traded as low as $6,000 in 2018, has surged to over $64,000 three years after rising 90% in 2021 alone.

This exponential growth has seen the nascent industry cross the trillion-dollar mark in a few years.

Institutional investments have aided the growth of cryptocurrencies, but the underlying risks and volatility have made many others stand by the sidelines watching.

This is primarily due to the lack of regulatory oversight by the US government, and the regulatory uncertainty surrounding these virtual currencies has not helped issues.

ETFs are expected to serve as an indirect means to gain exposure to digital assets. A Bitcoin ETF would enable investors to track the price of BTC without necessarily worrying about the storage and other related complexities of owning digital assets.

Futures, on the other hand, would focus on the future price of the tracked asset.

One of the well-known futures issuers in the crypto space is the Chicago Mercantile Exchange (CME) which launched Bitcoin Futures in 2017 and Bitcoin Micro Futures in 2021. It also launched Ethereum Futures in Feb of this year.

SEC Not Ready To Approve Bitcoin ETFs

Despite the growing proposals on the SEC’s table, there has not been any indication that the regulator will approve any filing anytime soon.

The recent appointment of former MIT scholar Gary Gensler seemed promising, but the recent comments of the former crypto instructor have left little to be desired.

In a recent interview with CNBC, Gensler noted that the crypto market is highly “speculative” and needs to be regulated.

Teucrium joins a long list of ETFs like VanEck, NYDIG, and Anthony Scaramucci’s SkyCapital looking for approval.

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Author: Jimmy Aki

Hedera Hashgraph Partners With Oracle Solutions Provider Chainlink Labs

Leading Oracle solution Chainlink Labs would be joining the Hedera Governing Council, the governing arm of the distributed ledger company Hedera Hashgraph. This was made known in an announcement on its website.

Chainlink To Integrate With HTS

Chainlink has also been selected as the oracle partner for the Hedera network and will integrate its protocol with the Hedera Token Service (HTS). The HTS allows for the minting, management, and transfer of fungible and non-fungible assets on the blockchain.

Hedera says the partnership provides centralized financial services access to the distributed computational trust, visibility, and control the blockchain ecosystem offers. Chainlink would join the Governing Council as the 21st member.

Hedera will have a maximum of 39 members in its Governance Council. Other council members include major enterprises like IBM, Tata Communications, FIS Global, Nomura Holdings, Google, Deutsche Telekom, Boeing, and DLA Piper.

Speaking on the new development, Chainlink’s Managing Director for Business Development and Strategy David Post said that as blockchain technology continues to advance, decentralized oracle solutions become more important given their myriad use cases.

Post also asserted that Chainlink would expand its suite of smart contract-related services. This would be targeted at empowering a vast array of secure, feature-rich applications.

“To power a vast array of secure, feature-rich applications, it is a very natural progression for us to join the Hedera Governing Council and work with the leading enterprise-grade public network and their other Council members to make Chainlink the default oracle provider for enterprise applications.”

The Boom In DeFi

Cryptocurrencies have been the most talked-about asset class in the past few years. This has been primarily due to the growing adoption by institutional investors who view these lines of digital assets as a better store of value than gold and conventional fiat.

Bitcoin, the first-ever cryptocurrency made globally, has been the face of the nascent industry as it has surged 90%, leading the emerging space to its first trillion-dollar valuation in less than a dozen years.

Even though many crypto investors associate the crypto space with Bitcoin, as per a report by top US crypto exchange Gemini, many other crypto protocols and sub-sectors have also posted positive returns.

One of the best-performing has been the DeFi space. The sub-sector, which has its home primarily on the second most valuable cryptocurrency Ethereum has enjoyed wide adoption.

Following the DeFi protocol Yearn Finance launch in early 2020, DeFi has seen exponential growth, snapping up over 15% of the market share in just a year.

DeFi focuses on providing legacy-backed financial services like earning interests on your savings, lending, borrowing, insurance, and asset speculation. The interest payments have been the main attraction as some projects paid as much as 20% for keeping crypto funds on the platform. This is in contrast to conventional banking rates, which are below 1%.

Chainlink, which provides decentralized oracle solutions to enterprise users, surged over 500% in 2019, rising from just 30 cents to more than $4.27 in June of the same year.

At the time of publishing, 1 LINK currently goes for $31.72.

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Author: Jimmy Aki

City of Williston North Dakota Adopts Crypto Payments for Utility Services

Following mainstream adoption of cryptocurrencies as a payment option, the City of Williston is joining a posse of US states accepting crypto payments.

Crypto Payment Cost-Effective

According to an announcement posted on its website, the North Dakota city said it would be accepting cryptocurrencies as a payment option. However, this would be limited to utility bill settlements only.

But it says it has plans to enable other bill payments soon. The city will conduct quality assessments to know if there is market demand for crypto payment in areas like landfills, permits, and licenses before supporting them.

Speaking on the initiative, Finance Director Hercules Cummings said the state is exploring the digital payment method to keep pace with a fast-changing financial landscape. Cummings said that it is also trying to meet growing market demand for these services and cater to users of all types.

He noted that digital payment methods like cryptocurrencies brought about convenience, cost savings, and security. Cummings stated the affordability of crypto payments, noting that Bitcoin payments attracts1% transaction fee against 3% from other payment options.

The City of Williston has selected Bitcoin payment company Bitpay as a partner.

Aside from crypto payments, the City of Williston said it would also be accepting fiat, checks, credit card, and automatic payment methods. This will see them support consumer payment platforms like Google Pay and Apple Pay.

It is also planning to add PayPal and Venmo to its virtual payment methods.

Williston Joins The Crypto Payment Wagon

Despite what many crypto investors believe about the US crypto space, there is growing interest in the volatile asset class. Across major cities in the U.S, more government officials are turning to cryptocurrencies. One of such is Miami.

The City of Miami has been pro-crypto for a long time. Its principal, Mayor Francis Suarez, has committed to making the state a crypto haven for crypto startups.

To facilitate this initiative, Suarez proposed that municipal workers should be paid with cryptocurrencies. He also said the City of Miami should begin receiving tax payments in Bitcoin.

Suarez has also reportedly hired Miami’s first CTO for crypto Saif Ishoof who he said would provide “concierge services” for crypto startups coming into the state.

In Jackson, Tennessee, Mayor Scott Conger said the city is working on paying workers in cryptocurrencies. The municipality will also be mining Bitcoin and adding it to the city’s balance sheet.

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Author: Jimmy Aki

Japan’s Top Banks Join Crypto Exchange-Led ‘Study Group’ to Discuss Digital Payment System

  • Three Japanese banking industry heavyweights are joining arms in a study group to focus on digital payment settlement networks in the country.
  • The study group is led by local cryptocurrency exchange, DeCurret Inc., giving possible hints of a crypto integration.

Top Japanese banking institutions, Mizuho Financial Group, Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group (MUFG), alongside experts and industry leaders in Japan joined a study group to look into digital payment systems.

The group will meet once or twice a month from June to September this year chaired by former head of the Payments and Settlement systems, Bank of Japan (BoJ) and current director at Future Corporation, Mr. Hiromi Yamaoka.

DeCurrent Inc., released a statement dated June 3, 2020 outlining the key agendas of the meetings including digital payment systems, application of distributed ledger systems in the economy and digital currency settlement platforms within Japan.

The wide scale penetration of digital payment services and blockchain in Japan is remarkable. Ripple Inc.’s partnership with SBI Holdings has seen a number of big banks take on blockchain development including Fukushima Bank and SFMG. The study aims at coming up with a standardized version of these systems and blockchain infrastructure. The statement further noted,

“The purpose of this study group is to examine and discuss challenges and solutions concerning digital currencies and digital settlement infrastructure, to find a consensus toward their realization, and to present a direction for standardizing services and infrastructure.”

Other top firms that will join the group include the East Japan Railway Corporation, KDDI Corporation and Mori Hamada & Matsumoto in Tokyo. Japan based blockchain firm, Accenture Japan Ltd. and SIGMAXYZ Inc. will act as cooperating companies.

The study, once published, will be sent to the observant teams from the Ministry of Finance, Ministry of Trade, Economy and Industry, the Financial Service Authority (FSA) and the Bank of Japan.

DeCurret launched operations back in 2018 gaining approval to launch in Japan, and in March the following year, from the FSA. The license allows the exchange to carry out digital payment services and trading in the country.

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Author: Lujan Odera

Cardano Allowed to Join CDF to Participate in Promoting Regulatory Guidelines

Cardano-Allowed-to-Join-CDF-to-Participate-in-Promoting-Regulatory-Guidelines

Cardano Foundation is the latest highly-ranking company to join the Global Digital Finance (GDF). By joining the famous industry membership body whose core mandate is to preach about the need to embrace the best practices on crypto assets, Cardano expects to be part of the push.

According to the official announcement, Cardano was reportedly granted membership on Thursday having gone through every single step companies go through to be admitted. In the end, the Global Digital Finance, through their Twitter outlet, welcomed Cardano.

CDF Works Hard to Promote Adherence to the Best Practices for Cryptoassets

Global Digital Finance, or simply GDF, as it is popularly called, is an industry membership body based in London. It mostly creates a full code of conduct and work principles that govern token sales, tokenization platforms, funds as well as fund managers. The body also reviews members’ websites to ensure that they are always complaint with a particular set of standards.

GDF, however, doesn’t operate like a dormant organization in the crypto industry. With Teana Baker-Taylor as its Executive Director, Global Digital Finance regularly participates in popular meetups and discussions in the industry.

In fact, Baker-Taylor is set to be a panelist at the Barcelona Trading Conference slated for later this year. Others on the panel will include Rivver’s Samuel Katz, Agada Nameri from 21M Capital and the founder and CEO of Cytexlabs, Tomar Weiss. One of the key points they’ll be discussing is the legal landscape in the industry.

Being Part of Those Setting the Rules in the Industry

For Cardano Foundation, however, GDF isn’t the only organization is has joined. It is firmly in a host of GDF-allied working groups, especially those that are involved in all-things KYC/AML, custody, Stablecoins and all issues relating to security tokens. Cardano is also keen on being part of organizations working hard to promote integrity in the market and tax treatment.

Speaking after getting admitted to GDF, Cardano’s director of global PR, communications, and marketing, Bakyt Azimkanov said they would use the newfound collaboration to help further the body’s quest to create the best practices. He said Cardano Foundation would help strengthen the group’s ongoing push to initiate robust governance policies and improve the crypto asset market develop.

Cardano Foundation, alongside IOHK and EMURGO, is working hard to develop the Cardano blockchain further. The Foundation is also working hard to expand its reach and attract more crypto enthusiasts into its ecosystem.

Cardano’s founder, Charles Hoskinson, is optimistic that their project could even dwarf Facebook once they release their Blockchain products. At the moment, Cardano is banking on its partnership with AlgoZ to boost the liquidity of its native coin, ADA.

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Author: Lillian Peter

WAVES Price Prediction Today: Daily (WAVES) Value Forecast – June 5

Waves-is-Looking-to-Raise-a-Whopping-USD-120-Million-Via-its-Private-Funding-Round
  • WAVES/USD trade has been moving in a consolidation manner to the south.
  • Placing or joining the WAVES/USD market now seems to call for an indecision trading psyche.

WAVES/USD Medium-term Trend: Bearish

  • Distribution territories: $2.80, $3, $3.20
  • Accumulation territories: $2, $1.80, $1.60

Waves price valuation hasn’t been able to come out of the slight selling pressure been exerted on it by the US dollar. As at now, the market movements to the south have been slowing down around the Bollinger Lower Band’s trend-line.

The 50-day SMA is located over the Bollinger Middle Band with a small space between them. The Stochastic Oscillators are now consolidating around range 20 to indicate that the downward market movement seems not to have been exhausted fully.

The cryptocurrency may soon begin a pull-up moving style to find a price point around the Bollinger Middle Band and the 50-day SMA that could suit the bears’ entry once again.

WAVES/USD Short-term Trend: Ranging


In the short-term run of the WAVES/USD market, price line has been dominated by a different number of lower lows than lower highs. The reason for that is justifiable by the fact that most of the crypto’s trading operations have been carried out below the trend-line of the 50-day SMA indicator.

The Bollinger Bands are as well flatly trending toward the east direction. The Stochastic Oscillators now attempting to crosshairs at range 40.

The market may continue to rise and fall in a range moving manner as long as the 50-day SMA is located over the market trading area. However, a break out of the SMA indicator could be an important notification that the bears would be losing out in energy in near time.

Waves:

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[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: Azeez M