Southeast Asia’s Largest Bank Sees Increasing Crypto Demand from Corporate Investors & Family Funds

Southeast Asia’s Largest Bank (DBS) Sees Increasing Crypto Demand from Corporate Investors and Wealthy Family Funds

DBS Group’s DBS Digital Exchange is “growing very rapidly” and is expected to double the number of clients on the members-only bourse as investors gradually explore cryptocurrencies and digital assets.

Singapore’s DBS Group is seeing robust demand from accredited individuals, corporate investors, and investment firms that manage the fortunes of wealthy families for its DBS Digital Exchange.

DBS Digital Exchange, set up in December as a members-only bourse, expects to double the number of members on its new platform for crypto trading to 1,000 by the end of December, reported Reuters. It is further expected to grow by 20-30% annually for the next three years as digital tokens gain acceptability.

“We are growing very rapidly. Investors are gradually exploring cryptocurrencies and digital assets,” said Eng-Kwok Seat Moey, head of capital markets at Southeast Asia’s largest bank by assets and the chairperson of the DBS exchange.

Eng-Kwok also said that the bank’s position as one of the biggest wealth managers in Asia and its expertise in originating deals in capital markets would help it attract more users and grow trading volume.

She added that the exchange is also hoping to list at least half a dozen security tokens by the end of next year. DBS DIgital exchange currently offers trading services between Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and XRP against U.S., Singapore, Hong Kong dollars, and the yen.

DBS’ brokerage arm has already received in-principle approval for the new regulatory framework introduced by Singapore’s central bank that came into effect in January 2020. This license allows its crypto exchange to directly support companies and asset managers to trade in digital payment tokens through its platform.

Kwee Juan Han, DBS’ group head of strategy and planning said,

“Our aim was to create a platform that could serve the entire digital asset value chain, from deal origination to tokenisation, listing, trading, and custody – all within a trusted and regulated bank franchise.”

Han expects new businesses, including the digital exchange and a carbon exchange, to bring a total revenue of S$350 million ($260 million) by 2022-end.

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Author: AnTy

World’s Largest Index Provider Is Looking Into “Direct Exposure” to Cryptocurrencies says CEO

World’s Largest Index Provider Is Looking Into “Direct Exposure” to Cryptocurrencies says CEO

Henry Fernandez, Chairman, and CEO of the world’s biggest index provider MSCI Inc. which is also developing some cryptocurrency indices and products, said in an interview with Bloomberg that they are actively looking into the crypto space.

“We’re still exploring a variety of options and talking to a number of partners, but we’re very bullish on digital assets on the blockchain technology associated with it, obviously including cryptocurrencies. I think they have a role to play in the world. And we’re looking at that. We’re looking at it from the point of you know about direct exposure to the various types of currencies.”

In June, Fernandez had said that the global securities index publisher is considering offering indices based on crypto assets and has been talking to experts about it.

MSCI publishes popular indexes for equities and other securities, which helped asset managers and investors allocate $14.5 trillion in assets globally by the end of last year.

In its recent expansion of offerings, MSCI launched 20 thematic indexes on “megatrends” in China this year to help investors guide their capital into projects in alignment with the Chinese government’s policy goals.

In this week’s interview, besides talking about crypto, Fernandez also shook off concerns about the “investability” of Chinese stocks following Beijing’s recent regulatory crackdown, pointing to previous instances where markets rebounded in the aftermath.

Regulatory compliance has weighed on China “every three, four, five years and obviously the markets have sold off at the time. But very quickly afterward, the markets have recovered and gone through to new heights,” he said.

“There is a lot of criticism on China in terms of lack of compliance,” and it is now going through a corrective phase, Fernandez said, adding: “Countries go through periods like this.”

China also cracked down on cryptocurrency mining and leverage trading in the country that led to a deep sell-off in the crypto asset prices in May and June; however, since then, they have rebounded sharply and are now making moves towards their all-time highs.

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Author: AnTy

America’s Largest Retailer, Walmart, Is Hiring A “Cryptocurrency Product Lead”

America’s Largest Retailer, Walmart, Is Hiring A “Cryptocurrency Product Lead”

With this crypto move, the eCommerce company aims to enable a broader set of payment options for its customers.

After e-commerce giant Amazon, multinational retail corporation Walmart is the latest company to hire a crypto lead.

Less than 24 hours back, the company posted a job for a digital currency and cryptocurrency product lead. For this job, Walmart requires someone passionate about Digital Currencies and would be responsible for developing the digital currency strategy and product roadmap at the company.

“As one of the largest retailers and e-commerce companies, Walmart enables a broad set of payment options for its customers.”

The cryptocurrency lead will drive the Digital Currency strategy for Walmart and identify crypto-related investment and partnerships.

For this position, one needs to have a Bachelor’s Degree, over a decade-long experience in product management, technology commercialization, and of course, have experience in the cryptocurrency ecosystem and related technologies as well along with the knowledge of the players involved in the rapidly growing industry.

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Author: AnTy

Cryptocurrencies Are A “Pure Trading Instrument,” says CEO of World’s Largest Hedge Fund

Cryptocurrencies Are A “Pure Trading Instrument,” says CEO of World’s Largest Hedge Fund

Luke Ellis, the CEO of Man Group, says cryptocurrencies have “no inherent worth whatsoever” and compared them to tulip bulbs mania but added that it’s suitable for trading.

“If you look at cryptocurrencies as a whole, it is a pure trading instrument. It has no inherent value. It’s a tulip bulb,” said Ellis, whose largest publicly listed hedge fund manages $127 billion in assets (AUM) as of March 31.

The London-based hedge fund manager uses quantitative models to make profits off of trends in markets, and crypto is one of them.

Ellis said cryptocurrencies were one of about 800 markets plus thousand of stocks and credits that they operate in. He said,

“We like to be long and short depending on what the models say is likely to happen in the market, and we will trade it in the long and short term with the same happiness and in as large a size as the market liquidity allows you to trade.”

“We trade S&P futures to sushi rice futures.”

But just because the hedge fund trades crypto doesn’t mean they are an asset management product in which they “offer value.” Crypto assets, he maintained, are “things to trade because they go up and down a lot.”

Like many people from traditional finance, Ellis is still in the phase of preferring blockchain technology, which he believes has potential, then cryptos that can be of “infinite numbers” because anyone can launch one any day.

While Ellis has his concerns and doubts about cryptocurrencies’ value, he understands what’s driving investors towards them. He said,

“The thing that worries customers the most is inflation.”

“I think we will stay in a world of very low rates until central banks lose control, and when they lose control, it will not be fun.”

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Author: AnTy

FTX Exchange Raises $900M At $18B Valuation; Binance Is Out, Coinbase and Many Big Giants Are In

Two-year-old cryptocurrency derivatives platform FTX has completed a series B fundraising round, the largest private equity round in the industry of a whopping $900 million.

With this, FTX now has a valuation of $18 billion, up from a mere $1.2 billion a year ago. This may feel fast, but it is the world “going in slow motion” while FTX is “going normal speed,” according to the founder and CEO Sam Bankman-Fried.

This makes sense given that FTX is the most rapidly growing business in the cryptocurrency space which has signed multiple high-profile marketing deals [Tom Brady & Gisele Bundchen Ambassadors, MLB Partnership, eSports Team TSM, FTX Arena, and Blockfolio Acquisition] to spread the word. The company also plans to use this fresh capital to expand its product offerings and for other investments.

“The primary goal of the raise was to [find] strategic allies who can help FTX grow its brand,” but the capital itself will be primarily used for acquisitions, said Bankman-Fried.

With this latest funding, 29-year old CEO Bankman-Fried, who previously worked for quantitative-trading giant Jane Street Capital LLC, has seen his riches grow by at least $7.9 billion.

Bankman-Fried who owns 57% of the company shares is now worth $16.2 billion and is the wealthiest known crypto billionaire, as per Forbes.

More than 60 Participants

The exchange raised the funds from a vast number of big names, more than 60, that includes the Paul Tudor Jones family, British hedge fund manager Alan Howard, Silicon Valley venture capital firm Sequoia Capital, hedge fund billionaire Daniel Loeb’s Third Point, private equity giant Thomas Bravo, another hedge-fund billionaire Israel Englander, and SoftBank Group.

Paradigm, Sino Global Capital, Circle, VanEck, Ribbit Capital, Insight Partners, Lightspeed Venture Partners, Altimeter, BOND, NEA, Willoughby Capital, 40North, Senator Investment Group, Multicoin, and Hudson River Trading also participated.

“Absolutely ecstatic to let you know that Sino Global Capital participated in FTX’s Series B round (in retrospect, it was inevitable),” tweeted Matthew Graham, CEO at Sino Global Capital.

“Today, SBF is no longer merely a titan of crypto. He’s now a titan of business, and he and our good friends at FTX are just getting started.”

Exchanges Making Strategic Investment

Amidst this, leading crypto exchange Binance recently exited its position in FTX. Binance made a strategic investment of an undisclosed sum in FTX in December 2019.

“We’ve seen tremendous growth from them, we’re very happy with that but we’ve exited completely,” said Binance CEO Changpeng Zhao.

“CZ” told Forbes that the withdrawal was part of “a normal investment cycle” and it was on good terms. “We’re still friends but we no longer have any equity relationship,” he said.

Coinbase meanwhile joined in through its investment firm Coinbase Ventures.

Coinbase recently made its debut on Nasdaq with an evaluation that briefly went past $100 billion and marked the Bitcoin top but FTX has no such plans yet. While “actively thinking about,” Bankman-Fried has no idea how this will end exactly, not to mention, there’s no “ticking clock on our need to go public.”

FTX has a native token FTT, a $3 billion market cap coin trading at $27.91, currently down over 56% from its all-time high above $63 two months back.

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Author: AnTy

Investors Seeking Diversification in Crypto with Multi-asset Products Recording Largest Inflows

Investors Seeking Diversification in Crypto with Multi-Asset Products Recording Largest Inflows: CoinShares Report

While Bitcoin investment products had minor outflows last week, Ether had minor inflows with Cardano, XRP, and BNB attracting capital.

The second half of 2021 is having a slow start, with the week ending July 9 being a quiet one, not only in terms of price, which remained between $32,000 and $35,000, but also in terms of flows recorded by crypto investment products.

Digital asset investment products saw minor outflows of just $4 million.

Last week was actually “the quietest trading week since October 2020,” according to a report by digital asset manager CoinShares.

Bitcoin investment products recorded outlaws of a mere $7 million last week, while trading volume was $1.58 billion for the week.

A regional divide in Bitcoin inflows has been seen in recent weeks, with North American providers seeing consistent inflows while their European counterparts continue to see outflows.

Purpose, which launched the first bitcoin ETF of North America and has also launched an Ether ETF, had the largest inflow of $13.1 million. Besides Purpose, 21Shares, Bitwise, and others had minimal net inflows.

While the world’s largest digital assets manager, Grayscale, had zero flows, CoinShares, 3iQ, and ETC Issuance all three had net outflows.

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It was multi-asset investment products that were the most popular, with inflows totaling $1.2 million.

This is evident from the fact that while the leading cryptocurrency products had outflows, the second-largest crypto, Ethereum, had minor inflows of just $0.8 million.

Multi-asset products’ year-to-date inflows now total $362 million, representing 16.5% of assets under management, proportionally larger than Bitcoin’s 15.6% of AuM and Ethereum’s 9.9% of AuM.

While these inflows remain relatively small in comparison to the top two cryptocurrencies, the data does imply that “investors are increasingly looking to diversify their digital asset holdings.”

When it comes to altcoins, Cardano (ADA) was a particularly attractive option for investors, seeing inflows of $0.6 million ADA -2.43% Cardano / USD ADAUSD $ 1.32
-$0.03-2.43%
Volume 1.2 b Change -$0.03 Open $1.32 Circulating 32.04 b Market Cap 42.14 b
6 h Investors Seeking Diversification in Crypto with Multi-Asset Products Recording Largest Inflows: CoinShares Report 9 h After GBTC and ETHE, Grayscale’s Digital Large Cap Fund (GDCL) to Have A 6-Month Locking Period 5 d US Congressman Buys Cardano (ADA), Dogecoin (DOGE), and Ethereum (ETH)
. XRP also had $0.6 million inflows XRP -0.91% XRP / USD XRPUSD $ 0.63
-$0.01-0.91%
Volume 1.91 b Change -$0.01 Open $0.63 Circulating 46.17 b Market Cap 29.1 b
6 h Investors Seeking Diversification in Crypto with Multi-Asset Products Recording Largest Inflows: CoinShares Report 1 w Inflows Recorded Across Digital Assets for the First Time in 9 Weeks: CoinShares Report 1 w BIS: Crypto Investors’ Objectives Are Same as Other Asset Classes, “So Should Be The Regulation”
, while Binance’s native token BNB had $0.4 million worth of inflows BNB -1.73% Binance Coin / USD BNBUSD $ 316.46
-$5.47-1.73%
Volume 1.61 b Change -$5.47 Open $316.46 Circulating 153.43 m Market Cap 48.56 b
6 h Investors Seeking Diversification in Crypto with Multi-Asset Products Recording Largest Inflows: CoinShares Report 11 h Ethereum Scaling Solutions Continue to Record User Growth in Ongoing Boring Market Condition 5 d NFT Mania Peaked in March But Play-to-Earn Games Leading the Market Now; Accelerating Mainstream Mass Adoption
, and $0.3 million was reported by Polkadot (DOT). DOT -3.94% Polkadot / USD DOTUSD $ 14.87
-$0.59-3.94%
Volume 668.15 m Change -$0.59 Open $14.87 Circulating 974.82 m Market Cap 14.5 b
6 h Investors Seeking Diversification in Crypto with Multi-Asset Products Recording Largest Inflows: CoinShares Report 1 w Inflows Recorded Across Digital Assets for the First Time in 9 Weeks: CoinShares Report 1 w After Compound Finance, Now Coinbase is Offering Users 4% APY on USDC

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Author: AnTy

$400B Fund Manager Becomes 2nd Largest MicroStrategy Shareholder with 12.2% Stake

$400B Fund Manager Becomes 2nd Largest MicroStrategy Shareholder with 12.2% Stake

With $400 billion in assets under management, Capital International has bought a $600 million stake in publicly traded business intelligence company MicroStrategy, which is heavily involved in Bitcoin.

With 953,242 shares, Capital International has now become MicroStrategy’s second-largest shareholder.

According to Capital International’s latest 13F filing with the Securities and Exchange Commission (SEC), the company didn’t own any MicroStrategy shares as of March 31.

The fund manager now owns 12.2% of MicroStrategy, which is currently holding 105,085 Bitcoin and is planning to buy even more BTC by selling $1 billion of its shares.

Thanks to this large stake by Capital International, which the filing describes as a division of Capital Research and Management, MSTR’s share price is trading at $628.66, up from May’s low of just about $410.

The price of MSTR shares is still down more than 52% from early February all-time high of just above $1,314 but still up over 436% from a year back, before MicroStrategy CEO Michael Saylor announced his plans to buy Bitcoin in early August 2020.

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Author: AnTy

Ethereum Fees And Daily Transactions Spike Thanks to Shiba Inu (SHIB), Tether & Uniswap

Much like in May, Shiba Inu is the biggest gas guzzler on the second largest network, as it launched ShibaSwap. NFTs through Axie Infinity and OpenSea, and MetaMask are also the contributors.

Daily transactions on the Ethereum network are now back over 1.35 million, which had fallen to just above 1 million, but still down from the 1.7 million peak in early May.

Fees are also seeing a spike, with average transaction fees making their way towards $10 after falling to $2.33 in late June. At its peak in May, it soared past $70.

Additionally, gas fees are recording an uptick to 55 Gwei after falling and remaining in single digits for a couple of weeks in June.

According to Etherscan, Tether and Uniswap are the biggest gas guzzlers today, followed by addresses that belong to the Shiba Inu coin project. At 5th and 9th place again is the SHIB project, all of which together accounts for more than 18% usage in the past 24 hours.

Much like in May, on Tuesday, the SHIB project was the biggest gas guzzler and was also at the 3rd and 5th spot, as noted by crypto trader Joe McCann.

The popular dog coin is actually launching a decentralized exchange (DEX) called ShibaSwap. In a single day, ShibaSwap attracted $1 billion in total value locked (TVL).

The token SHIB is currently trading at $0.00000874, down 77% from its all-time high of $0.00003791 hit two months back.

Ethereum co-founder Vitalik Buterin was the one who sent the SHIB prices crashing in May after selling 50% of its supply (about $6 billion worth at the time) which was sent to his wallet unbeknownst to him, in place of burning the tokens. Vitalik actually gave these coins to charity, saying he doesn’t want that kind of power over a project.

Amidst this, some critics point out that aping into ShibaSwap for a four-figure APR might be a risky venture, given that its smart contract allows a single address to migrate the deposited funds.

“TLDR: All the staked funds can be rugged by the devs at any moment #WarOnRugs,” said Valentin Mihov, ex-CTO at data provider Santiment.

Since then, the project has addressed the concern and made changes, moving the owner to multisig.

“ShibaSwap devs reached out and transferred the owner role to a 6/9 multisig. They also informed they plan to deploy a timelock,” said Banteg, a core developer at DeFi bluechip Yearn Finance.

Besides Shiba Inu, the popular NFT game Axie Infinity is the fourth-largest gas guzzler. As we reported, while the NFT space has been cooling down, the play-to-earn game Axie Infinity is seeing the highest volume at $84.1 million, 769% higher than Q1 2021 and reaching over 4,700 daily unique on-chain users, an increase of 360.61% from the previous quarter.

It also had a breakout month in June, earning a record $12.2 million in revenue, and already in the first five days of the month, it has generated $9.2 million.

The AXS token has surged 300% in less than two weeks and is up 2,145% YTD.

NFT marketplace OpenSea and popular Ethereum wallet MetaMask, which earned $7 million in the past 30-days (4th highest) and $31.7 million in the last 3-months (3rd highest), are also among the top ten gas guzzlers on the second-largest network.

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Author: AnTy

Koreans REKT: Kimchi Premium All But Vanishes, Authorities Seize $47M in Crypto from Tax Evaders

While officials conduct the largest “crypto seizure for back taxes in Korean history,” FSC Chairman warns that cryptos can crash into nothing if exchanges are not approved under the VASP license. Koreans meanwhile remain more interested in Doge and XRP than BTC and ETH.

The “Kimchi premium,” the difference between prices on South Korean exchanges and global cryptocurrency exchanges, has collapsed.

Representing the exit of retail Korean traders, the “kimchi premium” on crypto assets has fallen to 0.5% after this week’s sell-off, noted DooWanNam, co-founder of StableNode, who is also working with MakerDAO.

This kimchi premium had swelled to a three-year high of 22% in early April, just days before Bitcoin’s price hit its all-time high of nearly $65,000 in a sign of retail frenzy.

Given that South Korea now contributes less than 2% of worldwide trading volume versus 8% in 2017, these swings in premiums don’t impact the cryptocurrency prices.

Moreover, Bitcoin and Ethereum aren’t even the most traded crypto asset on South Korea’s largest crypto exchange, Upbit, rather they come at third and fourth place, respectively.

Korans continues to be more interested in trading Doge and XRP, as per Coinmarketcap. In the last 24 hours, Upbit recorded more than $2 billion of trading volume for DOGE/KRW pair, $1.3 bln for XRP/KRW, over $1 bln for BTC/KRW, $678 million for ETH/KRW, and $465 million for ETC/KRW.

Largest “Crypto Seizure for Back Taxes”

While the retail is reeling from these losses, officials in the South Korean province of Gyeonggi confiscated $47 million in Bitcoin, Ether, and other cryptos, according to Financial Times.

Officials are calling it the largest “cryptocurrency seizure for back taxes in Korean history.”

The funds have been seized from 12,000 tax evaders. Officials manually connected individuals’ activity on crypto exchanges with their phone numbers because trading platforms didn’t collect formal identification of account holders.

Just last year, the National Assembly of South Korea passed a law that required local exchanges to comply with KYC and AML guidelines from the Financial Action Task Force (FATF).

As per this, crypto businesses, particularly exchanges, must get approval from the Financial Services Commission (FSC) and the Korea Internet and Security Agency before September 24, 2021.

Be Cautious

On Wednesday, FSC Chairman Eun Seong-soo also once again spoke about the dangers of cryptocurrencies, according to a local media publication. Chairman Eun on the regulation of virtual assets said,

“I emphasized the risk that coins (cryptocurrency) could become a piece of paper if virtual asset business registration (VASP license) is not done.”

He further reiterated the need to be cautious about investing in cryptocurrencies and said, “It is regrettable that we cannot do anything about the price change of the coin, delisting, or suspension of trading.”

On being asked by Tesla CEO Elon Musk influencing the crypto market and whether he will refund Korean investors, Chair Eun said while he understands the anger, “it is technically and realistically difficult,” adding, “if it was done in Korea, if it was a stock, it would be subject to judicial treatment.”

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Author: AnTy

Largest Korean Exchange Upbit Goes on a Delisting Spree Ahead of New Regulation

Upbit, the largest cryptocurrency exchange in South Korea, is removing several cryptocurrencies from its platform.

The exchange announced the removal of the KRW market pair of MARO, Paycoin (PCI), Observer (OBSR), Solvecare (SOLVE), and Quiz Talk (QTCON) on Friday.

MARO/KRW, PCI/KRW, OBSR/KRW, SOLVE/KRW, and QTCON/KRW pairs will no longer be available for trading after June 18, 12 PM (KST).

While BTC pairs won’t be affected, the exchange would not support the trading for GBP against these crypto assets either.

The exchange cited failure to meet internal standards for maintaining the KRW market pair as the reason for the removal.

The same day, the exchange flagged 25 crypto assets with an “investment warning.” These cryptocurrencies include Komodo (KMD), ADX, LBRY Credit (LBC), Ignis, D-Market (DMT), Einsteinium (EMC2), Twelve Ships (TSHP), Lambda (LAMB), Endor (EDR), Pixel (PXL), PICA, Red Coin (RDD), RINGX, Byte Token (VITE), ITAM, Syscoin (SYS), BASIC, NXT, BFT Token (BFT), Nucleus Vision (NCASH), Fusion (FSN), Flian (PI), Ripio Credit Network (RCN), PRO, and Aragon (ANT).

Business and team competency, public disclosure of information and communication, technical competence, and global liquidity for investor protection are the reasons given by the exchange for the investment warning.

Upbit will conduct a detailed review of these digital assets for a week to determine whether these cryptos should be delisted. The exchange said,

“If the reason for designation of a significant item is not fully clarified during the clarification period, Upbit will notify the end of the transaction support through a separate notice, and the exact transaction support end schedule will be announced through the transaction support termination notice.”

Cryptos designated as items of concern cannot be deposited after the time this notice is posted, added the exchange.

“Korean traders are calling it “Bloody Friday,” said DooWanNam, co-founder of StableNode and working with DeFi project MakerDAO. He further shared that this move is taken by Upbit because “the new regulation is incoming and it penalizes exchanges for having too many coins, especially shady ones.”

Additionally, there are rumors that “the exchange is watching the Financial Services Commission and is taking action against a project with conflict of interests.”

According to DooWanNam, these 25 cryptos flagged are “most likely” to be removed while noting some of these coins are popular Korean natives with high volume. He said,

“Many of them only have Upbit as the major exchange (or for some only exchange), so it will be for sure death unless they find an alternative exchange. Likely global ones this time.”

“While this will be bad for Korean coins, it can turn out to be good news for global retail coins like ADA and XRP.”

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Author: AnTy