Singapore’s Sovereign Wealth Fund Leads Digital Asset Bank Anchorage’s $80M Series C Round

Singapore’s Sovereign Wealth Fund Leads Digital Asset Bank Anchorage’s $80M Series C Round

Anchorage has raised $80 million in a Series C round led by Singapore’s sovereign wealth fund GIC with participation from a16z, Blockchain Capital, Lux, and Indico.

“Largest sovereign wealth funds leading rounds in global crypto-asset custodians,” commented Su Zhu, chief executive officer, and chief investment officer at Three Arrows Capital.

Earlier this year, Anchorage received a national trust charter from the Office of the Comptroller of the Currency (OCC), making it the first federally chartered digital asset bank in history.

“Anchorage has gone through a brilliant metamorphosis — from a world-class custody solution to the standard-bearer for crypto banking,” said W. Bradford Stephens, Co-founder and Managing Partner of Blockchain Capital.

“In just a few short years, they’ve already been a powerful, catalytic force for institutional adoption, regulatory confidence, and overall maturation of the space.”

Now it is raising funds to expand its digital bank services with a focus on enabling institutions to participate in the digital asset space.

The firm laid down its five key goals for the year ahead, including offering at-launch support for new protocols. It will also continue to invest in broad asset support, just as with Filecoin, Oasis Protocol, and Celo.

Anchorage has already been seeing an “influx of interest” ever since it obtained the charter and helping organizations participate in digital assets through corporate treasuries and endowments.

As a bank, the focus is also to make crypto lending even more seamless and secure, and they further plan to scale its lending products and operations.

Besides partnering with neo banks, challenger banks, and traditional banks, the idea is to make institutional DeFi participation accessible.

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Author: AnTy

Ether Crashes to $700 on Kraken; High Network Activity Leads to Withdrawal Delay & Suspension

Ether Crashes to $700 on Kraken; High Network Activity Leads to Withdrawal Delay & Suspension

In Monday’s crypto carnage, the market provided a hefty discount that people have been calling out for some time now, with the digital assets rallying hard.

The overall cryptocurrency market lost $240 billion, but since then, it has gained some $86 billion back as the prices of cryptocurrencies make a recovery.

While Bitcoin went under the $50,000 level, Ethereum went under $1,550. But what has been interesting and for some devastating, the price of Ether went to $700 on Kraken.

The cryptocurrency exchange had some wild price action on Ether as after such a discounted opportunity, it went back right above $1,700 and caught up with other exchanges soon after.

This hasn’t even been a one-time thing as popular crypto personality, CryptoCobain, tweeted, “People trading on Kraken are masochistic. Once per month they get completely fucked by the matching engine.”

While for leveraged traders, it was a disaster, this also turned out to be a perfect opportunity for spot buyers.

“Unbelievable, my fishing ETH orders below $1.2k have been filled on Kraken,” tweeted one trader, who is extremely bullish on Ether and has long been calling out for a $10,000 price target for the second-largest cryptocurrency in this cycle.

On top of the deep red market, this much price volatility sent the gas prices on the network soaring. This made trading on-chain nearly impossible, let alone allowing traders to front-run.

Exchanges were already struggling with too much activity, with Kraken reporting, “Due to heavy traffic you might experience some connectivity issues. We are working to resolve the issue as soon as possible.”

Then, this congestion due to demand spikes on the Ethereum network led to delays with ETH and ERC20 token withdrawals.

Besides Bitstamp, Binance, as usual, felt the heat and suspended withdrawals.

“Binance has temporarily suspended withdrawals of ETH and Ethereum-based tokens due to high network congestion. Rest assured funds are SAFU, and we apologize for any inconvenience caused,” informed the leading spot exchange.

For now, things are slowly coming back to normal, ETH is currently around $1,750, and Bitcoin is back above $53,500.

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Author: AnTy

A ‘Surge in Interest’ in DOT Leads 21Shares to Launch World’s First Polkadot ETP on SIX

A ‘Surge in Interest’ in DOT Leads 21Shares to Launch World’s First Polkadot ETP on SIX

Amidst the growing interest in decentralized finance (DeFi), investment product provider 21Shares AG, previously known as Amun, has launched the world’s first Polkadot (DOT) exchange-traded product (ETP).

Zurich-based 21Shares is the issuer of crypto ETPs and will be launching the DOT ETP on the Swiss stock exchange (SIX Exchange) on Feb 4th, 2021.

The move came right on the heels of 21Shares adding DOT to its HODL basket. DOT is the second-largest constituent after Bitcoin in the product. Hany Rashwan, CEO 21Shares AG, said in a statement,

“We remain committed to the unprecedented demand we are seeing from institutional investors wanting exposure to crypto-assets.”

According to the chief executive, investing in other crypto-assets is a natural transition from Bitcoin for investors, and European investors have been approaching the company to launch new products.

While the company has been seeing a 5-fold increase in demand, mainly from institutional investors, across its suite of crypto ETPs since Q3 2020, it says there has been a “recent surge in interest” for DOT.

With DOT, 21Shares AG aims to provide “exposure to the multi-chain application environment that enables cross-chain interoperability on a level previously not possible via their traditional broker or bank.”

Created by Ethereum co-founder Gavin Wood, DOT is the 5th largest cryptocurrency with a market cap of $15.28 billion. Currently trading at $16.84, DOT is up 104% so far in 2021.

The firm says that despite the rising popularity of the DOT token, it is “not easy for non-technical users to buy and hold and interact with it,” as such, with its ETP, they are lowering the barriers to entry for newcomers. Rashwan said,

“We are launching the DOT ETP to give investors a safe, regulated, and easy way to obtain exposure to this exciting new blockchain technology.”

Each share of the product is fully collateralized by the corresponding amount of physical DOT tokens.

The company is preparing to add more ETPs in the next three months and new European exchange listings.

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Author: AnTy

Ethereum is still the “Unshakable” Leader of the Smart Contract Platform Industry – Report

  • Ethereum leads with 72% followed by EOS, Cardano, and Tron
  • Market in need for “new hotspots” as the smart contract platform sector declines
  • Staking “not conducive to the healthy and stable development of the industry.

Ethereum is still leading the smart contract platforms, accounting for 72% of market share despite the market capitalization of these platforms in Q3 of 2019.

The market cap of smart contract platform in the industry has fallen from 14.9% to 9.8% but still occupies the second place in the industry, reports TokenInsight in its research.

Other prominent projects in this race are EOS (11%), Cardano (4%) and Tron (3%). NEO, Cosmos, Tezos, Ontology, and Ethereum Classic each account for 2% of the share while VeChain only has 1%.

The return of each of these platforms has been negative in 3Q19, registering a sharp decline.

Market performance

These numbers indicate the disappointment of the market with the “smoke and mirrors” since 2017. The market the report states needs “new hotspots.” Development in the market has also been “difficult” because of the worse than expected fierce competition.

The growth momentum of the secondary market changed in Q2 and started adjusting, now this downtrend is further expected to continue in Q4.

Future Prospect

When it comes to development activity, EOS and Tron is leading in terms of commits, as per GitHub data.

Interestingly, Cosmos saw a high degree of code development as well, which has been comparable to Ethereum and higher than most of the platforms. This indicates developers are more interested in the blockchain operability.

Cross-chain and multi-layer architecture became a hotspot in Q3 2019 with sharding making “great” progress as well. Polkadot testnet is already launched and Cosmos’s IBC will be coming at the end of this year.

Development of leading projects

Ethereum also has the best ecosystem of decentralized applications (DApps) in the market and serves as a decentralized infrastructure of the future of open finance, reads the report. Ethereum’s 2,396 Dapps are followed by 634 of EOS and Tron’s 618.

Gambling and gaming are still dominating the Dapps. However, while gaming and gambling account for the majority of Dapps EOS and Tron, types of dapps on Ethereum are much more diverse. This is because of the stability and security of the Ethereum network.

As such, Ethereum has an “unshakable” leading position in the smart contract platform whether it is about financial innovation, lending platform’s lock-up value, or trading volume of a decentralized exchange.

EOS has the highest number of active users but both EOS and Tron active users are on a downtrend.

In Q3 2019, the market expectations from the smart contract platform dropped but sharding technology, cross-chain, multilayer technology, and staking has brought new ideas of the sector.

However, the report cautions that staking is getting much attention from the industry but it is “not conducive to the healthy and stable development of the industry.” While the idea that everyone can be a node may bring new challenges, the unfair distribution of tokens may widen the gap between the rich and the poor.

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Author: AnTy

640 Crypto Projects Out of 2,000 Haven’t Published a SIngle Line of Code in 2019: Report

  • Combined market cap of these cryptos is $415 million
  • Ethereum, EOS, Cardano, Lisk Leads the Github Activity
  • Exchanges prioritizing their own interest

“Crypto landscape is full of lies and empty promises,”

states the report analyzing cryptocurrencies’ Github activity, by CoinCodeCap, a code analysis, reporting, and API services for cryptocurrencies technology provider.

On analyzing the development activity of more than 2000 cryptocurrencies, the report found that more than 640 cryptocurrencies did not publish any code in 2019.

Tracing codebase activity is very important because these assets are manifested in their codebase. As such, regular codebase activity shows a project’s commitment and is further necessary to gain investor’s trust in the project.

$415 Million Market Cap not Really Worth Anything

While analyzing over 16,000 repositories, it found that these 640 crypto projects haven’t commit a single line of code in 2019, despite having millions of dollars in market capitalization and listed on multiple exchanges.

The combined market capitalization of these cryptocurrencies is more than $415 million.

Proton Token is one such crypto asset with over $80 million market cap that didn’t push any code last year. Another one is BQTX that has almost no code on their Github but has over $45 million in market cap.

On combining these with the Scam coins, the overall valuation crosses $1 billion.

Ethereum, EOS, Cardano, & Lisk Leads the Github Activity

As per its website, the top cryptos with Github activity (commit rank) are Insolar, Nuls, Augur, and Ethereum. Other coins in this list are Dai, Chainlink, Cardano, Chainlink, EOS, Golem, Lisk, Stellar, and IOTA among the top 20.

Ethereum, however, is the top one in terms of overall rank that covers a number of commits, forks, watchers, and stars followed by Lisk, Bitcoin, Insolar, Cardano, and EOS.

Exchanges Prioritizing their own Interest

Yori (62) and CoinExchange meanwhile, are top in listing these inactive assets.

“Normal investors get exposed to these assets on different Exchanges but these Exchanges prioritizing their own interest and are not performing due diligence.”

Because most of these exchanges aren’t able to generate enough revenue from trading, they charge high fees for listing coins, the report said.

It further points out how a self-regulatory market here will perform its fiduciary duty and further not expose customers to these harmful assets.

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Author: AnTy

Last Week Today: Bitcoin & Cryptocurrency Weekly Digest July 1-8

  • Study finds United States leads the world in volume of Bitcoin tweets, with Peru the most positive
  • Nobel Laureate shows poor understanding of cryptocurrencies, calls for them to be shut down
  • Regulatory pushbacks against Facebook’s Libra continue, panic and uncertainty abound
  • Is Bitcoin’s current bullish trend driven by manipulation or real demand?

More People are Talking about Libra than Bitcoin on Twitter, but Negatively

On July 3rd, social market sentiment analytics platform, TIE, published its report on the geographic breakdown of cryptocurrency discussions on twitter. The report revealed some pretty interesting, perhaps even surprising snippets.

According to the study, the US and the UK together account for 49.4% of recent tweets regarding Bitcoin, with 38.9% coming from the US and 10.5% from the UK. Outside of the top two, Canada, Turkey, India and Australia are the next most popular sources of Bitcoin tweets.

With regards to sentiment, which qualified tweets as being either positive or negative, among countries with at least 0.5% of the total volume of Bitcoin tweets, the most positive Bitcoin tweets emanated from Peru, Malaysia, Indonesia, Vietnam and Italy. Curiously, despite record-setting OTC trading volume, Venezuela has recently seen the highest volume of negative Bitcoin tweets (62%).

The report also compares twitter discussions of Libra vis-a-vis Bitcoin and the results are unsurprising. While Libra had a greater proportion of tweets, which were largely positive in the lead up to its announcement in June, sentiment towards Libra quickly shifted in the aftermath. Only 45.2% of Libra tweets were positive following the much-awaited release of its white paper, compared to 61.5% of Bitcoin tweets in the US and 59.8% of Bitcoin tweets globally being

“exceedingly positive.”

Given the volume of trading that takes place in Asian markets, it’s rather surprising to find how much Bitcoin discussion on Twitter is dominated by the US and the UK. But it stands to reason that Asians probably don’t use Twitter as much, and Twitter, therefore, is not the best barometer for Asian market sentiments as perhaps Sina Weibo which is often dubbed the Chinese Twitter and boasts nearly half a billion active users.

Stiglitz Won’t Care To Learn About Bitcoin But is Apt to Vilify It

Another day, another Keynesian crawls out from beneath a rock to pipe up hackneyed, poorly informed put-downs on Bitcoin. The statutory nocoiner idiot of the week is none other than renowned American economist, Nobel Laureate and septuagenarian way past his sell-by date, Joseph Stiglitz.

Like all Keynesians, Stiglitz deems it infra dig to even deign to understand how Bitcoin works, but can’t resist an opportunity to condemn it,

“the last thing we need is a new vehicle for nurturing illicit activities and laundering the proceeds, which another cryptocurrency will almost certainly turn out to be.”

said Stiglitz in an interview this week, speaking of Facebook’s Libra.

“I actually think we should shut down the cryptocurrencies,” he continued, before sputtering some tired old clichés peddled to vilify cryptocurrencies, such as their use in illegal financial activities, such as money laundering, by moving money off “from a transparent platform into a dark platform.”

“There is no need for anybody to go to a cryptocurrency,”

argued Joe,

“traditional banking sector has become too transparent to be used for money laundering purposes and other illegal activities. Cryptocurrencies are just a new way for inexperienced investors to lose their money.”

Stiglitz obviously didn’t do his research. A report by the US Department of Treasury last year concluded that the role of Bitcoin and virtual currencies in illicit activities and terrorist funding was negligible compared to traditional financial services. The U.S. dollar continues to remain the most popular currency for illicit commerce and money laundering, totaling more than $2 trillion globally.

Stiglitz’s other concern regarding Bitcoin that it’s not ‘transparent’ only proves that he has never made an effort to understand the workings of the currency. With every single transaction being immutably lodged in the Bitcoin ledger, shared and readily accessed by every single node on the network, a more transparent fool-proof financial system has never existed.

How are Japan, China, Russia, and the EU going to Tackle Facebook’s Libra?

Three weeks after Facebook released the white paper for its cryptocurrency, Libra, which was originally dubbed ‘GlobalCoin‘, it is looking increasingly likely that Libra isn’t going to be very global at all.

India has already supposedly banned it, and all other virtual currencies. This week reports from Japan and the EU followed along the lines of the US. The only neutral response, or perhaps even positive in the current scenario, came from Russia.

India’s Economic Affairs Secretary, Subhash Chandra Garg, said this week, “Design of the Facebook currency has not been fully explained. But whatever it is, it would be a private cryptocurrency and that’s not something we have been comfortable with.”

China, another Asian juggernaut, is concerned about the negative impact on its own economy a dollar-dominated basket of currencies backing the Libra would entail, according to the director of the People’s Bank of China (PBOC)’s research bureau, Wang Xin,

“If Libra is widely used for payments, cross-border payments in particular, would it be able to function like money and accordingly have a large influence on monetary policy, financial stability and the international monetary system? If so, it would bring a series of economic, financial and even international political consequences.”

On Sunday, European Central Bank (ECB) urged financial regulators to act fast to prepare for the push by US tech giants such as Facebook into the financial system. ECB’s executive board member, Benoit Coeure warned,

“It’s out of the question to allow them to develop in a regulatory void for their financial service activities because it’s just too dangerous. We have to move more quickly than we’ve been able to do up until now.”

A report from Nikkei Asian Review last week claims that Japan, which has been very welcoming of Bitcoin, is not so enthused by Libra. According to the report, the Bank of Japan (BoJ) has concerns that Libra will be tough to regulate, could bring undue risk to the financial system and that Facebook is linking Libra to more than one national currency to avoid strongly focused regulatory control from a single nation’s regulators.

A little respite for Libra this week came from Russia’s deputy finance minister, Alexei Moiseev, who revealed that Russia plans to deal with Libra as it has done every other cryptocurrency, refrain from special action,

“No one is going to ban it. The ruble is our national currency, and all calculations must be made in it.”

Kraken CEO Vouches For Real Demand As The Driver For Bitcoin Bull Run, Not Tether

Unlike the parabolic run at the end of 2017, which was driven by unprecedented spikes in interest and activity across social media channels and google search trends, the current bullish price run of Bitcoin is not underpinned by a similar surge of mentions, discussions and activities. Price is up, but not much else has dramatically changed from earlier in the year. Except for the volume of Tether being traded, of course.

So given Tether’s murky history and its disproportionate share of trading volume across markets, it would be easy to assume that manipulation is what’s driving this run. Such an assumption may not be as true as it seems obvious, according to Kraken CEO, Jesse Powell.

In an interview with TD Ameritrade Network last Monday, Powell said,

“I don’t have inside knowledge of what’s happening at Tether, but I can tell you that, historically, when you’ve seen growth in the supply of Tether, we’ve seen growth in the supply of U.S. dollars coming onto Kraken. And other exchanges would report the same. Recently, we’ve had massive inflows of fiat currency, so I believe the Tether prints are a result of new fiat coming in.”

Despite sustained positive price action, the difference from 2017 is that this would not be the first time most retailers will have heard about Bitcoin, which explains the lack of interest surge on social media and search trends. Perhaps the real demand this time isn’t coming in the form of retail interest but is taking the shape of hedge funds and investment banks. Bitcoin, having the rare property of being a non-correlative, asymmetric payoff asset, presents a legitimate proposition for the typically diverse institutional portfolios looking for hedge options with a potential economic crisis looming. The theory is further underpinned by the recent surge in the gold price, which hit a six-year high last month.

Trading Insights

On the face of it, the end of June and the early part of the first week of July saw bearish sentiments re-emerge as Bitcoin erased over 30% from its 18-month high of $13880 USD on June 26 to trade at $9614 USD on July 2.

But in the bigger picture, this was only a necessary correction representing a spell of profit-taking and redistribution of coins. Bitcoin closed the month of June at $10760 USD, recording the 2nd highest monthly close in Bitcoin’s history – after December 2017. Interesting to note is that June’s high of $13880 USD is also the highest monthly close ever, perhaps justifying the resistance at this level.

Monday’s trading saw a breakout from an inverse head and shoulders pattern in the 4-hr chart, followed by a retest of resistance for support. The next price target from this breakout is $14889 USD.

Momentum from reaction to the breakout in Asian markets will determine how soon the target is realised.

On a slightly bearish note, the daily chart is shaping up for a potential double-top formation. A strong daily close above $12927 USD would invalidate this pattern.

With Bitcoin’s market dominance at a 26-month high of 65%, altcoins across the board continue their odyssey to obscurity, trading at all-time low satoshi valuations. At the time of writing, Ethereum is trading at a 28-month low of 0.0239 BTC, showing few signs of recovery.

All of Today’s Bitcoin Price Analysis, Chart Forecasts and Industry News

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Author: Bitcoin Exchange Guide News Team