CoinShares is Launching an XRP ETP (XRPL) as the Digital Asset Nears $2

CoinShares is Launching an XRP ETP (XRPL) as the Digital Asset Nears $2

Digital asset manager CoinShares is launching an exchange-traded product for XRP, CoinShares Physical XRP (Ticker: XRPL).

The decision to go with the fourth-largest digital asset was to provide “exposure to those assets that resonate most with our client base,” said the company.

Europe’s largest digital asset investment firm announced the launch of XRPL on Tuesday, which is its eighth investment product. The firm already provides exposure to Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). BTC 5.98% Bitcoin / USD BTCUSD $ 63,647.18
$3,806.105.98%
Volume 70.07 b Change $3,806.10 Open $63,647.18 Circulating 18.68 m Market Cap 1.19 t
4 h Kraken CEO Jesse Powell: You Can’t Rule Out A Crackdown On Cryptocurrencies 6 h Riot Blockchain Now Holds 1,565 BTC on Balance Sheet After Mining 104 BTC in March 6 h House Republican Leader Urges Govt. to ‘Better Start Understanding’ Bitcoin
ETH 7.13% Ethereum / USD ETHUSD $ 2,302.61
$164.187.13%
Volume 29.46 b Change $164.18 Open $2,302.61 Circulating 115.46 m Market Cap 265.85 b
3 h CoinList’s Rally Network Liquid Token Sale Attracts 40k Users to Buy $22 Million in RLY 5 h JPMorgan, Mastercard, & UBS Invest in ConsenSys’ $65M Round to “Accelerate the Convergence” of DeFi and Traditional Finance 8 h CoinShares is Launching an XRP ETP (XRPL) as the Digital Asset Nears $2
LTC 8.45% Litecoin / USD LTCUSD $ 267.89
$22.648.45%
Volume 6.91 b Change $22.64 Open $267.89 Circulating 66.75 m Market Cap 17.88 b
8 h CoinShares is Launching an XRP ETP (XRPL) as the Digital Asset Nears $2 11 h Cross-Chain Decentralized Exchange, THORchain (RUNE), Launches After 3 Long Years of Development 11 h Bitcoin Hits a New ATH Above $63,000 & Ether $2,200 Amidst Extreme Excitement & Wariness About Coinbase IPO

Built using CoinShares’ institutional-grade ETP platform, each unit of XRPL is backed by 40 XRP at launch.

As of writing, one XRP is worth $1.73, up 600% YTD. The crypto asset has been struggling (except in South Korea) while its peers went on to have a massive rally up until this month. XRP is still down 49.5% from its ATH, as per CoinGecko.

The product with a base fee of 150% p.a. will be listed on the regulated SIX Swiss Exchange.

“We are excited to bring XRP to our physically-backed ETF platform,” said Townsend Lansing, Head of Product.

“At CoinShares, we build innovative products in response to demand from our clients. Once we determine that a professional-calibre product is feasible, and it appears that demand exists to make a liquid market for trading the product, we bring the product to fruition leveraging the extensive trading, custody, and compliance capabilities of the CoinShares Group.”

Amidst the ongoing bull market, CoinShares’ assets under management have reached $5 billion. The firm was publicly listed just earlier last month.

Ripple is currently fighting a lawsuit from the US SEC for allegedly selling unregistered securities, which led the crypto service providers to stop offering XRP to their US customers. In this legal battle, Ripple was granted access to internal SEC communications last week. SEC has been denied the request that required Ripple executives to hand over their financial statements.

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Author: AnTy

Grayscale Adds Chainlink (LINK) to its Digital Large Cap Fund

Grayscale Investments, the world’s largest digital asset manager, has rebalanced its Digital Large Cap Fund (GDLC) composition to make the crypto asset LINK part of it.

Built on Ethereum, Chainlink is an oracle service provider which was recently announced by Grayscale as a single-asset investment product.

The 10th largest cryptocurrency by market cap of $14.17 billion is the only one qualified for this inclusion in the Fund, out of the other four latest additions, LivePeer (LPT), Filecoin (FIL), Decentraland (MANA), and Basic Attention Token (BAT) by Grayscale. The Fund’s composition is evaluated every quarter.

The Fund’s portfolio, a passive rules-based strategy that seeks to provide exposure to 70% of the digital asset market, has been adjusted by selling its existing components. The cash proceeds from that were then used to purchase LINK.

As of April 2nd, 2021, the Fund is a composition of 79.8% Bitcoin (BTC), 17.5% Ethereum (ETH), 0.80% Bitcoin Cash (BCH), 1.00% Litecoin (LTC) and 0.90% Chainlink (LINK).

On April 1st, Grayscale added 65.67k LINK and now holds a total of 115.57k LINK, worth just over $4 million.

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Author: AnTy

Former CFTC Chairman, Giancarlo & Billionaire Lasry Invest in Crypto Asset Manager, BlockTower

Former CFTC Chairman, Giancarlo & Billionaire Lasry Invest in Crypto Asset Manager, BlockTower

  • Milwaukee Bucks billionaire co-owner, Marc Lasry, and former CFTC Chairman, Christopher Giancarlo, invest in BlockTower, a crypto investments firm.

Bitcoin-enthusiast and billionaire, Gary Lasry and Christopher Giancarlo, the former Commodities and Futures Trading Commission (CFTC) chairman, are reportedly making an undisclosed investment in cryptocurrency and blockchain investment firm, BlockTower.

According to a report from Bloomberg, Lasry, the CEO of Avenue Capital Group, made an independent into the crypto firm, persons familiar with the matter reported. The Milwaukee Bucks co-owner declined to comment on the reports.

Known as ‘crypto dad’ across crypto circles, Giancarlo made huge progress in regulating the U.S. crypto field during his time as the chairman of the CFTC. The former CFTC boss has been vocal on developing the Bitcoin and crypto ecosystem – recently calling for the launch of a digital dollar.

Giancarlo confirmed the investment but declined to comment further or disclose the amount invested in Block Tower.

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Author: Lujan Odera

Fidelity Increases Its Stake in the First Hong Kong Regulated Crypto Exchange, OSL

Fidelity Investments, a leading global asset manager interested in crypto, has increased its capital allocation to BC Technology Group. This firm runs the first crypto asset exchange to be licensed in Hong Kong, OSL. According to the regulatory filing, Fidelity increased its ownership stake from 5.29% to 6.29% after acquiring an additional 3.3 million shares at HK$52.3 million ($6.7 million).

Before this event, Fidelity’s shares at BC Technology stood at 17,795,500, an investment that the asset manager acquired last year at a rough figure of $14 million. The latest increment is a sign of the bullish outlook in being exposed to Hong Kong crypto markets where regulators seem to have been slowing capital inflows. Notably, BC Technology raised around $90 million in a top-up share placement last week.

Having received the Hong Kong license, OSL crypto exchange might be well onto the path of exponential growth. This much-coveted license is issued by the Hong Kong Securities and Futures Commission, which means that OSL now gives crypto exposure to both retail and institutions. The exchange recently touted its status as the world’s ‘first SFC-licensed, listed, digital asset wallet-insured, Big-4 audited digital asset trading platform for institutions and professional investors.’

Going by such fundaments, Fidelity’s capital scaling in Asia comes as no surprise; in fact, the firm recently invested in a Singapore regulated fund manager dubbed Stack Funds in a move that will enable investors to purchase and store crypto assets. Fidelity also launched a Europe based unit towards the end of last year; this particular entity was launched in the United Kingdom and will focus on extending Fidelity’s services to the larger European market.

Overall, Fidelity has had quite a good run in the crypto space; its CEO, Abigail Johnson, a crypto enthusiast, recently revealed that their custody operations have been ‘incredibly successful.’ Having launched its Bitcoin fund in early 2020, Fidelity targets investors who can invest a minimum of $100,000. Per the company’s latest updates, an estimated 36% of institutional investors have exposure to BTC or other crypto assets.

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Author: Edwin Munyui

World’s Largest Asset Manager, BlackRock, to Hire a VP to ‘Drive Demand’ for Crypto Offerings

World’s Largest Asset Manager, BlackRock, to Hire a VP to ‘Drive Demand’ for Crypto Offerings

The New-York VP of blockchain requires experience in the technological foundations of blockchain technology who will be devising fundamental valuation methodologies for crypto-assets.

Well, no surprise there.

Given that everyone is jumping on the bitcoin and cryptocurrency bandwagon, this is to be expected. BlackRock, which has about $7 trillion assets under management, has been turning Bitcoin-friendly.

It all started in November when BlackRock CIO of Fixed Income Rick Rieder not only said that Bitcoin and cryptocurrencies are here to stay but that digital gold can replace yellow metal someday.

A few days back, Reider also said that there is “clearly greater demand than supply.”

At the beginning of this month, CEO Larry Fink talked about Bitcoin catching the attention of people which can possibly evolve into a global market asset that is while questioning the US dollar’s status as a reserve currency.

And now, BlackRock is hiring a vice president to “drive demand” for its crypto offerings.

As per the job vacancy, the New-York VP of blockchain will have at least one year of experience in the technological foundations of blockchain technology including cryptographic hash functions, distributed network consensus mechanisms, and public-private key cryptography.

The candidate will be creating and articulating fundamental valuation methodologies for digital assets; evaluating game theory and decentralizing governance models; and work with key drivers of blockchain networks’ design and their impact on speed, scalability, privacy, and security.

He/she has to “create and implement strategies designed to drive demand for the firm’s offerings and enhance the value proposition to clients of the firm’s investments and technology offerings,” reads the description.

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Author: AnTy

Canada’s Largest Fund Group Partners with Galaxy Digital, Completes $72M IPO of a Bitcoin Fund

Amidst Bitcoin’s crazy rally, Canadian mutual fund manager CI Financial Corp. raised $72 million in an initial public offering of a Bitcoin fund.

Founded in 1965, CI Financial is Canada’s largest independent mutual-fund manager with C$215.6 billion in assets under management as of Nov. 30.

While Toronto-based CI Financial will be managing the fund, Mike Novogratz’s Galaxy Digital will be the sub-advisor and execute the Bitcoin trading on behalf of the fund. On this collaboration, Novogratz commented,

“Fuel to the fire. So excited to partner with Canada’s largest fund group.”

The IPO attracted interest from a wide range of investors, including individuals, institutions, high-net-worth investors, and financial advisers.

Each share of the CI galaxy Bitcoin Fund was sold at C$12.88 ($10). It will be listed on the Toronto Stock Exchange to trade in U.S. and Canadian dollars.

The fund enables the company’s clients to hold the largest cryptocurrency through existing investment channels without going on new platforms. CI Financial Chief Executive Officer Kurt MacAlpine in an interview said,

“Having a product that can be bought directly — it can be bought through their financial adviser on behalf of them — it just makes their life a lot simpler than having to address their desire for Bitcoin via different structures and wallets.”

The closed-end fund will invest directly in Bitcoin, which will be held in segregated cold storage.

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Author: AnTy

Ruffer Investment Reduces Gold Exposure & Adds Bitcoin as an ‘Insurance Policy’

UK-based traditional asset manager Ruffer Investment is the latest company to allocate 2.5% of its portfolio to Bitcoin.

Much like Paul Tudor Jones, MicroStrategy, Square, MassMutual, and other institutions, Ruffer uses Bitcoin as insurance against the devaluation of the world’s fiat currencies.

The company’s Bitcoin allocation was close to 2.5%, which represents about $740 million (according to a spokesperson that confirmed with CoinDesk). On the other hand, Ruffer’s parent company has £20.3 billion ($27.4 billion) in AUM. The official announcement by the company reads,

“We wanted to give shareholders a short update on performance this year and to let you know about a new allocation to the digital currency bitcoin.”

During its performance update on Dec. 15, the company noted that their portfolio made strong progress even amidst the turmoil of 2020, which was the result of gold and the inflation-linked bonds performing well, and more recently, equities reacted very positively to the success of the covid-19 vaccines, leading the portfolio higher.

The company further stated that they had made a recent addition “within the Ruffer Multi-Strategies Fund,” Bitcoin, which is “primarily a defensive move.” This allocation to Bitcoin was actually made in November “after reducing the company’s exposure to gold,” it said.

It further goes on to say that their bitcoin exposure though small is a “potent insurance policy against the continuing devaluation of the world’s major currencies.”

According to Ruffer, Bitcoin diversified their much larger investments in gold and inflation-linked bonds, adding that the largest cryptocurrency “acts as a hedge to some of the monetary and market risks that we see.”

The company aims to not lose money by being in cash and grow the value of their clients’ assets in the long term.

“Traditional asset managers are not buying bitcoin to dump after a short period of time. They represent the herd we’ve been talking about for years,” said trader and economist Alex Kruger.

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Author: AnTy

3iQ’s Ether Fund is Now Trading on Toronto Stock Exchange; The First ETH-Based ETF

On Thursday, the Canadian investment fund manager announced that 3iQ’s Ether Fund had completed its initial public offering (IPO) of 7,240,000 shares for $76.5 million. It has started trading on the Toronto Stock Exchange under the symbol QETH.U.

The trading started a couple of hours late due to a delay in closing the IPO prospectus. On resumption, the fund recorded a high of $11.48 and a low of $10.80 before ending the day at $11.02, with 345,331 shares traded across the day.

The Fund provides its holders’ exposure to the second-largest digital currency and an opportunity for “long-term capital appreciation.” Tyler Winklevoss, the co-founder and CEO of crypto exchange Gemini which will provide its custody services to the company, tweeted,

“Huge news for Ethereans. The Ether Fund by @3iq_corp will list on the Toronto Stock Exchange ($QETH).”

Ether’s price has been choppy for the past few weeks, going down to $535 today.

However, as we reported, institutional investors have been taking this dip as an opportunity to scoop more and more ETH through Grayscale’s ETHE product.

While nearly 3 million ETH are locked in ETHE, more than 1% of ETH’s circulating supply is deposited in ETH 2.0, and 6.1% of it is locked in DeFi protocols.

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Author: AnTy

Bitcoin Funds Attracted $4B in Inflows in 2020, CoinShares AUM Surges to $15B

Digital asset manager CoinShares saw its assets under management (AUM) rising to an all-time peak of $15 billion, which were standing at just $2.57 billion at the end of 2019.

This surge is the result of institutional investors pumping the second-highest amount on record, $429 million, into the company’s crypto funds, for the week ending Dec. 7.

Grayscale’s assets under management have risen to over $12.4 billion by amassing inflows of $4.3 billion this year. Just last week, the world’s largest crypto fund had more than $336 million in inflows.

“On an anecdotal level, based on our client conversations over the course of 2020, we have seen a decisive shift from enquiries of a speculative nature to those that begin with comments such as, ‘bitcoin is here to stay, please help us understand it,’” said James Butterfill, investment strategist at CoinShares.

“Given the levels of interest, this suggests we are only on the cusp of institutional adoption rather than it cooling down,” he added.

Weekly-Crypto-Asset-Flows-by-Institution

Source: CoinShares

The second-largest cryptocurrency Ethereum also saw inflows of US$87m, representing 20% of total inflows, far greater than its current share of 14%.

Bitcoin-focused funds attracted inflows of $334.7 million last week, bringing the total inflows so far this year to nearly $4 billion.

In contrast to this growth, gold experienced outflows of a record $9.2 billion over the last four weeks from its investment products, while bitcoin saw inflows totaling $1.4 billion during the same period, as per CoinShares latest report.

However, inflows into gold products were higher in the entire year at $45.7 billion.

The CoinShares report attributes these gains to the weak US dollar, which highlighted the fears of excessive monetary policy, combined with worries over management of the COVID crisis.

This is a period when gold should outperform; as such, the report believes, “investors are choosing to allocate to Bitcoin to help diversify the limited-supply asset component of their portfolios.”

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Author: AnTy

VanEck’s Launches Physically-Backed Bitcoin ETN on Deutsche Böerse Xetra

Asset manager VanEck has listed a Bitcoin ETN on the regulated segment of Deutsche Börse Xetra, as per the announcement on Wednesday.

This product will allow investors to participate directly in the performance of bitcoin but without buying the digital currency themselves, making it as “uncomplicated” as trading in shares or ETFs.

“Bitcoin’s low correlation to other asset classes makes it an excellent way to contribute to the diversification of a portfolio,” says Martijn Rozemuller, Head of Europe at VanEck.

For cold storage, VanEck is working with Liechtenstein-based regulated crypto custodian Bank Frick.

The most important feature of this Bitcoin ETPs is that it is physically backed by the real BTC meaning the

“money invested in the ETN is actually used to buy bitcoin.”

Negligible premium/discount to NAV, transparent holdings, transparent prices, and investor protections are its other features, shared Gabor Gurbacs, VanEck’s director of digital asset strategy.

“VanEck is committed to support Bitcoin-focused financial innovation. Bringing to market a physical, fully-backed major exchange-listed Bitcoin ETP was a top priority of our firm. We succeeded! We hope to serve many clients and partners in Europe, Asia and across the world using our innovative, investment-friendly and regulatory-conscious access vehicles,” Gurbacs said.

VanEck had also filed for a Bitcoin ETF in the US in collaboration with SolidX but like all the other proposals, it was rejected by the regulators. Before the final deadline, it actually withdrew its own proposal but said it will continue to pursue an exchange-traded fund.

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Author: AnTy