Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln

Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln, says Founder

As demand for UST rises with more projects joining the Terra ecosystem, it will accelerate “the expansion of the stablecoin supply and accruing value to LUNA holders,” said co-founder Do Kwon.

More than 160 projects will be launched on the South Korean blockchain project Terra by early next year, said co-founder Do Kwon in an interview with Asia Markets.

Terra is an algorithmically governed stablecoin platform with $8.86 billion worth of assets locked in it. According to DeFi Llama, currently, eight primary projects are running on it.

The money market project Anchor currently accounts for 39.3% of Terra’s all TVL at $3.5 billion, followed by Lido ($2.52 bln), Mirror ($1.28 bln), and TerraSwap ($1.14 bln).

But soon, the number of projects on Terra will increase significantly due to a “smooth” upgrade of the Terra network to ‘Columbus-5’ last month, he said.

“Now that Columbus-5 is live, more than 60 projects are preparing to launch in the next six to eight weeks, and more than 100 have recently announced plans (for) the end of the year or early 2022,” Kwon told the publication last week.

The launch of more projects on the platform will “amplify the demand for UST,” he added. TerraUSD (UST) is a stablecoin that attempts to maintain a value of $1 but isn’t backed by US dollars in a bank account; rather, to mint 1 UST, $1 worth of LUNA, the reserve asset of TerraUSD, is burned.

As demand for UST will rise with more projects joining the Terra ecosystem, it will accelerate “the expansion of the stablecoin supply and accruing value to LUNA holders,” Kwon said.

The native token of the protocol LUNA is currently a $14.38 billion market cap cryptocurrency which is up 5,364% YTD but still down 48% from an all-time high of $50 two weeks back.

Ambitious Targets

Columbus-5 has been the most significant upgrade ever since the launch of the Terra protocol, which has been in the works through this year and required numerous upgrades to the Terra core.

This upgrade is expected to help enhance the protocol’s scalability and interoperability. As Kwon said, Columbus-5 also updated “some of the economic mechanics of the protocol so that 100% of seigniorage generated by the expansion of the UST supply is burned, augmenting the per-unit value capture of LUNA as the demand for UST grows.”

Earlier this year, Kwon predicted UST’s market cap to exceed $10 billion by the end of this year, but currently, it stands at only $2.74 billion. Still, according to Kwon, his target is achievable.

Not only dozens of projects have been “anxiously” awaiting Columbus-5’s launch to release their mainnets, he said, adding: regulatory action against the most popular centralized stablecoins like USDC and Tether (USDT) has “reinvigorated the emphasis for a decentralized stablecoin in crypto like UST.”

The founder further pointed out that custodial stablecoin models do not scale well and “serve as hubs of risk in a decentralized financial stack,” as such, he expects the adoption of decentralized stablecoins to only increase from here on.

Additionally, the launch of IBC will enable UST to be exported to any IBC-enabled chain, particularly Cosmos chains and ThorChain, and flow freely outside of Terra. Wormhole support — a cross-chain bridge to Solana, Ethereum, and BSC — meanwhile will allow UST to be ported to the largest chains by TVL. ATOM -1.85% Cosmos / USD ATOMUSD $ 31.86
-$0.59-1.85%
Volume 313.52 m Change -$0.59 Open $31.86 Circulating 223.13 m Market Cap 7.11 b
7 h Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln, says Founder 3 d Decentralized Smart Contract Platform, Cypherium, Joins China’s BSN to Boost Blockchain Development 3 w South Korea’s Largest Crypto Exchange Operator Raises $85 Million at an $8.65 Billion Valuation
RUNE -1.39% THORChain / USD RUNEUSD $ 7.66
-$0.11-1.39%
Volume 34.42 m Change -$0.11 Open $7.66 Circulating 224.41 m Market Cap 1.72 b
7 h Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln, says Founder 5 d New Non-Custodial, Cross-Chain Browser Wallet to Compete with MetaMask by Focusing on DeFi and NFTs 1 mon DeFi Autumn after Solana Summer? Traders Still Short as Bitcoin Jumps to $48k and Ether to Nearly $3,700
SOL -2.02% Solana / USD SOLUSD $ 157.26
-$3.18-2.02%
Volume 1.68 b Change -$3.18 Open $157.26 Circulating 300.54 m Market Cap 47.26 b
7 h Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln, says Founder 11 h Over $2 Billion in New Money Has Flowed into CME Bitcoin Futures This Month 3 d Decentralized Smart Contract Platform, Cypherium, Joins China’s BSN to Boost Blockchain Development
ETH -2.74% Ethereum / USD ETHUSD $ 3,752.44
-$102.82-2.74%
Volume 17.24 b Change -$102.82 Open $3,752.44 Circulating 117.98 m Market Cap 442.72 b
7 h Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln, says Founder 11 h Over $2 Billion in New Money Has Flowed into CME Bitcoin Futures This Month 2 d Euphoria is Back Ahead of ETF Listings: Bitcoin Hits $63k and Ether Nearly $4k as NYSE Certifies “Approval for Listing”
BNB 2.94% Binance Coin / USD BNBUSD $ 484.82
$14.252.94%
Volume 2 b Change $14.25 Open $484.82 Circulating 166.8 m Market Cap 80.87 b
7 h Over 160 Projects Are Launching on Terra by Early Next Year to ‘Amplify Demand for UST’ and Send it to $10 Bln, says Founder 5 d China Update: Binance, OKEx, and Gate Kicks Out CNY & Existing Users, WeChat Blocks Searches, Mining Share Goes to Zero 6 d BSC Is Back in the Game as Binance Announces $1 Billion Incentives Program to Pump the Ecosystem

“We fully expect the demand for UST in cross-chain environments to accelerate the expansion of the UST supply further, potentially reaching the $10 billion market cap mark by year’s end.”

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Author: AnTy

CryptoPunks, Bored Ape, and Meebit NFT’s to Be Auctioned at Christie’s Next Month

CryptoPunks, Bored Ape, and Meebit NFT’s to Be Auctioned at Christie’s Next Month

Auction house Christie’s is planning to auction three of the most famous NFT collections; CryptoPunks, Meebit, and Bored Apes.

The online auction will be held between 17 September at 02:00 PM HKT and 28 September at 02:00 PM HKT, according to the official site.

Non-fungible tokens (NFTs) have been all the rage this year, recording about $2.5 billion in transaction volume in the first half of the year, as per Dapp Radar. They started to gain traction yet again in the past couple of months while the broad crypto market declined sharply from their all-time high in April and May.

Amidst the renewed growing interest in NFTs, Christie, which sold its first NFT last year, is now back to auction some more blockchain-based collectibles.

The sale will include a group of “exceptionally rare” CryptoPunks by Larva Labs along with Yuga Labs’ Bored Ape Yacht Club (BAYC) and Larva Labs’ latest creation Meebit.

It would be the first time that BAYC and Meebit will be offered outside of any NFT-trading platform.

“This sale is poised to set another milestone in the history of Crypto Art,” said Christie’s.

As we reported, the floor price of these NFT collections has been skyrocketing lately. First minted in 2017 on Ethereum, CryptoPunks floor price has surged to sig figures which means the cheapest CryptoPunk on secondary markets now costs more than $100k worth of ETH and about 39 ETH.

CryptoPunks have been so popular that in July, eight out of the 10 most expensive NFT’s sold were CryptoPunks, with the highest selling for $5.47 million.

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Author: AnTy

CEO Jesse Powell Says Kraken Exchange Could Go Public Next Year

CEO Jesse Powell Says Kraken Exchange Could Go Public Next Year

Jesse Powell, Chief Executive Officer of crypto exchange Kraken, has confirmed that the firm plans to go public next year.

In an interview with Bloomberg, Powell said the exchange’s initial public offering (IPO) could happen anytime between 12 to 18 months.

Kraken Could Become Second US-based Crypto Firm To Go Public

When it happens, Kraken would become the second US-based crypto firm to go public after Coinbase. Coinbase went public through a direct listing on the Nasdaq Stock exchange in April with a valuation of around $65 billion at the time.

According to Powell, Kraken is already going through the rigors of becoming a publicly traded company. Although he declined to give the firm’s target valuation, he said their valuation would reflect their success in bringing crypto to the world. Powell’s words,

“We’re on a mission achieving to bring crypto to the world, and our valuation hopefully will be a reflection of our success in that mission.”

This is not the first time news of Kraken’s IPO plans would be revealed. In March, a Fox Business reporter, Charles Gasparino, claimed that the company was looking at going public through a special-purpose acquisition company (SPAC) or an initial public offering (IPO).

However, a Kraken spokesperson said the company was “too big” to go public via a merger. With the SPAC and direct listing route probably off the table, Powell’s announcement means Kraken may pursue an initial public offering.

Speaking further during the interview, when asked if people are trading differently after the recent sell-off, Powell said that the people selling are mostly newer to the market.

According to him, the old investors that have been holding for a long time are still accumulating. He said that the new investors who are yet to understand the market are not willing to hold onto their assets.

Powell added that people who came into crypto for the quick gains leave once the price drops, while those who truly understand the fundamentals remain.

Kraken Expanding Services

With more than 6 million clients in almost 190 countries, Kraken is one of the five largest crypto exchanges in the world.

The firm has done remarkably well this year as it continues to boost crypto adoption. According to Powell, the firm got more sign-ups this year than in any other year.

Kraken also expanded the reach of its services by launching its mobile app for both iOS and Android users in Europe and the United States.

Earlier this year, reports had it that the San Francisco-based exchange was in talks to raise a new funding round to boost its valuation to surpass $20 billion.

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Author: Jimmy Aki

It’s Possible the US Gets Crypto, the “Next Internet Sized Opportunity,” Wrong says Coinbase Co-Founder

It’s Possible the US Gets Crypto, the “Next Internet Sized Opportunity,” Wrong says Coinbase Co-Founder

Fred Ehrsam, the co-founder of Paradigm, says China is already taking a stand on crypto, and it could beat the US in crypto that too “on multiple fronts.”

“The US is at a very important crossroads with crypto today,” says Coinbase Co-founder Fred Ehrsam, who is also the co-founder of crypto investment firm Paradigm.

In an interview with Bloomberg, Ehrsam talked about the regulation of cryptocurrency as more and more regulators are getting vocal about regulating the crypto space.

“The US is blessed with the best currency and the world’s reserve currency today,” and it also tends to be the de facto financial regulator for a whole bunch of the world, he said, noting that most of the highly valuable companies in the world are American Internet technology companies.

“I do think that crypto is a nuanced issue and that it’s possible the US gets crypto wrong.”

While regulators’ job is to mitigate risk and keep investors safe, at the same time, “crypto is the next Internet sized opportunity for the United States.”

According to him, crypto has the “potential to create as many if not more jobs than the Internet,” the same as economic growth.

China Could Beat the US in Crypto

Cryptocurrencies can actually help with the privacy internet issues as seen with big tech companies in the past decade, according to Ehrsam.

These technologies can be used to “continue to own our own data while still getting all the benefits of the Internet platforms we know and love,” he added.

Ehrsam further noted that China is already taking a stand on crypto, “for better or for worse.” On being asked if he has concerns that China is going to beat the US in crypto and if that’s kind of a big deal, Ehrsam said: “Candidly yes.. and it’s on multiple fronts…”

One front is government programs explicitly built using crypto, which is true both with their CBDC initiative, which is basically making a digital renminbi, and also true of local governments who are trying to use blockchain technology, he said.

Furthermore, most of the crypto mining is happening in China. But the recent crackdown on mining in the country is “actually a huge moment of opportunity today for miners in the United States or globally to step in and on the crypto side to make it more decentralized,” Ehrsam added.

It’s Still Very Early

During the same interview, Ehrsam advised new crypto adopters not to allocate more than what they are comfortable losing. “Perhaps it makes sense to allocate more but error on the conservative side when you’re allocating it first,” he said.

“It’s still very early and as the fundamentals improve over time conviction improves over time.”

He further advised focusing on technology in terms of where this is going and why it is important in the world. Also, “think about it on a fundamental basis,” because “if you have that belief, then it probably makes sense to own something in space. And if that belief grows, then you can always increase it.”

Lastly, Ehrsam said things are never as good as they seem, and things are never as bad as they seem, so think of a 10 to 20-year time horizon.

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Author: AnTy

‘Mr. Wonderful’ Kevin O’Leary Believes DeFi Is the Next Big Thing

‘Mr. Wonderful’ Kevin O’Leary Believes DeFi Is the Next Big Thing

The decentralized finance (DeFi) space has picked the attention of Kevin O’Leary of Shark Tank fame.

O’Leary Floats DeFi Startup

Bitcoin may be the prime dog, but DeFi is the next big thing. According to Canadian businessman and television personality Kelvin O’Leary who was once a crypto critic like his colleague Mark Cuban a few months ago.

In a podcast show with Anthony Pompliano of Morgan Creek Digital fame, O’Leary said he believes DeFi would become a major sector in the financial space in the future. According to the billionaire investor, DeFi is one to look out for, given the massive returns it was giving to investors.

According to him, DeFi enables him to wrap up crypto assets on Ethereum chains and profit from his trade of which traditional crypto investments do not support. He also said that he has a perfect solution to make this possible as he is currently working with a DeFi startup on commercializing DeFi investing.

The startup named DeFi Ventures has not gone public yet but has been able to gain O’Leary’s attention as he said he had invested $20 million in bringing the product to market.

Speaking on the company’s mission, Mr. Wonderful, as he is popularly called, said that they would enable users to wrap crypto assets and automatically leverage DeFi’s inherent capabilities according to laid down rules.

He also said he would be renaming the startup as WonderFi in homage to his sobriquet.

O’Leary has only recently shown open support for the nascent industry. Before coming on board the crypto wagon, Mr. Wonderful said that Bitcoin’s volatility could not see it become a medium of exchange. According to him, a currency that can lose 20% of its valuation in a few hours is not safe.

BTC Crash May Be Good News For DeFi

The crypto market has been turbulent in the past week, following searing criticism by long-time crypto stalwart Elon Musk. Musk, whose EV company bought $1.5 billion worth of BTC, tweeted that Bitcoin’s environmentally damaging mining protocol was forcing him to delist the premier digital asset from Tesla’s payment system.

He would only work with a crypto project with less than 1% of BTC’s energy demands.

O’Leary has noted that the twin events of China’s crypto payment ban and Musk’s criticism on BTC price action could be good news for DeFi.

According to him, the environmental, social, and governance (ESG) concerns surrounding Bitcoin could force investors to look at less energy-guzzling in the DeFi space.

The DeFi sub-sector has been growing since the beginning of the year. According to DeFi data aggregator DeFi Pulse, the sub-sector dominates as much as 15% of the crypto market with a $63.2 billion total value locked (TVL).

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Author: Jimmy Aki

Palm Beach Research Analyst, Teeka Tiwari to Release His Next Pick for Trillion-Dollar Crypto

Palm Beach Research Analyst, Teeka Tiwari to Release His Next Cryptocurrency Prediction to Hit A Trillion-Dollars

The analyst who picked Bitcoin (BTC) at $428 in 2016 is set to announce the next Trillion dollar cryptocurrency.

The cryptocurrency market faces one of its greatest bull markets in recent history as demand for cryptocurrencies, NFTs, and decentralized finance (DeFi) keeps growing. Bitcoin (BTC), the largest crypto, is trading at $58,823, as of writing, placing it at a $1.097 Trillion dollar market capitalization after a solid 948% growth in the past year.

Palm Beach Research Group’s Teeka Tiwari, a crypto enthusiast, and an analyst will be releasing his prediction of a new crypto will soon join Bitcoin in the Trillion dollar market cap bracket. In an upcoming webinar event, “Crypto’s Next Trillion Dollar Coin,” set to be held on March 31, 2021, at 8 PM ET, Tiwari will reveal the next cryptocurrency and “where he believes the real money will be made in the crypto boom of 2021”.

According to the Palm Beach Research Group website, Teeka’s shows and webinars in the past have helped investors make insane profits in crypto and he intends to create the same results for his followers in the upcoming webinar.

Teeka Tiwari is a former hedge fund manager and a Wall Street executive who has made a name among crypto circles. He has been a regular contributor to the FOX Business Network. He has appeared on FOX News Channel, CNBC, ABC’s Nightline, The Daily Show with Jon Stewart, and international television networks.

Teeka was an early Bitcoin adopter, having bought his first Bitcoin at $428 in 2016 and calling a Trillion dollar market cap.

Investment analysis research firm, Palm Beach Research Group, offers retail and institutional clients a range of investment advice products (both paid and free), including the “Palm Beach Daily,” “Palm Beach Insider,” and “The Palm Beach Letter.” The company employs some of the top investment analysts from Wall Street and top financial firms globally.

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Author: Lujan Odera

The Elephants are Moving In; Next Will be the Baby Boomer Wealth: Galaxy Digital CEO

The Elephants are Moving In; Next Will be the Baby Boomer Wealth: Galaxy Digital CEO

Morgan Stanley is now considering becoming a Bitcoiner.

The banking giant’s $150 billion investing arm, Counterpoint Global, is considering adding Bitcoin to its list of assets, reported Bloomberg, citing people with knowledge of the matter.

Counterpoint Global is led by Dennis Lynch and looks for unique companies whose market value can increase significantly, something Bitcoin more than fills the criteria.

The group oversees about 19 funds with prominent investments, including Amazon, Slack, Zoom, Shopify, and Moderna.

Moving ahead with its Bitcoin bet would require the approval of the regulators and the firm.

This morning Bitcoin and the rest of the crypto market is recovering from the sell-off that came not long after the price of Bitcoin nearly hit a new milestone of $50,000 following the BNY Mellon announcing support for the digital asset and Canada approving the first North American Bitcoin exchange-traded fund (ETF).

Already, Tesla has bought $1.5 billion worth of Bitcoin, and Mastercard will begin allowing cardholders to transact in selected cryptos on its network.

“The key for Bitcoin’s path higher is to win over more corporate endorsements,” said Edward Moya, senior market analyst at Oanda Corp.

“Bitcoin is no stranger to massive weekend moves and the next several days could easily see some wild swings.”

Even JP Morgan Chase, whose CEO Jamie Dimon called Bitcoin a “fraud,” is looking to get in with its Co-President Daniel Pinto saying that they will support Bitcoin if they find client demand, which isn’t there yet, but he’s certain that’ll change.

As such, according to Mike Novogratz, the chief executive officer of crypto investment firm Galaxy Digital, the market is yet to see more cash rush in, which is the Baby Boomer money — the “giant generational wealth transfer that’ll happen when they die off,” he said.

“I would tell you the big, big group that hasn’t participated is the baby boomer wealth channel in America,” which can’t participate through Morgan Stanley, JPMorgan, Goldman Sachs, Charles Schwab, UBS, and others yet.

But “that’s all going to change in the next two years. I can guarantee it’s going to change because I’m seeing it. We’re working with companies, it’s going to change,” said Novogratz in a recent episode of the Odd Lots podcast.

According to him, that’s why “the elephants,” the banking giants, have been lately moving in. They would first start with their wealth management division and then their trading business.

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Author: AnTy

NFTs are the Next Frontier of Digital Currencies says Bitcoiner Chamath Palihapitiya

NFTs are the Next Frontier of Digital Currencies says Bitcoiner Chamath Palihapitiya

He’s currently “building a fairly sizable portfolio” of non-fungible tokens (NFTs). The Social Capital CEO says while Bitcoin will displace gold, it will be the stablecoins that will replace the US dollar.

“I don’t even know what that is,” was Chamath Palihapitiya’s reply to DeFi last summer. But now things have changed, so much so that the CEO of Social capital is “building a fairly sizable portfolio” of non-fungible tokens (NFTs).

An early executive at Facebook, Palihapitiya, shared in his interview with Bloomberg that he is buying digital arts, virtual trading cards, which “may sound crazy to some. But I do think that that’s the next frontier of digital currency and digital assets.”

Soon, they will be publishing their holdings. Although he’s not ready to share the details yet, Palihapitiya said he is “very excited.”

As for Bitcoin, he is still as bullish on the leading digital currency as ever, which he thinks is “very important because it just shows the fragility of the traditional financial infrastructure.”

According to him, while Bitcoin will replace gold and become a de-facto reserve currency, it won’t be BTC that would displace the US dollar rather, it will be a stablecoin. Palihapitiya explained,

“There are companies around the world that are replacing one fixed U.S. dollar with one digital token of a U.S. dollar. And by simply making that small abstraction they’re able to completely build financial rails that didn’t exist.”

“There is a revolution happening,” he said, which might not be felt in the United States because its financial services infrastructure is robust. But when you look at the developing world and any market where there is any form of currency manipulation or currency instability, stablecoins are “the future,” he explained.

Here, “Bitcoin is a canary in the coal mine for a completely virtual largely anonymous financial reality,” said Palihapitiya.

You can see the full interview here:

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Author: AnTy

G7 Leaders to Focus on CBDC’s & Digital Asset Taxation at Next Week’s Meeting

G7 Leaders to Focus on CBDC’s & Digital Asset Taxation at Next Week’s Meeting

  • The G7 is set to convene this week, and CBDC development will be a top priority.
  • Governments are becoming more aware of cryptocurrencies as calls for regulations intensify.
  • With Central Bank Digital Currencies (CBDCs) gaining significant popularity over the past few years, global regulators and policymakers have been forced to consider them at various levels.
  • Now, the G7 has confirmed a consultation on the topic at its next session.

State-Backed Assets Take the Spotlight Again

The next G7 meeting will kick off on February 12 and it would include a dedicated session on CBDCs, Reuters reports. Quoting Japanese Finance Minister Taro Aso, the news source explained that the G7 meeting would feature the world’s top economies discussing ways to bounce back from the coronavirus’ effects. One such proposal could involve CBDCs.

The meeting, which will be chaired by the British delegation, will start with a session focused on CBDCs. As Minister Tao added, other sessions will look into participating countries’ debt problems and digital taxation.

The G7 is a consortium of finance experts representing seven countries – the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom. Interestingly, several of these countries, notably Japan and France, have made major progress with CBDC rollout on their own. The most notable holdout on the CBDC issue has so far been the United States, with the country still remaining in the dark on how to execute it.

A Focus on Wider Crypto Regulations

CBDCs have been a significant point of focus for countries over the past year. Governments hope to capitalize on blockchain’s benefits to improve financial inclusion, and with the coronavirus forcing countries to focus more on digital payments, the stars seem to have aligned for many to move to state-backed digital assets.

Along with CBDCs, growing developments in the crypto space have also drawn considerable attention from governments globally. Last October, former U.S. Treasury Secretary Steve Mnuchin chaired a meeting of G7 finance ministers and Central Bank Governors, where they discussed wide-ranging crypto regulations at length.

According to a statement from the Treasury Department at the time, several policymakers particularly from the G7 countries advocated for speedy digital asset regulations. Following the meeting, German Finance Minister Olaf Scholz ramped up his criticism for Diem, the stablecoin initiative announced by Libra Association back in 2019. Diem, which was known at the time as Libra, had ramped up attention due to the makeup of the founders behind the Libra Association.

Scholz had been a primary critic of the asset since it was announced. He continued with his criticism, calling the asset a “wolf in sheep’s clothing” and casting doubt on its extensive rebrand. The G7 explained that it will not accept the stablecoin until it enacts proper crypto laws. Per a separate Reuters report, a joint statement read,

“The G7 continues to maintain that no global stablecoin project should begin operation until it adequately addresses relevant legal, regulatory, and oversight requirements through appropriate design and by adhering to applicable standards.”

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Author: Jimmy Aki

Pantera Capital Is Looking to Launch A New Institutional-Driven Fund Next Month

Pantera Capital Is Looking to Launch A New Institutional-Driven Fund Next Month

  • Pantera Capital CEO Dan Morehead says the billion-dollar crypto fund is working towards launching a new fund aimed at big institutional investors.

In an episode of The Scoop, Dan Morehead, CEO at Pantera Capital, confirmed the company is in the works to launch a new fund. The company currently runs over $1 billion of assets for its customers and is focusing on adding new institutional investment through the new fund, Morehead further said.

Across 2020, institutional funding has spiked in the crypto market, adding an unprecedented $4 billion into Bitcoin hedge funds, during the year. Pantera aims to continue riding on this customer demand wave by targeting heavyweight institutional investors for its new “crypto-focused fund,” which is expected to launch next month.

According to Dan, there has been an influx of institutional investors getting on the crypto act in the past year as Bitcoin spiked to an all-time high price of $42,000. The new fund will offer institutional investors a diversified class of assets rather than a single-asset fund such as Grayscale’s Bitcoin Trust.

“We’re really seeing an inflection point with more coming into the market over the last couple of months,” Morehead said. “We’ve had a ton of inbound calls from endowments and others that are trying to get exposure to the space.”

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Author: Lujan Odera