Deutsche Boerse Expand Crypto Offering to Include Polkadot, Solana, and Tron ETNs

Deutsche Boerse Expand Crypto Offering to Include Polkadot (DOT), Solana (SOL), and Tron (TRX) ETNs

“Solana has grown remarkably and became an institutionally investable asset,” says FTX Head of Product, while Tron founder Justin Sun sees this listing as “a testament to TRON’s robust crypto ecosystem.”

Asset manager VanEck has listed three new crypto ETNs on Xetra Deutsche Börse to include the digital assets Solana (SOL), Polkadot (DOT), and Tron (TRX). SOL -6.36% Solana / USD SOLUSD $ 124.20
-$7.90-6.36%
Volume 5.24 b Change -$7.90 Open $124.20 Circulating 297.1 m Market Cap 36.9 b
7 h Deutsche Boerse Expand Crypto Offering to Include Polkadot (DOT), Solana (SOL), and Tron (TRX) ETNs 9 h Crypto Products Record Inflows for the 5th Straight Week; Bitcoin, Ether, and Solana Account for Over 64% of It 1 d Bitcoin Price Flash Crashes to $5,400 on Solana-based Oracle Pyth Network Causing Liquidations
DOT -6.88% Polkadot / USD DOTUSD $ 26.31
-$1.81-6.88%
Volume 3.32 b Change -$1.81 Open $26.31 Circulating 987.58 m Market Cap 25.99 b
7 h Deutsche Boerse Expand Crypto Offering to Include Polkadot (DOT), Solana (SOL), and Tron (TRX) ETNs 4 d It Isn’t Layer 1 or Layer 2, It’s Time for LayerZero 1 w Solana (SOL) Dominating Institutional Interest, Accounting for Over 86% of the Total Inflows
TRX -3.59% TRON / USD TRXUSD $ 0.09
$0.00-3.59%
Volume 1.97 b Change $0.00 Open $0.09 Circulating 71.66 b Market Cap 6.32 b
7 h Deutsche Boerse Expand Crypto Offering to Include Polkadot (DOT), Solana (SOL), and Tron (TRX) ETNs 6 d Ether Address Growth Surpasses Bitcoin, A Record 7.5 Million Addresses Holding at Least $1 Worth of Stablecoins 1 w More than 65% of South Korean Crypto Exchanges to Shut Down Once FSC Deadline Hits

These crypto-assets were selected from about 100 possible candidates on the basis of uses and functionality, the number of transactions, availability on the exchanges, track record, development team, and market capitalization, according to the official announcement.

“Solana has grown remarkably and became an institutionally investable asset,” said Ramnik Arora, Head of Product at FTX, a crypto derivatives platform that backs the faster and cheaper Ethereum competitor.

Meanwhile, Tron creator Justin Sun saw this listing as “a testament to TRON’s robust crypto ecosystem and its successful drive to expand our global roadmap.”

Investors will now be able to participate in the development of these cryptocurrencies on an exchange-traded basis at a total expense ratio of 1.5% without having to buy the underlying asset themselves.

With these new listings, crypto ETNs will expand beyond just the top two digital assets, Bitcoin (BTC) and Ethereum (ETH), for European investors. BTC -5.39% Bitcoin / USD BTCUSD $ 40,687.64
-$2,193.06-5.39%
Volume 48.55 b Change -$2,193.06 Open $40,687.64 Circulating 18.82 m Market Cap 765.84 b
6 h Brazilian Asset Manager BTG Launches Bitcoin Trading Platform 7 h Deutsche Boerse Expand Crypto Offering to Include Polkadot (DOT), Solana (SOL), and Tron (TRX) ETNs 9 h Crypto Products Record Inflows for the 5th Straight Week; Bitcoin, Ether, and Solana Account for Over 64% of It
ETH -7.03% Ethereum / USD ETHUSD $ 2,764.76
-$194.36-7.03%
Volume 30.24 b Change -$194.36 Open $2,764.76 Circulating 117.62 m Market Cap 325.19 b
7 h Deutsche Boerse Expand Crypto Offering to Include Polkadot (DOT), Solana (SOL), and Tron (TRX) ETNs 9 h Crypto Products Record Inflows for the 5th Straight Week; Bitcoin, Ether, and Solana Account for Over 64% of It 11 h Bitcoin Moving in Tandem with S&P 500 as the Fed Begins its Meeting; Funding Goes Negative Across the Board After Wiping Out $1.2B

“Ethereum continues to grow in popularity, but younger platforms also offer many advantages, such as lower transaction costs or faster processes,” says Martijn Rozemuller, CEO at VanEck Europe.

According to Rozemuller, both Bitcoin and Ether are “strongly established in the market,” and their low correlation to other asset classes makes them a good opportunity to diversify one’s portfolio.

However, with thousands of cryptocurrencies available in the market and no one knowing which will be the most important in the next decade, “Investors should therefore be given the opportunity to invest broadly in digital assets as well,” he said.

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Author: AnTy

Increased Demand in Crypto has Citigroup Considering Offering its Biggest Clients Bitcoin Futures Trading

Increased Demand in Crypto has Citigroup Considering Offering its Biggest Clients Bitcoin Futures Trading

Citigroup is now considering whether to offer its biggest clients the option to trade in Bitcoin futures, citing increased demand in the cryptocurrency space.

According to the reports, the banking giant is currently awaiting approval to begin trading CME Bitcoin futures.

According to a Financial Times report, the bank first started weighing the option of providing crypto-related services in May.

“Our clients are increasingly interested in this space, and we are monitoring these developments,” Citigroup said in a statement this time.

Other banking giants JPMorgan, Morgan Stanley, Wells Fargo, and Goldman Sachs, are also working on allowing all of their wealthy clients access to cryptocurrency funds.

Citibank further said they are currently only considering futures for some of its institutional clients due to the fact that they operate under strong regulatory frameworks. The bank is basically being “very thoughtful” of how they approach the crypto industry due to many unanswered questions around regulatory frameworks, supervisory expectations, and other factors.

Sights on the Regulated Product

Bitcoin futures are also presently the popular product for exchange-traded funds (ETFs) to be based on after SEC Chair Gary Gensler signaled that he is more open to a futures-backed Bitcoin ETF under the 1940 Act, which offers more investor protection instead of physically-backed ETF that are filed under the 1930 laws that allow stock exchanges to list products.

Tennessee-based Valkyrie Investments is one of the firms to file for the Valkyrie XBTO Bitcoin Futures Fund that would be listed on the Nasdaq exchange. Their request was only revealed on Tuesday as smaller issuers are allowed to file confidentially for new offerings.

“We still thought a physical bitcoin ETF was a little further away and, with futures, the way they are regulated and the way they trade with the CME, they are already. It is a regulated product. So it’s kind of a one-step, two-step way to get a physical ETF, but we thought there were a lot of opportunities with futures,” said Steven McClarge, CIO at Valkyrie Investments, in an interview.

While Valkyrie is the first to file for a futures-backed Bitcoin ETFs, several others have filed since Gensler’s statement, with two dozen filing sitting at SEC’s desk for approval.

“The SEC is trying to be cautious here – which they should be doing,” McClarge said.

“While I believe the market is ready for physically backed ETFs, I know they are trying to be extra cautious before putting anything in the market that could hurt retail investors, and that is their reason to do so.”

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Author: AnTy

$402B Asset Manager Giant Files to Start Offering Bitcoin and Ethereum Exposure Immediately

$402 Billion Asset Manager Giant Files to Start Offering Bitcoin and Ethereum Exposure Immediately

Neuberger Berman will be offering indirect exposure to the top two crypto-assets through futures and funds invested in BTC and ETH in line with SEC Chairman Gary Gensler’s openness to Bitcoin futures-backed ETFs.

Neuberger Berman, the asset manager with over $400 billion in assets under its management, filed with the US Securities and Exchange Commission (SEC) Wednesday to start offering exposure to the top two crypto-assets.

Much like the latest Bitcoin-related ETFs filed with the SEC, such as VanEck and Invesco, Neuberger Berman will also offer indirect exposure through futures instead of investing directly in Bitcoin and Ether after SEC Chairman Gary Gensler indicated that he is more open to futures backed ETFs that offer more protection. The SEC filing reads,

“Effective immediately, Neuberger Berman Commodity Strategy Fund’s (the “Fund”) investment strategy will permit actively managed exposure to cryptocurrency investments and digital ​​”assets through (i) cryptocurrency derivatives, such as bitcoin futures and ether futures, and (ii) investments in bitcoin trusts and exchange-traded funds to gain indirect exposure to bitcoin.”

The fund giant will be making the investment through its subsidiary.

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Author: AnTy

Wells Fargo Is Offering Crypto Exposure to its High-Net-Worth Clients

Wells Fargo has also joined in on crypto-mania. The financial services giant has started offering cryptocurrency exposure to its high-net-worth clients (HNWI), reported Insider, saying a company spokesperson has confirmed this.

In 2021, banks, hedge funds, mutual funds, pension funds, insurance companies, asset managers, and financial institutions, everyone from the traditional market has started warming up to cryptocurrencies.

In May, when it first became public, the investment-research division of Wells Fargo Wealth and Investment Management, Wells Fargo Investment Institute, was planning to evaluate and onboard an actively managed crypto strategy on its platform for its qualified investors.

This search for “a professionally managed solution” has been going on for months, said the research unit’s president Darrell Cronk at the time adding, the strategy was likely to be ready in June.

Wells Fargo’s wealth and investment management arm oversee about $2 trillion in assets.

Competitors JPMorgan and Morgan Stanley have also started offering their wealthy clients exposure to cryptocurrency recently.

“We think the cryptocurrency space has just kind of hit an evolution and maturation of its development that allows it now to be a viable investable asset,” Cronk told Insider in May but added that instead of a “strategic allocation,” he sees it as an “alternative investment.”

The financial institution also understands the importance of having a limited supply, with Bitcoin only going to have 21 million in supply ever, as Cronk noted that anytime supply is reduced, even if an asset’s demand holds constant, “it should increase the price.” Cronk said of cryptocurrencies,

“Over time, as people become more familiar with these and as they become more mainstream, I think it will naturally go up.”

“We’ve seen that happen quite consistently over the last decade, but we’ve seen it accelerate during the pandemic because there’s been more digitalization of platforms.”

With risks still present there, the bank will also focus on consumer protections and regulations. “So we’re not without risk, it’s just that we think there can be a viable investable option for those clients who show an interest,” Cronk said.

Wells Fargo has seen “quite a bit of interest” from clients.

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Author: AnTy

Robinhood’s IPO Pushed Back As SEC Delays Approval

Robinhood’s IPO Pushed Back As SEC Delays Approval

The initial public offering (IPO) of stock trading platform Robinhood Markets LLC is being slowed.

According to a Bloomberg report, several people familiar with the matter say the Securities and Exchange Commission has been delaying its review in recent weeks.

SEC Scrutinizes Robinhood’s Crypto Arm

Per the report, the approval has been delayed because the regulator is reportedly looking closely at Robinhood’s growing cryptocurrency business.

The report says the two parties have had extensive discussions about the firm’s IPO prospectus with the regulators particularly concerned about the crypto arm.

Robinhood started cryptocurrency trading on its platform in 2018, before expanding it in 2021. The platform now has a wide range of cryptocurrencies including Bitcoin, Ethereum, Dogecoin, and others.

The firm had earlier planned for a June listing after its filing in March 2021, before shifting to July 2021–which is not certain.

Nevertheless, Robinhood says it would reveal its financials and go public once the SEC finally finishes its review.

Founded in 2013 and headquartered in California, Robinhood is known for offering commission-free trades of stocks and exchange-traded funds.

Robinhood’s Rise To Fame

Robinhood soared in popularity last year. The firm’s rapid rise to prominence was preceded by the GameStop short-squeeze controversy in January 2021.

The broker had halted trading of Gamestop stocks on its platform alongside shares of AMC Entertainment and Blackberry.

This did not sit well with retail traders as the company received public backlash over it. The company later lifted Gamestop restrictions saying they did so to guard against market manipulation.

In terms of revenue, Robinhood has had a good run this year. The brokerage firm made $331 million in payment in the first quarter of 2021, according to an SEC filing.

Out of the payments, $133 million was made from equity trades while $198 million came from options trading. Robinhood’s crypto customers also rose to 9.5 million during the first quarter of 2021.

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Author: Jimmy Aki

Saxo Markets Launches BTC, ETH, & LTC Trading on ‘Strong Demand’

Saxo Markets has launched a cryptocurrency offering enabling its clients to trade Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) against the dollar, euro, and yen, from a single margin account.

Due to being in the form of derivatives, clients can go both long and short on these cryptocurrencies.

The company is targeting mass affluent and emerging-affluent clients for its latest offering. Over the next few weeks, this will be launched in different countries.

This new service was introduced on the back of “strong demand,” said Saxo Markets APAC Chief Executive Officer Adam Reynolds.

“The active trading clients are going to be the ones most interested in this,” Reynolds said, “and that will include people who are active traders in FX, but also people like active traders in tech stocks.”

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Author: AnTy

Southeast Asia’s Largest Bank, DBS Starts Offering Trust Services for Cryptocurrencies

Southeast Asia’s Largest Bank, DBS Starts Offering Trust Services for Cryptocurrencies

Meanwhile, the bank’s Digital Exchange did volume between $30 million to $40 million and held $80 million in assets under custody in Q1 2021.

Singapore-based DBS Bank said on Friday that its private banking arm is now officially offering wealth succession planning for cryptocurrencies.

This latest move by Southeast Asia’s largest bank follows the launch of its crypto exchange, DBS Digital Exchange, for institutional and accredited investors late last year. In Q1, the digital exchange held $80 million in assets under custody with trading volume up 10x to $30 million to $40 million.

DBS’s digital exchange has 120 clients and “a robust pipeline awaiting onboarding.” The bank said the exchange is working on conducting its first security token offering and expanding the operating hours from Asia time zones to round the clock to match the crypto sector.

Now, the bank is helping its rich clients, including the crypto asset class, in their succession plans.

DBS said its subsidiary is offering private banking client support for investing, custody, and managing crypto assets, including Bitcoin (BTC), Ethereum (ETH), Bitcoin cash (BCH), and XRP. BTC 0.35% Bitcoin / USD BTCUSD $ 49,855.49
$174.490.35%
Volume 55.74 b Change $174.49 Open $49,855.49 Circulating 18.71 m Market Cap 932.81 b
5 h City of Williston North Dakota Adopts Crypto Payments for Utility Services 6 h Diginex’s Crypto Custodial Arm Digivault Bags Approval From UK FCA 6 h Square CFO: “No Plans” to Buy More Bitcoin At This Time After Losing $20M Due to Price Drop
ETH 9.56% Ethereum / USD ETHUSD $ 4,075.95
$389.669.56%
Volume 48.17 b Change $389.66 Open $4,075.95 Circulating 115.88 m Market Cap 472.3 b
6 h Diginex’s Crypto Custodial Arm Digivault Bags Approval From UK FCA 6 h Square CFO: “No Plans” to Buy More Bitcoin At This Time After Losing $20M Due to Price Drop 8 h Ether Flippining Bitcoin a Real Possibility But What’s the Caveat
BCH 3.75% Bitcoin Cash / USD BCHUSD $ 1,298.66
$48.703.75%
Volume 5.51 b Change $48.70 Open $1,298.66 Circulating 18.74 m Market Cap 24.33 b
9 h Southeast Asia’s Largest Bank, DBS Starts Offering Trust Services for Cryptocurrencies 3 d Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report 1 w Ethereum Fork ETC Trading 12% Higher on Coinbase, CAKE Wicks Down Over 13.5% on Binance
XRP 2.81% XRP / USD XRPUSD $ 1.40
$0.042.81%
Volume 7.57 b Change $0.04 Open $1.40 Circulating 35.11 b Market Cap 49.21 b
9 h Southeast Asia’s Largest Bank, DBS Starts Offering Trust Services for Cryptocurrencies 1 d MoneyGram Teams Up With Coinme to Make It Easier to Buy Bitcoin and Cash Out In The US 3 d Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report
Lee Woon Shiu, regional head of family office, wealth planning, and insurance solutions at DBS Private Bank, said in a statement,

“International regulations and protocols are still nascent in the digital asset space, which could give rise to complications or unnecessary confusion if proper measures are not in place to prevent them.”

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Author: AnTy

BaFin Warns Binance of Offering “Stock Tokens’ Without ‘Necessary Prospectuses’

BaFin Warns Binance of Offering “Stock Tokens’ Without ‘Necessary Prospectuses’

This is in violation of European Union securities law, as per Germany’s financial regulator, while Binance says it is “committed to following local regulator requirements.”

Germany’s financial regulator is warning that Binance risks being fined for offering its tokenized stocks without filing a prospectus before offering the assets. The regulator said in a statement,

“BaFin has grounds to suspect that Binance Germany is selling shares in Germany in the form of ‘share tokens’ without offering the necessary prospectuses.”

“Please bear in mind that securities investments should only ever be carried out on the basis of the necessary information.”

Earlier this year, the leading stock exchange announced the launch of zero-commission stock trading, starting with Tesla (TSLA). Binance then announced the listing of competitor Coinbase’s COIN shares, and then this Monday, MicroStrategy (MSTR) joined Apple (AAPL) and Microsoft (MSFT) on the platform.

These “stock tokens” are denominated in the exchange’s own stablecoin BUSD.

The Federal Financial Supervisory Authority (BaFin) said this week that there is no prospectus on the exchange’s website for MicroStrategy, Tesla, and Coinbase issues, which is a violation of European Union securities law.

The violation can result in Binance being fined 5 million euros ($6 million). A spokesperson for the UK’s financial watchdog said,

“The firm offers a number of regulated and unregulated products and services across multiple jurisdictions … We are working with the firm to understand the product, the regulations that may apply to it, and how it is marketed.”

The synthetic shares, backed by actual stock, allow investors to reap the economic gains of a company’s stock performance and dividends, according to Binance. A Binance spokesperson said,

“Binance takes its compliance obligations very seriously and is committed to following local regulator requirements wherever we operate. We will work with regulators to address any questions they may have.”

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Author: AnTy

Goldman Sachs to Start Offering its Wealthy Clients Access to Bitcoin Starting Next Quarter

Goldman Sachs to Start Offering its Wealthy Clients Access to Bitcoin Starting Next Quarter

The bank’s VP says there is “a large contingent of clients” looking for ways to participate in the crypto space and sees Bitcoin as a hedge against inflation.

Goldman Sachs plans to start offering its first investment vehicles for Bitcoin and other crypto-assets to its wealthy clients in the next quarter.

CNBC reported the news on Wednesday, citing an internal company memo seen by it.

In an interview this week, Mary Rich, the new global head of digital assets for Goldman’s private wealth management division, which targets individuals, families, and endowments with at least $25 million to invest, said,

″We are working closely with teams across the firm to explore ways to offer thoughtful and appropriate access to the ecosystem for private wealth clients, and that is something we expect to offer in the near-term.”

Throughout the first quarter, Goldman Sachs has been working towards offering crypto products as it rebooted its bitcoin trading desk from 2018, filed for an ETF to provide indirect exposure to BTC, and reported “rising” client demand.

Another big name Morgan Stanley is reportedly on track to place clients into its bitcoin funds starting in April.

The investment banking giant is, according to Rich, is looking to offer a “full-spectrum” of investments in digital assets that ultimately range from physical bitcoin to derivatives and traditional investment vehicles.

It is basically all about demand for Bitcoin from the customers, and “there’s a contingent of clients who are looking to this asset as a hedge against inflation, and the macro backdrop over the past year has certainly played into that,” Rich said.

She further said that “a large contingent of clients” also feels like we’re at the dawn of a new Internet and are looking for ways to participate in the crypto space.

While the ecosystem is still at its “very nascent stages,” she said, “it will be part of our future.”

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Author: AnTy

Fortress Investment Offering an Early But Discounted Payout to Mt. Gox Creditors

Fortress Investment Offering an Early But Discounted Payout to Mt. Gox Creditors

Instead of waiting another year and a half, the SoftBank Group-owned company offers a liquidity option for creditors now.

Fortress Investment Group LLC is offering the creditor of the now-defunct cryptocurrency exchange Mt. Gox an earlier payout. Since 2017, Fortress has been owned by SoftBank Group.

However, this will be a discounted payout to what the creditors would get under a trustee-backed proposal set for a vote in October. According to Bloomberg, this is the highest value that a private equity and hedge fund firm has ever offered creditors.

The Civil Rehabilitation plan from Mt. Gox’s trustee set for an October vote would refund credits about 90% of their claim value while Fortress is offering about 80%. Fortress is using a calculator constructed by Mt. Gox creditor Kim Nilsson to determine the payout value of a claim.

However, the rehabilitation plan payments are not likely to occur until mid-2022, unlike Fortress, which offers liquidity now.

While there is no certainty that creditors will approve the plan, Fortress figures investors don’t want to wait and may choose to cash out now; as such, they have been now sending out thousands of letters to Mt. Gox creators.

“Rather than waiting another 1 to 1.5 years, we are offering a liquidity option for creditors who want to receive cash or BTC now,” said Michael Hourigan, managing director at Fortress.

Creditors would get the amount owed in either cash, Bitcoin (BTC), or Bitcoin Cash (BCH) based on their deposits, under the Fortress proposal.

For years, Fortress has been buying up Mt. Gox claims, offering as little as $600 per BTC and as much as $1,300 per BTC. Bitcoin price, meanwhile, has risen to a record nearly $62k.

Japan-based Mt. Gox that was launched in 2010, was once the world’s biggest Bitcoin exchange, handling more than 70% of all BTC transactions worldwide in 2013. That is until it lost thousands of customers’ bitcoin in a hack.

Some of the holdings were found, and the trustee is working to reimburse creditors for years now as the process gets delayed by lawsuits.

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Author: AnTy