Grayscale Launches Solana Trust, CEO says Investors Increasingly Diversifying Beyond BTC and ETH

Grayscale Launches Solana As Its 16th Product, CEO says Investors Increasingly Diversifying Beyond Bitcoin and Ethereum

Grayscale Investments, the world’s largest digital asset manager, expands its offering to include the popular Ethereum competitor Solana (SOL).

This latest offering “reflects the firm’s ongoing commitment to providing investors access to the ever-evolving digital economy,” said Grayscale.

In October, the firm added SOL token to its Grayscale Digital Large Cap Fund (OTCQX: GDLC).

The asset manager has now launched its sixteenth product Grayscale Solana Trust. The Trust is solely and passively invested in the $66.9 billion market cap token, native to the Solana Network, which it says “expand(s) blockchain use beyond just a peer-to-peer money system.”

Currently trading around $222, SOL is one of the biggest gainers of this year, with its YTD gains at 11,776% while being down 15.4% from its ATH at $260 about a month back. Grayscale CEO Michael Sonnenshein said,

“We have had a front row seat to the mainstream acceptance and adoption of crypto, and increasingly find that investors are diversifying their exposure beyond digital assets like Bitcoin and Ethereum.”

As we reported, investors have already poured in $187 million into Solana (SOL) year-to-date behind the $6.9 billion inflows into Bitcoin (BTC) and $1.2 billion inflows into Ethereum (ETH), according to CoinShares’ weekly digital asset fund flows report. BTC 0.39% Bitcoin / USD BTCUSD $ 57,229.83
$223.200.39%
Volume 36.86 b Change $223.20 Open $57,229.83 Circulating 18.89 m Market Cap 1.08 t
4 h Purpose Investments Launches Bitcoin and Ethereum ETFs, Will Pay 8%-10% Monthly Yield 6 h Bitcoin ETF: Grayscale Pushes Back Against SEC’s “Capricious” Behavior, Fidelity Bypass US to Launch Spot ETF in Canada 9 h Bitcoin Lags as Ether OI Aims for a New ATH as ETH/BTC Surpasses 0.08
ETH -0.81% Ethereum / USD ETHUSD $ 4,586.33
-$37.15-0.81%
Volume 27.64 b Change -$37.15 Open $4,586.33 Circulating 118.57 m Market Cap 543.79 b
4 h Purpose Investments Launches Bitcoin and Ethereum ETFs, Will Pay 8%-10% Monthly Yield 9 h Bitcoin Lags as Ether OI Aims for a New ATH as ETH/BTC Surpasses 0.08 9 h Grayscale Launches Solana As Its 16th Product, CEO says Investors Increasingly Diversifying Beyond Bitcoin and Ethereum

“Solana is faster and cheaper, so it’s been a really great on-ramp for folks looking to buy NFTs, DeFi, or various applications being built on top of it.”

The Trust is open for daily subscriptions for eligible individuals and institutional accredited investors. It has a minimum investment limit of $25,000 and an annual fee of 2.5%.

Founded in 2013, Grayscale Investments is currently managing more than $52.9 billion in assets under management.

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Author: AnTy

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

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

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

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

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

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

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

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

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Author: AnTy

Amazon Is Hiring A Product Leader to Develop its Digital Currency

Amazon Is Hiring A Product Leader to Develop its Digital Currency

Amazon is hiring a Digital Currency and Blockchain Product Lead as it progresses into the cryptocurrency sector.

With $1.83 trillion market capitalization, the tech giant is looking for an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap.

Based in Seattle, Washington, the position is part of Amazon’s Payments & Experience team.

According to the job posting on the company’s website, the person must understand the digital cryptocurrency ecosystem and related technologies to “own the vision and strategy” for its digital currency and its roadmap.

They will be leveraging the domain expertise in cryptocurrency, blockchain, distributed ledger, and Central Bank Digital Currencies (CBDC) to develop the capabilities and drive the overall vision and product strategy.

Earlier this year, there has been chatter about the company working on an Amazon Coin when it posted a job for “Software Development Manager – Digital and Emerging Payments” with Mexico’s prime members chosen for the new payment product.

Back in 2019, when Facebook announced its stablecoin project Diem previously known as Libra, Patrick Gauthier, vice president of Amazon Pay, said it wouldn’t be creating its own cryptocurrency anytime soon.

“At Amazon, we don’t really deal in the speculative,” Gauthier said at the time.

Earlier this month, Jeff Bezos stepped down as the company CEO and is now exploring space. Andy Jessy is the new CEO who previously ran Amazon’s cloud-computing division (AWS).

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Author: AnTy

Bitwise Files Application to Launch Exchange Traded Fund (ETF) for ‘Crypto Innovators’

  • Bitwise has filed to launch a new investment product, tracking performances of crypto companies.
  • Investment firms are expanding their operations as crypto demand continues to grow.
  • Asset managers and investment firms in the crypto industry are getting more creative as they look to attract new investors and grow their business.

This week, Bitwise Asset Management, a premier cryptocurrency fund manager, announced plans to launch a new product.

Tracking Crypto-Loving Companies

In its filing with the United States Securities and Exchange Commission (SEC), Bitwise confirmed plans to launch a Crypto Innovators Exchange-Traded Fund (ETF).

The filing explained that the new product would track performances of projects on the Bitwise Crypto Innovators Index. Bitwise describes “Crypto Innovators” firms with services and transactions in blockchain and crypto-facing sectors. These companies include asset custodians, digital trading services, wallet providers, and others.

The Bitwise Crypto Innovators Index will include firms that derive over 75 percent of their revenues from the crypto sector. Eligible companies are required to hold at least 75 percent of their net assets in cryptocurrencies. Bitwise is also looking into large-cap firms that have “dedicated business initiatives” focused on cryptocurrencies.

It is worth noting that Bitwise’s proposed ETF won’t invest in any cryptocurrencies or crypto-based derivatives firms. The company will also not participate in any Initial Coin Offerings (ICOs).

Good Times for Crypto Investment Companies

Bitwise has seen tremendous growth in its core business recently. Thanks to investors’ focus on cryptocurrencies, the firm has seen significant growth in its business. Earlier this year, the company’s assets under management (AUM) surpassed $500 million – a considerable increase from the $100 million in AUM that it held in October 2020.

In a press release, the investment firm explained that most of its new demand came in the fourth quarter of 2020 – a quarter where it surpassed inflows for 2018 and 2019 combined. Most of its new demand came from large investment houses – including hedge funds, financial advisers, family offices, and other institutions.

Bitwise’s most popular product remains its 10 Crypto Index Fund, which provides exposure to the ten largest digital assets by market cap. As the press release showed, the fund drew in $400 million from investors, with the Bitcoin and Ether-focused funds seeing exceptionally high demand. Now that it is launching a new fund, the company hopes to increase its business ventures beyond just cryptocurrencies themselves.

While Bitwise continues to grow in the institutional market, one company that’s in hot demand right now is Grayscale Investments. The New York firm is the industry’s largest asset management firm, and it is making significant expansion plays. It recently filed with the Delaware corporate registry to launch several investment trusts focused on the decentralized finance (DeFi) space.

According to its filing, Grayscale hopes to launch funds targeting top DeFi tokens, including DOT, AAVE, and ATOM. The company is looking to capitalize on the growing DeFi space, which has seen over $20 billion in new assets locked this year alone.

Grayscale is also looking to open investment trusts in top-performing altcoins ADA and XMR, allowing it to expand its current count. The company, which has over $25 billion in AUM, has also seen significant growth in its business as institutions tend to choose it as their go-to source for crypto exposure.

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Author: Jimmy Aki

Twitch Director Moves “25% into Bitcoin;” Calling it a “Rare Opportunity”

The latest individual to jump into Bitcoin is Shaan Puri, the Senior Director of Product, Mobile Gaming & Emerging Markets at popular live streaming service Twitch, an Amazon subsidiary.

“I have moved 25% into Bitcoin,” Tweeted Puri on Thursday. He did not share just how much BTC this 25% got him but said, “To everyone saying you’re at 90%..the denominator matters.”

Sharing an insight into his decision to invest in Bitcoin, Puri called this a “rare opportunity,” and much like everyone in the crypto market, he thinks this bull run is different from the last one when BTC hit an all-time high at $20,000.

“I think it’s a rare opportunity to front-run a wave of institutional capital that will come into BTC in the next 2 years. And I think people think this time it hits $20k is “just like last time,” but it’s not for many reasons!” Puri said.

Puri is just one of many people that have become a Bitcoiner in 2020 as the price of the largest digital asset rallies more than 155% YTD.

Currently, trading around $18,500, Bitcoin is in a choppy market after surging to a new all-time high, right at the start of the month.

Wall Street legends Stanley Druckenmiller, Paul Tudor Jones, and Bill Miller have been endorsing Bitcoin this year while the likes of BlackRock’s Rick Rieder and Larry Fink, and Ray Dalio are talking about the huge interest in the cryptocurrency and its similarities to gold.

Yesterday, Puri also tweeted about the 169-year old institution MassMutual buying $100M of bitcoin, adding, “The Dinosaurs are coming.”

Before sharing his bitcoin investment with the public, Puri had also noted, “Bitcoin is the only asset where you can go irresponsibly long – and then everyone tells you it’s not enough. And they’re probably right.”

Earlier this year, Twitch also began offering discounts to users who paid with crypto on the platform.

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Author: AnTy

Bitcoin Payment Processor Rolls Out ‘BitPay Send’ to Allow Companies to Pay With Crypto

BitPay has announced a new product dubbed ‘BitPay Send,’ which enables companies to make crypto payments without necessarily holding digital assets. The crypto payment services provider targets extending its clientele portfolio with BitPay Send to bridge the gap that exists when it comes to paying for labor or services in crypto.

Powered by a blockchain ecosystem, the BitPay Send platform is built to increase efficiency in crypto payments and target companies of all sizes. This innovation facilitates massive payments such as the ones companies make to contractors, vendors, customers, affiliates, and employee salaries. Given the growing nature of the distributed economy, BitPay Send poses as an ideal platform for companies that source talent, especially from the gig economy.

Per the current systems, transactions can be extremely slow and costly, especially when a cross-border operation is involved. BitPay Send solves this challenge by supporting round the clock crypto payments across the globe. BitPay CEO, Stephen Pair, noted the high rate of blockchain payments adoption, which he attributes to the ease of sending and receiving payments globally. He added that,

“Traditional international payment methods are cumbersome, costly, and slow. With BitPay Send, companies can make mass payouts without having to buy, own or manage crypto and their recipients receive payments quicker and at a lower cost.”

BitPay Send is already in use by AdGate Media, which leverages the facility to make crypto payments to its affiliates. Basically, BitPay assumes the conversion risk, while AdGate only makes a fiat deposit paid out to an affiliate in crypto. Dan Sapozhnikov, the President of AdGate Media, was keen to highlight the value proposition by BitPay Send in their line of business,

“We have lots of affiliates who wanted to be paid in Bitcoin, especially those who are based outside North America and Europe where access to bank accounts is difficult …

having BitPay manage that risk was an important factor in choosing BitPay Send.”

Notably, recipients will only require a BitPay ID and crypto wallet hence the whole notion of eliminating banks as intermediaries. BitPay, which has been operational since 2011, enjoys the backing of prominent investment firms, which include Virgin Group, Index Ventures, and Founders Fund.

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Author: Edwin Munyui

Verizon to Launch News Verification on Public Blockchain for Complete Transparency

On Friday, Verizon officially unveiled its new open-source newsroom product based on blockchain, designed to set new standards for corporate accountability. The platform itself, aptly named Full Transparency, is dedicated to immutably document the news releases of the company, doing so by way of a public blockchain.

An Age Where Massive Amounts Of Information Can’t Be Trusted

Verizon then proceeded to post its first news story through this platform, according to a Verizon representative. This story made a record of any and every alteration made to the original publication, though a representative from Verizon noted that these only apply to the text changes.

As the years stretched on and connectivity increased, a massive spike in censorship, fact-checking and fake news have only caused grief in both traditional and social media. To highlight this, Verizon mentioned the 2020 Edelman Trust barometer, which stands as an indicator of the public’s trust in media. On the 19th of January, Edelman’s “Trust Barometer” reported that 76% of the world is concerned about how false information can be weaponized, with 57% feeling that they cannot fully trust their media.

The Mandatory Kind Words

Jim Gerace stood as the Chief Communications Officer of Verizon and stated the matter at large. He highlighted how Verizon is eager to bring Full Transparency to the market, seeing a company dedicated to connecting people to information. Gerace stressed how this product could ensure that corporate trust and accountability can be held in its own quiet way.

Alongside this, Gerace openly invited organizations across the globe, at least those prioritizing transparency as much as Verizon does, to adopt these communication practices of blockchain verification.

Setting New Standards For Transparency

Verizon hopes that this platform will set a new standard when it comes to corporate responsibility and transparency. In its statement about the matter, Verizon highlighted that all news releases published to Verizon Newsroom will now be bound and secured through the use of cryptographic principles. Through doing so, subsequent changes can then be tracked and contextualized as well.

This endeavor comes thanks to Verizon and Huge, a marketing company, as well as MadNetwork, a blockchain data storage company, and AdLedger, a nonprofit blockchain application entity.

Verizon has already been exploring blockchain-based solutions for a while. Earlier in 2020, Verizon set its sights on blockchain technology to help enhance security, as well.

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Author: Ali Raza

Andre Cronje’s Latest Project Keep3r Network Getting Hot While YFI Continues to Nuke

While YFI is getting nuked, the latest token KP3R of Andre Cronje’s latest product Keep Keep3r Network launched yesterday in beta rallied to $381 today.

Keep3rV1 (KP3R) is currently trading at $290, as per CoinGecko.

Already, the token has reached a market cap of over $60 million and became the “most traded pair across DEXes after it spikes over 2,000% within 24 hours of launching.” Currently, it is managing $257 million in daily trading volume.

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Meanwhile, DeFi darling YFI has slipped about 54% in the past month and continues to do so as it currently trades at $11,550. And at the current price, “86.6% of the addresses with a balance in YFI are out of the money,” as per IntoTheBlock.

Cronje, who is known for Yearn,Finance project, first shared this project last week, which only went live this week.

Launched in beta, the network is still under audit. Although Keep3r Network v1 contracts have been released and have been audited and reviewed, bugs could still be found; as such it is advised not to invest one is not willing to lose.

It is basically a decentralized network for projects that need external DevOps and for external teams to find keeper jobs.

Here a keeper is an external person or a team that executes a job, which refers to a smart contract that wants an external entity to perform an action.

To join as a Keeper, you call bond on the Keep3r contract that needs 3 days to be activated. For this, KRP tokens aren’t needed.

As for registering a job, it can be done by submitting a proposal via Governance or through a contract interface.

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Author: AnTy

KPMG Partners with Coin Metrics to Enhance Digital Asset Services for Institutional Clients

‘Big four’ accounting firm, KPMG, is expanding its blockchain product suite following a partnership with a leading crypto market data service provider, Coin Metrics. According to the announcement on Oct 27, the strategic alliance is meant to enhance the delivery of reliable data insights to bring more institutional clients into public blockchains and crypto-assets.

Notably, the announcement coincides with an increased interest in crypto by traditional financial institutions. Going by the trends, big players like PayPal will soon require advanced product suites in the blockchain niche for auditing processes. The KPMG partnership with Coin Metrics will see both firms integrate their blockchain products to serve institutional clients’ growing demand.

KPMG’s ‘Chain Fusion,’ a digital asset oriented product designed for financial firms, was launched as recently as June 2020. This product is set for integration with Coin Metrics’ Farum and Atlas, both of which propose value to KPMG’s core operations. Farum will enable KPMG clients to efficiently monitor risks by identifying fee volatility, transaction reorganizations, and network attacks.

Atlas, on the other hand, proposes value in transaction audits; this comes in handy with issues such as capital tax reporting, a niche where KPMG is a veteran player. KPMG’s Cryptoasset Services co-lead, Sal Ternullo, said that,

“The integration of Coin Metrics’ Atlas and Farum products and KPMG Chain Fusion provides a trusted foundation for the adoption of digital assets … Farum represents a significant step forward for custodians and exchanges who are exposed to often, unmonitored blockchain network risks that may impact their businesses.”

As the crypto market continues to gain traction, it is becoming evident that audit functions are necessary for the space to thrive. Well, KPMG is not the only ‘big four’ that has made a debut in crypto; its peer competitors PWC, Ernest & Young, and Deloitte have also shown interest. In fact, PWC recently partnered with ChainSecurity while Ernest & Young launched its crypto tax service a few months ago.

Also Read: KPMG Reveals Blockchain-Based Climate Accounting Infrastructure (CAI) for Greenhouse Gas Tracking

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Author: Edwin Munyui

Non-Custodial Bitcoin Exchange, Hodl Hodl, Launches Lending Service Without KYC

Hodl Hodl, a non-custodial Bitcoin exchange, is launching a KYC-free lending product for its customers. The exchange claims that its lending product would be the first truly decentralized finance (DeFi) product.

The exchange would start lending USDC, PAX, USDT, and DAI stablecoins via peer-to-peer lending. The users would be required to put their bitcoin up as collateral to access the stablecoins and the collateral period ranges from one day to a full year. Apart from offering the flexible collateralization period, the platform does not ask for any form of KYC details to access their services.

Crypto Lending Services On the Rise Since 2018

In the past couple of years, crypto lending services have seen a significant boom, especially after the rise of venture-backed firms such as BlockFi and Genesis Capital. Genesis currently boasts of $1.4 billion in outstanding loans, while BlockFi currently has $1.75 billion worth of assets under its management.

Hodl Hodl CEO Max Keidun commented on the idea behind launching a KYC-free lending service and said,

“Hodl Hodl is trying to build true P2P lending in bitcoin. Almost all (if not all) existing lending platforms are centralized, require KYC, don’t allow you to play by your own rules.”

Another thing that Hodl Hodl is actively highlighting is that it would not be the custodian of the assets put in collateral. Instead, borrowers would lock their bitcoin’s in two-out-of-three multisig escrows. The borrowers can get back their collateralized bitcoin by repaying the stablecoins with interest.

Stefan Jespers, a Belgium-based bitcoin advocate, commented on the growing trend of lending services in decentralized space and said,

“If you have some stablecoins laying around that you aren’t using, it’s a nice way to make some extra money with it. And you know beforehand what the interest rate will be.

With most other products on the market, those rates can change frequently; here, it’s locked for the entire duration.”

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Author: James W