Swiss Stock Exchange, SIX, Adds A New Bitcoin ETP (BTCE) From Issuer ETC Group

SIX Swiss Exchange, one of the leading marketplaces for crypto products, has welcomed a new Bitcoin exchange-traded product (ETP) provider known as the ETC Group. According to the official announcement, ETC Group will join 5 other ETP providers, scaling the number of listed ETP’s to 34.

The new Bitcoin ETP goes by the ticker ‘BTCE’ and tracking Bitcoin’s price BTC 6.28% Bitcoin / USD BTCUSD $ 38,620.37
$2,425.366.28%
Volume 63.56 b Change $2,425.36 Open $38,620.37 Circulating 18.6 m Market Cap 718.36 b
6 s Swiss Stock Exchange, SIX, Adds A New Bitcoin ETP (BTCE) From Issuer ETC Group 11 min New Zealand’s Financial Markets Authority Warns Crypto Investors to Watch Out for Scams 44 min Howard Marks Warms Up to Bitcoin; His Son Holds A ‘Meaningful Amount’ of BTC For The Family
to inform its performance. Basically, this crypto-oriented product gives exposure to Bitcoin while operating under the regulated SIX exchange marketplace. The ETP is available in GBP, CHF, and USD trading pairs.

Given that the ETP tracks Bitcoin, ETC Group has 100% physically backed the BTCE ETP; in simple terms, the Group owns Bitcoin as the underlying asset to this particular crypto product. Investors can, therefore, participate in the crypto markets by tracking the price of BTC, which is reflective of the ETP performance.

SIX Swiss Exchange head of markets, Christian Reuss, said the milestone would further expose investors to more crypto products,

“We welcome ETC Group to the family of ETP providers offering their products at SIX. With the new product, investors gain access to 100 different crypto products trading on our platform and with this have even more opportunities to diversify their portfolio.”

The exchange also reported that it broke the billion-dollar barrier in crypto products trading turnover to CHF 1 billion in 2020. This figure has increased by over 100% compared to 2017’s turnover, around CHF 525 million; crypto-related trades broke previous records to hit 48,024.

Meanwhile, ETC Group who is the provider of the newly listed Bitcoin ETP, has experience in the innovation of digital asset-backed securities; the firm enjoys backing from heavyweight London-based institutions such as XTX Ventures and ITI Capital.

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Author: Edwin Munyui

BlockFi Taps CF Benchmarks’ Crypto Pricing Indexes for its Lending Products

BlockFi, a financial services firm focusing on crypto products, has partnered with CF Benchmarks, which will now provide them with ‘independent pricing and valuation’ of their clients’ underlying digital assets. available comes barely a week since BlockFi raised $50 million in a Series C funding, increasing the company’s prospects of scaling crypto adoption in both retail and institutional markets.

According to the press release shared with BEG, the partnership will enable BlockFi’s clientele to integrate better asset allocation and risk management strategies towards their crypto lending deposits and collateral. Consequently, BlockFi is optimistic that its partnership with CF Benchmarks will enable investors to realize the full value of their investments given embedded performance measures.

Notably, CF Benchmarks are regulated by U.K’s Financial Conduct Authority (FCA) hence an additional value in terms of compliance and trustworthiness. The firm’s benchmark indexes for digital assets have so far been used to value over $200 billion worth of crypto derivatives, listed by Kraken Futures and CME Group. BlockFi CEO, Zac Prince, was keen to highlight these competitive advantages given their goal to scale crypto adoption,

“CF Benchmarks has set the gold standard for crypto price indexes, and these credible and regulated price sources are imperative to the acceleration and support of the rapid crypto adoption we’re seeing from institutional and retail investors worldwide.”

This CF Benchmarks hailed ‘independent pricing approach’ leverages transparent governance and public methodologies to generate indexes for tracking and valuing crypto assets. According to the company’s CEO, Sui Chung, the structure of their crypto benchmark indexes is unique in that,

“We use tried and trusted methods from traditional finance combined with crypto-specific concepts while providing the utmost transparency through published methodologies, policies, governance, and oversight.”

Chung also highlighted that they are proud to be working with an industry leader like BlockFi, which has now identified the value proposition in putting licensed and robust crypto indexes to use.

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Author: Edwin Munyui

Grayscale Receives FINRA Approval to List Bitcoin Cash and Litecoin on The Stock Market

Grayscale Investments’ two more products, Grayscale Bitcoin Cash Trust and Grayscale Litecoin Trust, have received approval from FINRA for public quotations under the ticker BCHG and LTCN on OTC Markets.

With this move, both Bitcoin Cash (BCH) and Litecoin (LTC) will be trading on the public stock market for the first time.

The New York-based digital currency asset manager announced on Monday that regulators had given the go-ahead for the sale of its two products, covering two new cryptos to the public.

The company that makes digital assets available in the form of stocks will make these new productions available to the general public in the next two to four weeks.

Grayscale stocks trade on OTCQX, an over-the-counter (OTC) market that is overseen by regulator FINRA, and here securities do not need to be registered with the SEC.

More options for institutional investors

Grayscale’s crypto products amount to shares in a trust that holds the underlying digital asset.

With this approval, institutional investors are now able to get exposure to these two crypto assets that Grayscale sells in the forms of shares, which, as we have seen in the case of both Bitcoin and Ethereum results in a significant premium to the underlying asset. Grayscale’s managing director, Michael Sonnenshein said,

“Grayscale builds investment products that operate within existing regulatory frameworks. With two additional products gaining approval for public trading, we’re broadening access for investors to gain exposure to the digital currency asset class.”

In its Q2 2020 report, Grayscale shared that it had the largest quarterly inflows ever at $905.8 million. Not only GBTC and ETHE saw record inflows, but Grayscale Litecoin Trust saw its largest inflows to date as well. Also, Grayscale Bitcoin Cash Trust recorded its largest inflows since Q2 2018. The report read,

“After a period of slow growth, Grayscale Bitcoin Cash Trust and Grayscale Litecoin Trust have seen a marked uptick in investor interest. The two trusts combined have now reached over $20 million in inflows since inception.”

With this, the total number of digital assets available to the public as shares have come to six. Already, Grayscale’s bitcoin product has found a special place among millennials investors on apps like Robinhood. Also, a Charles Schwab report from December stated that the Grayscale Bitcoin Trust (GBTC) was one of its top five equities held by millennials, even ahead of Netflix.

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Author: AnTy

“XRP is Actually the Digital Asset, Ripple is A Company” – Binance US CEO Corrects CNBC Host

  • Excitement about Bitcoin halving and increase in the derivatives products has the market pumping – Binance U.S. CEO Catherine Coley
  • Each of the digital assets has different use cases and can’t be painted with a broad stroke

The crypto market is having a red day with Bitcoin down 5.56% while trading at $9,610 while altcoins are doing far worse.

However, year-to-date basis gains recorded by some crypto like Tezos, BSV, and Chainlink are as much as 130-200%. Top cryptos are also up 40-80% while bitcoin is currently up 30%.

What’s behind this, said Binance U.S. CEO Catherine Coley on Wednesday is the,

“excitement going into that Bitcoin having as well as an increase in the available derivatives products out there. You see the open interest on the CME at its highest and you also see access to digital assets at the easiest level ever.”

Regulators & Mainteram Money Managers are on Bitcoin Train

During her interview with CNBC’s “Power Lunch,” she further shared how regulators have “absolutely” started to get behind the digital assets.

Grayscale Investments have got the clearance from the regulators and this month we also saw US Securities and Exchange (SEC) Commissioner Hester Peirce putting forward,

“her proposal for increased regulation around allowing for new activities to take place with kind of a three-year benchmark.”

These changes are really important as we see the evolution take place and see America lead that charge, said Coley. But that’s not all, mainstream money managers have also been urging investors to have some Bitcoin in their portfolio.

Crypto Market can’t be Painted with a Broad Stroke

Bitcoin is not the only digital asset that is surging, as a matter of fact, altcoins are pumping even harder just like their fall. Coley also shared how the use case of each of those assets is different and as such,

“we can’t necessarily paint with a broad stroke why Bitcoin would be rallying and why XRP would be rallying in the same case.”

While Bitcoin is a store of value that people have begun to see as a “flight to safety or a flight to sovereignty,” because,

“when geopolitical situations become concerning you’re gonna want to be able to hold your own assets and access those at any time 24/7.”

This is a different case in the scenario for XRP which Coley said,

“is really going to be useful for cross-border transactions instantaneous settlements and moving funds across borders.”

While talking about XRP, she further clarified the host that “XRP is actually the digital asset and Ripple is a company.” Over time, she said, we’re,

“gonna see a divergence between certain coins but also an overall all rise all tides rise effort when we see an active towards Bitcoin and the rest of the digital asset market.”

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Author: AnTy

Former Apple Card & Pay Lead Joins Santander To Head Global Digital Payments

An Apple payments products executive, Trish Burgess, has joined the Spain-based bank Santander’s peer-to-peer (P2P) global payments team.

As an announcement from Thursday says, Santander is looking to expand it digital payments services in order to make them global. Burgess’ LinkedIn profile indicates she worked at Apple for 4 and a half years, where she helped to lead the launches of Apple Pay and Apple Card.

Burgess Has Worked for Santander Before

Burgess isn’t a stranger to Santander, as she previously held the position of being responsible with the securities offered by the bank. Burgess was employed between 2007 and 2010. After 2010, she was a senior executive for BNP Paribas and Visa. When it comes to education, she studied marketing and finance with electronics, focusing more on telecoms.

Back at Santander, she will report to the Santander Digital Payments’ global head Chirag Patel. The bank says its Digital Payments team is in charge with improving the users’ experience and the adoption of an international payment network as far as P2P payments goes.

Santander is Committed to Deliver the Best Payments Solutions

Patel said Santander wants to provide customers the best payments solutions. This is what he mentioned about Burgess’s role at the bank:

“Trish’s appointment as head of P2P highlights our commitment to delivering best-in-class payments solutions for our customers. We know that innovation is powered by the most talented people, and we welcome Trish’s wealth of payment experience.”

Last year, Santander dedicated about 20 billion Euros for investments in digital payments technology. Back in 2018, it introduced a blockchain-based mobile app that uses Ripple’s xCurrent technology. The app is called One Pay FX and was first rolled out for the bank’s customers from Spain, the UK and the US. Later, One Pay FX was made available for customers residing in Latin America.

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Author: Oana Ularu

Gemini Custody Adds Chainlink (LINK), Up 666% In Last Year, And GNT, NMR, OXT, STORJ

The Gemini crypto exchange’s custody products now support Golem (GNT), Chainlink (LINK), Numeraire (NMR), Orchid (OXT) and Storj (STORJ).

The Winklevoss twins’ company entered the crypto custody market in September last year, by offering its clients an institutionally oriented solution. In the beginning, it supported 18 cryptocurrencies such as Bitcoin (BTC), Ether (ETH) and others more exotic including Bread (BRD) and Enjin (ENJ). By introducing the 5 new already mentioned coins, it shows that it keeps its promises when it comes to the expansion of its offerings.

Gemini Custody Allows Clients to Instantly Trade Assets

Gemini Custody is a platform that allows clients to instantly trade assets by offering them credits. Customers can have white lists set up, this way making sure their crypto holdings are withdrawn to some specific addresses and auditors are given access for confirming activity and balance. Sub-accounts can also be set up, with the levels of permission as they’re needed.

Biggest Insurance and Crypto Needs Rules Campaign

On January 16, Gemini extended the insurance coverage for its custody product to $200 million, which is the highest insurance for a crypto custodian ever. It also caused a lot of controversy with its Crypto Needs Rules Campaign, but it wants to keep their high standards as far as regulations go. At the same time, it only recently became the first crypto exchange to have a SOC 2 Type 2 certification.

Newly Added Tokens’ Prices Don’t Promise Too Much

At press time, the newly added token’s prices and market caps are as follows:

GNT at the price of $0.05 and a market cap value of $51,754,094, NMR with a price of $5.75 and $22,730,224 market cap, LINK for $3.39 and a market cap of $1,230,876,314, OXT at the price of 0.29 no market cap and STORJ at the $0,15 price and a market cap of $21,525,528.

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Author: Oana Ularu

Crypto Wallet And Exchange Blockchain.com Now Supports Turkish Lira (TRY)

One of the most appreciated providers of crypto products, Blockchain.com, has announced that it integrated the Turkish Lira (TRY) on its exchange.

This means Turkish users will be able to buy crypto in only 5 minutes from now on, without using a third-party payment processor. On the Blockchain.com Exchange, they are now able to deposit, use and withdraw TRY if they want to purchase BTC, ETH and USDT or to convert cryptocurrency into fiat currency at a very good rate.

Turkey is Accustomed with Crypto

According to a 2019 Statistica Global Consumer Survey, a fifth of the people residing in Turkey know about crypto and have somehow been exposed to it. Another ING survey from 2015 discovered that 45% of all Turkish people think cryptocurrencies are the future when it comes to online spending, this percentage being the largest in Europe.

Blockchain.com Exchange Is the Most Trusted of Its Kind

Ever since it has launched in August, the Blockchain.com Exchange has earned a great prominence for being especially trustworthy when it comes to buying and trading crypto. More than this, it still continuing to launch new assets and futures, not to mention that it supports withdrawals and deposits in the British pound, the US dollar, in EURO and now, in TRY. It’s available for residents from 190 countries. This is what the company’s CEO and co-founder, Peter Smith, had to say about the TRY integration:

“Turkey is one of the countries leading the charge to embrace cryptocurrencies, but its traders have only been met with high fees and poor service. Blockchain.com is dedicated to providing a fair, global market for Turkey’s crypto traders, and setting a new standard for the service they should not only expect, but demand from exchanges.”

Trading Fees for Depositing TRY Reduced

As a celebration for the launch, Blockchain.com offers reduced trading fees for an entire year to those who make TRY deposits onto its Exchange. There are Tier 3 fees of .08% maker and .18% taker for the first 1,000 TRY deposited, whereas the next 1,000 deposited TRY get Tier 2 fees of .10% maker and .20% taker.

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Author: Oana Ularu

Calibra Association’s Kevin Weil: Libra Won’t Spread As Fast As Facebook’s Social Media Network

Kevin Weil, the vice president of products at Facebook’s subsidiary Calibra, has recently talked about the expansion of the main project of the company. According to him, the Libra stablecoin may take years, if not decades, to “catch on”.

He talked about it at the Web Summit, which happened this week in Lisbon, Portugal. Weil said that this is a work that is “worth making”, but it will be very hard and slow to build a real user base for the new digital asset.

Weil also claimed that the Libra Association is still determined to be a successful organization, despite losing some important members recently. He was talking about companies such as PayPal, Visa, and Mastercard, which decided to leave the association during the government crackdown that happened with Libra a few weeks ago.

However, he believes that the members which are still a part of the foundation are very focused on its success. Weil also pointed out that now the Libra Association is more than what it was 18 months ago because of their involvement.

During his presentation, he also affirmed that people won’t be forced to use Calibra’s wallet. Each user will have the freedom to use whatever wallet they like and the CEO of Facebook, Mark Zuckerberg, promised that the social media company will not interfere directly with the digital currency.

Curiously, private Libra wallets are already available. ZenGo, a developer from Israel, for instance, has just launched a wallet compatible with the Libra network a few weeks ago. If this catches on, we’ll probably have a lot of Libra wallets, something that may end up appeasing regulators a bit, as it will take some of the power away from Facebook and the association.

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Author: Gabriel Machado

Celsius Network Crypto Mobile App Partners with Trust Token; Adds 4 New Stablecoins

Celsius Network, a blockchain based marketplace for crypto financial products, announced its partnership with Trust Token, a stable coin company, to offer high interest incomes on five new stable coins.

The press release on Oct. 16 confirms the addition of Trust Token’s stable coins including: True US Dollar (TUSD), True Hong Kong Dollar (THKD), True Canadian Dollar (TCAD), True British Pound (TGBP) and True Australian Dollar (TAUD).

Up to 10% APR on crypto investments

Following the partnership with Trust Token, Celsius Network expands its asset base to ten stable coins including Paxos’ PAX, Coinbase’s USDC and Maker’s DAI.

The platform will offer investors an annual percentage rate of 10% on their investments on any stable coin. The high interest rate is earned from the deposits and loan services offered – 80% of the interest distributed to the investors.

The CEO of Celsius Network, Alex Mashinsky, praised the partnership with Trust Token highlighting the importance of stable coins on the platform. He explained,

“Stable coins built on the blockchain allow us to move dollars in the form of digital tokens over the internet, and that enables us to earn more for our borrowers from all over the world.”

Celsius Network’s current rate of interest on deposits beats the normal 1-3% traditional banks offer their customers. Alex added,

“By offering high interest income on stable coins, Celsius enables anyone around the world to earn 10x more on their dollars than they ever could at a traditional bank.”

Low interest collateral backed loans

Furthermore, the platform will open up loan services for its customer base offering low rates of up to 3.5% APR.

The customers can apply for a loan using their digital assets as collateral while earning interest on their deposits. The company saw a 20X increase in deposits through its mobile application in August as users took advantage of the low loan rates and high APR on their deposits.

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Author: Lujan Odera

Ripple-Focused XRPL Testnet Gets Reset Citing It Was Time for a Fresh Start

The developer behind prominent products such as XRP Text and the XRPTipBot, Wietse Wind, has recently affirmed that the XRPL Testnet has just been reset. According to him, this is normal and happens “every now and then”.

Despite the developer affirming that this was a normal occurrence, the community quickly started to speculate more about what happened. For instance, several people on Twitter commented that Cobalt could have been behind the reset.

In case you are not aware of Cobalt, you should know that it is a consensus algorithm created by Ethan MacBrough. This new technology could be used to speed transactions, which are already quite fast. If the new technology was applied to the XRP Ledger, transactions could be verified in under 2 seconds, a new record of speed. At the time, the process takes up to 7 seconds.

Because of this, the community started to speculate that the technology was about to be implemented and that the main reason for the reset was to implement it in the Ripple Ledger testnet.

Unfortunately, the speculation was stopped quite quickly by Nik Bougalis, a lead developer at Ripple. According to Bougalis, there was no new code at all and the reset was normal. Once more, the community was too quick to jump to conclusions without any evidence.

At the moment, Cobalt is still under development and there is no official timeframe for its official launch and integration into the XRP Ledger.

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Author: Gabriel Machado