Bitwise Plans To Target Retail Investors With Its Crypto Index Fund

Bitwise has revealed that plans are underway to allow the retail market to participate in its large-cap index service.

According to CoinDesk, Bitwise is working closely with the relevant regulatory bodies to list its Bitwise 10 Index Fund shares on OTCQX, which provides an alternative trading system and is licensed by the SEC. According to Hunter Horsley, Bitwise’s CEO, if the plans are okayed, retail investors will have a chance to trade the fund on various renowned platforms such as TD Ameritrade as well as Charles Schwab.

The firm has various steps before trading can kick-off. The firm will start with an announcement to all the shareholders and Horsley revealed that this was done on Friday. The firm will also need to publish all the public disclosures to comply with the ATS reporting rules. The firm will also need to prepare a market maker and file Form 211 as per FINRA requirements. Trading will only kick-off after the approval of Form 211 by FINRA. Horsley explained:

“We expect approval for trading in the second half of 2020. It’ll take a number of months for trading to commence.”

Horsley compared the process to that of Grayscale Investments’ Bitcoin Trust offering that is currently trading on OTCQX. At the moment Grayscale has listed various shares on OTCQX such as Digital Large Cap Fund, Ethereum Classic Trust as well as Ethereum Trust.

The Bitwise 10 Index Fund is highly diversified just as the Grayscale large-cap fund. As Horsley explained, it holds assets that are representative of about 85% of the whole crypto market capitalization.

Horsley stated that the fund comprises Bitcoin, XRP, Ethereum, Ethereum Classic, Bitcoin Cash, Litecoin, Stellar Lumens, EOS, Tezos, and ADA.

There has been a growing interest in such types of products, Horsley stated. He added that his firm has been holding about 2,000 calls every month with advisors. A recent survey revealed that about 72 percent of advisors stated that their clients have been inquiring about crypto products.

Horsley also stated that plans are underway to launch a Bitcoin exchange-traded fund in the near future.

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Author: Joseph Kibe

Crypto Lender Nexo Now Allows Retail Investors To Use PAX Gold (PAXG) As Collateral

Renowned crypto lending firm Nexo has opened up the possibility of retail investors to use PAX Gold (PAXG) as a collateral option against loans. The firm had previously launched a pilot scheme on the same but the services were only available to institutional investors only. The pilot saw a high demand for the gold-backed credit lines and the firm has decided to extend the service to retail investors.

The announcement signifies that collateralized borrowing backed by high-grade gold can be extended to everyone and not only the rich.

PAX Gold token was introduced in September last year and is entirely backed by as well as redeemable for actual gold which is currently kept in Brink’s vaults. Every token is backed by ‘fine troy ounce of London Good Delivery Gold’ that allows the user to own gold which is a safe-haven asset. Tokenization adds to the convenience of the safe-haven asset.

During the pilot phase, there was a high demand for its gold-backed credit among the institutional customers such that the firm had to invest an extra $5 million in PAXG to satisfy the investors demand.

The expanded scheme that will rope in the retail customers will enable everyone to take advantage of gold-backed PAXG assets using it as collateral within the Nexo platform.

According to Nexo co-founder, gold backed PAXG is highly relevant more so during high volatility times like currently and majority of retail clients have been seeking for such a service. He explained:

“Especially in high-volatility times, as in the present, gold is sought after by many of our retail clients and we have worked towards reflecting their wishes.”

The crypto loans sector has been growing rapidly in the recent past as the majority of crypto owners or holders are looking to use their assets as collateral as opposed to liquidating them.

Nexo enjoys the backing of Michael Arrington, TechCrunch founder, and was able to raise $52.5 million during a private token sale back in 2018.

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Author: Joseph Kibe

Luxury New York Condo in Manhattan Gets Sold in Bitcoin Worth $15.3 Million

A retail condo in the Upper East Side has been sold by Ben Shaoul for $15.3 million in Bitcoin. The 11,400-square-foot living space was owned by the landlord’s firm Magnum Real Estate Group. The company is converting rentals in the 389 Easy 89th Street into condos. It all happened earlier this month, with the buyer being the Taiwanese entity Affluent Silver International LLC.

The Transaction Was Completed in Bitpay and Starr

The two parties of the selling agreement have used Bitpay and Starr in order to complete the transaction. The Jet Real Estate broker Eric Hedvat, who was a representative for Magnum, said that the process was “seamless”, while Shaoul refused to make any comments.

Magnum Has Used Bitcoin for Transactions Before

It’s not the first time that Magnum has gone into a contract with buyers and used Bitcoin transfers. Last year, they sold a 624-square foot space for $875,000 in Bitcoin and a 989-square-foot unit priced at $1.48 million. Shaoul previously said he would accept Bitcoin payments for his 62 Avenue B residential spaces in Alphabet City, but he ended up selling the unfinished building to Martin Shapiro for $82 million last year.

Digital Currencies Not Yet Widely Accepted in Real Estate

Since digital currencies and Bitcoin are continuing to have their value fluctuate, and they’re not accepted by many Real Estate sellers. Only over the last year, Bitcoin has had its value ranging from just above $3,000 to $12,000. However, New York sellers are starting to use it more and more. For example, the Brooklyn rental management company ManageCo has announced last year that it accepts cryptocurrency as payment.

Digital money is starting to be welcomed for the priciest listings, like the 10 East 76th Street on the Upper East Side, for which Corcoran is marketing a $29 million mansion and states that the seller accepts Bitcoin, Ripple or Ethereum as payment. A mansion that Sotheby’s is marketing at 40 Riverside Drive is priced at $13 million, with the seller accepting Bitcoin. Since New York’s Real Estate market is already embracing digital currencies, it can be expected others to do it too.

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Author: Hank Klinger

Alibaba Offers Bitcoin Shopping Cashback Rewards Via Lolli App With New Partnership

The affiliate retail startup Lolli has started a new partnership with the Chinese e-commerce giant Alibaba. Now, Alibaba will offer Bitcoin (BTC) rewards for clients who use Lolli to make purchases. Lolli is an in-browser app that is focused on allowing the users to get cashback in crypto and earn small rewards.

This new partnership was announced on Singles Day, a Chinese shopping holiday which is similar to Black Friday. As this is a major day for retail in the country, there are many people shopping, so it was the ideal day to launch the new project.

Aubrey Strobel, the head of communications at Lolli, has recently affirmed that China residents will, unfortunately, not be able to participate. Only Chinese-Americans, foreign students or travelers who are currently in the U. S. will be able to participate as Lolli cannot operate legally in China. Another reason is that all products need to be sent from China to the United States.

Lolli’s CEO Alex Adelman said that this partnership could be considered a milestone for the company and that Lolli had plans for an international expansion next year. He also noted that this was an important step to connect two important economies via Bitcoin and e-commerce.

Adelman acknowledged that the opportunity was only available for U. S. residents right now and claimed that the goal was to actually let anyone participate as soon as possible.

The industry of BTC cashback is growing. Companies such as Fold and SPEDN have also invested in this niche, so Lolli has a fierce competition to beat.

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Author: Silvia A

Bitcoin Can Now be Bought at All 7-Eleven Stores in the Philippines

In 6,000 retail outlets including all 7-Eleven stores across the Philippines, people can buy Bitcoin (BTC), thanks to the new partnership between Abra, a global investment app and ECPay, Electronic Commerce Payments.

This partnership means Abra users can conveniently add money to their Abra wallet though these stores.

The idea is to make moving cash to crypto and other digital assets simple and fast and this partnership is another step towards making cryptocurrency use and investing simple and accessible to everyone.

Now, anyone with an Abra wallet can convert cash to crypto by locating a CLIQQ kiosk inside any 7-Eleven store in the Philippines.

From there, the user has to find Abra listed under “Bills Payment” option and add the amount to deposit in their wallet — the minimum deposit is of PHP500 and the maximum amount is of PHP100,000.00 on a daily basis with a two percent transaction fee.

Cash is added to the Abra wallet within 1-2 business days, except for weekends and holidays, which can then be used to invest in any of Abra supported crypto assets.

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Author: AnTy

Following Patrick Byrne’s Exit, Overstock Will Change Former CEO’s Crypto Dividends

Overstock, a giant of the retail industry, has recently decided to drop the originally intended restrictions for its digital dividends. This happened because of trouble with the former CEO of the company Patrick Byrne.

Byrne left the company after a scandal which was said to involve a romantic affair with a Russian spy. However, before he left his position, he arranged so that the dividends of the year would be paid using a digital security listed on the company’s subsidiary tZERO.

Now, however, as he left the company, Overstock decided that it was better to restructure some of the ways that dividends would be paid in order to make the experience more seamless. In order to do it, the company has put the dividends on hold. Overstock will need time to set everything right, though, which is why the decision of freezing the assets for the moment was taken.

According to the official statement of the company, Overstock is working with the authorities in order to provide more liquidity and to structure the dividend shares in a way that they bring the most benefits to investors.

Originally, part of the dividends were paid in the way that the Byrne was structured, was to make short sellers move away from the firm. Byrne believed that people were shorting Overstock. Initially, as he presented the new payment structure, the price of the shares went up. However, after that, they went down again as some banks started to accept them.

Now, the company is working on the restructuring of the whole system to cater to the needs of the investors.

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Author: Gabriel Machado

Alfa-Bank and X5 Retail Group Utilize Waves Blockchain To Release Bank-as-a-Service Platform

Alfa-Bank has recently started a partnership with the X5 Retail Group in order to launch a new blockchain-based platform that will be used for liquidity. This new platform is going to be called Distributed Treasury and Cash Management (DTCM) and its main goal will be to enable the bank to let clients manage payments, deposits and loans with a liquidity pool.

This new service is being marketed as a bridge between corporations and the Bank-as-a-Service (BaaS) of the company.

Denis Dodon, the director of innovation and development of the institution, affirmed that the main difference between the company’s product and what other companies are offering right now is that they do not only give clients a channel to send orders but help them to completely change the logic of how the process works.

The new model is expected to give window for more customization. With the Waves blockchain, they can employ smart contracts and use the technology for a diversity of situations.

Svetlana Demyashkevich, the CFO of the X5 Retail Group, has recently affirmed that the partnership will be the benchmark for future interactions between clients and banks and that the Alfa-Bank has made a huge step forward.

She also affirmed that her company is set to use the new technology to optimize how the process of trading is done. With the help of this technology, communication and payments will be considerably simpler. Among other benefits shown by the CFO were the unified treasury application provided by the bank and how improved data management can be used to cut risks and costs.

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Author: Gabriel Machado

Overstock Blockchain Company tZero Launches New Security Token ‘TZROP’

tZero, the blockchain subsidiary of Overstock, the retail giant, has recently launched its TZROP tokens, which will be equity security tokens. With the token, the holders will have a way to get profits from the company.

What is more interesting is that the token will be available for both accredited and non-accredited investors, meaning that people who are not rich will also get a shot for investing in the new crypto product.

If you hold the tokens, you will get 10% of the company’s profit quarterly. The 10% will be equally divided by all the tokens and people will get an equivalent amount of money. The idea is that this could put small investors in touch with the profits of the company.

However, in order to really sell the tokens, the company is still awaiting the final approval, which will need to pass the Board of Directors and the law requirements of the state of Delaware.

Interestingly, the dividends can be paid not only in USD but also with cryptos such as Bitcoin (BTC) and Ethereum (ETH).

tZERO’s CEO Saum Noursalehi affirmed that the new security token is an important milestone in order to turn the capital market into something more democratic. According to him, non-accredited investors are generally not able to be a part of these investments, which excludes them from the market.

With this new offering, he believes that the market will continue to be properly regulated at the same time that more people will be able to invest in it. This will create more liquidity for everybody and also more wealth to people who simply were not able to invest in this profitable market before.

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Author: Bitcoin Exchange Guide News Team

Future1Exchange: Legit Cryptocurrency Trading Exchange Platform?

Future1Exchange

Future1Exchange is an online asset exchange platform designed for both professional traders and retail investors. The platform allows users to buy, sell, and store digital assets safely and securely.

Future1Exchange is registered and licensed to provide cryptocurrency-to-fiat exchange and wallet services. The Estonian law covers the conduct of the operations on the platform. Future1Exchange goal is to become the world’s leading Crypto Exchange and platform for Token Offering, Digital Asset Portfolio, Custody, Cryptocurrency Education, and Forecasting.

The vision of the platform is to create the most compelling Blockchain and Cryptocurrency Company of the 21st century. It also aims to accelerate the world’s transition to adoption of Blockchain and Crypto.

Getting Started on Future1 Exchange

Step 1: Go to Future1Exchange.com

Be sure to bookmark the page to prevent phishing sites that may mirror the actual website. Please also ensure the URL is correct and look out for a “Secure” Certificate with the padlock icon.

Step 2: Complete the registration process

Click on the “Register now” button on the homepage and enter the required information. Once you have completed the registration, you will receive a confirmation email. (It is advisable to have a long and arbitrary password to better secure your account. Be verified and click on “Register” to proceed and you will receive a confirmation email.)

Step 3: Protect your account

To protect your account, click on the “Security Setting” on the security menu in your dashboard. Set up your transaction password and enable two-factor authentication (2FA.)

Enable your 2FA by simply scanning the QR code with your Google Authenticator app on your device. Once you have linked the Authenticator with the platform, enter the 6-digit dynamic code on the app into the required field. Going forward, your account will remain secure.

Future1Exchange Deposit Process

Step 1: Go to the “Deposit” page:

In your dashboard, click on the “Token Deposit” under the “Wallet” tab.

Step 2: Select the asset that you want to deposit

Select the asset that you would like to deposit to display the wallet address. The address for each asset is different. Therefore, it is extremely important to ensure that you select the correct asset that you are going to deposit before you proceed.

Step 3: Transfer your coins to the generated wallet address

The system will generate the address for the respective coin you are depositing. If you are transferring digital assets from another wallet or exchanges to Future1Exchange, input this address in order to facilitate the transfer. The history of your deposit will appear under the “Deposit Record” section.

Future1Exchange Withdrawal Process

Future1Exchange processes withdrawal requests from Monday to Friday (SGT 9am – 6pm), excluding public holidays. Please keep track of these holidays in Singapore and time your trading accordingly.

The developers of the exchange understand that crypto price movements can vary quickly and will do their very best to have your withdrawals sent to the blockchain as fast as possible. Nevertheless, security is vital for the platform. Do set up your 2FA options and ensure that the minimum withdrawal amount is met to speed up the process.

Future1Exchange Fee Structure

Trading Fees

  • Maker 0.25%
  • Taker 0.25%

Affiliate referral commission

  • 30% of referrals’ trading fees

Deposit and Withdrawal Fees

  • Deposit: Free, Minimum deposit amount = more than 0
  • Withdrawal: Our withdrawal amount and fees are regularly adjusted according to market conditions.

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Author: Bitcoin Exchange Guide News Team