Grayscale Is Considering 23 New Crypto Assets, Especially DeFi Coins, for Offering

Grayscale Is Considering 23 New Crypto Assets, Especially DeFi Coins, for Offering

Grayscale Investments, the world’s largest asset manager with more than $39 billion in assets under management (AUM), has announced that it is considering several new digital assets for potential new product offerings.

The firm offers its investment products to institutions and individual accredited investors. Chief executive officer Michael Sonnenshein said,

“We’re eager to expand our product offerings to better serve our investors.”

“The digital currency universe is constantly evolving, and we seek to identify bold, interesting, and innovative opportunities that satisfy our investors’ demand for differentiated exposure to this burgeoning asset class.”

Currently, the firm offers exposure to a limited number of crypto assets, viz. Bitcoin (BTC), Ethereum (ETH), Stellar Lumens (XLM), Zcash (ZEC), Litecoin (LTC), Bitcoin Cash (BCH), Ethereum Classic (ETC), and Horizen (ZEN).

Amidst the “growing investor demand for exposure to digital assets,” the firm looks at cryptocurrencies particularly related to the decentralized finance (DeFi) sector.

The digital assets currently under consideration include Aave (AAVE), Compound (COMP), Polkadot (DOT), Uniswap (UNI), Sushiswap (SUSHI), Yearn Finance (YFI), Synthetix (SNX), Chainlink (LINK), and MakerDao (MKR), which are popular among the community.

Other coins are The Graph (GRT), Cardano (ADA), Reserve Rights (RSR), Flow (Dapper Labs) (FLOW), Decentraland (MANA), Basic Attention Token (BAT), Cosmos (ATOM), Filecoin (FIL), Livepeer (LPT), Tezos (XTZ), Monero (XMR), Numeraire (NMR), Stacks (STX) and EOS. However, Sonnenshein clarified,

“We may not turn each of these assets into one of our landmark investment products.”

“But as a firm that has been on the vanguard of connecting the legacy financial system with the new, digital currency-driven financial system, we view it as our responsibility to introduce investors to more diversity in this space.”

While there is no guarantee that any of these assets under consideration will be introduced on Grayscale, which is subject to internal controls, sufficiently secure custody arrangements, and regulatory considerations if any newly-created product is indeed chosen, it will be announced separately upon launch.

Read Original/a>
Author: AnTy

Thailand SEC Plans to Introduce New Rule on Crypto Trading as Young Investors Rush In

Thailand SEC Plans to Introduce New Rule on Crypto Trading as Young Investors Rush In

In January, the trading on the nation’s licensed exchanges tripled from the previous month. With very young investors involved, students and teenagers, regulators will be revealing new proposed rules this week.

Thailand is planning to introduce new rules to curb cryptocurrency trading by individuals. The move is made in response to a surge in inflows from young investors, which is concerning the regulators. Ruenvadee Suwanmongkol, the secretary-general of the Securities & Exchange Commission, in an interview on Friday, said,

“It’s a big concern as most crypto investors on domestic exchanges are very young, such as students and teenagers.”

“We realize those people love innovations and technology, but investments in these assets have enormous risk.”

The regulators are now planning to have retail investors show their income or assets before being allowed to open trading accounts with the nation’s six licensed cryptocurrency exchanges, said Suwanmongkol.

She added that those who aren’t allowed to trade cryptocurrencies through their own accounts could invest through financial managers or licensed fund managers.

As per these new rules, individual investors may even be required to have some knowledge of crypto markets before they are allowed to open accounts to trade digital currencies.

In the month of January, crypto trading on the licensed bourses of Southeast Asia’s second-biggest economy tripled from the previous month to 56 billion baht ($2.17 billion), revealed SEC data. Over 90% of this trading comes from Thai citizens.

These new proposed rules on cryptocurrency trading will be disclosed by the regulators this week before holding a public hearing in early March, said Ruenvadee. However, before finalizing the limitations, officials will be taking suggestions and recommendations from crypto exchange operators, brokerages, and other related parties, she added.

The nation may soon see its first initial coin offering as well. The new token to be offered by a local company in the first half will be backed by the rental revenue of properties.

Read Original/a>
Author: AnTy

61% of Americans Have Little to No Understanding of How Cryptocurrencies Work: Survey

61% of Americans Have Little to No Understanding of How Cryptocurrencies Work: Survey

Also, only 10% of the respondents familiar with cryptos are using them regularly to make purchases.

More than one in ten American adults have never heard of cryptocurrencies, revealed a new survey by Harris Poll.

Nearly half of the respondents had actually heard about the names of digital currencies, according to the survey of 1,984 people taken from February 12 to 14. During this period, the price of Bitcoin was around $48,000 and $50,000.

Since then, the price of BTC has surged above $58,000 to hit yet another all-time high in its pierce discovery and is currently experiencing a pullback and is around $55k.

“From the public standpoint, it’s not a cryptocurrency; it’s a cryptic-currency,” said John Gerzema, chief executive officer of the Harris Poll.

Despite having heard of cryptos, most of them don’t really get them, with 61% of the people surveyed saying they had little or no understanding of how they work. Only 14% of those familiar with digital currencies said they understand “very well” how they work.

4% of the respondents familiar with cryptos think Bitcoin will crash to zero while double that (8%) see it going above $100,000.

The Legitimacy

Among those familiar with cryptos, about 43% expressed doubt about their legitimacy as a form of payment, while 29% think crypto will be largely forgotten in the next decade. 34% meanwhile believes it will become a standard form of payment.

Millennials, between 25 and 40 years old, continue to lead the crypto believers as 69% of them said they thought digital currencies were very or somewhat legitimate as a form of payment. This figure drops to 58% for Gen Z, between 18 and 24 years old.

According to Gerzema, millennials, who are tech-savvy and comfortable with financial products and having more investable assets, may be operating as a bridge between Gen Z and baby boomers.

In the past few weeks, we saw Tesla investing in Bitcoin and announcing that they will be accepting BTC as a form of payment. Following Tesla, others like Mastercard said they would interact with cryptos in their network, too, while many other major companies like Twitter, GM, and Uber will consider processing payments in cryptocurrencies.

Only 10% of survey respondents familiar with cryptos said they regularly make purchases with it. Given that BTC has appreciated more than 14x in value since the March sell-off, the leading digital currency works better as a long-term investment than as a form of payment.

Read Original/a>
Author: AnTy

A Growing Number of British Investors Believe Crypto is as Safe as the Stock Market

A Growing Number of British Investors Believe Crypto is as Safe as the Stock Market

A recent poll suggests that Brits are getting more comfortable with cryptocurrencies. American investors also appear to be warming up more to crypto as their appetite for risk grows.

  • Despite their growing maturity over the past few years, cryptocurrencies have continued to face criticism over their perceived volatility and susceptibility to massive price swings.
  • However, the tide appears to be turning in Britain, as investors are getting more comfortable with the fledgling asset class.

Crypto on the Same Pedestal as Stocks

This week, market research and consumer insights provider, Piplsay, shared the results of a survey conducted on British investors about cryptocurrency. The survey consisted of 6,070 British investors above the age of 18, showing that a growing number of them now view cryptocurrencies as safe investments.

As the survey showed, over 40 percent of respondents described cryptocurrencies as safe, compared to 31 percent who viewed them as dangerous. Another 27 percent responded neutrally. Comparing cryptocurrencies to stocks, 41 percent claimed that both asset classes are on equal risk footing, while 45 percent believe that stocks are still safer than cryptocurrencies.

Of those who expressed concern about cryptocurrencies, almost 30 percent cited the potential for fraud and hacks as their primary concern. 26 percent also expressed concern over regulatory uncertainty, while only 19 percent pointed to the issue of price volatility.

Despite the growing sentiment over cryptocurrencies’ safety, 57 percent of respondents claimed that they didn’t have any desire to own digital assets. Of these, 46 percent claimed that they stayed away from cryptocurrencies because they had little to no knowledge of the asset class.

At the same time, 46 percent of all respondents also opined that large brands in the country should accept crypto payments. Most of these people cited the recent increased demand for crypto as payment methods as their reason.

American Investors Beef Up Risk Appetite

Investors’ growing desire to trade in cryptocurrencies isn’t native to Britain alone. Across the pond, professional investors are also trooping into the crypto space, encouraged by the market’s growth over the past year.

Last month, a fund manager survey from Bank of America showed that Bitcoin had become the most crowded trade in the country. Per a Reuters report, 36 percent of respondents in the survey identified the “long Bitcoin” bet as the most crowded trade, beating out “long tech.”

The Bank of America report marked the first time that “long tech” will be knocked from atop its perch since October 2019. It also marks a growing positive investor sentiment for Bitcoin, which was only third on the list in December 2020.

Several fund managers have also been hyping Bitcoin as a safe asset to invest in. Last month, Anthony Scaramucci and Brett Messing of New York hedge fund SkyBridge Capital wrote in an op-ed that Bitcoin is just as safe an investment as stocks or government bonds. The hedge fund managers wrote,

“[…] increased regulations, improved infrastructure and access to financial institutions — like Fidelity — that hold investors’ money have made bitcoin investments as safe as owning bonds and commodities like gold, which are also used to balance portfolios.”

With the cryptocurrency market delivering steady returns over other investment classes, investor sentiment remains strong.

Read Original/a>
Author: Jimmy Aki

NYDIG Files for a Bitcoin ETF with the SEC with Morgan Stanley as Authorized Participant

Bitcoin trading and custody services provider NYDIG has filed for a Bitcoin exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC).

Morgan Stanley will serve as the proposed authorized participant, as per the NYDIG’s S-1 filing published on Tuesday. Authorized Participants are expected to sell shares to the public at prices that reflect the value of the Trust’s assets, supply and demand for the shares, and market conditions at the time of a transaction reads the document.

If approved, it will trade on the NYSE Arca exchange.

The investment objective of the Trust is to “reflect the performance of the price of bitcoin less the expenses of the Trust’s operations,” but won’t seek to mirror the performance of any index, says the filing.

The subsidiaries – NYDIG Asset Management LLC is the sponsor of the trust, and NYDIG Trust Company LLC would be the custodian of the digital asset.

“Shareholders who decide to buy or sell Shares of the Trust will place their trade orders through their brokers and may incur customary brokerage commissions and charges. Such trades may occur at a premium or discount relative to the net asset value (“NAV”) of the Shares of the Trust.”

NYDIG is the latest in the line of firms filing for a Bitcoin ETF [Accelerate and VanEck], which many are expecting to be approved this year, while JPMorgan strategists believe a Bitcoin ETF approval would have negative implications for the price in the short-term by eroding Grayscale’s GBTC’s effective monopoly status and causing a cascade of GBTC outflows.

No Bitcoin ETF has been approved by the SEC to date.

Just last week, the first publicly traded Bitcoin ETF was approved in North America by Canada’s financial regulator, the Ontario Securities Commission (OSC).

Read Original/a>
Author: AnTy

Canadian Singer, Grimes, Entering the NFT Scene; Volume Jumps 2.6x This Month

Canadian Singer, Grimes, Entering the NFT Scene; Volume Jumps 2.6x This Month

Canadian musician and singer Grimes is ready to join the NFT space with her collection WarNymph on digital art platform Nifty Gateway.

“Big NFT News: Grimes is coming to Nifty Gateway! She will be dropping the #WarNymph collection on February 28th. This is going to be bonkers. Especially if Elon Musk starts bidding. To the Mars!” tweeted Tyler Winklevoss, co-founder of Gemini.

One of the more prominent platforms in the NFT space, Nifty Gateway, is owned by cryptocurrency exchange Gemini and has hosted the sale of several NFT arts in 2021 alone. One of the artwork was sold for $373,000 earlier this year.

Last month, animator and video producer Justin Roiland, the co-creator and voice of Rick and Morty, released his collection of non-fungible tokens (NFT) on the digital art platform.

NFTs, however, is not limited to art, but about digital goods, which are gaining immense traction lately as they record nearly $9 million per week now, up from under $500k in early January, and about $3 million at the beginning of this month, after the likes of Mark Cuban, Lindsay Lohan, Mike Shinoda, and other jumped on the NFT bandwagon.

Ethernity is a project that is auctioning digital artwork featuring well-known names from the world of sports and crypto. Recently, the success of Hasmasks underscored the potential of NFTs.

NFTs were also the talking point at the annual ETHDenver event, which was held online this year due to COVID-19.

The popular NFT marketplaces in terms of the volume include NBA TopShot, CryptoPunks, OpenSea, Rarible, Super Rare, and Axie Marketplace, as per Dapp Radar.

In terms of traders as well, the list is pretty much the same with some shuffling around with NBA TopSHo at the top with over 10k traders OpenSeat around 1,000, Rarible just over 500, Cryptopunks over 100, and Axie Marketplace with less than 100 traders.

Read Original/a>
Author: AnTy

SatoshiStreetBets Launching its Own Cryptocurrency to Send it to the Moon

SatoshiStreetBets Launching its Own Cryptocurrency to Send it to the Moon

The spinoff of WallStreetBets wants to have its own token to “rally behind” and because “YOLO.”

SatoshiStreeBets, a subreddit group, is launching its very own cryptocurrency. The group that describes itself as “the crypto version of WallStreetBets,” is planning to launch SatoshiSwap (SAS), a utility token that will be distributed to its members based on the upvotes on their posts.

The token, which is expected to be launched sometime in February, will also be airdropped to the users of the popular DEXs Uniswap and SushiSwap and those who provide liquidity.

This is because the SatoshiSwap, a cryptocurrency, and DAO is inspired by the popular UniSwap and SushiSwap projects, and the DEX market is “shaping up to be wildly successful and lucrative” but with the glaring problems of high gas fees, scaling issues, among others, as per the Reddit post.

Besides “YOLO,” the community of traders wants a token of their own to “rally behind and throw all our support towards.”

Created in February 2020, SatoshiStreetBets is a spinoff of WallStreetbets, which was behind the pump of popularly shorted stocks like GME and AMC. The SatoshiStreetBets subreddit currently has 3.15k members who are called “degens.”

Read Original/a>
Author: AnTy

Latin American Crypto Exchange, Bitso, Acquires Derivatives Trading Platform Quedex

Latin American Crypto Exchange, Bitso, Acquires Derivatives Trading Platform Quedex

Bitso, a crypto exchange serving the Latin America region, has finalized the acquisition of Quedex, a Gilbrator licensed crypto derivatives trading exchange.

The completion of the deal will help Latin America’s most popular crypto company, to scale up its product portfolio and add important technological know-how to its toolkit, explained Daniel Vogel, the exchange’s CEO.

The details of the deal remain scanty but Vogel revealed that Quedex was advised by PwC on the sale process.

Last December, Bitso which is supported by crypto giants like Coinbase Venture and Pantera Capital, rose to prominence after raising over $62 million in efforts to enhance its capacity by expanding to new regions and introducing new products.

According to Vogel, Quedex became the first crypto derivatives exchange to be granted a license under Gilbrator’s asset regulatory policy which is the same framework that regulates Bitso.

Vogel also stated that the deal will allow Bitso to have nice top-notch tech. Vogel added in an interview,

“As the industry grows and trading volumes increase, one of the big challenges is building really high-performance, low-latency trading engines, and the Quedex team has done that. So, the idea is to replace our entire trading infrastructure with Quedex’s trading infrastructure.”

The CEO revealed that the firm plans to enter the Brazilian market in the near future. He also revealed that plans are underway to introduce new products such as crypto futures, options, and leveraged trading in Mexico.

Vogel explained that all the Quedex’s staff will be incorporated, more so the engineers, to oversee the integration of a fresh trading engine platform. Currently, Bitso has over 200 employees stationed in more than 25 countries.

Quedex’s CEO, Wiktor Gromniak, said he was pleased to be joining Bitso, and expects to bring the company’s top-notch tech to serve the Latin America region. He said that Bitso’s mission was in tandem with Quedex’s in making crypto useful.

Read Original/a>
Author: Joseph Kibe

Reddit’s Newfound Popularity With WallStreetBets Pays Off; Completes $250M Series E Funding

Reddit’s Newfound Popularity With WallStreetBets Pays Off; Completes $250M Series E Funding

  • Reddit has completed its Series E funding round, raising $250 million from investors.
  • The platform’s role in last month’s GameStop saga has led to some interesting crypto industry activity.
  • Reddit’s role in the astronomical rise of GameStop’s stock and other associated events has put the service in the spotlight of the financial world.
  • While the fallout from the past month’s events continues to play out, the web content platform has just raised some significant funding.

New Money, New Goals

Reddit announced that it had raised $250 million in a Series E funding round. The social news aggregator would use the capital to invest in several new ventures, including platform upgrades and international expansion, per an official blog post. The funding doubles the company’s valuation to $6 billion. The company didn’t reveal the details of its investors. Reddit said it now has 52 million daily users, representing a 44% growth from last year.

Reddit started in 2005 as a text-based messaging board but has never amassed widespread adoption of the likes of Facebook or Twitter. All that changed with Gamestop. The platform’s defining moment came in January when a channel called WallStreetBets exposed a short position on GameStop from a big shot hedge fund Melvin Capital. The discovery led to a mass action from Redditors, who bought GameStop’s stock en masse and caused a short squeeze that rocked Melvin Capital, and Wall Street in general.

Reddit’s Eventful Year

The action has led to several other events including the decision of several brokerage services, particularly Robinhood, to temporarily suspend GameStop stock trading. That decision didn’t play too well as reactions followed all the way up to the United States Capitol.

Since the GameStop saga unfolded, there have been similar occurrences in the crypto industry. DOGE has been the primary recipient of some Reddit pumping, with the dog-themed asset jumping significantly over the past few weeks.

Towards the end of January, a Twitter account posing as the WallStreetBets moderator had asked if DOGE’s price has ever surpassed $1 in value. The question set off a flurry of activity concerning the asset on social media. Data from crypto analysis platform The TIE showed that the asset’s Twitter volume jumped 1,787 percent over the next 24 hours, with 89,991 tweets about the asset surfacing in the same period.

Of course, Reddit investors aren’t the only group who helped boost DOGE’s rise. Notable TV personality Mia Khalifa announced that he had purchased the dog-themed asset, while Tesla CEO Elon Musk, a longtime DOGE believer, has used this opportunity to pump the asset on his Twitter account consistently.

A similar trend was seen with XRP, a WallStreetBets offshoot that had gotten Reddit investors revved up about the asset, leading to an 86 percent jump.

Read Original/a>
Author: AnTy

Mark Cuban Praises DEX SushiSwap; Now Selling “Personalized, Tokenized Video” on Rarible

The explosion of interest in the NFTs has the trading volumes surging nearly 200% in February to past $7 million.

Billionaire Mark Cuban is all about DeFi and NFTs. Almost every other day, Cuban is talking about the digitized space in which he is personally invested as he revealed that besides Bitcoin, Ether, and Litecoin, which he initially said is worth less than a banana, now also owns AAVE and SUSHI.

In a video over the weekend, he praised the decentralized exchange (DEX) SushiSwap which has been doing more than half a billion worth of volume every day.

Cuban thanked everybody at Sushiswap for making him money while making it easy to yield farm, stake, and swap, all the things that are part of the new future of banking and financial world with DeFi, he said.

He is particularly getting more and more interested in non-fungible tokens, which he compares to his interest in basketball cards but even better. He explained the reason behind investing in digital collectibles saying,

“Once you realize the sense of ownership is the same for a digital collectible as a physical one you come to the realization that holding/maintaining/grading/shipping/buying/selling a physical good is a hassle. It’s fast and easy w digital.”

Cuban is actually hustling on NFT marketplace Rarible, on which he has previously sold his digital piece.

Now, the owner of Dallas Maverick is selling “personalized, tokenized video,” like Cameo but with a twist of the latest technology.

“What’s better than Cameo? A personalized, tokenized video that you can save or sell,” tweeted Cuban.

On buying the collectible video of his, the buyer unlocks an email address that can be used to send a request for a personalized video with a 30 MB file limit. Cuban, in response, records the video, mints it and then transfers the video to you.

While the buyer won’t have any commercial rights on it, they can resell it or keep it forever, “It will be a one of a kind.”

Twitter holder @Pranksy, co-founder of NFTBoxes, has bought 10 of these Cuban videos already. He also gifted Cuban a “Million Dollar Punk Draw ticket.”

As we reported, NFT space is exploding with celebrities like Mike Shinoda jumping in. All of this activity has the weekly NFT trade volumes surging nearly 200% from $1.86 million in early January this year to well past $7 million in the first week of February.

Read Original/a>
Author: AnTy