Crypto’s Self-Policing Unveils Insider Trading at $1.5 Bln Valued NFT Marketplace, OpenSea

Crypto’s Self-Policing Unveils Insider Trading at $1.5 Bln Valued NFT Marketplace, OpenSea

Popular non-fungible token (NFT) marketplace OpenSea addressed the reports of its employee being involved in insider trading.

It was only this week that it “learned that one of our employees purchased items that they knew were set to display on our front page before they appeared there publicly,” said Devin Finzer, CEO and co-founder of OpenSea, in his official statement.

Calling it “incredibly disappointing,” Finzer said they are conducting a third-party review of this incident to decide on the additional steps they need to take.

For now, they have implemented some policies, including that team members are prohibited from using confidential information to purchase or sell any NFTs, and they are not to buy or sell from collections or creators featured or being promoted by OpenSea.

“We’re committed to doing the right thing for our users and earning back the trust of the community we serve.”

Self-Regulation Is The Way

On Tuesday, Twitter user @ZuwuTV accused OpenSea’s head of product Nate Chastain of buying an NFT just before the marketplace, featuring it on the front page of its website only to sell it after the price had been pumped following the buzz around the main page listing.

According to 8btc, the sales tied to Chastain revealed that his front-running NFT sales only profited him just under 19 Ether, worth about $68,500, as of writing.

Jeff Dorman, CFA, CIO Arca applauded @ZuwuTV’s efforts noting that it is great to see the crypto community is self-policing.

“Working with regulators to come up with a new set of rules that include community self-regulation will lead to a better, fairer, & safer financial ecosystem.”

Explosive Growth

In July, OpenSea got a valuation of $1.5 billion after raising $100 million in a funding round led by a16z with participation from investors including Ashton Kutcher and Michael Ovitz.

For the past few months, OpenSea has been the biggest gas guzzler on the Ethereum network, accounting for more than 14% of all the Ether burned so far.

In August, OpenSea hit a new all-time high in monthly volume of $3.24 billion, up from $326 million in the previous month, according to Dune Analytics. Daily volume, however, is now going down, much like in the overall NFT scene.

On August 29, on Ethereum, OpenSea daily volume hit a $235.2 mln peak and since then has been on a continuous decline to drop to $52.6 mln on Sept. 11. This week, daily volumes are seeing a slight uptick to $81 mln.

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Author: AnTy

Wells Fargo Unveils New Crypto Strategy For Qualified Clients

Wells Fargo Unveils New Crypto Strategy For Qualified Clients

Wells Fargo might become the latest banking firm to embrace cryptocurrencies. The bank is set to debut its new cryptocurrency investment strategy in Mid June, according to Business Insider.

From Crypto Cynic to Believer

The strategy would see qualified investors get some form of Bitcoin exposure, as stated by Darrell Cronk, the president of the bank’s investment institute.

Cronk said that the bank views crypto as a viable investable asset and that the cryptocurrency space has hit an evolution and maturation of its development.

He noted that the digital assets market is still rapidly evolving and requires due diligence to be regarded as an alternative investment and not a strategic allocation.

This move by Wells Fargo comes a few months after the bank published a report on Bitcoin and other cryptocurrencies. The report painted the crypto market in a positive light as one that has a potential future for wider investments but still warned against the dangers thereof.

Cronk said that the bank had been working on the products for months and is only dedicating crypto as a strategic allocation to diversify qualified investors’ portfolio holdings. Cronk said,

“For those investors who qualify and have an interest, there’s some good academic and money management work to suggest that it can be a nice diversifier to portfolio holdings.”

For so long, Wells Fargo has hunted down clients and shuttered their accounts for trading Bitcoin. The bank even stopped customers from using its credit cards to purchase cryptocurrency.

Wall Street Banks Making Crypto Moves

Wells Fargo has now joined the growing number of major US banks that have jumped on the crypto train. Banks like Goldman Sachs and JPMorgan Chase & Co. are reportedly seeking to offer their clients Bitcoin-related services.

Major US bank JPMorgan is expected to introduce a Bitcoin fund later this year due to strong customer demand.

Earlier this month, Goldman Sachs announced that it had formed a dedicated cryptocurrency trading team after relaunching its crypto desk.

Since its first launch in March, the crypto desk has been buying and selling Bitcoin futures on CME Group and non-deliverable forwards.

Morgan Stanley, the first US bank to offer its wealth management clients access to Bitcoin funds, also plans to launch up to three Bitcoin funds in the future, per CNBC.

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Author: Jimmy Aki

Crypto Investment Firm Valour Unveils Cardano (ADA) and Polkadot (DOT) ETPs

Crypto Investment Firm Valour Unveils Cardano (ADA) and Polkadot (DOT) Exchange-Traded Products (ETPs)

Cayman island-based company, Valour Structured Products Inc, has joined the litany of companies launching exchange-traded products (ETPs)

Valour Launches Cardano And Polkadot ETPs

The digital asset investment firm revealed its two new ETPs, dubbed the Valour Cardano SEK ETP and the Valour Polkadot SEK.

According to the announcement, the Valour Cardano SEK ETP has been listed on the Nordic Growth Market (NGM) stock exchange today under the ticker CH111478796. On the other hand, the Valor Polkadot SEK would launch later this month under the code CH1114178770.

Valour had rolled out its Bitcoin (BTC) and Ethereum (ETH) ETPs called Bitcoin Zero and Ethereum Zero prior to this.

According to Valour CEO Diana Biggs, the unveiling of the Cardano and Polkadot ETPs follows the success of the Bitcoin and Ethereum ETPs, which led to investors demanding more digital asset products.

“With the increasing development and understanding of these technologies, we’re thrilled to bring investors the most cost-effective and secure way to access investment in innovative protocols like Cardano and Polkadot.”

The CEO of DeFi Technologies, Wouter Witvoet, noted that Valour is focused on helping investors navigate the regulatory constraints in the crypto space by making it easier for them to access credible cryptocurrency investment opportunities.

Valour is a subsidiary of DeFi Technologies Inc. The issuer focuses on rolling out exchange-listed financial products that enable investors to gain exposure to popular digital assets simply and securely.

Cardano And Polkadot Enjoying Rising Global Demand

Cardano (ADA) and Polkadot (DOT) currently rank among the top ten cryptocurrencies by market cap. While Cardano has a market cap of $65 billion, Polkadot stands at $37 billion.

The altcoins are undoubtedly among the hottest altcoins in the crypto market right now as the crypto bull market continues to roar on.

The ADA coin has seen a lot of positive news surrounding it lately, one of which is the listing on Coinbase Pro.

In the same vein, Polkadot (DOT) has had a good run this year. DOT began the year strongly as its price rallied over 700% into the February high, securing its position as one of the largest cryptocurrencies.

It is no surprise that crypto ETP issuer 21Shares also has Polkadot and Cardano ETPs. 21Shares listed the DOT ETP in February 2021, while the ADA ETP launched in April, both on the Swiss SIX exchange.

At press time, ADA is trading at $2.08, while the DOT coin trades at $39.85.

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Author: Jimmy Aki