JPMorgan becomes the first big bank to give retail wealth clients access to cryptocurrency funds

SpaceX holdings Bitcoin on its balance sheet plus other highlights this week

Bloqport

Jul 22

Musk: Tesla to resume accepting Bitcoin, JPMorgan to offer retail wealth clients access to cryptocurrency funds, Goldman Sachs survey: 50% of family office clients want to get into crypto

Get the top crypto insights delivered to your inbox every week.

Quick Take:

Musk: Tesla is likely to resume accepting Bitcoin
Elon Musk reveals crypto holdings
Russian stock exchanges to avoid listing crypto-related securities
JPMorgan becomes first big bank to offer retail access to crypto funds
Goldman Sachs: 50% of family office clients want to get into crypto
Mastercard simplifies card payments for crypto firms
Fidelity: 71% of 1,100 institutional investors to invest in crypto
Bank of America clearing crypto ETPs for hedge funds in Europe

Elon Musk says that Tesla is likely to resume accepting Bitcoin

Speaking at the B Word Conference alongside Cathie Wood and Jack Dorsey, Tesla and SpaceX CEO Elon Musk stated that Tesla is likely to resume accepting Bitcoin again.

“I want to do a little more due diligence to confirm that the percentage of renewable energy usage [that is used in Bitcoin mining] is most likely at or above 50%,” Musk stated during the conference. “If so, Tesla will most likely resume accepting Bitcoin.”

During the conference, Musk revealed his personal cryptocurrency holdings and his corporate holdings. “I own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin, I personally own a bit of Ethereum, and I hold Dogecoin of course,” he said.

Bank of Russia tells stock exchanges to avoid listing crypto-related securities

Russian stock exchange operators have been told to avoid listing any securities, such as exchange-traded funds, that provide payments based on the prices of cryptocurrencies, digital assets issued abroad, cryptocurrency price indexes, crypto derivatives and securities issued by cryptocurrency-related funds, according to a notice published by the Bank of Russia.

“Cryptocurrencies and digital assets are characterized by high volatility, low transparency of pricing mechanisms, low liquidity, technological, regulatory and other specific risks,” the bank wrote. “Purchase of investment products tied to them exposes people who lack experience and professional knowledge to a high risk of losing money.”

JPMorgan just became the first big bank to give retail wealth clients access to cryptocurrency funds

JPMorgan gave its financial advisors the green light to give all its wealth-management clients access to cryptocurrency funds, making it the first major US bank to do so, Insider has learned.

The bank, which has been making a significant push to grow its $630 billion wealth-management business, told advisors in a memo earlier this week that they can now take orders to buy and sell five cryptocurrency products, four from Grayscale Investments and one from Osprey Funds, effective July 19.

Goldman Sachs survey reveals almost 50% of family office clients want to get into crypto

A survey by Goldman Sachs polled over 150 family offices that work with the investment banking giant. It found that over 15% of participants have already invested in the new asset class. 22% of the surveyed family offices had over $5 billion under management, while 45% had between $1 billion to $4.9 billion AUM.

In addition to the existing respondents that have delved into crypto, another 45% have shown interest in digital assets, citing that the new asset class could hedge against “higher inflation.” Many family offices agree that cryptocurrencies could be a safe haven asset, especially following a year of unprecedented global monetary and fiscal stimulus.

More highlights:

FTX raise $900 million at an $18 billion valuation

Mastercard simplifies card payments for crypto firms

Fidelity: 71% of 1,100 institutional investors to invest in crypto

Bank of America clearing crypto ETPs for hedge funds in Europe

BNY Mellon backs launch of crypto trading platform Pure Digital

Gary Gensler says stock tokens & stablecoins must report to the SEC

Alabama regulators accuse BlockFi of offering unregistered securities

That's it, you’re up-to-date

Thanks for reading Bloqport. Enjoyed today's newsletter? Feel free to share your thoughts on Twitter or forward this to a friend and get them to subscribe here.

Disclaimer: The information provided in our reports are intended for general guidance and information purposes only. Contents of this report are under no circumstances intended to be considered as investment, business, legal or tax advice. We do not accept any responsibility for individual decisions made based on this article and we strongly encourage you to do your own research before taking any action. Although best efforts are made to ensure that all information provided herein is accurate and up to date, omissions, errors, or mistakes may occur.

Here’s why Apple might be finally looking to enter crypto payments

Apple might be getting ready to accept crypto payments, here's why

Bloqport

May 27

Apple eyeing crypto, Goldman calls Bitcoin an ‘investable asset’, Carl Icahn to enter crypto in a "big way”, Ark buys $20 million Bitcoin

Get the top crypto insights delivered to your inbox every week.

Quick Take:

Apple looking for crypto experience
Billionaire Carl Icahn wants to get in to crypto
Ray Dalio say he prefers Bitcoin over bonds
Goldman Sachs: Bitcoin is now an investable asset class
PayPal plans to let users withdraw crypto to third-party wallets
Ark Invest buys $20 million Bitcoin
GameStop to build its own NFT platform on Ethereum
Jiang Zhuoer: ‘Situation in China not as serious as you think’

Apple looking for crypto experience in ‘Alternative Payments’ job post

Apple has hinted at a growing interest in cryptocurrency, as it seeks new talent for its payments division.

According to a recent job listing, Apple is looking to hire a business development manager with experience in crypto to lead its “alternative payments” partnership program.

Apple said candidates should have five years or more “working in or with alternative payment providers, such as digital wallets, BNPL [buy now pay later], Fast Payments, cryptocurrency and etc.”

Billionaire investor Carl Icahn says he wants to get involved in crypto in a "relatively big way”

Billionaire investor Carl Icahn revealed his interest in getting into cryptocurrency in a “big way,” and may eventually put more than $1 billion into the space.

Speaking on May 26, Icahn explained he's now considering a large investment and that entering the market in such a manner would “not be to buy a few coins or something”. While it’s currently unclear wether Icahn intends to directly purchase crypto assets or instead invest in crypto infrastructure and businesses, he stated:

“I mean, a big way for us would be a billion dollars, billion-and-a-half dollars ... I'm not going to say exactly."

Ichan wasn’t the only billionaire investor to signal his interest in cryptocurrencies this week. Speaking at Consensus, Ray Dalio revealed he owned some Bitcoin and went as far as to say he’d "rather have bitcoin than a bond."

Goldman Sachs: Bitcoin is now considered an investable asset class

"Bitcoin is now considered an investable asset. It has its own idiosyncratic risk, partly because it’s still relatively new and going through an adoption phase," said Mathew McDermott, Goldman Sachs' global head of digital assets, in a new research report.

"And it doesn’t behave as one would intuitively expect relative to other assets given the analogy to digital gold; to date, it’s tended to be more aligned with risk-on assets. But clients and beyond are largely treating it as a new asset class, which is notable—it’s not often that we get to witness the emergence of a new asset class."

”There’s no doubt that FOMO is playing a role given how much #bitcoin and other crypto assets have appreciated and how many interested parties of all flavors have jumped into this space.”

“If you’re an asset manager or running a macro fund and your closest rivals are all investing [in cryptocurrency] and seeing material returns, your investors will naturally wonder why you are not investing [in the asset class].”

PayPal plans to let users withdraw cryptocurrency to third-party wallets

PayPal Vice President Jose Fernandez da Ponte said at CoinDesk’s Consensus 2021 conference on Wednesday, that PayPal is working on a crypto withdrawal function:

“We understand there is more utility to those tokens if you can move them around, so we are definitely exploring how we can let people transfer crypto to and from their PayPal addresses.”

“We want to make it as open as possible, and we want to give choice to our consumers, something that will let them pay in any way they want to pay,” da Ponte said. “They want to bring their crypto to us so they can use it in commerce, and we want them to be able to take the crypto they acquired with us and take it to the destination of their choice.”

More highlights:

Ark Invest buys $20 million Bitcoin

GameStop to build its own NFT platform on Ethereum

One River files for a ‘carbon neutral’ bitcoin ETF

Iran postpones crypto mining until September 22nd

Jiang Zhuoer: ‘Situation in China not as serious as you think’

Fidelity Investments’ first bitcoin fund raises $102 million

Russian lawmakers move to allow crypto payments under contracts

That's it, you’re up-to-date

Thanks for reading Bloqport. Enjoyed today's newsletter? Feel free to share your thoughts on Twitter or forward this to a friend and get them to subscribe here.

Disclaimer: The information provided in our reports are intended for general guidance and information purposes only. Contents of this report are under no circumstances intended to be considered as investment, business, legal or tax advice. We do not accept any responsibility for individual decisions made based on this article and we strongly encourage you to do your own research before taking any action. Although best efforts are made to ensure that all information provided herein is accurate and up to date, omissions, errors, or mistakes may occur.

E-commerce giant MercadoLibre adds Bitcoin to treasury

Nasdaq-listed MercadoLibre buys Bitcoin, plus other highlights this week

Bloqport

May 6

Bitcoin is coming to hundreds of banks this year, Uniswap V3 goes live, eBay exploring crypto

Get the top crypto insights delivered to your inbox every week.

Quick Take:

E-commerce giant adds Bitcoin to its treasury
Mogo adds Ether to its treasury
Bitcoin is coming to hundreds of banks this year, here’s why
Uniswap V3 is now live on the Ethereum
eBay exploring cryptocurrency payments and NFTs
ING Bank says DeFi could be more disruptive than Bitcoin
Digital Currency Group to buy up to $750 million worth of GBTC
S&P Dow Jones Indices launches its first 3 crypto indexes

Latin American e-commerce giant MercadoLibre says that it now holds Bitcoin on its balance sheet

Announcing its first-quarter results for 2021 in a regulatory filing, the Latin American e-commerce giant MercadoLibre said that "as part of our treasury strategy this quarter we purchased $7.8 million in bitcoin, a digital asset that we are disclosing within our indefinite-lived intangible assets."

Mercadolibre Inc., is Latin America’s leading e-commerce company with almost 70 million users on its marketplace, and a market cap of $73 billion.

The financial results cover the first quarter ending March 31, 2021, however the exact timing of the MercadoLibre’s purchase is unknown.

Nasdaq-listed Mogo says it has bought Ether for its treasury

Mogo Inc., a digital payments and financial technology company, announced on Monday that it has purchased approximately 146 Ether at an average price US$2,780.

Mogo’s Ethereum investment is consistent with management’s plans to increase the company’s balance sheet investment in the crypto ecosystem, particularly as it monetizes its portfolio of equity investments which had a value of approximately $18.4 million as of December 31, 2020.

“This initial investment in Ether complements our earlier investments in Bitcoin and reflects our belief in the long-term potential of blockchain technology and its position as a core component of a next generation financial technology platform,” said Greg Feller, President and CFO of Mogo.

Bitcoin is coming to hundreds of banks this year says NYDIG

Fidelity National Information Services has partnered with NYDIG to allow hundreds of U.S. banks to begin offering customers bitcoin buying and selling.

Banks are demanding bitcoin because they can see their customers sending dollars to Coinbase and other crypto exchanges, according to Yan Zhao, president of NYDIG.

"This is not just the banks thinking that their clients want bitcoin, they're saying `We need to do this, because we see the data,'" Zhao said. "They're seeing deposits going to the Coinbases and Galaxies and Krakens of the world."

After rolling out the initial bitcoin product, NYDIG plans on other services, including debit card rewards paid in bitcoin and a new type of bank account that is FDIC insured, but pays interest in bitcoin, he said.

Uniswap V3 is now live on the Ethereum

Uniswap v3 has now been deployed to the Ethereum mainnet. Uniswap v3 is the most powerful version of the protocol yet, with Concentrated Liquidity offering capital efficiency for liquidity providers, better execution for traders, and superior infrastructure at the heart of decentralized finance.

Uniswap V3 adds more fee tiers for traders to better help them determine their risk level when trading volatile assets, which are prone to fluctuating prices in between when a trade is initiated and executed. V3 will also see the introduction of “easier and cheaper” oracles which ensures that price feeds are kept up to date.

More highlights:

Mastercard finds that 40% of consumers plan to use crypto

Grayscale becomes an official sponsor of the New York Giants

Sotheby’s, the world’s leading auction house, to accept crypto

eBay to explore cryptocurrency payments and NFTs

S&P Dow Jones Indices launches its first 3 crypto indexes

ING Bank says DeFi could be more disruptive than Bitcoin

Digital Currency Group to buy up to $750 million worth of GBTC

Chainlink has set a new all time high above $50

That's it, you’re up-to-date

Thanks for reading Bloqport. Enjoyed today's newsletter? Feel free to share your thoughts on Twitter or forward this to a friend and get them to subscribe here.

Disclaimer: The information provided in our reports are intended for general guidance and information purposes only. Contents of this report are under no circumstances intended to be considered as investment, business, legal or tax advice. We do not accept any responsibility for individual decisions made based on this article and we strongly encourage you to do your own research before taking any action. Although best efforts are made to ensure that all information provided herein is accurate and up to date, omissions, errors, or mistakes may occur.

VISA: We see Bitcoin & crypto assets as digital gold

Visa reveals crypto plans in Q2 2021 Earnings Call, plus other highlights this week

Bloqport

Apr 29

JPMorgan to enter Bitcoin, Visa reveals crypto plans, Gemini & Mastercard launch crypto credit card, EIB sells 2-year notes registered on Ethereum

Get the top crypto insights delivered to your inbox every week.

Quick Take:

Visa CEO, Al Kelly reveals crypto plans
JPMorgan to let clients invest in Bitcoin fund for the first time
Gaming giant Nexon purchases $100 million worth of Bitcoin
EIB sells two-year notes, registered on Ethereum
Gemini partners with Mastercard for a crypto credit card
Binance to launch its own NFT marketplace in June
SEC delays a decision on VanEck’s proposed Bitcoin ETF

Visa CEO, Al Kelly: We see bitcoin and crypto assets as digital gold

During Visa’s Q2 2021 Earnings Call this week, president and CEO Alfred Kelly laid out the payment giant’s long term vision for the crypto space. Kelly went on to say “there's two market segments as we see it. One is bitcoin, the kind of assets which are primarily held by people. We kind of think of them as the digital gold ... And then there are digital currencies, including CBDCs and stablecoins."

Kelly says there is 5 major opportunities for Visa:

1. Enabling consumers to buy crypto through Visa cards

"The first opportunity is enabling consumers to make a purchase of these currencies or Bitcoin and we're working hard with wallets and exchanges to just make sure we're facilitating acceptance in people's ability to use their Visa cards to buy."

2. Converting crypto to fiat at 70 million Visa merchants

"The second opportunity is enabling digital-currency cash-outs to fiat. So converting a digital currency to a fiat on a Visa credential, which then makes that -- those funds available for shopping at any one of the 70 million Visa merchants and gives immediate utility to the digital currency."

3. Enabling financial institutions & fintech partners to offer crypto

“Thirdly, is enabling financial institutions and fintech partners to be able to have a crypto option for their customers. So what we've done in this space is we've created APIs that enable financial institution customers to purchase, custody, or even trade digital currencies.”

4. Allowing financial institutions to settle crypto with stablecoins

“Fourth one is settlement. We've upgraded our infrastructure to allow a financial institution to settle with these in a digital currency with stablecoin, starting with USDC. As you know, today, we transact in 160 currencies every day, and we settle every evening in 25 currencies. So we're going to now be able to support digital currencies as an additional settlement currency on our network.”

5. Working with banks on CBDCs

“And then the fifth area of opportunity is just working with central banks. So we're talking to central banks about the criticality, though, of public-private partnerships, and in particular, the criticality of acceptance because for these central bank digital currencies, to have value, they're going to have to both be secure in the minds of consumers.”

JPMorgan to let clients invest in Bitcoin fund for the first time

According to Coindesk, JPMorgan Chase is preparing to offer an actively managed Bitcoin fund to certain clients, becoming the latest, largest and unlikeliest U.S. mega-bank to embrace crypto as an asset class.

The JPMorgan bitcoin fund could roll out as soon as this summer, two sources familiar with the matter told CoinDesk. Institutional bitcoin shop NYDIG will serve as JPMorgan’s custody provider, a third source said.

Gaming giant Nexon purchases $100 million worth of Bitcoin

NEXON, a global leader in gaming announced on Wednesday the purchase of 1,717 bitcoins for approximately $100 million (¥11.1 billion) at an average price of approximately $58,226 (¥6,446,183) per bitcoin, inclusive of fees and expenses.

“Our purchase of bitcoin reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets,” said Owen Mahoney, President and CEO of Nexon. “In the current economic environment, we believe bitcoin offers long-term stability and liquidity while maintaining the value of our cash for future investments.”

EU investment arm sells two-year notes, registered on the Ethereum network

The European Investment Bank sold 100 million euros ($121 million) of two-year notes in an inaugural sale of so-called digital bonds that harness the power of blockchain.

The notes have a zero percent coupon and will be registered on the Ethereum blockchain network after pricing Tuesday, according to information from a person familiar. The sale was managed by Goldman Sachs Group Inc., Banco Santander SA and Societe Generale AG, the person said.

More highlights:

Gemini to partner with Mastercard for a crypto credit card

US Bank to offer a crypto custody product this year

SEC delays a decision on VanEck’s proposed Bitcoin ETF

Binance says it plans to launch its own NFT marketplace in June

WisdomTree lists Ethereum ETP on Deutsche Borse’s Xetra

CME Group to launch Micro Bitcoin futures on May 3

That's it, you’re up-to-date

Thanks for reading Bloqport. Enjoyed today's newsletter? Feel free to share your thoughts on Twitter or forward this to a friend and get them to subscribe here.

Disclaimer: The information provided in our reports are intended for general guidance and information purposes only. Contents of this report are under no circumstances intended to be considered as investment, business, legal or tax advice. We do not accept any responsibility for individual decisions made based on this article and we strongly encourage you to do your own research before taking any action. Although best efforts are made to ensure that all information provided herein is accurate and up to date, omissions, errors, or mistakes may occur.

Bitcoin dominance drops to 50.2% for the first time since July 2018

With traders & investors expecting 'alt season', what does this mean for Bitcoin?

Bloqport

Apr 22

China regards Bitcoin as an ‘investment alternative’, Venmo brings crypto to 70 million users, major alt season ahead?

Get the top crypto insights delivered to your inbox every week.

Quick Take:

Paypal’s Venmo brings crypto to its 70 million users
Deputy governor of the PBoC calls Bitcoin an ‘alternative investment’
Former top banking regulator Brian Brooks to become Binance.US CEO
Cardano moves ahead of Polkadot with $29 billion staked
PancakeSwap transactions tops Ethereum
Bitcoin dominance drops, alt season next?

Bitcoin dominance drops to 50.2% for the first time since July 2018

As of Thursday, data via CoinMarketCap reveals that Bitcoin’s market dominance has dropped to 50.2%, breaking through support held for over three years.

What does this mean for altcoins?

Historically, each time Bitcoin has broken below 50% dominance, altcoins have seen a surge in price dubbed “alt season” which is often led by Ether. Historically, every “alt season” has followed a sharp drop for the total crypto market capitalization in which Bitcoin slowly regains its dominance.

What does this mean for Bitcoin?

Despite the drop in dominance, the long term macro outlook for Bitcoin still looks bullish as more institutional investors, major payment giants and fortune 500 companies continue to adopt the benchmark cryptocurrency.

This week saw Venmo offer Bitcoin and crypto to its $700 million users, WeWork announced holding Bitcoin on its balance sheet, legendary investor Bill Miller called Bitcoin digital gold, and the Grayscale Bitcoin Trust continued to gain ground on the world's largest gold ETF.

Paypal’s Venmo launch of crypto buying & selling for its 70 million users

PayPal's Venmo yesterday announced the launch of crypto on Venmo, a new way for more than 70 million customers to buy, hold and sell Bitcoin, Ethereum, Litecoin and Bitcoin Cash directly within the app for as little as $1.

More than 30% of Venmo customers have already started purchasing cryptocurrency or equities, according to the payments company. And 20% of those customers started doing so during the pandemic.

“Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have," said Darrell Esch, SVP and GM, Venmo.

China’s Central Bank regards Bitcoin as an ‘investment alternative’

Li Bo, the deputy governor of the People’s Bank of China recently said during a panel hosted by CNBC at the Boao Forum for Asia that Bitcoin is not a currency but rather an investment tool or an alternative investment. Li Bo said:

“We regard Bitcoin and stablecoins as crypto assets. Crypto assets, as Agustin just discussed, these are investment alternatives, they are not currency per se. The main role we see for crypto assets, going forward, their main role is investment alternative.“

He then added:

“As for investment alternatives, many countries, including China are still looking into it and thinking about what kind of regulatory requirements – maybe minimal but we need to have some kind of regulatory requirements – to prevent the speculative nature of such assets [from creating] any serious financial stability risks. And before we have a clear idea what kind of regulation we need, I think we will keep our current regulation.”

Former top banking regulator Brian Brooks to become CEO of Binance.US

Brian Brooks, an acting head of the Office of the Comptroller of the Currency under the Trump administration, will become the new chief executive of Binance.US, the U.S. affiliate of overseas crypto-exchange giant Binance.

During his time at the OCC, Mr. Brooks was dubbed the “CryptoComptroller” on social media for his friendly attitude toward digital currencies. On CNBC’s Squawk Box last month, Brooks said the following when asked if U.S. legislation could stop crypto:

“Remember, every mayor and every taxi cab commissioner tried to stop Uber. But 50 million Americans wanted it and now we have it. It's going to be the same thing with crypto.”

More highlights:

Early Tesla investor, Baillie Gifford invests $100M in Blockchain.com

PancakeSwap transactions tops Ethereum but BSC feels the strain

RIT Capital Partners acquires stake in crypto exchange Kraken

3 ETH ETFs begin trading on the Toronto Stock Exchange

Square & ARK publish whitepaper on Bitcoin and renewable energy

Turkish crypto exchange Thodex accused of fraud

Cardano moves ahead of Polkadot with $29 billion staked

eToro lists Chainlink and Uniswap for trading

That's it, you’re up-to-date

Thanks for reading Bloqport. Enjoyed today's newsletter? Feel free to share your thoughts on Twitter or forward this to a friend and get them to subscribe here.

Disclaimer: The information provided in our reports are intended for general guidance and information purposes only. Contents of this report are under no circumstances intended to be considered as investment, business, legal or tax advice. We do not accept any responsibility for individual decisions made based on this article and we strongly encourage you to do your own research before taking any action. Although best efforts are made to ensure that all information provided herein is accurate and up to date, omissions, errors, or mistakes may occur.

Loading more posts…