Kategorie: Crypto Business

• The iShares Blockchain Technology UCITS ETF (BLKC). track NYSE’s FactSet Global Blockchain Technologies Capped Index.
• BLKC has an expense ratio of 0.5% and comprises 35 global companies within the crypto and blockchain space.

BlackRock has announced a new exchange traded fund (ETF) for the European market, targeting customers across the region with a blockchain technology fund dubbed the iShares Blockchain Technology UCITS ETF (BLKC).

The company’s latest ETF offering is a product that will allow customers exposure to companies whose activities involve the development, innovation, and deployment of crypto and blockchain technologies.

BLKC, which has a total expense ratio of 0.5% and will track NYSE’s FactSet Global Blockchain Technologies Capped Index, encompasses 35 global companies, BlackRock noted on Thursday.

Specifically, the ETF’s composition is of companies from both developed and emerging markets, and will see 75% of the exposure linked to companies primarily focused within the blockchain space – such as cryptocurrency miners and exchanges.

The other 25% exposure will be to companies that offer support services within the blockchain ecosystem, including payments platforms and semiconductor firms. The exposure will not involve direct investment into crypto.

BLKC is listed on Euronext.

Blockchain becomes ‘increasingly relevant’

Omar Moufti, the asset manager’s product strategist for thematic and sector ETFs, commented on the launch by noting that blockchain continues to gain momentum as more use cases develop. 

The trend has led to increased attention and demand from institutional clients keen to have an opportunity to invest in global companies in the industry. 

“We believe digital assets and blockchain technologies are going to become increasingly relevant for our clients as use cases develop in scope, scale and complexity,” said Moufti.

BlackRock recently partnered with Coinbase to offer Bitcoin trading to its clients, and also launched a private trust targeting institutional clients.

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• Gemini partnership with Betterment will allow the company to provide crypto custody services to the digital investment advisor.
• Betterment has over 730,000 customers across its business who could gain exposure to the crypto asset class.
• Institutional interest in crypto remains despite crypto winter.

Gemini, one of the leading crypto exchange and custody providers in the industry, has struck a partnership with digital investment advisor Betterment in a deal that is set to bring diversified crypto investment portfolios to investors.

A press release by Gemini on Tuesday stated that the new offering will be available to Betterment’s retail investors as well as Betterment for Advisors customers. 

The partnership means Betterment’s upcoming crypto product will offer customers an investment opportunity in crypto portfolios designed around digital assets on Gemini. The exchange, on the other hand, will act as a crypto custodian for Betterment, opening crypto adoption to more thousands of investors across the financial advisor’s market.

Notably, the partnership is likely to open up the crypto investing space for over 730,000 of Betterment’s customers. As noted in Gemini’s blog announcement, these customers now have a chance to diversify their long term investments via exposure to the increasingly popular crypto asset class.

Betterment will begin to offer expert-built digital assets portfolios next month, which its customers will be able to access via their accounts.

Additionally, partners of Betterment for Advisors will have an opportunity to leverage the crypto product to provide exposure to crypto to their own clients.

Institutional investors continue to warm up to crypto

Gemini’s partnership with Betterment comes amid increased interest from leading Wall Street companies in offering crypto products to their clients.

In April this year, Fidelity Investments announced its clients in the US would add Bitcoin to their 401(k) accounts. A few months later, (in August) BlackRock partnered Coinbase to offer crypto trading to its customers.

Fidelity, Charles Schwab and Citadel Securities also recently joined up with other top Wall Street firms to launch a crypto exchange dubbed EDX Markets.  

These developments have continued despite the crypto winter, highlighting the growing interest in the crypto asset class.

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Blockchain startup Router Protocol, which offers an infrastructure layer for communication between blockchains, has added veteran cross-chain developer Mankena Venkatesh to its team.

An announcement from the company shared with CoinJournal on Tuesday revealed that the former Injective and Polygon team member joins it as the new Chief Blockchain Architect. 

Venkatesh is also an alumnus of top Indian engineering institute BITS Pilani, and won the 2019 ETH India hackathon.  

Router to tap into veteran developer’s experience

He will spearhead the protocol’s interoperability project. Specifically, Router Protocol expects the new executive to lead its team on the design, development and deployment of its Router v2.

“Venkatesh’s long-standing experience with leading projects like Polygon and Injective will be invaluable as we move to our next stage of growth to develop a truly decentralised, secure cross-chain communication infra layer,” said Ramani Ramachandran, co-founder and CEO of Router Protocol.

Router Protocol recently raised $4.1 million in a strategic funding round that attracted the participation of some of the marquee investors in the crypto space, including Coinbase Ventures, Polygon, QCP, De-Fi Capital, Woodstock, and Bison Ventures.

The startup plans to use the capital to bolster development across its product suite, with a focus on the roadmap as it revolutionises the blockchain interoperability sector. 

Ramachandran is scheduled to speak on the topic of blockchain interoperability at this year’s Token2049 event, which will be held at the Marina Bay Sands, Singapore on 29 September 2022.

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• Strike has closed an $80 million series B funding round led by Ten31 and joined by Washington University in St. Louis and the University of Wyoming.
• The company, which is built on Bitcoin, will use the funds to grow its products as it looks to revolutionise the payments industry.

Strike, a leading digital payments provider on the Bitcoin Lightning Network, has secured $80 million in its series B funding round as it looks to revolutionise the global payments space, the company said in a press release.

The funding round was led by Ten31, a blockchain-focused fund that’s helping companies building on Bitcoin and the Lightning Network. 

Washington University in St. Louis and the University of Wyoming among other investors joined the funding round.

“We appreciate the continued support of investors who’ve backed Strike since our founding and are excited to welcome new partners to support our mission, disrupt the industry, and define the future of payments with a truly global, open, secure, instantaneous, virtually free network,” said Jack Mallers, the founder and CEO of Strike.

Accelerating adoption of Bitcoin Lightning Network

Strike will use the new capital infusion to drive its growth, particularly around the need to revolutionise the payments industry. In this, the company is eyeing solutions tailored to suit demands for payments for the world’s leading merchants and marketplaces.

Already, Strike has partnered with leading ecommerce and point of sale providers, including Blackhawk and Shopify, most of these deals coming after Strike’s recent launch of its application-programmable interface (API). 

With Strike’s integration, users can leverage the Bitcoin Lightning Network to access instant, global payments – all without the high fees of legacy card networks.

“Strike and Ten31 have a shared vision for the positive impact bitcoin can have on the world and are mutually aligned on accelerating its adoption. It was therefore a natural fit to partner with Strike as its lead investor,” Grant Gilliam, co-founder and managing partner of Ten31 noted in a statement.

As well as the commerce API, Strike is eyeing a new product tailored to the needs of large financial institutions and other global businesses. The new product line, the company revealed in the press release, targets allowing not just the ease of receiving payments but also for these customers to get similar benefits when sending them.

Currently, Strike’s integration is available to any consumer looking to move money via the Lightning Network.

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Celsius Network CEO Alex Mashinsky has stepped down from his position at the troubled crypto lending platform, with the resignation effective immediately.

A statement from Celsius, accompanied with Mashinsky’s resignation letter said the ex-CEO informed Celsius’ Special Committee of the Board of Directors of his decision today. 

The Celsius Network co-founder also tweeted a link to a press release announcing his exit.

The letter to the special committee reads:

“Effective immediately, please accept my resignation as CEO of Celsius Network Ltd, as well as my directorships and other positions at each of its direct and indirect subsidiaries, with the exception of my director position at Celsius Network Ltd. I regret that my continued role as CEO has become an increasing distraction, and I am very sorry about the difficult financial circumstances members of our community are facing. Since the pause, I have worked tirelessly to help the Company and its advisors put forward a viable plan for the Company to return coins to creditors in the fairest and most efficient way. I am committed to helping the Company continue to flesh out and promote that plan, in order to help account holders become whole.”

Celsius filed for Chapter 11 bankruptcy in July this year following the contagion that started with the collapse of Terra Luna and then Three Arrows Capital – the latter’s $75 million loan from the crypto lender among the reasons it paused customer withdrawals before announcing bankruptcy.

Mashinsky mentioned his role since the events of July, and noted his exit does not mean he’ll not support the recovery plan.

“I elected to resign my post as CEO of Celsius Network today. Nevertheless, I will continue to maintain my focus on working to help the community unite behind a plan that will provide the best outcome for all creditors – which is what I have been doing since the Company filed for bankruptcy,” he said.

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