Bitcoin News for Financials
The market is in a swing, elections, economy uncertainties let investors run into Bitcoins via Fund and Bond invests. Here a little overview every week what's whats going on and who is the big winner.
JPMorgan has already been working on merging its Quorum unit with ConsenSys. The fundraise is occurring in parallel to an arrangement between the financial services giant and the Brooklyn-based software house.
JPMorgan’s Quorum blockchain project uses the Ethereum network internally. It is used to operate the Interbank Information Network, involving over 300 banks. The Quorum blockchain project hosts the JPM Coin, which was “designed for business-to-business money movement flows.”
The first test transaction took place in February 2019.
According to reporting, the bank will lead the round with a $20 million investment in ConsenSys, netting the company a total of $50 million.
The tie-up will help ConsenSys grow by relieving some of its widely reported cash flow problems. The company reduced its workforce by 14 percent early this year.
JPMorgan will also likely benefit from adding blockchain expertise to its Quorum project as interest in Quorum and the JPM Coin has been sluggish. The spinoff of Quorum to ConsenSys could expand the appeal of Quorum and accelerate its development. The full story here.
After TV commercial: Grayscale Bitcoin Fund Receives $195 Million In One Week
The advertising campaign launched by digital asset management firm Grayscale has begun to show results. The CEO of the asset management firm, Barry Silbert, revealed that Grayscale had its best week ever. Silbert attributed the success directly to the campaign and the commercial launched on major U.S. television networks. Although the commercial disappointed the crypto community, Silbert’s announcement confirms its success.
Asset Manager NYDIG Raises $5M for Third Bitcoin Fund in 2020
The Manhattan-based asset manager informed the Securities and Exchange Commission (SEC) Monday it had raised funds for its new NYDIG Bitcoin Fund in a private placement. Per its Form D filing, 56 investors have now committed to the fund but NYDIG has not disclosed the fund's net asset value. The asset manager raised $190 million for a similarly named NYDIG Institutional Bitcoin Fund LP in July, and $140 million for a Bitcoin Yield Enhancement Fund the month before.
Galaxy Digital Reports $38 Million in Net Income for Q2 2020, Recovering from $27 Million Loss in Previous Quarter
Galaxy Digital CEO Michael Novogratz noted that its Q2 2020 and year-to-date results “reflect a dynamic cryptocurrency and blockchain technology sector with multiple positive tailwinds, as well as our businesses’ cumulative investments in market relationships, differentiated solutions, and infrastructure.” As of June 30, 2020, Galaxy Digital Capital Management had $375.4 million worth of assets under management (AUM).
Decentralized or Non-Custodial Crypto Exchange Aggregator 1inch Secures $2.8 Million in Capital via Round Led by Binance Labs
FTX, Galaxy Digital, Dragonfly Capital, and several other investors also took part in the 1inch’s round. Loi Luu, the founder at Kyber Network, and Illia Polosukhin, the co-founder at NEAR Protocol, also made contributions. Established in May of last year, 1inch aggregates liquidity from several different DEXes in order to assist users with performing cryptocurrency trades at the best rates.
MicroStrategy Jumps After Tying Fortunes to Bitcoin
MicroStrategy Incorporated (MSTR) shares rose more than 10% during Tuesday's session after the company used half of its $500 million in cash to purchase 21,454 bitcoins and announced plans for a modified Dutch auction to buy back its own stock with the other half. The company's management team believes that Bitcoin is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash
Bitcoin Futures Surge as Institutional Investors Seek ‘Inflation Hedge’
Interest in Chicago Mercantile Exchange’s (CME) Bitcoin futures has continued to surge, demonstrating a continued involvement from institutional investors who were previously wary of the asset due to its volatility and other risks. The CFTC-regulated CME Bitcoin futures exchange is the third-largest Bitcoin futures market by number of open