This Week in Digital Asset News: GoldenTree and Wealthfront Move Into Crypto, US Crypto Regulation May Be Around The Corner...

We find the most important headlines in digital assets for the week and give you our take. This week's themes were institutional adoption and regulation, here are your headlines for August 2nd, 2021:

GoldenTree, $45b Asset Manager, Is Buying Bitcoin

Synopsis: GoldenTree has been adding Bitcoin to its balance sheet as a diversifier for the broad mix of debt-focused strategies it has run for years, according to two sources with knowledge of the matter.

Theme: Institutional Adoption

Our Take: GoldenTree is one of the few institutions to hold the asset on their books as most banks and hedge funds gain exposure via futures.

 

Wealthfront to Offer Cryptocurrency Exposure to its Clients Via Grayscale

Synopsis: Wealthfront customers can now invest up to 10% of their portfolios into GBTC and ETHE by using the company’s platform.

Theme: Institutional Adoption

Our take: While this does not give Wealthfront's customers direct exposure it gives curious investors an opportunity to invest.

 

How the Proposed Crypto Tax Rules Miss the Mark

Synopsis: A late addition to the infrastructure bill moving through Congress would impose impossible reporting requirements on miners and wallets.

Theme: Cryptocurrency Regulation

Our take: Digital Asset markets are very different from traditional financial markets, any attempt to regulate them in similar ways will cause chaos. We strongly believe that sensible, informed regulation will be a good thing for the industry in the long run as long as it takes into account the unique topology of digital asset markets.

 

About Mainbloq

MainBloq is the high-performance trade execution infrastructure for digital assets. We offer the industry’s leading smart order routing and execution algorithms through a single API connection. We empower our customers with custom trading solutions for high speed, reliable global best execution.


This Week in Digital Asset News: JP Morgan Allows Crypto Exposure To Clients, 70% Of Institutional Investors Want To Add Cryptocurrency, & More...

We find the most important headlines in digital assets for the week and give you our take. This week's themes were institutional adoption and regulation, here are your headlines for July 26th, 2021:

Fidelity: 70% Of Institutional Investors Want ‘Digital Assets'

Synopsis: A survey from Fidelity Digital Assets has revealed that seven in ten institutional investors from around the world, including advisors, family offices, pensions, hedge funds, and endowments, plan to buy or invest in digital assets within the next five years.

Theme: Institutional Adoption

Our Take: While this survey was conducted during the height of the bull market we strongly believe that very few portfolios will not have some sort of crypto exposure in the years to come.

 

JPMorgan Opens Crypto Trading To All Clients

Synopsis: JPMorgan has become the first major US bank to provide all wealth-management clients with access to bitcoin and other cryptocurrency funds.

Theme: Cryptocurrency Adoption, Institutional Adoption

Our take: While JPMorgan's relationship with cryptocurrency has been a roller coaster ride, having one of the world's largest banks broaden the availability of cryptocurrency to their clients is a good thing for the industry.

 

BNY Mellon joins State Street in backing Pure Digital

Synopsis: Bank of New York Mellon has joined State Street and a group of banks backing crypto exchange Pure Digital.

Theme: Institutional Adoption

Our take: Every institution is taking a different approach to researching, getting exposure, and investing in digital assets.

 

About Mainbloq

MainBloq is the high-performance trade execution infrastructure for digital assets. We offer the industry’s leading smart order routing and execution algorithms through a single API connection. We empower our customers with custom trading solutions for high speed, reliable global best execution.


This Week in Digital Asset News: Bank of America Offers Crypto, Fed Chair Calls for Strong Regulatory Framework, and more...

We find the most important headlines in digital assets for the week and give you our take. This week's themes were institutional adoption and regulation, here are your headlines for July 19th, 2021:

Bank Of America to offer Cyrpto Futures to Clients

Synopsis: Bank of America, the second-biggest bank in the U.S. by assets, is wading deeper into the $598.23 billion bitcoin market, offering some Wall Street investors a way to interact with the cryptocurrency. This follows their announcement last week that they were opening a Crypto research desk.

Theme: Institutional Adoption

Our Take: BOA is part of a long list of banks offering Crypto exposure to their clients via futures. No major banks currently offer spot exposure because of regulatory uncertainty. We believe most intuitions will limit themselves to offering derivatives until regulatory frameworks have more clarity and there are more robust custody solutions.

 

More than half of experts in a recent crypto survey said bitcoin will replace fiat currency by 2050

Synopsis: 54% of fintech experts surveyed expect bitcoin to overtake currencies issued by central banks in global finance by 2050.

Theme: Cryptocurrency Adoption

Our take: El Salvador will not be the last country to adopt Bitcoin as legal tender, whether the world's super powers will allow the replacements of their fiat currencies is a completely different conversation.

 

Fed Chair Jerome Powell says that U.S. needs a ‘strong regulatory framework’ for stablecoins

Synopsis: Federal Reserve Chairman Jerome Powell said Wednesday that U.S. is at a ‘critical point’ for regulation of digital currencies, advocating for the application of new rules on some digital payment tools that are similar to those applied to bank deposits and money-market mutual funds.

Theme: Regulation

Our take: Broad frameworks are needed for the entire industry, not just stablecoins. We do agree that stablecoin trust is integral to the market because a failure point in any of the stablecoins will cause a cascade that will reverberate through the entire marketplace.

 

About Mainbloq

MainBloq is the high-performance trade execution infrastructure for digital assets. We offer the industry’s leading smart order routing and execution algorithms through a single API connection. We empower our customers with custom trading solutions for high speed, reliable global best execution.


This Week in Digital Asset News: Bank of America Creates Crypto Research Team, Crypto Exchange Goes Public

We find the most important headlines in digital assets for the week and give you our take. This week's themes were institutional adoption and regulation, here are your headlines for July 12th, 2021:

Elizabeth Warren Prods SEC To Regulate Crypto Exchanges

Synopsis: The Massachusetts Democrat says in a letter to the Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, that cryptocurrency exchanges should be regulated similarly to securities exchanges.

Theme: Regulation

Our Take: Regulation needs to happen, but it needs to take into account the unique aspects of crypto markets.

 

82% of Institutional Crypto Investors Expect to Increase Market Exposure

Synopsis :Approximately 8 out of 10 wealth managers and institutional investors from the US, France, Germany, the UAE, and the UK said they would enhance their crypto exposure between now and 2023. 40% of them plan to “dramatically increase their holdings.”

Theme: Institutional Adoption

Our take: While institutions have increased their cryptocurrency holdings over the past few years, their crypto asset allocation is still a small proportion. We believe it is only natural for the allocation to increase as the space matures.

 

Bank of America Establishes Crypto Research Team

Synopsis : A new team at the second-largest bank in the United States will reportedly be devoted entirely to researching cryptocurrencies. Alkesh Shah from Bank of America’s data and innovation strategy group will lead a digital assets group. He along with Mamta Jain and Andrew Moss of Bank of America Merrill Lynch’s digital innovation group will be reporting to Michael Maras, who reportedly oversees global currencies and commodities research.

Theme: Institutional Adoption

Our take: While some banks have jumped into the water by offering exposure via futures, other banks are being more conservative and looking at the broader space.

 

Crypto Exchange Bullish to go public in SPAC deal

Synopsis : Bullish, a cryptocurrency exchange backed by Peter Thiel, announced it's going public in a merger with  Far Peak Acquisition in a deal valued at $9 billion.

Theme: Mergers and Acquisitions

Our take: While this isn't the first time that an exchange has gone public through a reverse merger, anything with Peter Thiel attached generally increases the exposure.

 

About Mainbloq

MainBloq is the high-performance trade execution infrastructure for digital assets. We offer the industry’s leading smart order routing and execution algorithms through a single API connection. We empower our customers with custom trading solutions for high speed, reliable global best execution.


This Week in Digital Asset News: European Comission Releases Regulation Guidelines, German institutions add Crypto

We find the most important headlines in digital assets for the week and give you our take. This week's themes were institutional adoption and regulation, here are your headlines for July 6th, 2021:

EUROPE RELEASES FRAMEWORK FOR CRYPTO REGULATION

Synopsis: The European Commission released a 168 page document named Regulation in Markets in Crypto Assets (MiCA). It is a framework regulation and is not yet law.

Theme: Regulation

Our Take: Any regulation will come with good and bad for markets, but in totality while regulation may bring some volatility in the short term, it does being more certainty for institutions and serious players.

 

GERMAN INSTIUTIONS CAN NOW INVEST IN CRYPTOCURRENCY

Synopsis :THE Fund Location Act (Fondsstandortgesetz) went into effect on July 1 in Germany. Under this law, new and existing domestic special funds (Spezialfonds) are permitted to invest up to 20% of their portfolios in crypto assets.

Theme: Institutional Adoption, Regulation

Our take: We believe that Germany is a bellwether for the rest of Europe. This coupled with the upcoming MiCA are good signs for the future of digital assets in Europe

 

GREYSCALE ADDS CARDANO TO ITS ETF

Synopsis :  Grayscale has added Cardano (ADA) to their Digital Large Cap Fund.

Theme: Crypto Infrastructure

Our take: Greyscale has been an early mover in bridging cyrpto access to traditional markets. We believe that broader access is a good thing for markets.

 

About Mainbloq

MainBloq is the high-performance trade execution infrastructure for digital assets. We offer the industry’s leading smart order routing and execution algorithms through a single API connection. We empower our customers with custom trading solutions for high speed, reliable global best execution.


This Week in Digital Asset News: Regulatory pressure while banks explore going deeper into digital assets

We find the most important headlines in digital assets for the week and give you our take. This week's themes were institutional adoption and regulation, here are your headlines for June 28th, 2021:

REGULATION WILL BOOST CRYPTO CURRENCY

Synopsis: Law professor Emilios Avgouleas says that while regulation could affect short term prices, in the long term it will be good for the industry.

Theme: Regulation

Our Take: One of the most common things we hear from prospective clients is the lack of clear regulatory frameworks is keeping them from making more serious investments.

 

DESPITE REGULATORY PESSURE, BANKS ARE EXPLORING DIGITAL ASSETS

Synopsis : JP Morgan, Morgan Stanley, Bank of America, and Goldman Sachs have are amongst the early movers on giving their clients access to crypto.

Theme: Institutional Adoption, Regulation

Our take: Most banks are focusing on futures for the moment as they don't want to hold the assets on their books. As regulatory frameworks are established we believe they will expand their offerings.

 

CRYPTO FLASH CRASH WAS A TEST OF INFRUSTRUCTURE

Synopsis :  The May 19th flash crash exposed the underdeveloped underbelly of crypto infrastructure.

Theme: Crypto Infrastructure

Our take: Relying one a small number of venues that are not diversified puts you at risk. Mainbloq's connect once, trade everywhere platform allows you to connect to exchanges, liquidity pools, and OTC desks with one connection.

 

About Mainbloq

MainBloq is the high-performance trade execution infrastructure for digital assets. We offer the industry’s leading smart order routing and execution algorithms through a single API connection. We empower our customers with custom trading solutions for high speed, reliable global best execution.


This Week in Digital Asset Headlines - June 21st, 2021

We find the most important headlines in digital assets for the week and give you our take. This week's themes were institutional adoption and regulation, here are your headlines for June 21st, 2021:

GOLDMAN SACHS EXPANTS CRYPTO TRADING

Synopsis: Goldman Sachs has expanded their offerings to clients to include Ether options and futures to go along with their Bitcoin offerings.

Theme: Institutional Adoption

Our Take: It's a great signal that the institutions who have dipped their toes into digital assets have expanded their offerings to their clients.

 

SEC DELAYS RULING ON BITCOIN ETF AGAIN

Synopsis : The SEC, who has signaled that they may rule on regulations surrounding Crypto ETFs in the past few months, have announced they will not be releasing guidance this year.

Theme: Regulation

Our take: We believe any digital asset ETF will be a positive for the industry as it will allow a wider adoption via more traditional on-ramps for institutions and retail.

 

HEDGE FUNDS EXPECT ~10% OF THEIR ASSETS TO BE CRYPTO WITHIN FIVE YEARS

Synopsis: Hedge funds plan to ramp up their crypto holdings to more than 7% of assets by 2026, a survey showed.

Theme: Institutional adoption

Our take: Hedge funds love the volatility and opportunity for alpha that digital assets presents. We believe as the market continues to mature this number will be larger.

 

MANY MORE CALLS FOR REGULATION

Synopsis: Representatives from India, Italy, China, and even Mark Cuban have called for regulation amid a volatile few weeks in the crypto markets.

Theme: Regulation

Our take: The time for regulation is now. We must establish the rules of the road if the market is going to mature.

 

About Mainbloq

Mainbloq is a data, research, and technology company focusing on blockchain and digital assets. Mainbloq offers a suite of trading tools, including smart order routing and trading algorithms for hedge funds, traders, and some of the world’s largest banks. For more information visit https://mainbloq.io


This Week in Digital Asset Headlines - June 14th, 2021

We find the most important headlines in digital assets for the week and give you our take. This week's themes were institutional adoption and regulation, here are your headlines for June 14th, 2021:

MORE U.S. FINANCE GIANTS DIPPING THEIR TOES INTO DIGITAL ASSETS

Synopsis: JP Morgan, State Street, and Interactive Brokers have announced separate entries into digital assets. This adds to a growing list of companies who have dipped their toes into digital assets including Morgan Stanley and BlackRock, BNY Mellon, and Goldman Sachs.

Theme: Institutional Adoption

Our Take: As cryptocurrency matures we anticipate more and more growth in institutional clients. We believe that the increase in institutional clients will call for a maturation of infrastructure throughout the industry. We're still in the early nineties of the world wide web.

 

INSTIUTIONAL CLIENTS UP 170% IN Q1 FOR COINBASE

Synopsis : Coinbase has over 8,000 institutional clients holding over $120B in assets.

Theme: Institutional Adoption

Our take: Bull markets are hard to ignore, nobody wants to be on the sideline during a parabolic move. The total assets held is a small fraction of the pie, but it is increasing. We talk to institutional clients every day who are looking to trade across multiple venues with one click.

 

BITCOIN IS LEGAL TENDER IN EL SALVADOR

Synopsis: El Salvador president Nayib Bukele announced that Bitcoin will be accepted as legal tender in El Salvador.

Theme: Institutional adoption

Our take: One of the main blockers of Bitcoin being accepted as a currency has been its lack of use as a means of exchange—could this be a first step? The asset is too volatile to be used as a currency today, but if more states and companies being accepting Bitcoin that could help quell its volatility.

 

A RUNDOWN OF CRYPTO REGULATIONS 

Synopsis: Representatives from America, India, El Salvador, and China have made headlines over the past week when it comes to regulating cryptocurrency.

Theme: Regulation

Our take: Creating headlines is easy, enacting and enforcing regulations is tough. This isn't the first time that China has banned cryptocurrency. We look forward to good faith efforts of all governments to create rational regulations to enable everyone to understand and follow the rules.

 

MIKE NOVOGRATZ CALLS FOR MORE REGULATION ON CRYPTOCURRENCY

Synopsis: Cryptocurrency evangelist and former Fortress Investment Group and Goldman Sachs partner has called for more regulation on digital assets to boost investor confidence.

Theme: Regulation

Our take: A lack of clarity has kept institutions from seriously investing in the asset class. The most common thing we hear from our institutional clients is that the lack of clarity and clear guardrails is the biggest blocker from making a serious investment in the space.

 

About Mainbloq

Mainbloq is a data, research, and technology company focusing on blockchain and digital assets. Mainbloq offers a suite of trading tools, including smart order routing and trading algorithms for hedge funds, traders, and some of the world’s largest banks. For more information visit https://mainbloq.io


Crypto News Headlines — June 7th 2021

Here are the top digital assets news from the weekend.

ANONYMOUS THREATENS ELON MUSK 

After being an outspoken advocate for Bitcoin Musk has cooled on Bitcoin calling it destructive to the environment and discontinuing Tesla's short-lived acceptance of Bitcoin as payment for cars. Anonymous has called out musk and has demanded he stops meddling in cryptocurrency.

COINBASE TO GIVE AWAY $1.2MM IN $DOGE

After listing on Coinbase this week Coinbase is giving away over $1MM in Dogecoin to any user who opts-in to sweepstakes and trades (buys or sells) at least $100 worth of the coin.

FIDELITY SELLS OVER $100MM TO WEALTHY INVESTORS

Fidelity investments has raised $102MM from investors in the first nine months since launching the fund according to SEC filings. This makes the fund one of the largest after Pantera, Galaxy and NYDIG.

About Mainbloq

Mainbloq is a data, research, and technology company focusing on blockchain and digital assets. Mainbloq offers a suite of trading tools, including smart order routing and trading algorithms for hedge funds, traders, and some of the world’s largest banks. For more information visit https://mainbloq.io


Clay Cowdery Named As COO at MainBloq

MainBloq, the high-performance trade execution infrastructure for digital assets, is pleased to announce that Clay Cowdery has joined the executive team as Chief Operating Officer.

Clay brings 25+ years experience in tech, engineering, analytics, and financial services operations. He has worked with a variety of early stage FinTechs and established financial infrastructure solution providers. Clients include global banks, clearing houses, and financial regulators.

“I am very excited to join the MainBloq team as we scale the company and provide even more value to our clients. The demand for flexible, advanced financial infrastructure for institutional clients trading in the digital asset space is growing at an incredibly fast pace.”

Clay’s over two decades of experience as an enterprise architect, business strategist, and operations lead will be key to expanding Mainbloq’s footprint in the institutional digital asset space.

“I have been working in cross border fiat currency and trade settlement back-office operations for many years with global financial institutions and central banks. Digital currency has been on  everyone’s radar for a number of years. We are now seeing institutional investors investing in these asset classes and taking them seriously,” said Clay.

As part of the company’s continued investment in product and client development Clay will spearhead productizing Mainbloq’s offering for institutional clients and building the company’s strategic roadmap in order to deliver outstanding client experience across Mainbloq’s portfolio of current and future clients.

“I am very excited about the Mainbloq solution and focus on connectivity, messaging and algos. We provide institutional investors with a single virtual view across multiple trading venues and provide them with trading algos to accelerate their trading strategy.

“Clay’s superpower is his ability to filter and focus on delivering features that make an impact advancing the cryptocurrency trading markets” said Chairman and Founder Peter Bordes, “In a complex, rapidly growing global space like digital assets the ability to see the forest for the trees is indispensable.”

Clay is joining Mainbloq during an expansionary period as the company embarks on broadening its client base both in terms of the types of clients and scope of relationships with those clients.

“Clay is that rare person who has vision and the ability to execute,” said CEO and Founder Ryan Kuiken “We’re excited to bring Clay in to help us execute our expansion as the marketplace matures.”

“I think that my knowledge, experience, and wisdom overlaps and complements the rest of the Mainbloq team,” said Clay.  I am really excited to contribute to our corporate culture which fosters humility and diversity of ideas, supporting everyone to execute to their greatest strengths. This is rare in the deep technology and Fintech space.”

 

About Mainbloq

Mainbloq is a data, research, and technology company focusing on blockchain and digital assets. Mainbloq offers a suite of trading tools, including smart order routing and trading algorithms for hedge funds, traders, and some of the world’s largest banks.

Contact Mainbloq

Ryan Kuiken, CEO

Ryan@mainbloq.io