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January sees $237 billion in monthly stablecoin volume thus far, breaking prior record

January has seen more than $230 billion in on-chain stablecoin volume since the start of the month, according to data collected by The Block.

That figure — $237.2 billion as of January 25 — represents the highest monthly amount of its kind, surpassing December’s total of $178.3 billion by 33%. 

USDT (Tether) had seen the majority of that volume at 62.9%, followed by USDC (USD Coin) with 21.0% and DAI with 9.1%.

Readers can find more data about stablecoins, as well as a wide array of crypto-related areas, by visiting The Block’s Data Dashboard

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Author: MK Manoylov

The Future of Money in the Multiverse

It’s 2028 and central banks, Big Tech companies and the “deplatformed” are establishing their own worlds of digital money.

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Author: Marcelo M. Prates

Blockchain Bites: ETH Pumps, Coins Leave Exchanges

With ether whales and small holders rising, some analysts are speculating about a potential ETH supply crunch.

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Author: Daniel Kuhn

Vietnam’s Oldest Bitcoin Exchange Adds Support for Lightning Network

With VBT’s integration, the Lightning Network now has support from half a dozen Bitcoin exchanges.

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Author: Colin Harper

Bitcoin News Roundup for Jan. 25, 2021

With bitcoin bouncing and ether hitting a new all-time high, CoinDesk’s Market’s Daily is back with the latest news roundup.

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Author: Adam B. Levine

CFTC Attorney Who Let Regulators Trade Crypto Joins Private Law Firm

Daniel Davis oversaw the CFTC’s legal division, including administrative actions.

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Author: Nikhilesh De

‘We consider ETH to be a growth asset’: Galaxy Digital is launching a suite of Ethereum funds

Mike Novogratz’ Galaxy Digital is betting that 2021 will be the year in which Ethereum becomes an investment darling among institutions.

That’s the thesis of a soon-to-launch suite of Ethereum-focused funds. The products will officially roll-out in mid-February, according to a document sent to Galaxy clients.

Like other investment vehicles in the crypto market, the Galaxy Ethereum Fund aims to provide exposure to ether (ETH) — the native cryptocurrency of the Ethereum network — through a vehicle structured as a security.

The fund’s pricing will be drawn from the Bloomberg Galaxy Ethereum Index and its assets will be held in custody by Gemini. Galaxy will charge a management fee of 1% for investments larger than $100,000 and 1.25% for investments under that amount. The minimum investment required is $25,000. 

In addition to the Galaxy Ethereum Fund, the firm will offer two institutions-focused funds aimed at onshore and offshore investors. For both these funds, management fees are 0.75% for Class A shares and 1% for Class B shares.

The launch timing is notable, given that CME Group is expected to go live with its ETH futures product on February 7. Galaxy’s funds and CME’s upcoming futures product highlight the growing intersection between Ethereum and the interests of institutional investors.

In Galaxy’s view, ETH offers a high-growth investment opportunity. 

“We consider ETH to be a growth asset; investing in ETH is similar to investing in a basket of early-stage, high-growth technology stocks that provides investors exposure to the explosion of next-gen smart contracts and decentralized applications,” the firm said. Galaxy additionally points to the decentralized finance (DeFi) market in its product pitch, noting: “Six applications in the Decentralized Finance space are now worth more than $1 billion and are generating up to $100s of millions in annualized revenues.” 

In a recent episode of The Scoop, Polychain’s Olaf Carlson-Wee predicted that major investors would turn their attention to the DeFi realm.

“Once you have $100 million of bitcoin, you might start to think, how I could get yield on this bitcoin, for example,” he said. “A lot of the time the answer there is through on-chain financial contracts.”

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Author: Frank Chaparro

Grayscale Donating up to $2M to Crypto Advocacy Group Coin Center

A web page has been set up for the donation matching campaign that runs through February.

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Author: Tanzeel Akhtar

Collateralized Debt Obligations Make Their Way Into DeFi Lending

The future of finance apparently involves Wall Street’s ghosts.

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Author: William Foxley

DC think tank Coin Center receives $1 million donation from Grayscale

Coin Center, the Washington, D.C.-based think tank, has received a $1 million donation from Grayscale Investments.

Grayscale said Monday that on top of the direct donation, it would match up to $1 million in additional donations to the crypto policy-focused firm.

“We’re grateful and humbled by this generous commitment from Grayscale and the ongoing commitment by so many other individuals and firms who support us,” said Jerry Brito, executive director of Coin Center, in a statement.

The donation comes as activity on the U.S. government’s crypto policy front continues to ramp up. Coin Center played a prominent role in marshaling opposition to the Trump administration’s proposed wallet regulations, unveiled last month, and in particular the truncated public-comment period. The future of that proposal is now unclear, given recent moves by the new Biden administration.

Indeed, Grayscale’s donation also arrives just days after a new administration took power in Washington, D.C. With that comes new faces at the top of relevant agencies such as the Securities and Exchange Commission and the Commodity Futures Trading Commission. Recent news developments indicate that those agencies are set to be led by policymakers with past experience in the crypto realm.

“We exist to ensure that there’s a voice in Washington for open, permissionless cryptocurrency networks, which are public goods from which everyone benefits,” Brito said. “The funds we raise are crucial to helping our team do all we can in ensuring that the ecosystem continues to mature and grow.”

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Author: MK Manoylov