While many investors are retreating into hibernation, the “crypto winter” has failed to chill institutional interest. Despite Bitcoin and other top currencies losing nearly 80 percent of their value this year, financial institutions like Nasdaq, Fidelity, the New York Stock Exchange, Grayscale and more are doubling down.
At last week's CoinDesk Consensus: Invest conference, Nasdaq officially unveiled their partnership with investment management firm VanEck. The two companies announced ambitious plans to “bring a regulated crypto 2.0 futures-type contract” to the market. Furthering their bullish stance, Nasdaq along with Fidelity and Bitmain participated in new crypto derivatives platform ErisX's $27.5 million fundraising round.
Investment firm Grayscale is also capitalizing on the bear market. New research released this week found that Grayscale has been investing heavily in crypto throughout the year and now owns 203,000 Bitcoins, more than 1 percent of the total circulating supply.
With Wall Street’s most prominent wolves opening their wallets, the crypto industry is sure to experience a wave innovation. The foundation for a transformative asset class is being built.
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Bitmain, ConsenSys, Fidelity Investments, Nasdaq Ventures and Monex Group participated in the funding round, investing in the new derivatives and digital asset trading platform for the first time. ErisX, which is being built by derivatives market provider Eris Exchange, was previously announced as a platform for trading a number of cryptocurrencies, as well as bitcoin futures. Read more.
Not everyone is dumping their Bitcoin in the prolonged bear cycle. Digital Currency Group’s asset manager, Grayscale, for instance, is reported to have been piling up their Bitcoin stack while the bear is ruling. Read more.
Infura handles around 13 billion code request per day and provides a way for developers to connect to ethereum without having to run a full node. And while the exact usage stats aren’t public, by creating a simpler method for interfacing with the network, it’s said to underpin the majority of decentralized applications in the ethereum ecosystem. Read more.
Seven southern EU member states including France, Italy, Spain and Malta are positioning themselves as Europe’s leaders on developing blockchain technology to be used by governments. Read more.
Roger Ver, chief executive officer at Bitcoin.com, discusses if we've reached a floor on the recent selloff in bitcoin, his outlook for cryptocurrencies, regulation of the industry, Bitcoin cash and mainstream adoption. He speaks exclusively on "Bloomberg Daybreak: Europe." Read more.
According to a report from Cleveland.com on Monday, JumpStart, an Ohio-based nonprofit that supports and funds startups, is to invest $100 million in early-stage blockchain firms focused on business or government use cases alongside six other funds in the state. Read more.
The United States Department of Homeland Security (DHS) is seeking blockchain-based solutions from startups to prevent the forgery and counterfeiting of digital documents, according to a press release published Dec. 4. Read more.
Sequoia, Baidu, Nasdaq, and Fidelity are amongst some of the largest VCs, technology conglomerates, and financial institutions to make big bets on crypto in the past week.
Despite the bear market which has led major cryptocurrencies to lose about 80 to 90 percent in value on average, both digital asset-related businesses and blockchain protocols are raising tens of millions of dollars from high profile institutions. Read more.