Chipper Cash, an African fintech start-up, has extended its peer-to-peer instant money service to South Africa. In addition to being able to use the remittance service, South African users will be able to buy, sell, and transfer cryptocurrencies like bitcoin, ethereum, and the USDC stablecoin. South Africa Ripe for Disruption and Innovation According to a […]
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Rumors are flying. The SEC could approve a Bitcoin Futures ETF before the year ends. What does this mean? And why a Bitcoin Futures ETF before one for the asset itself? That’s what we’re here to explore. It seems like the US Security And Exchange Commission will not give the go-ahead to the mythical Bitcoin ETF just yet… or ever, but a new option has a few companies salivating. Related Reading | Skybridge Capital Applies For Cryptocurrency ETF And Accumulates $100 Million For ALGO Fund But first, why is the SEC hesitant about approving the Bitcoin ETF? Investopedia responds: “The reason is that bitcoin, the largest cryptocurrency in the world by market capitalization, remains largely unregulated. Additionally, the Securities and Exchange Commission (SEC) is hesitant to allow an ETF focused on the new and largely untested cryptocurrency market to make its way to the public.” If that’s true, what makes us think that a Bitcoin Futures ETF is not only possible, but imminent? Well, last month The SEC Chairman Gary Gensler told the Aspen Security Forum: “I anticipate that there will be filings with regard to exchange-traded funds (ETFs) under the Investment Company Act (’40 Act). When combined with the other federal securities laws, the ’40 Act provides significant investor protections. Given these important protections, I look forward to the staff’s review of such filings, particularly if those are limited to these CME-traded Bitcoin futures.” 🤯 pic.twitter.com/XUlSV31jEw — Eduardo Prospero (@edprospero23) September 23, 2021 Is A Bitcoin Futures ETF What US Investors Want? Since Gary Gensler sent such a clear signal, the financial world responded in unison. “At least four asset managers have filed for ETFs that invest in bitcoin futures after Securities and Exchange Commission chair Gary Gensler earlier this month indicated that he could approve such funds. But investors may not want them in lieu of physically backed bitcoin ETFs, analysts have said.” Who’s interested in ETFs, though? Well, according to Investopedia, “A bitcoin ETF mimics the price of the digital currency, allowing investors to buy into the ETF without trading bitcoin itself.” Some investors or groups simply can’t invest in bitcoin, the asset, because their own internal rules won’t allow them to. They can’t purchase bitcoin through a brokerage account. No financial institution backs it, so no one protects them. And, of course, there’s the feared volatility. Bloomberg explains how Bitcoin fixes this: “A Bitcoin ETF could help get around those restrictions since the format is more widely accepted. “There are all sorts of custody and regulatory hurdles for big financial institutions to jump through,” said Ross Mayfield, investment strategy analyst at Robert W. Baird & Co. “If it were offered in an ETF, it clears a lot of that up for financial institutions.” However, it appears that the SEC won’t approve one any time soon. Why would they approve a Bitcoin Futures ETF instead? Bloomberg continues: “For the SEC’s purposes, Bitcoin futures also offer an additional level of security because they are governed by the Chicago Mercantile Exchange and require investors to put down cash on margin to trade, as a form of collateral.” BTC price chart 09/27/2021 on Coinbase | Source: BTC/USD on TradingView.com Experts And Important Players Disagree While some companies can’t wait for the Bitcoin Futures ETF to be available, others are less enthusiastic. One of those is Michael Sonnenshein, CEO of Grayscale Investments. His company is one of the many that applied for a Bitcoin ETF and are still waiting for approval. In a recent CNBC interview, he said: “It would be shortsighted of the SEC to allow a futures-based product into the market before a spot product,” Sonnenshein told CNBC’s “Squawk Box” on Tuesday. “They really should be allowing both products into the market at the same time and let investors choose which way they want.” Related Reading | Did The SEC’s Gary Gensler Threaten Crypto And DeFi In The WaPo Interview? Of course, he’s heavily invested in this outcome. His company’s Grayscale Bitcoin Trust is incredibly successful, but if they manage to turn it into an ETF the scale might go parabolic. However, he’s not the only one that thinks that way. In the Bloomberg article, another expert elaborated on the Bitcoin Futures ETF ‘s limitations: “With futures-based products, you introduced additional cost, more complexity, you have futures contracts that have to be rolled,” said the ETF store’s Geraci. “It’s just a sub-optimal option for investors.” In any case, the Bitcoin Futures ETF approval is just speculation. Gary Gensler said he looked forward to reading his staff’s review of the fillings, which is not a guarantee by any stretch of the imagination. Featured Image by Markus Winkler from Pixabay – Charts by TradingView
I began the withdrawal challenge period 8 full days ago, and it still says the challenge period is ongoing despite it apparently taking ~7 days. I still cannot withdraw. Has anyone been able to successfully withdraw from the Optimism Gateway? submitted by /u/birch_baltimore [link] [comments]
I just wanted to remind you (also to give you your daily shot of hopium) that Q4 is literally the best quarter for crypto. If we look at returns for BTC (which leads the market and its value directly affects other coins) for each year, Q4 yielded the highest returns 3 times out of 8,…
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Since Bitcoin’s 2008 beginnings, the cryptocurrency industry has witnessed several different eras; Crypto 1.0, Crypto 2.0, and the current era of Crypto 3.0. According to GlobeNewswire, Bitcoin and the concept of payment currencies led the Crypto 1.0 era, while Ethereum spearheaded the era of Crypto 2.0. Crypto 2.0 focused on the underlying blockchain technology behind cryptocurrency, which gave birth to the tokenization revolution. However, following Proof-of-Work (PoW) protocols, certain issues like scalability, high cost, and transaction speeds have remained. The era of Crypto 3.0 is aiming to solve these issues, by creating more effective tokenization solutions in the general blockchain and crypto industry. Like Cisco and Intel built the infrastructure needed to create the internet, key Crypto 3.0 players are currently building the foundational infrastructure needed to support the token revolution. This brings us to Crypto 4.0. Where Crypto 3.0 is focused on technology-based solutions, Crypto 4.0 goes a step further – leveraging streamlined tokenization technology to provide tailored solutions that will solve real consumer problems. There are already a number of projects in the blockchain space working to usher in the industry’s next big evolution. An emerging leader among these projects is the Dacxi Chain. What is the Dacxi Chain? Currently being developed by global WealthTech Company, Dacxi, the Dacxi Chain is a novel global tokenized crowdfunding system. The technology is designed to eliminate the innovation funding gap. “The global enterprise economy comprises thousands of investable ideas and entrepreneurs, a significant proportion of which are unattainable to everyday investors,” says Ian Lowe, the CEO of Dacxi. “The current equity funding sector is worth a whopping $10 billion. However, with the integration of the Dacxi Chain into the sector, we believe the sector could witness a market valuation of up to $1 trillion.” The Dacxi Chain’s crowdfunding tokenization technology is custom-built to solve customer-centric problems in the crypto space. It will be built on Dacxi’s global network of Crypto Wealth Platforms, which form part of the Dacxi ecosystem. The Dacxi Chain technology will be highly regulated, incredibly secure, and completely crowd-centered. Its main focus will be to help everyday investors gain access to investment opportunities that, prior to now, were exclusively reserved for the top echelon of society. Once this complex and sophisticated system goes live, the Dacxi Chain will allow for the democratization of hyper-growth innovation investments – making it accessible to all would-be investors. No matter who or where they are. Crypto 4.0 will seek to solve consumer-centric problems, and this is precisely what the Dacxi Chain is designed to do. Signs are pointing to the Dacxi Chain leading the charge for the actualization of the Crypto 4.0 era. The Dacxi Ecosystem Dacxi is a global fintech company, founded in 2017 and headquartered in Singapore. The company is the pioneer behind Crypto Wealth, an exciting emerging sector in the crypto space. Dacxi’s mission is to provide the necessary education for everyday people to build the confidence they need to build their wealth with crypto. Dacxi has already established successful operations in both the United Kingdom and Australia. Today, they are on track to build a global network of over 100 localised license-regulated Crypto Wealth Platforms. They also plan to build the largest Token Marketing Organisation in the world. Planning to launch in 2022, the Dacxi Chain crowdfunding tokenization technology will play a key role in the ever-growing Dacxi ecosystem.
Coti previously partnered with Cardano’s stablecoin hub Ardana to bring decentralized stablecoin payments to AdaPay.
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