Read in the Digest;
- The SEC Sets November Deadline for VanEck Bitcoin ETF Decision
- MasterCard Buys CypherTrace, Robinhood (NASDAQ:HOOD) Adds Recurring Crypto Buy Feature
- Bitwise Introduces the World’s First “Ex Bitcoin” Crypto Index Fund
- Osprey Funds Launches Solana Trust Product
- The Crypto Situation in India and Australia
The SEC Sets November Deadline for VanEck Bitcoin ETF Decision
The Securities and Exchange Commission (SEC) has postponed considering VanEck’s Bitcoin Exchange-Traded Fund (ETF) application for a final time. On Wednesday, the regulators announced that it needs an additional 60 days to review the proposed rule change.
Cboe BZX Exchange filed the VanEck Bitcoin ETF on March 1 2021, but the SEC has continually postponed its decision on the fund.
Following its postponement, hopefuls will need to wait until November 14, 2021 before they can get the verdict of the SEC. This is because the SEC can only extend its consideration period for prospective ETFs three times.
Flipsider:
- In contrast to the earlier hopes of the crypto community that the SEC chairman, Gary Gensler, will bring crypto-favourable rules, the SEC has gone after major crypto projects and firms in the country
Why You Should Care
While ETFs have hit a roadblock in the United States, Canada has approved several Bitcoin and Ether-based ETFs, leading some to believe that the SEC could approve a Bitcoin ETF anytime soon.
MasterCard Buys CypherTrace, Robinhood Adds Recurring Crypto Buy Feature
As crypto adoption increases, payment platforms have embarked on the race to full crypto adoption. One of the world’s leading payment platforms, Mastercard (NYSE:MA), has acquired CipherTree, a cryptocurrency analytics firm to leverage its technology in its move into the crypto space.
The acquisition of CipherTree is part of Mastercard’s strategy to enter the crypto space. The payment agents have also partnered with Uphold, Gemini and BitPay to create crypto cards. According to Ajay Bhalla, the president of cyber and intelligence at Mastercard, “digital assets have the potential to reimagine commerce.”
On Wednesday, Robinhood, the crypto and investment platform, launched a recurring crypto investments feature on its platform. Now, customers can purchase crypto as little as $1 commission-free daily, weekly, biweekly, or monthly.
Flipsider:
- Regardless of its growing platform and crypto services, Robinhood’s stock HOOD has not been faring well
- Last month it traded for $56.83 per share on August 9. However, it is down by 29.52% and trading for $41.28 per share on September 9.
Why You Should Care
There has been a steady increase in the utilization of cryptocurrencies. This affirms the belief that blockchain and cryptocurrencies are the future of finance.
Bitwise Introduces the World’s First “Ex Bitcoin” Crypto Index Fund
As the pioneer crypto, Bitcoin has largely dominated the market, contributing the largest portion of the global crypto market cap. The world’s largest crypto index fund manager, Bitwise Asset Management, today announced the launch of the Bitwise 10 ex Bitcoin Crypto Index Fund.
The Ex Bitcoin Crypto Index Fund offers an easy and efficient way to assess the largest investable crypto assets in the world, excluding Bitcoin. In addition, it offers an easy and convenient way to access traditional investment vehicles.
Matt Hougan, Chief Investment Officer of Bitwise Asset Management, said that the launch is being driven by customer demand. As a result of its market cap, Ethereum tops the Ex-Bitcoin fund. Other assets on the list are; Cardano, Solana, Bitcoin Cash, Chainlink, Litecoin, Uniswap, Polygon, and Stellar.
Flipsider:
- Regardless of the increasing interest from investors in other cryptocurrencies, Bitcoin still remains the most utilized and adopted crypto
Why You Should Care
The Bitwise Ex Bitcoin Fund offers investors a means of allocating to other exciting parts of the crypto industry that Bitcoin does not cover, including decentralized finance apps, NFT marketplaces, and Layer 1 protocols.
Osprey Funds Launches Solana Trust Product
Solana broke into the news recently for setting new highs when the crypto market experienced a massive crash. Once again, Solana is in the news; this time, a new trust product has been launched to offer exposure to SOL, the native token used on the Solana blockchain.
The Solana Trust product was launched by Osprey, a foremost crypto asset manager. The asset management firm also offers the Osprey Bitcoin Trust (OBTC), the Osprey Polkadot Trust and the Osprey Algorand Trust.
Greg King, CEO of Osprey Funds, stated that “the pedigree of the science and potential of the technology behind Solana is unique among current blockchains.” Accredited investors can access the Osprey Solana Trust for a minimum subscription of $10,000.
Flipsider:
- After experiencing one of the biggest pumps amidst a bearish market, the price of SOL has begun to correct
- Over the last 24 hours, SOL has lost more than 15% of its value, dropping from as high as $212.89 to $182.425
Why You Should Care
Solana is one of the fastest growing blockchain projects, with many acknowledging the technology behind the Solana blockchain. Experts have stated that Solana can “become the rails of an integrated, decentralized financial network that establishes one global price for assets.”
The Crypto Situation in India and Australia
In India, cryptocurrencies have been under regulatory gaze for a while, with calls from agencies for the government to accept cryptocurrencies. R. Gandhi, former deputy governor, Reserve Bank of India, has noted that “India must accept cryptocurrency as an asset.”
However, there is still an apparent lack of regulation in the country. On Thursday, Shaktikanta Das, the Reserve Bank of India Governor, stated that the central bank continues to have ‘serious and major’ concerns regarding cryptocurrencies.
In Australia, things are not much better either. Some top banks and companies in the country have been criticized for their decision against doing business with cryptocurrency companies. Recently, a Bitcoin trader reported that over 90 banks across the country rejected his proposals. In addition, the Australian stock exchange, ASX Ltd. (ASX.AX), does not allow crypto-related listings.
Flipsider:
- While the regulation of cryptos is still unclear in India and Australia, with banks refusing to indulge in crypto services, other countries have taken a pro-crypto stance
- El Salvador is the most popular of these for making Bitcoin a legal tender. Panama is reported to follow in the direction of the South American company
Why You Should Care
For cryptocurrencies to attain mainstream adoption, there have to be favourable crypto rules worldwide. Countries that take on an anti-crypto stance will limit the adoption and utilization of cryptos in those regions.
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