27 April

JPMorgan Chase is preparing to offer an actively managed bitcoin fund to certain clients, becoming the latest, largest and – if its CEO’s well-documented distaste for bitcoin is any indication – unlikeliest U.S. mega-bank to embrace crypto as an asset class.

The JPMorgan bitcoin fund could roll out as soon as this summer. Institutional bitcoin shop NYDIG will serve as JPMorgan’s custody provider, [and] will be actively managed. That’s a notable break from the passive fare offered by crypto industry stalwarts like Pantera Capital and Galaxy Digital.”

“The price increase came amid continuing signs of growing adoption of cryptocurrencies. The ascent began early in Asia trading hours when the cryptocurrency reached lows near $48,000 and looked oversold as per the relative strength index.

While the cryptocurrency is gaining ground for the first time in six days, the options market continues to show bias for short-term puts. However, the metric has come off sharply to 6% from highs above 20% seen last week, an indication of reduced bearishness. According to some analysts, it’s a sign the market has bottomed out.

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“The move means Binance users will be able to qualify for economic returns on the underlying shares, which will include potential dividends. The tokens also allow Binance customers to purchase as little as one-hundredth of a regular stock using BUSD.

Two stock tokens have [already] begun trading on Binance including electric vehicle maker Tesla and cryptocurrency exchange Coinbase. Those listings are already ruffling the feathers of regulators who say the exchange has not acquired the necessary license to begin marketing equities to the public.

Binance’s stock tokens are tokenized equities that can be traded on traditional stock exchanges. Each tokenized stock represents one ordinary share of the stock and is backed by a depository portfolio of underlying securities held by CM-Equity AG, Germany.

The tokens will only be available for trading during traditional exchange hours and are not available for residents in mainland China, Turkey, the U.S. and other restricted jurisdictions.”

Trading platform eToro has launched a portfolio of bitcoin proxy stocks.

Besides carrying exposure to bitcoin itself, the portfolio includes companies “in the value chain behind bitcoin” including PayPal, Nvidia, Canaan and Coinbase. Notably, it does not carry stocks whose only link to crypto is a treasury allocation, such as MicroStrategy or Tesla.”

“Demand on the crypto side has been multiple-fold to what we initially expected. There’s a lot of excitement.

He pointed out that today’s financial systems are rapidly becoming obsolete due to their slow transaction speeds and high fees. In this light, companies need to think about modernizing their existing financial infrastructure.

In the next 5 to 10 years, you’re going to see more change in the financial system than you have over the past 10 to 20 years.

Following its successful launch of crypto services in the US, PayPal is already eyeing further expansion of the scheme overseas, with plans to introduce Bitcoin buying and selling to UK customers.”

“DeFi protocols Badger DAO and RenVM have announced today the launch of “Badger Bridge,” a Bitcoin-to-Ethereum bridge that will allow BTC holders to bring their Bitcoin to Ethereum and deposit it into yield-bearing vaults purportedly with a single click. Users of the rebranded Ren bridge are also incentivized with upwards of $6 million in $BADGER and synthetic Bitcoin $DIGG rewards.

The Badger Bridge is the first of its kind to enable users to earn yield on their tokenized Bitcoin immediately, all while transacting within the same app.

BadgerDAO is becoming the one stop shop for BTC in DeFi, and RenVM is underpinning this functionality by providing seamless interoperability for their users.

The integration via Ren notably removes the RenVM branding for the Bitcoin-to-Ethereum bridge/wrapper, redirecting Ren’s wBTC.cafe website to BadgerDAO’s Badger Bridge page. Ren will continue to provide the infrastructure for the swaps, however.”

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“Tesla sold some of its bitcoin stash in the first quarter for $272 million in proceeds. The sale trimmed Tesla’s position by 10%. Elon Musk’s electric vehicle company reportedly purchased $1.5 billion worth of bitcoin in February.

Kirkhorn said on the call that Tesla invested in bitcoin to earn yield on its excess cash in a low-interest-rate environment. He said the bitcoin market is a liquid market with an optimistic future. Telsa will continue to accumulate bitcoin through customer transactions and will make bitcoin-related announcements in the future.”

“On Monday, community-owned metaverse casino Decentral Games and veteran Ibiza club Amnesia announced their new partnership and launch of two virtual Amnesia dancefloors, dubbed “Amnesia Experience” and “Amnesia Hype.”

The partners expect they will generate considerable revenue this year from the venture largely from ticket sales, NFTs and advertising.

Decentral Games has plans to offer partygoers real-time music events featuring live streams from celebrity DJs. It will, meanwhile, pitch the virtual dance floor as an attractive online site for advertisers to lease and also launch an Amnesia merchandise store within the club selling NFTs tied to electronic music, DJ autographs and in-game accessories tailored to the metaverse.”

“Ethereum software company ConsenSys has formed a technical partnership with Kakao’s Klaytn blockchain, with a goal to develop a private platform for the issuance of a South Korean central bank digital currency, or CBDC. The project will also encompass making Klaytn compatible with Ethereum layer-two solutions.

Klaytn is a public blockchain developed by Ground X, a blockchain affiliate of the South Korean internet company Kakao, which by the time of publication has the 25th-largest market capitalization in the cryptocurrency space.

Through this collaboration we will strengthen the efficacy of the Klaytn platform, readying it to process transactions which would conceptually support CBDCs, and also optimize it for Ethereum Layer 2 integration.”

“The company stated that apart from paying staff salaries, JD has also utilized the DCEP in business-to-business payments to partner firms as well as cross-bank settlements. In December, the online retailer began accepting the digital yuan as a payment method on its website.”