5 October

“The new Ethereum fund is the second launched by Fidelity Digital Assets’ digital asset management business, following the 2020 launch of the Wise Origin Bitcoin Index Fund I. The Fidelity Ethereum Index Fund is only available to accredited investors and will track the performance of the Fidelity Ethereum Index PR benchmark through passive, direct ownership of ether.

We have continued to see client demand for exposure to digital assets beyond bitcoin.

Last month, news broke that Fidelity was considering offering crypto trading to its retail brokerage clients.”

See Also: Coinbase ‘Very Supportive’ of Giving CFTC Exclusive Jurisdiction Over Bitcoin, Ethereum

Valkyrie is now the third asset manager to announce crypto SMA plans after Ark Invest and Franklin Templeton, a sign of the maturing crypto product industry with Wall Street involvement. SMAs are investment products that offer its investors direct ownership over the underlying asset, even though the positions are managed by a firm – in this case Valkyrie.

The new SMA service will initially support three active strategies: bitcoin (BTC) alone, bitcoin and ether (BTC), as well as bitcoin, ether, SOL and MATIC. Valkyrie will offer its SMAs to financial advisors, family offices and other financial institutions that can then pitch their clients.

The market has not previously seen crypto SMAs because crypto remains “a fairly new asset class,” with only a few firms building traditional products with crypto exposure. There is a growing section of crypto-curious traditional investors who are hesitant to make direct investments, which means there is a market for SMAs.”

See Also: Mastercard Looks to Make Buying Crypto Safer With Risk Assessment Tool

Unexpectedly poor data on U.S. job creation spurs speculation the worst of the bear market may be over. Crypto markets traded higher on Tuesday on what appears to be expectations the U.S. Federal Reserve will pivot to a more accommodative monetary policy, lowering interest rates instead of raising them.

The Bank of England’s (BOE) announcement last week that it will begin to purchase bonds in unlimited quantities, injecting money into the economy rather than removing it, raised the possibility that the U.S. will follow suit.

Still, the CME FedWatch tool doesn’t really reflect that, assigning a 59% probability to 75 basis points, in November.

The U.S. Dollar Index (DXY) shows the dollar recently weakening. BTC and the DXY have maintained an inverse relationship since July. BTC traders must determine whether a lower DXY resulted from a shift in Fed expectations, or is a response to perceptions that the dollar is overbought, irrespective of the FOMC’s actions.”

SushiSwap, whose DAO token holders decide on everything from leadership to artist grants, was advised this month to divvy itself up into a trio of legal entities based in Panama and the Cayman Islands. The new structure proposed by law firm Fenwick & West LLP would “mitigate risk.”

Simply calling an unregistered group of individuals voting on governance a DAO isn’t going to fly, and that’s what the newest lawsuits target. Currently, Sushi is unregistered and needs legal entity protection asap.

Fenwick has proposed slicing SushiSwap into three entities: a Cayman Islands foundation to administer DAO assets, including its treasury and governance procedures; a Panamanian foundation to manage the on-chain trading infrastructure; and a Panamanian corporation to operate SushiSwap’s front end. This could take about a month to implement if and when the community votes to approve it.

That’s hardly a given. Some were wary of disrupting “the crypto ethos” of unmitigated decentralized governance by introducing state-based legal entities subject to local laws. That debate is one that rages across decentralized finance (DeFi).”

The resolution recommended authorities in its 27 member states consider a “simplified tax treatment” for crypto users involved in occasional or small transactions and have national tax administrations use blockchain technology “to facilitate efficient tax collection.”

Blockchain’s unique features could offer a new way to automate tax collection.”

“Major video game publishers Ubisoft and Take-Two Interactive are digging deeper into the NFT gaming space with today’s announcement of a $40 million Series A round raised by Horizon, the developer behind NFT-driven competitive card game, Skyweaver.

Skyweaver is a digital trading card game akin to Blizzard’s popular Hearthstone, albeit with the cards represented as Ethereum NFT assets that can be sold and traded—similar to rival NFT game Gods Unchained.

In addition to publishing the game, Horizon has turned the tech behind it into Sequence, an Ethereum-based development platform and wallet for other creators to tap to create their own Web3 games and apps. Horizon wrote that it will use the $40 million to further push Sequence, as well as continue to enhance and grow Skyweaver. It will also soon launch Niftyswap, a decentralized marketplace focused on Ethereum and Polygon ERC-1155 NFTs—also called semi-fungible tokens (SFTs)—used for games and collectibles.

Horizon also attracted some notable individual investors with the round, including Shopify CEO Tobias Lütke, Lolli co-founder and CEO Alex Adelman, and a pair of co-creators from notable NFT games: The Sandbox co-founder and COO Sebastien Borget and Axie Infinity co-founder and Sky Mavis COO Aleksander Larsen. Take-Two, meanwhile, recently acquired mobile and casual game maker Zynga, which is currently working on NFT-driven games.

See Also: VeeFriends Toys Coming to Macy’s, Toys’R’Us as Ethereum NFT Brand Expands
See Also: Japan to Invest in Metaverse and NFT Expansion

“Musk’s attorneys sent a letter late last night to Twitter, according to Bloomberg, proposing to buy the social media company for his original offer price of $54.20 per share. Within minutes of the news breaking, DOGE shot up 8.1%.

Days after initially proposing to buy Twitter in April, Musk mused that he could foresee adding DOGE as a payment method on the social media platform.”