#CryptoCorner: Galaxy Digital (TSXV: $GLXY.V) Starting #Bitcoin Funds, Bakkt (NYSE: $ICE) to Store Galaxy BTC, PayPal (Nasdaq: $PYPL) Leads Funding Round for #Crypto Risk Management Platform
#CryptoCorner: Galaxy
Digital (TSXV: $GLXY.V) Starting #Bitcoin Funds, Bakkt (NYSE: $ICE) to Store
Galaxy BTC, PayPal (Nasdaq: $PYPL) Leads Funding Round for #Crypto Risk
Management Platform
Point Roberts, WA, Delta BC November 20,
2019 - Investorideas.com, a leader in
crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on
what’s driving the cryptocurrency market .
Listen
to today’s Crypto Corner Podcast:
Stocks discussed: (TSXV:GLXY) (NYSE:ICE)
(NasdaqGS:PYPL)
Galaxy Digital
Holdings Ltd. (TSXV:GLXY) is starting two
Bitcoin (BTC) funds for
accredited and institutional investors, according to a Bloomberg interview with the
company’s CEO Michael Novogratz. Novogratz indicated that the initiative would
target the wealthy in America “or people between 50 and 80 who may have stayed
largely on the sidelines of cryptocurrency investing”. Novogratz said:
“You are seeing Bitcoin way outperform other coins
right now, and I think that will continue until these coins start to get used
for things. You also get more credentialed people -- there are probably 20
billionaires I could name that made their money outside of crypto and are in
crypto now. Every speculative asset needs people to tell the story, and people
are buying the story.”
CoinDesk reports that
Bakkt, the digital assets firm owned by Intercontinental Exchange (NYSE:ICE), would store the
Bitcoin for Galaxy’s two new funds. Kelly Loeffler, CEO of Bakkt, said:
“As institutions and sophisticated investors seek
exposure to digital assets through new investment products, they are seeking
the highest standards in asset security. The Bakkt Warehouse was designed to
offer institutional-grade custody in safeguarding digital assets and to support
the development of the market alongside products like the Galaxy Bitcoin
Funds.”
Crypto compliance
and risk management platform, TRM Labs, announced in a press
release
that it has raised $4.2 million in a funding round led by PayPal (NasdaqGS:PYPL), bringing the former’s total
seed round to $5.9 million. Rahul Raina, co-founder and CTO of TRM Labs, commented:
"PayPal has been trusted by consumers for over 20
years because of its emphasis on fraud prevention and risk management. Their
strategic investment in TRM signals their continued commitment to ensuring
safety and compliance as the digital payments landscape evolves and
innovates."
BNN
Bloomberg
reports that the Monetary Authority of Singapore (MAS) has proposed the listing
and trading of crypto derivatives on approved domestic exchanges with oversight
from regulation. MAS indicated that trading of crypto derivatives will be
subject to the country’s Securities and Futures Act. An excerpt from the MAS’s
statement on the subject reads:
“MAS’s proposal will allow approved exchanges in
Singapore to meet the need of investors to manage their exposure to payment
tokens while bringing the activity under regulatory oversight.”
Sam
Mowers, Investorideas
For
investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain
and Digital Currency Stocks Directory
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