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Wednesday, June 10, 2020

#CryptoCorner: Galaxy Digital (TSXV: $GLXY.V) Partners with Bakkt for BTC “White-Glove Service”, tZERO (NasdaqGS: $OSTK) Announces Record Results



#CryptoCorner: Galaxy Digital (TSXV: $GLXY.V) Partners with Bakkt for BTC “White-Glove Service”, tZERO (NasdaqGS: $OSTK) Announces Record Results

ETC Group to List #Bitcoin ETP on Deutsche Boerse Exchange




Point Roberts, WA, Delta BC June 10, 2020 -  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 .

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Stocks discussed: (TSXV:GLXY) (NYSE:ICE) (NasdaqGS:OSTK)

Galaxy Digital Holdings Ltd. (TSXV:GLXY) has announced a partnership with Bakkt, the digital asset trader majority-owned by Intercontinental Exchange (NYSE:ICE), “to launch a collaborative white-glove service for asset managers looking to acquire, build positions in and store Bitcoin (BTC).” In particular, this will involve the former’s affiliate, Galaxy Digital Trading (GDT), “providing market access and trading capabilities,” and the Bakkt Warehouse will be “safeguarding digital assets for clients.” Tim Plakas, Head of Sales at Galaxy Digital Trading, explained:

"We designed this partnership to service the uptick in demand our two firms have received from traditional asset managers seeking access to physical bitcoin. These funds expect the same caliber of market knowledge and trade execution expertise in BTC as they would expect from any established traditional finance desk, and Galaxy provides that, while Bakkt delivers the high level of regulatory-compliant security required for storing digital assets. Together, Galaxy Digital and Bakkt offer a safe, efficient, and well-regulated route into physical bitcoin access, one that has been already proven successful in the macro hedge fund space."

Fintech and blockchain innovation for capital markets firm tZERO, a majority-owned subsidiary of Overstock (NasdaqGS:OSTK), has announced several record results. In May, tZERO ATS, a broker-dealer registered with the SEC, transacted over 423,000 digital securities, “a 4x increase compared to May 2019,” making for its strongest month ever. Furthermore, the tZERO Crypto app, which is operated by tZERO’s subsidiary tZERO Crypto, Inc., increased its user base by 15 percent in May, making for the highest monthly account increase to date. tZERO CEO Saum Noursalehi said:

"We had four times the trading volume last month, compared to May 2019. Having significantly enhanced the liquidity on our platform, we are positioned to offer issuers and investors the best trading experience for tokenized securities."

CoinDesk reports that ETC Group, a London-based investment firm, plans to list the Bitcoin Exchange Traded Crypto (BTCE), and exchange-traded product (ETP) described as “the world’s first centrally cleared derivative crypto asset,” on the Deutsche Boerse Xetra market. Bradley Duke, CEO of ETC Group, informed the publication through email:

“Investors get the benefit of trading and owning bitcoin through a regulated security, while having the option to redeem bitcoin if they choose.”

“It really is a hybrid ETP product that has the same features as an ETF [exchange-traded product]. Because it’s a single asset instrument it doesn’t qualify to be an ETF according to the European fund regime.”

Sam Mowers, Investorideas

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