Autor Cointelegraph By Jesse Coghlan

Institutional crypto funds see largest capital inflows for 3 months

Institutional crypto funds see largest capital inflows for 3 months

Uverejnil používateľ | mar 29, 2022 |

CoinShares data revealed on Tuesday that institutional investments into cryptocurrencies are at the highest levels in three months, a sharp rise from the previous week which saw outflows of $47 million.The Digital Asset Fund Flows Weekly Report revealed that investment products for digital assets saw total inflows of $193 million last week, a level not seen since early December 2021.The last time investment levels were near the current figure was in the week ending on Dec. 3, which saw $184 million worth of inflows.The fund flows had a big focus on Bitcoin (BTC), with just over 50% of the capital going into products based on BTC, which saw inflows totaling $98 million. Solana (SOL) was runner-up, seeing $87 million inflows for the week, a figure that CoinShares says is the “largest single week of inflows on record.” SOL-based funds now represent 36% of assets under management with institutional firms, the largest altcoin after Ether (ETH). ETH-based funds saw inflows last week totaling just $10.2 million.Europe was the significant contributor, with firms seemingly bolstered by the news that the bill banning proof-of-work (PoW) mining did not pass. 76% of inflows, or about $147 million, came from the region last weekThe figures from the report are in sharp contrast to the data the week prior, which saw $49.4 million withdrawn from BTC and ETH from mostly North American firms with concerns regarding increasing crypto regulations.Related: IOSCO says DeFi is quickly evolving and ‘cloning financial markets’The inflows of cash by institutional firms correlate with the price of Bitcoin seeing a recent surge above $48,500 at one point. The same was true with Ether which broke out over $3,300.Last week, executives from crypto firms Nexo and Amber Group discussed the ”exponential” growth of institutional investment into cryptocurrencies at the Blockchain Africa Conference 2022, saying that while there‘s an increase in institutional onboarding, there might still be barriers to entry. Kalin Metodiev, co-founder and managing partner at Nexo, said most firms may claim that the crypto market is “still too volatile.”

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Grayscale gears up for legal battle with SEC over Bitcoin ETF

Grayscale gears up for legal battle with SEC over Bitcoin ETF

Uverejnil používateľ | mar 29, 2022 |

Grayscale CEO Michael Sonnenshein said the firm is gearing up for a legal fight if Grayscale’s Bitcoin Spot ETF product is denied by the United States Securities and Exchange Commission (SEC).In an interview with Bloomberg on Tuesday, March 29, Sonnenshein was asked if he would consider the Administrative Procedure Act (APA) lawsuit option if the application for its Bitcoin Spot ETF was denied by the financial regulator.“I think all options are on the table,” he responded, highlighting the importance of continuing to advocate for investors. The next decision date for the approval or denial of the investment product is July 6, 2022, it was previously delayed in February, and was originally filed in October 2021.“The Grayscale team has been putting the full resources of our firm behind converting GBTC, our flagship fund, into an ETF. It’s really important that investors know that we have and will continue to advocate for them.”Grayscale announced in October 2021 that it was planning to convert its Bitcoin Trust, GBTC to a Bitcoin (BTC)-settled ETF. The SEC delayed a decision to approve the product in December 2021, citing that a longer period was needed to consider the proposed changes, their action was repeated in February.Related: ProShares ETF’s Bitcoin stash hits $1.27B as BTC eyes $50K by mid-AprilThe SEC opened the changes proposed by Grayscale to public feedback. The feedback received by the regulator showed that 95% of respondents were in support of the conversion, according to an analysis taken in February. Grayscale dedicated a portion of its website to encouraging investors to submit comments to the SEC.“GBTC today is owned by investors in all 50 states, and there are actually now over 800,000 accounts in the U.S. all waiting patiently to have it converted into an ETF,” Sonnenshein said.“It was really a very exciting announcement that we now have Bitcoin futures ETFs out in the market, but unfortunately, that’s forced investors into those Bitcoin futures products, because those are the only ones that exist.”Sonnenshein added that Grayscale was encouraged by the SEC’s support for crypto exchanges in registering with the regulator, as well as President Biden’s recent executive order on crypto.“Ultimately, we believe it’s a matter of when, not a matter of if a spot Bitcoin ETF is approved.”

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Nifty News: David Beckham’s DigitalBits, CoinSpot’s NFT marketplace, and more

Nifty News: David Beckham’s DigitalBits, CoinSpot’s NFT marketplace, and more

Uverejnil používateľ | mar 25, 2022 |

Iconic former English Premier League footballer, David Beckham, has become a global brand ambassador for the DigitalBits blockchain, launching his own range of NFTs in the process.Beckham will release a series of NFTs and “other Blockchain-based digital assets” according to the brand ambassador announcement, with minting taking place on the DigitalBits blockchain.Excited to announce #DavidBeckham has become a Global Ambassador for #DigitalBits!Get ready to explore the world of #Blockchain, #NFTs and #Metaverse with Beckham.More details https://t.co/yafO7W2OuLThread pic.twitter.com/n54BMeDsnE— DigitalBits (XDB) (@DigitalBitsOrg) March 24, 2022Beckham said the NFT collections were an “opportunity to create new experiences for my fans online.” According to DigitalBits, Beckham has a following of over 138 million, with an annual impression rate that surpasses nine billion across Instagram, Facebook, and China based social media platforms, Weibo and Douyin.Crypto companies, in particular crypto exchanges, are ramping up partnerships with sporting teams and icons in a marketing effort to target mainstream consumers.CoinSpot launches NFT marketplaceAustralian based crypto exchange CoinSpot announced the launch of its new in-app NFT marketplace, allowing users to purchase digital art using a selection of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and others.CoinSpot said initially it will list only a selection of NFTs, including those from the Bored Ape Yacht Club, with more collections to be added over the next few months.Gary Howells, Chief Product Officer at CoinSpot said its marketplace was created to simplify the process of buying an NFT, and make the transaction more affordable with lower fees in comparison to using other marketplaces.Snoop and Wiz drop music for ApeCoin holdersAmerican rap artists Snoop Dogg and Wiz Khalifa have released a special project consisting of eight tracks sold as NFTs featuring a theme tune for the Bored Ape Yacht Club. Smoke a Bored 8th . Droppn a special project $APE COIN only @wizkhalifa @BoredApeYC ▶️ https://t.co/8JXyIRN3Pm pic.twitter.com/yh8DFrEdj1— Snoop Dogg (@SnoopDogg) March 24, 2022

The collection, titled “Ape Drops 03 : An 8th” can be minted through Manifold, with each track available for purchase exclusively using ApeCoin (APE) with prices ranging from 12 to 15 APE, ($155 to $195).Snoop Dogg and Wiz Khalifa both own Bored Ape NFTs, setting them as their profile pictures on Twitter. Snoop has been active in the crypto space and recently released 10,000 playable avatars and a “SnoopVerse” in partnership with the SandBox metaverse.Liverpool FC partner with Sotheby’sEnglish Premier League football team Liverpool FC, announced its debut NFT collection in partnership with New York based auction house Sotheby’s.They have arrived.Welcome to the world of LFC Heroes Club pic.twitter.com/T6H3uI9bQL— LFC Heroes Club ⚽ (@LFCHeroesClub) March 24, 2022

The collection features two series, each with 24 artwork NFTs, each one featuring a player on the team. The “Legendary” collection will be open for auction and sold to the highest bidder, and the “Hero” collection sold at a more accessible price of $75.Other Nifty News:The US Department of Justice has arrested founders Ethan Nguyen and Andre Llacuna on wire fraud and money laundering charges for allegedly carrying out an NFT rug pull with the Frosties NFT project. If found guilty on both charges, the pair face up to 40 years in prison.One of Vanuatu’s island is being built as the new capital for crypto, dubbed “Satoshi Island”, the project is selling plots of land and “citizenship” to the island as NFTs and say the entire economy will run on cryptocurrencies and blockchain technology.

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US Bitcoin mining firm turns to harmful coal waste for cleaner energy

US Bitcoin mining firm turns to harmful coal waste for cleaner energy

Uverejnil používateľ | mar 23, 2022 |

Stronghold Digital Mining (SDIG), a crypto mining company in Pennsylvania, is turning waste from old power plants into energy to power hundreds of Bitcoin mining rigs.The company collects coal refuse, a leftover waste material from the process of coal mining, and burns it in what it says is an emissions-controlled environment at its energy generation facilities.Coal refuse can cause a raft of environmental problems, such as water and air pollution, and acid mine drainage, the acidic water which comes from coal mining operations. Collecting this waste and safely disposing of it while generating power for crypto mining is a productive way of tackling the problem.The state of Pennsylvania is the third-largest producer of coal in the United States, estimates put the amount of coal wastage at 881 pounds per 2,200 pounds mined, or 400 kilograms per ton. Stronghold estimates that Pennsylvania alone has over 220 million tons of harmful wastage.Bitcoin and other proof-of-work cryptocurrencies have caught the attention of regulators recently due to their reliance on energy-intensive processes in order to mine and provide validation for the network.Earlier this month, a New York state proposal to suspend proof-of-work mining that uses fossil fuels was introduced, citing the negative environmental impact of the process, that proposal today was advanced by the New York State Assembly. If passed, it could see proof-of-work mining suspended for up to 3 years in New York.Related: Bitcoin mining could be good for US energy independence: ResearchOther schemes have seen ways to make Bitcoin mining environmentally friendly. Earlier this month, oil drilling company ConocoPhillips started a program in North Dakota where it would sell the natural gas byproduct from its operations to Bitcoin miners instead of burning it.Last August, Argo Blockchain, a United Kingdom-based crypto mining company announced its operations had become “climate positive” on its greenhouse gas emissions. Its planned 200 MW mining facility in Texas is also set to run on renewable energy.

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Crypto investor Katie Haun raises $1.5 billion for Web3 venture fund

Crypto investor Katie Haun raises $1.5 billion for Web3 venture fund

Uverejnil používateľ | mar 23, 2022 |

Katie Haun, crypto investor and board member for Coinbase and OpenSea announced that she had raised $1.5 billion for her new fund, Haun Ventures.On Tuesday, March 22, Haun posted an article on Twitter, briefly introducing the firm and sharing that the funds would be used to invest in Web3 projects.Introducing @HaunVentures, a firm built for the next generation of the internet. We’ve raised $1.5 billion across two funds to invest in web3. An exciting first step, but the real work begins now. https://t.co/tBeE4OEJkD— Kathryn Haun (@katie_haun) March 22, 2022The firm will invest through two funds, a $500 million early-stage fund, and a $1 billion acceleration fund. The two funds represent the largest debut on record for investment vehicles led by a female General Partner, according to data from PitchBook.Haun stated that the firm will invest in “every layer of the web3 tech stack”, and seeks to back projects in both their early and growth stages, adding that the firm aims to have the projects it supports reach over 1 billion people.The firm is also interested in shaping public opinion and government policy regarding web3 projects and crypto.“We will partner with our portfolio to lead a global campaign for web3 that combats misperceptions, engages policymakers, highlights positive use cases, and wins the hearts and minds of leaders across all sectors.”The Haun Ventures team consists of Chris Lehane, former Communications VP at Airbnb and Press Secretary for Vice President Al Gore, Sam Rosenblum, Former Director of Business Development at Coinbase, and Jared Cohen, Founder of Jigsaw, Google’s tech incubation company, serving as an advisor.Haun has also brought talent with her from Andreessen Horowitz, with Tomicah Tillemann and Rachael Horwitz, both former partners, and Nick Pacilio, its former Head of Media Relations for crypto also joining her team.Related: $100M fund aims to support the growth of decentralized machine economyPreviously, Haun served as a federal prosecutor for 10 years at the U.S. Department of Justice (DOJ) where she says she created one of the government’s first cryptocurrency task forces:“In the course of that work, the vast potential of these technologies quickly became clear. Like any tool, they could be used for good or for bad, but we had just started to scratch the surface of the good.”Haun left her role at the DOJ and pursued a career in crypto, joining the board of directors for Coinbase in 2017, and in June 2021 co-led with Andreessen Horowitz a $2.2 billion crypto-focused venture fund, the largest ever of its kind at the time.In December last year, Haun announced her departure from Andreessen Horowitz to focus on her own crypto and Web3 focused fund.Venture capital firms are increasing their focus on crypto, last year research found that VC funding reached new heights in every quarter of 2021, with $25.2 billion going to blockchain startups, a 713% increase from $3.1 billion in 2020.

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