Crypto investors cool on Bitcoin funds, turning to Ether and XRP
Bitcoin-related funds saw outflows of $13 million over the past week, reversing five weeks of bullish inflows, according to Coinshares analyst James Butterfill.
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Značka: NYDIG
Asset management firm launches BTC Lightning Network startup accelerator
Asset management firm Stone Ridge, the parent company of Bitcoin company NYDIG, has launched the first startup accelerator that focuses on the Bitcoin Lightning Network and the Taro protocol, called In Wolf’s Clothing (Wolf). The accelerator consists of 8-week programs in which the best founders and startup teams from around the world will be brought to New York City, with accommodation and travel costs covered.The teams which apply and are accepted into the program will receive a guaranteed investment of $250,000. One team will be chosen by a panel of judges to receive an additional $500,000 of funding during the demonstration day at the end of each program. The programs will occur four times per year, with the first now open to applications and set to kick off in April next year. Kelly Brewster, the CEO of Wolf, pointed to one-on-one mentorships and access to a range of specialists as additional benefits of the program.Working alongside experts from Wolf, Stone Ridge, NYDIG, and beyond, founders will get funding, one-on-one mentorship, and access to specialists in bitcoin, cryptography, regulation, engineering, branding, marketing, sales, and more.— Kelly Brewster (@kbbrewster) October 26, 2022Despite macroeconomic headwinds and a huge drop in the price of Bitcoin (BTC), the Lightning Network has continued to see rapid growth in its capacity over the last year, recently breaching the 5,000 BTC threshold after having only hit 4,000 BTC in June.Bitcoin Lightning Network capacity. Source lookintobitcoin.comRelated: CashApp adds support for Bitcoin Lightning NetworkThe Lightning Network is a layer-2 solution built on top of Bitcoin that allows users to send satoshis, the smallest amount of Bitcoin can be divided into, with greater speeds and lower fees.The Taro protocol is a Taproot-powered protocol designed by the Bitcoin software firm Lightning Labs, which allows assets issued on the Bitcoin blockchain to be transferred to the Bitcoin Lightning Network. In other words, Taro allows the Lightning network to become a multi-asset network with Bitcoin at its core.According to data from 1ml, at the time of writing the network’s capacity is currently sitting at 5,140 BTC, representing a 5.43% increase over the past month, and median transaction fees are well under 1 millionth of a cent per satoshi.
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NYDIG offering allows participating companies to pay employees in Bitcoin
The New York Digital Investment Group, or NYDIG, has launched a benefit program allowing employees of participating companies to convert a portion of their paychecks into Bitcoin.In a Tuesday announcement, the NYDIG said several firms involved with sports, entertainment, and digital currencies would be among the first to offer the crypto payments, including Everbowl, MVB Bank, StretchZone, crypto analytics firm The TIE, crypto mining firm Iris Energy and Fertitta Entertainment — the conglomerate behind restaurant giant Landry’s and the National Basketball Association’s Houston Rockets. Company employees who participate in NYDIG’s Bitcoin Savings Plan can choose how much of their pay will be converted into Bitcoin (BTC), with no transaction or cold storage fees. NYDIG chief innovation officer Patrick Sells said the BTC payment plan was aimed at letting companies offer a benefits package to prospective employees interested in “protecting their financial futures.” According to a recent survey conducted by the firm, 36% of workers under 30 said they would be interested in receiving part of their salary in BTC, with roughly 33% opting for an employer offering payment plans in crypto as opposed to those solely in fiat or other benefits. “Offering cutting edge benefits […] helps ensure that we are appealing to the new generation entering the workforce and allows us to attract and retain some of the best talent in the industry,” said Fertitta Entertainment owner and CEO Tilman Fertitta.Employees are asking to be #PaidInBitcoin, and we listened. With our new Bitcoin Savings Plan, companies can now offer an innovative compensation perk for employees to securely buy, sell, and hold #Bitcoin without incurring any transaction or storage fees. https://t.co/HLCaQPuwTr pic.twitter.com/raYkWiscLD— NYDIG (@NYDIG_BTC) February 1, 2022Related: Crypto salaries are becoming a popular way to attract young talentCoinbase launched a similar offering in September for workers to deposit their salary payments directly to the crypto exchange, only requiring users set up direct deposits through a supported payroll company on the exchange’s app, or through their company’s human resources department. A number of professional athletes also announced in 2021 that they would be using Strike or Cash App to convert some of their earnings into crypto.
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Flushing it: $8B New York commercial bank to offer Bitcoin services
Flushing Financial Corporation, the parent company behind New York-based Flushing Bank has partnered with crypto firm New York Digital Investment Group (NYDIG) to offer Bitcoin (BTC) services to its customers. The bank was founded in 1929 and according to its Q4 report it held more than $8 billion worth of assets at the end of 2021, with a net income of around $200 million.According to an announcement, the partnership with NYDIG will enable the bank to offer its customers BTC buying, selling and holding services in a “safe and secure environment.” Flushing Bank stated that it aims to launch its BTC-related services later this quarter and will divulge further details of its roadmap soon. Flushing Financial Corporation CEO and president John R. Buran attributed the firm’s BTC adoption play to its desire to keep up with growing trends in financial markets: “As part of our ongoing digital transformation, we recognize the importance of staying current with emerging market trends and consumer demand for alternate financial services.”NYDIG is a heavyweight in the crypto sector that primarily provides BTC-related services and products. The firm raised $1 billion worth in funding in December at a valuation of nearly $7 billion. On the banking front and credit union front, NYDIG states that it has more than 35 partnerships in the sector, including deals with Five Star Bank, Idaho Central Credit Union, STAR Bank, U.S. Bank and NYMBUS to name a few. NYDIG Chief Innovation Officer Patrick Sells stated on Jan. 25 that the firm is paying significant attention to partnering with traditional financial institutions as it’s “ready to show the world that banking is better with Bitcoin.” Related: The year for Bitcoin: A 2021 roundup of the flagship cryptoSells highlighted a growing demand for crypto exposure via organizations that users are already familiar with: “Our research is clear; consumers want Bitcoin and they want it through the banks and credit unions they already trust.”The firm has also been steadily growing its mainstream presence via partnerships with top sporting organizations such as the NBA’s Houston Rockets, along with Luxury Automobile Dealer Post Oak Motor Cars.
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NYDIG raises $1B in funding, valuation now $7B
On Tuesday, New York Digital Investment Group, or NYDIG, a financial institution specializing in Bitcoin financial services such as savings accounts, trading brokerages, 401(k)s, etc., announced it had secured a $1 billion equity investment led by WestCap. The funding places its valuation at nearly $7 billion.The firm has proved to be popular among institutional investors. Last year, Stone Ridge, a $10 billion asset manager, purchased 10,000 Bitcoin (BTC) via NYDIG’s services. NYDIG is also set to bring BTC adoption to over 650 U.S. banks and credit unions, as well as launching BTC trading for 18 million U.S. banking customers. In addition, NYDIG has been consistently launching new funding rounds throughout the past two years, with $100 million raised in April and $200 million in March, respectively.Aside from institutional interest, the company is also broadening its outreach in a partnership with the National Basketball Association’s Houston Rockets announced last month. NYDIG will be paying the team in BTC under the terms. Again in November, the firm announced the $300 million acquisition of Bottlepay, whose technology enables the transfer of small payments or microtransactions of BTC and traditional fiat currencies across the United Kingdom and European Union.NYDIG has raised $1 billion to accelerate growth & enhance its institutional-grade Bitcoin platform to support Lightning⚡️ payments, asset tokenization, and smart contracts. @NYDIG_BTC’s mission is #Bitcoin for All. https://t.co/S5iHOOsNKa— Michael Saylor⚡️ (@saylor) December 14, 2021Scott Ganeles, partner at WestCap, issued the following statement regarding the development:NYDIG plays a unique role in the industry, empowering companies of all types to incorporate Bitcoin in a secure and compliant way. We are proud to partner with Robby and his outstanding NYDIG team as they forge new paths to accessibility and further accelerate Bitcoin adoption.
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