The firm assures that DeFi services will eradicate intermediaries from Wall Street. The Bitwise Cryptocurrency Index is under the custody of Anchorage Digital Bank, N.A

The firm Bitwise Asset Management, a top-tier crypto fund manager, announced the first decentralized finance fund (DeFi) through a statement on February 17, 2021.

The company explained that the new Bitwise fund has a portfolio based on the cryptocurrencies that power DeFi services and seeks to follow the Bitwise decentralized finance crypto index. Positions are screened for significant risks, weighted based on market capitalization, and rebalanced monthly.

Bitwise’s Decentralized Finance Advisory Council will support the firm’s crypto index committee. The document ensures that the Council gathers a group of experts in DeFi, leaders in the industry who offer information on the emerging sector. Currently, the fund’s expense ratio is 2.5%. This Council includes expenses related to taxes, custody, accounting, and management fees.

The California-based company expressed in the text that decentralized finance refers to the emerging category of peer-to-peer financial digital technologies that activate commerce, interest-bearing loans, and other functions. The company can achieve this status by using public and crypto active blockchains instead of legacy systems.

Anchorage Digital Bank, N.A. is the custodian of the Bitwise Crypto Index. Anchorage received its federal license to operate as a digital asset bank last January. Anchorage currently secures nearly $ 5 billion in cryptocurrency.

The statement also adds that the fund is now available to accredited investors as a private placement, and a subscription process is public.

 What’s the Mission Of the DeFi Crypto Fund?

The firm explains that the DeFi services intend to eradicate traditional Wall Street intermediaries, allowing more comfortable and faster operation, with availability for 24 hours, seven days a week, without minimums or paperwork as a requirement, and leading processes among transparency and audibility.

Bitwise is the world’s largest cryptocurrency index fund provider, with over $ 800 million in assets under management for the Bitwise 10 Crypto Index Fund.

The launch of the new Indexed Fund comes when the DeFi market has experimented with explosive growth. According to data by defipulse.com from December 2020 to February 2021, the total capitalization of the DeFi market is 42 billion. At this point, investor interest is also increasing.

DeFi designates a set of financial applications based on blockchain networks, which initially do not need intermediaries to function. The DeFi ecosystem seeks to challenge legacy systems and harness the power of the blockchain and cryptocurrencies. Matt Hougan, chief investment officer at Bitwise Asset Management, said:

DeFi is the story of 2021. The growth and market activity are incredible. Today decentralized trading venues handle more than $ 30 billion in volume per month, automated loan programs that make individual loans as large as $ 200 million, and the total estimated value of funds currently locked in DeFi-related contracts recently crossed $ 40 billion.

By: Jenson Nuñez

Data from the Bloomberg Terminal has revealed that some significant Wall Road players have purchased the world’s first publicly traded product (ETP) for Polkadot.

Goldman Sachs, JPMorgan, UBS, and ICAP have bought various amounts of Polkadot ETP shares. This action is indicating the growing institutional appetite for crypto derivatives. There are Wall Avenue players that want to experiment with Polkadot.

The latest newscasts coming out of Wall Avenue reflected that some of the most prominent industry players revealed a growing interest in the crypto market’s diverse product offering.

According to Bloomberg Terminal data, Goldman Sachs, JPMorgan, UBS, and ICAP have already purchased the world’s first publicly traded product (ETP), offering exposure to Polkadot’s DOT token.

Laurent Kssis, Director of ETP at 21Shares, said that Polkadot ETP is currently under the control of more than $ 15 million in assets under establishment.

Data from Bloomberg Terminal also highlighted that Goldman Sachs purchased three lots of shares on behalf of a client. UBS, on the other hand, UBS bought 2,770 shares, while Lender of The USA’s Merrill Lynch bought 2,200 shares.

ICAP bought 1,000 shares, while JPMorgan bought 500. Instinet, a stockbroker owned by Nomura Holdings of Japan, was the senior investor in Polkadot’s ETP, having bought 9,280 shares.

Wall Road Executives Have not Said a Word

A Goldman Sachs spokesperson said they had no knowledge of the exchanges and would be investigating soon about that matter.

None of the other companies that have bought Polkadot ETP has answered questions or inquiries from journalists to this issue’s bolt. Without hijacking, the number of Polkadot ETP shares sold since the beginning of the month shows significant demand from institutional investors for products that offer crypto exposure.

Crashing on publicly traded products allows institutions to avail themselves of the benefits of a token’s performance without having to worry about custody.

ETPs still offer institutions a way to comply with regulations. The senior interest is reflecting its effect on the number of new products added to the Six Exchange.

There are currently six ETP providers with cryptocurrency products that appear on the Exchange and 34 ETPs listed on the whole. Users can purchase shares of Bitcoin Dollars ETP, Binance BNB ETP, Ethereum ETP, Ripple ETP, Tezos ETP, and FiCAS Lively Crypto ETP.

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By: Jenson Nuñez

Musk states that Tesla’s purchase of Bitcoin “does not directly reflect his opinion.” Excess US dollars lead banks like J.P. Morgan to reject fiat currency deposits.

The same as other big banks, J.P. Morgan is asking its customers to transfer their cash to other financial institutions. The BBC news channel describes this new situation as “reverse” liquidity crisis. According to Elon Musk, CEO of Tesla, Bitcoin (BTC) has become an alternative to cash for large companies.

Changpeng Zhao, the CEO of Binance, commented on the billionaire’s enthusiasm for Dogecoin (DOGE) and Tesla’s recent acquisition of Bitcoin. Zhao suggested that although Musk supports DOGE on social media, he decided to seriously bet on Bitcoin.

On Twitter, the Tesla CEO responded to Changpeng Zhao’s comments, clarifying that Tesla’s purchase did not directly reflect his opinion. Although the electric car manufacturer has invested USD 1.5 billion in Bitcoin, Elon describes it as “almost as bad as fiat money.” That “almost” indicates that he sees a difference that makes Bitcoin an alternative option to cash.

“When fiat currency has a negative real interest, only a fool would not look elsewhere,” Musk clarified. He considers that Bitcoin “is a less silly form of liquidity than cash.” For that reason, he finds it logical that one of the best-priced companies has placed its expectations on this digital asset.

Musk said that he is not an investor and that he does not own publicly-traded stocks, other than Tesla. However, he regards Tesla’s recent purchase of Bitcoin as an “adventurous” move amid economic uncertainty. While Musk considers that cash is depreciating, banks back this view by rejecting new deposits for excess cash.

If Banks Don Not Accept Cash, Use Bitcoin

J.P. Morgan, Bank of America, and City Group received more than USD 1 billion in deposits in 2020 alone. These financial institutions also reached an all-time low in the number of loans that they made.

Expert in the American financial system Nathan Stovall says that there is currently “reverse liquidity crisis”. In other words, banks have excess deposits and users are accumulating US dollars in their accounts. According to Stovall, this is happening because of the remnants of the 2008 economic crisis, the pandemic, and new money printing policies.

The researcher notes that banks normally receive income to later make loans and earn interest. However, the profit margin that banks can currently make has decreased. Stimulus from the US government has flooded financial institutions with money. Likewise, both companies and individuals have received bonds, and the amount of US dollars in circulation has increased.

Credit demand has also plummeted, so big banks are not accepting cash and are rejecting deposits. Banks find handling large amounts of money unprofitable and costly. For that reason, firms like J.P. Morgan are imposing a maximum deposit of USD 200 billion on their biggest customers.

Nathan Stovall believes that some institutions may still be willing to receive funds, but large firms are no longer very interested. Musk’s words acquire a new dimension as large companies consider that cash increasingly loses its value.

By Alexander Salazar

The pioneering cryptocurrency hit a new all-time high above USD 57,459. Bitcoin’s market capitalization momentarily reached USD 1.07 trillion.

Bitcoin recently flirted with USD 1.1 trillion, just 24 hours after it exceeded USD 1 trillion by capitalization. The price of Bitcoin reached above USD 57,000 for the first time in its history. Additionally, the pioneering cryptocurrency keeps the impressive upward pace that it had in recent months.

According to data from CoinMarketCap, Bitcoin exceeded the USD 57,000 mark momentarily. At its highest point, the cryptocurrency set a new all-time high (ATH) at USD 57,459.

That spike allowed the total capitalization of the Bitcoin in circulation to reach USD 1.07 trillion amid its current bullish cycle. In that way, the first cryptocurrency takes hold of the milestone that it recently reached for the first time in its history. It managed to enter the select group of assets with more than USD 1 trillion per capitalization.

Since its creation 12 years ago, Bitcoin has climbed the financial world in surprising ways. On February 10^th, 2011, the first cryptocurrency achieved the equivalence of one US dollar. For that reason, this date could be called the “parity party”. Since then, the US fiat currency has devalued by 99.998% against the cryptocurrency.

At the time of writing this article, the pioneering cryptocurrency’s price is around USD 57,300, after having pulled back a bit. That increase of more than 20% in just one week occurs when the top 20 cryptocurrencies are in green numbers. The only exceptions are XRP from Ripple, Stellar (XLM), and Dogecoin (DOGE).

The Incessant Rise of Bitcoin

The price of the main cryptocurrency on the market has tripled in around three months. In December, Bitcoin exceeded its all-time high of 2017, when it was around USD 20,000. It seems that it is now heading towards USD 60,000, coinciding with Willy Woo’s most recent short-term prediction.

The renowned creator of metrics for tracking Bitcoin forecasts that a large flow of capital will take Bitcoin to USD 63,000. With this, the analyst alludes to the large amount of institutional money that has come into play in recent months.

Bitcoin is gaining momentum as an effective form of store of value. This occurs as a consequence of the increasing number of companies that invest part of their

assets in the cryptocurrency.

In a matter of a couple of weeks, there was a multi-million dollar investment in the pioneering cryptocurrency between just two companies. Elon Musk’s electric car maker Tesla and business intelligence firm MicroStrategy invested more than USD 2.5 billion.

The relevance of Bitcoin in the current world market is increasingly evident thanks to the trust that it has gained. A growing number of people and companies have been investing in the cryptocurrency in the last year. This has led to Satoshi Nakamoto’s creation reaching new all-time highs, even after suffering big drops.

By Alexander Salazar

Attendees to events must present digital certification verifying their good health. The application claims to guarantee the privacy and security of data to users.

A pilot test with roots in a blockchain application is about to go public in the Catalan city of Girona, Spain.

The goal is to bring people more liberty to travel, attend public events, and do other activities that existed previously every day without compromising others’ health.

“If the pilot test brings favorable results, the idea is to integrate it in the rest of the territory,” said Quirze Salomón, president of the Blockchain Center of Catalonia. This project has been under development for some time, and various media outlets have been following the news.

The Obrir Girona project initiative (Open Girona, in Spanish) builds its solid structure thanks to the Blockchain Center of Catalonia (CBCat) and received support from the City Council, the University of Girona, as well as The Commerce entities of Barcelona and Girona, with the help of the International Chamber of Commerce (ICC).

 A very Good Option during these Pandemic Times

The main goal is to gain possibilities to reinsert their lives again into the everyday-life and arrive at these mass events, reducing the chances of becoming infected and infecting others through a digital health certification system regarding Covid-19.

The security accreditation method will go through AOKpass, a platform with roots in the Ethereum blockchain. According to the Blockchain Center of Catalonia, this point is essential to bring security and respectful treatment for all team members. 

The privacy and authenticity of personal data wander around since this blockchain works as a public entity and its decentralization, which means that the data will never be at the hands of any other company, third-party, public institution, or private.

Besides, according to what The Blockchain center affirms, there is reliability and transparency through the entire process, in every possible way, placing safety as the first feature and allowing the users to be entirely and solely responsible for their data. With the user being solely responsible for their data.

The AOKpass application permits the verification of health status with health certificates. Test results are kept digitally on the user’s mobile phone and without reaching a database at any time. In this way, the user presents the digital pass to the high.

Within the schedule are many sporting, cultural, and other recreational events. Girona airport is also studying the chances of joining the force in the event.

This initiative is not the first time users find a blockchain-based digital health certification against Covid-19. There has been media coverage about events like this long before this one.

 A report through various media outlets talked about an application under IBM’s development to create a system to monitor the user, record coronavirus tests and temperature scans. The app can share this data with third parties and use it to pass to a particular place.

By: Jenson Nuñez

The price of the Ethereum cryptocurrency has risen by more than 12% in recent days. That surge brings Ether closer to the top 40 of the world’s most valuable assets.

At the same time that Bitcoin continues to rise and does not seem to stop, other cryptocurrencies exceed their all-time highs (ATH). A rise of around 5% in just 24 hours drove the price of Ether (ETH) above USD 2,000.

In recent days, the cryptocurrency of the Ethereum network broke the USD 2,000 barrier, according to data from CoinMarketCap. In that way, the second cryptocurrency by market capitalization has risen by more than 170% so far in 2020.

The price of Ether has risen by more than 12% in a week, going from less than USD 1,800 to more than USD 2,000. At the time of writing this article, the price of the cryptocurrency is around USD 2,030.

That price increase has allowed Ether to climb 12 spots on the list of the most valuable assets in just over a week. According to data from CompaniesMarketCap, the cryptocurrency reached 41^st place, with a market capitalization of USD 233.92 billion.

If the cryptocurrency of Ethereum had another increase of 0.3% compared to its current price, it would enter the top 40. However, its current position already places it ahead of companies such as Nike, Adobe, Exxon Mobil, and Coca-Cola.

Ether has reached that increase in its price amid a market in which the main cryptocurrencies are in green numbers. The only exception is Ripple (XRP), which is trying to reverse the negative trend that it had in recent months.

Ether’s Price Remains Bullish Awaiting Ethereum 2.0

The cryptocurrency has risen in value during a bullish market that institutional investment in Bitcoin is boosting. Besides, the expectation for the launch of the Ethereum 2.0 network continues among the members of the ecosystem. That new version will change the consensus mechanism from proof of work (PoW) to proof of stake (PoS).

There have been controversies and delays in the plans for Ethereum 2.0, but the developers seem to have cleared the way in recent months. This happened after the start of the network with the first block mined at the beginning of last December.

There is currently more than USD 6 billion worth of Ether locked on the Ethereum 2.0 network through its staking mechanism. This is the holding of Ether that users need to participate as network validators.

Although the true migration to the new network has not yet occurred, the community expects it to take place during 2022. Meanwhile, the two networks continue to exist in parallel and independently until that date arrives.

In this way, the expectation for the future of the network that houses all kinds of projects remains. On it, there is currently Ether, among other cryptocurrencies, as well as already famous decentralized finance (DeFi) platforms.

By Alexander Salazar