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Goldman Sachs says crypto decline should have limited impact on US spending

Anxieties about broader market conditions and the meltdown of TerraUSD (UST) have sent traders fleeing from the cryptocurrency space, triggering fears that the decline in prices in the nascent market could have a spillover impact on the US economy.  Those fears are overblown — at least, according to one research note sent out to clients by Goldman Sachs.  A group of the bank’s researchers, led by Joseph Briggs, said that any impact of the crypto markets slide on US spending …

FTX US launching zero-commission stock trading

FTX.US is going where no crypto exchange has gone before: US equities.  The firm — which is owned by billionaire wunderkind Sam Bankman-Fried — announced on Thursday the launch of a stock trading feature that would make the firm one of the most prominent companies in the crypto space to make the move into regulated securities. According to a press release, FTX Stocks will be offered through the FTX US mobile application. It is set to offer trading in hundreds …

Is the 24/7 crypto market good or bad for traders? Experts disagree.

As the TerraUSD stablecoin was losing its peg to the dollar last week, one high-profile crypto critic posted a tweet warning about one of the crypto market’s signature features. “Crypto trades 24/7. This is not necessarily a good thing and we may soon find out why,” said Ben McKenzie, an actor best known for his role in the crime drama Gotham, who is now working on a book about crypto and fraud. McKenzie is of course correct that, unlike equities …

Goldman Sachs co-leads $70 million raise by Alan Howard’s Elwood Technologies

Elwood Technologies, a crypto firm owned by Alan Howard, this morning announced a $70 million Series A round co-led by Goldman Sachs and Dawn Capital. Elwood is a crypto-focused market access and trading platform serving fintech firms, asset managers and other institutional investors. It offers a range of services including connectivity with various trading venues through an API, execution and reporting and analytics. Howard set up Elwood in 2018. Its early work focused on building indices to offer investors exposure …

Australia’s first Bitcoin and Ethereum ETFs launched by Cboe Australia and ETF Securities

Australia’s first cryptocurrency exchange-traded funds met a muted reception in their debut on Thursday as global crypto markets were being battered by the collapse of two digital tokens. Securities and derivatives exchange Cboe Australia introduced the ETFS 21Shares Bitcoin ETF and the ETFS 21Shares Ethereum ETF, the first exchange traded funds to offer Australian investors direct, regulated exposure to the world’s biggest digital tokens by market capitalization, Bitcoin and Ethereum, it said in a statement. The Cosmos Purpose Bitcoin Access …

Nomura begins offering Bitcoin OTC derivatives to clients in Asia

Japanese investment bank Nomura said on Twitter Friday that it has begun offering over-the-counter Bitcoin derivatives contracts to its clients in Asia out of Singapore. “We have launched #Bitcoin OTC #derivatives with Bitcoin non-deliverable forwards and non-deliverable options for clients in #Asia out of Singapore. We also executed our first Bitcoin #futures and #options trades this week on @CMEGroup with @CumberlandSays,” Nomura said in the post. CME Group is the world’s biggest financial derivatives exchange, while Cumberland DRW is a …

Terra-backer Galaxy Digital gives update on liquidity position

Mike Novogratz’s Galaxy Digital released a company update on Friday that gives visibility into its capital and liquidity position amid a frenzied crypto market tied to the meltdown of cryptocurrency Luna and associated algorithmic stablecoin TerraUSD (UST).  Galaxy Digital — an early backer of Terraform Labs and Luna — said in a release it “believes that the current digital asset and broader market conditions warrant providing shareholders, counterparties, and clients intra-quarter visibility regarding its capital and liquidity position, as well …

Galaxy Digital board approves share buybacks as its stock price tanks

Galaxy Digital announced in an update on Wednesday that it would commence a share buyback program of approximately 10.6 million shares, or 10% of the company’s public float.  The crypto investment manager explained in the operational notice that it may use repurchases “opportunistically at times when it believes that the current market price of its shares does not reflect their intrinsic value and that purchasing its own ordinary shares is consistent with the objective of creating long term shareholder value.” …

Citi, Wells Fargo join $105 million round for crypto trading infra firm Talos

Talos, a crypto trading infrastructure firm that provides tooling for institutional investors across the trade lifecycle, has raised $105 million in a Series B round as it plans global expansion. Growth investor General Atlantic led the round, with Citigroup, Wells Fargo Strategic Capital, BNY Mellon, DRW, SCB 10x, Stripes, Voyager and others joining as new investors, Talos announced on Tuesday. Previous investors, including Andreessen Horowitz (a16z), PayPal Ventures, Castle Island Ventures and Fidelity Investments, also participated in the round. The …

Crypto skeptic Nouriel Roubini announces plans for a tokenized dollar alternative

New York-based economist and cryptocurrency skeptic Nouriel Roubini says he’s working on developing a tokenized asset offering to act as a store of value — potentially replacing the US dollar’s role in the global economy. Rouibini, who is CEO of Roubini Macro Associates, is known for his bearish outlook on markets and on cryptocurrency in particular. Yet he told Bloomberg in an interview on Monday that he’s working on a tokenized dollar with the Dubai-based company he co-founded, Atlas Capital Team. …