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Wall Street’s largest banks are tapping into the crypto market through derivatives

Episode 51 of Season 4 of The Scoop was recorded remotely with The Block’s Frank Chaparro and James Stickland, CEO of Elwood Technologies. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to [email protected] Elwood Technologies — an Alan Howard backed digital asset platform that is building trading infrastructure for institutional investors — closed a $70 million Series A last month co-led by Goldman Sachs and Dawn Capital. In this …

Bloomberg expands terminal data offering with 40 new cryptocurrencies

Bloomberg announced on Thursday that it has expanded its data coverage on the Bloomberg Terminal, which will now include 50 cryptocurrencies.  Users of its professional terminal will be able to see data on bitcoin (BTC), ether (ETH), binance coin (BNB) and solana (SOL), among others, according to the announcement. This will enable clients to access and monitor intraday pricing for crypto, indices and futures contracts in real-time.  Cryptocurrency prices were first added to the terminal — a ubiquitous fixture on …

Digital Currency Group unveils wealth management subsidiary

Digital Currency Group (DCG), a cryptocurrency investment firm founded by Barry Silbert in 2015, has officially launched its long-heralded wealth management subsidiary. Named HQ Digital, it will offer private investments, estate planning, risk mitigation and insurance, among other services, according to its website. It will complement DCG’s existing slate of businesses, which includes asset manager Grayscale, trading business Genesis Global and news site CoinDesk.  “You could think of HQ as a re-envisioned multi-family office, but we prefer to call it …

Blockdaemon launches liquid staking platform for institutional investors on Ethereum

Quick Take Blockdaemon and StakeWise have launched Harbour as a permissioned liquid staking platform targeted at institutional clients. Crypto staking companies continue to develop liquid staking solutions for big-money players. Blockchain company Blockdaemon and liquid staking platform StakeWise have announced the launch of Harbour on the Ethereum mainnet on Monday. Harbour is a permissioned liquid staking protocol that caters to institutional investors that want to stake ether (ETH). Today’s launch follows successful testnet launches in March. Liquid staking enables investors …

Singapore regulator announces plans to explore blockchain use cases

The Monetary Authority of Singapore (MAS) announced on Tuesday that it plans to research use cases for decentralized finance (DeFi) on public blockchains. Known as Project Guardian and including partners such as JPMorgan, Marketnote and DBS, the project will look to collaborate with the financial industry to examine the “economic potential and value-adding use cases of asset tokenization.” In a statement, MAS defined tokenization as “the process of digitally representing assets or items of value through a smart contract on …

Protego Trust Bank targets $2 billion valuation after quietly raising $70 million

Protego Trust Bank, a chartered crypto bank advised by Brian Brooks, raised $70 million from a host of crypto heavyweights last year and is now in the early stages of another funding round that would value the company at nearly $2 billion. Investors in the $70 million Series A fundraise — which closed quietly in 2021 — included the investment arms of FTX, Coinbase, Algorand, Avalanche, Cardano, Ripple and Solana, as well as Digital Currency Group, NYCA Partners and Reciprocal …

Babel Finance and FQX target bond market with crypto ‘eNote’ debut

Babel Finance announced on Thursday that it successfully issued its first collateralized USDC note, in a move that demonstrates crypto’s potential to enter the $100 trillion global bond market.  The note is a smart contract-based global debt instrument, provided by blockchain startup FQX on Solana, the company said in a press release.   It was executed via eNote, a blockchain-based debt instrument which is recognized around the globe, and can be used for a broad variety of financing purposes. The move, …

Pantera Capital cashed out 80% of its Terra investment before UST crash

Pantera Capital, one of the high-profile backers of Terraform Labs, cashed out nearly 80% of its Terra (LUNA) investment well before TerraUSD (UST) collapsed last week. “The market has been fairly frothy over the last year and thus we’d exited the majority of our position before any of this happened,” Joey Krug, co-chief investment officer at Pantera Capital, told The Block. “Roughly 80% over the last year, fairly gradually over time.” Pantera Capital invested at least twice in Terraform Labs …

Galaxy’s Mike Novogratz talks Terra collapse in new shareholder letter

Mike Novogratz, the billionaire CEO of crypto investment manager Galaxy Digital, opined on the recent crisis in the Terra blockchain ecosystem, which saw the market collapse of both the LUNA token as well as the algorithmic stablecoin UST.  The shareholder letter penned by Novogratz comes days after Galaxy released an update on its liquidity position. Galaxy is an early backer of Terraform Labs, the developer of the Terra blockchain, having taken part in a $25 million funding round announced in …

Algorithmic stablecoins need payments adoption to succeed, Goldman argues

For algorithmic stablecoins to have a long-term future they’ll need to find wider adoption for payments in the real economy, according to analysts at Goldman Sachs.  “Stablecoins have limited use as a payments medium at this time. If that real-world use case were to grow over time, it could create a more stable demand base for these assets,” the investment bank wrote in a research report dated Monday. “Hypothetically, an algorithmic stablecoin could survive in the long-run, if it were …