fbpx
Connect with us

Ethereum

BlackRock And Coinbase Team Up For Institutional Crypto Investment Offering Amid Bear Market

Published

on

BlackRock And Coinbase Team Up For Institutional Crypto Investment Offering Amid Bear Market

Summary:

  • BlackRock will provide institutional investors with exposure to crypto investments.
  • The heavyweight asset manager has partnered with crypto exchange Coinbase to make this possible.
  • BlackRock’s Aladdin clients will access such facilities through Coinbase prime as announced.
  • CEO of the asset manager, Larry Fink, hinted at the development back in March.
  • The news reaffirms that institutional players maintain an appetite for digital assets despite the ongoing bear market. 

BlackRock, one of the world’s largest asset managers, has signed a deal to offer crypto investment exposure to institutional investors amid an ongoing bear market where tokens like Bitcoin and Ethereum remain more than 50% from their all-time highs.

The asset management behemoth with over $10 trillion in assets under management (AUM) now has a partnership with Coinbase, a leading cryptocurrency exchange company based in San Francisco. 

BlackRock’s agreement with Coinbase will power cryptocurrency investment facilities for institutional investors through Coinbase prime. The service provides a secure custodial platform and advanced trading tools to over 13,000 institutional customers.

.@BlackRock’s Aladdin clients now have direct access to crypto markets through Coinbase Prime. Read more about our partnership and mission to support growing institutional interest in digital assets. https://t.co/sxAJiXjkOm

— Coinbase Institutional (@CoinbaseInsto) August 4, 2022

The deal between both entities is set to kit BlackRock’s Aladin clients with direct access to cryptocurrencies. Thursday’s announcement mentioned Bitcoin as the asset customers would be exposed to. 

This connectivity with Aladdin will allow clients to manage their bitcoin exposures directly in their existing portfolio management and trading workflows for a whole portfolio view of risk across asset classes.

Bitcoin (BTC)
Bitcoin (BTC) Daily Chart (Source: TradingView)

BlackRock’s Coinbase Partnership Signals Institutional Demand For Crypto

BlackRock CEO Larry Fink previously hinted in March 2022 that the asset management powerhouse could explore crypto trading. Fink noted at the time that demand for crypto exposure was growing rapidly.

BlackRock And Coinbase Team Up For Institutional Crypto Investment Offering Amid Bear Market 11
BlackRock CEO Larry Fink (Source: CNBC)

Global Head of Strategic Ecosystem Partnerships, Joseph Chalom, echoed similar remarks on the growing institutional appetite for digital assets. 

Our institutional clients are increasingly interested in gaining exposure to digital asset markets and are focused on how to efficiently manage the operational lifecycle of these assets. 

Notably, the news comes as crypto asset prices have experienced a drop in value and bears seem to have control over the market.

Go to Source

Ethereum

Youtube Crypto Influencer BitBoy Crypto Warns That He Is Planning Something That “Will Permanently Change Crypto”

Published

on

Youtube Crypto Influencer BitBoy Crypto Warns That He Is Planning Something That “Will Permanently Change Crypto”

TL;DR

  • Ben Armstrong, also known as BitBoy Crypto warns his followers that he is planning something which will change the crypto industry forever. 
  • BitBoy Crypto is a Youtube influencer that has more than 1.5 million followers on his YouTube account.

The controversial but well-known youtube crypto influencer Ben Armstrong, also known as BitBoy Crypto by his Youtube community, posted a tweet yesterday saying that he is working on something huge that will permanently change the crypto industry. 

‘I’m working on something huge. So big that it will permanently change crypto as we know it. We are going to be taking power from the ultimate gatekeepers in the United States government. That’s all I can say for now.”

BitBoy Crypto

BitBoy crypto is a famous crypto influencer that has amassed over 1.5 million followers on his Youtube account and almost 1M followers in his official Twitter account. His influence is significant in the crypto industry, albeit it is also riddled with controversy along with other crypto influencers. 

A CNBC Report shows that BitBoy Crypto and other crypto influencers openly accept large crypto promotions to promote various crypto projects. He also confirmed that he could easily make $100,000 per month only through his promotions. 

According to this CNBC report many of the cryptocurrency ventures BitBoy has promoted have plummeted in value, such as Ethereum Yield, Cypherium and MYX Network. BitBoy deleted these promotional videos shortly after. 

Armstrong has previously said that he discloses all his paid partnerships

US Government Recently Sanctioned Tornado Cash

The US government only recently announced that they would prohibit American citizens from interacting with mixers such as Tornado Cash. The crypto community was not pleased with this decision, and some community members called this a “War on Code” or a direct attack on privacy.

Forks of Tornado Cash and other alternatives to use Tornado Cash after the ban are already being posted all over Twitter.

It is unclear whether Bitboy is planning to do something related with the recent sanctions or if his tweet is entirely unrelated.

Go to Source

Continue Reading

Ethereum

Polkadot Stablecoin Depegs Following $1.2 Billion Acala Network Exploit

Published

on

Polkadot Stablecoin Depegs Following $1.2 Billion Acala Network Exploit

TL;DR

  • Acala network, the defi protocol for Polkadot, has suffered a breach, and its stablecoin depegged from the dollar. 
  • Acala Network’s aUSD stablecoin currently sits below $1, dropping as low as 0.58 at one point.
  • It is reported that hackers collected approximately $1.2 Billion $AUSD.

Polkadot’s decentralized finance protocol Akala Network is in significant trouble as reports show that the hub suffered a breach today, causing its stablecoin to depeg from the dollar.

Acala Network reported today via their official Twitter account that the team had noticed a configuration issue that affects the stablecoin AUSD.

They passed an urgent vote to pause operations on Acala to investigate and mitigate the problem.

We have noticed a configuration issue of the Honzon protocol which affects aUSD. We are passing an urgent vote to pause operations on Acala, while we investigate and mitigate the issue. We will report back as we return to normal network operation.

— Acala (@AcalaNetwork) August 14, 2022

Users quickly identified the attacker’s wallet on Twitter. The wallet currently holds more than 1 billion $AUSD according to SubScan.

Binance’s CEO CZ quickly confirmed on his official Twitter account that the compromise occurred due to a bug in the iBTC/AUSD pool. 

According to CoinMarketCap, the stablecoin is currently 11.67% under $1, sitting at $0.88.6.

“We have identified the issue as a misconfiguration of the iBTC/aUSD liquidity pool (which went live earlier today) that resulted in error mints of a significant amount of aUSD.” Acala reported on their Twitter account today.

“If you are a whitehat/recipient of errorneously minted aUSD or swapped token from these aUSD that are not on Acala, please transfer them to addresses below :

On Polkadot: 13YMK2eYoAvStnzReuxBjMrAvPXmmdsURwZvc62PrdXimbNy

On Moonbeam: 0x7369626cd0070000000000000000000000000000 5″

Acala Network also has paused most chain functions until further notice.

Go to Source

Continue Reading

Ethereum

Michael Saylor “I’d Rather Win in Volatile Fashion Than Lose Slowly, Sell your Gold”

Published

on

Michael Saylor “I’d Rather Win in Volatile Fashion Than Lose Slowly, Sell your Gold”
  • Microstrategy’s Former CEO Michael Saylor pointed out in a recent interview for Stansberry Research that he would rather win in a volatile fashion than lose slowly. 
  • Saylor continues to say that the volatility will only impact short-term investors and public companies. Bitcoin has outperformed every single company on the stock market in a longer timeframe. 

MicroStrategy’s Former CEO and well-known Bitcoin advocate Michael Saylor addressed in a recent interview with Stansberry Research that he still believes in Bitcoin in the long term.

My discussion with @DanielaCambone on $MSTR volatility & performance, my role at @MicroStrategy, the future of #Bitcoin, Stablecoins, Altcoins, & Gold, as well as thoughts on regulation, macroeconomics, wealth preservation, and an engineer’s common sense definition of recession. https://t.co/hFCnR9eEd7

— Michael Saylor⚡️ (@saylor) August 13, 2022

According to Saylor, since MicroStrategy adopted the Bitcoin Strategy, Bitcoin has heavily outperformed the S&P 500, Nasdaq, Gold, Bond Index, and any Big Tech Stocks. He says that the only stock that has outperformed Bitcoin in this period is Microstrategy’s stock, MSTR.

Michael Saylor

When asked if he thinks Bitcoin’s volatility is for everyone and some market participants cannot handle the extreme volatility, Saylor provides the below response.

“The way to think about investing in Bitcoin is, you should only invest what you will hold for four years or longer; ideally, it’s generational wealth transfer. The metric you want to stare at is the simple four-year moving average.” If you have a short time frame, it is going to be much more stressful because it is a volatile asset. “

Saylor continues to highlight that Microstrategy has outperformed every asset, even the prominent big tech companies. He would rather win in a volatile fashion than lose in a non-volatile way.

Saylor’s Reasoning Behind Crypto’s Recent Downfall

Saylor firmly believes that the events that caused crypto’s recent downfall were triggered by the incoming interest rates and the tightening of the fed. The next catalyst was the big Terra Luna Meltdown, which affected a lot of cryptos. He believes that an algorithmic stablecoin was an accident waiting to happen.

Saylor’s opinion is that these events needed to happen to flush out the industry’s bad actors. Market participants are now more educated and cautious about banking applications that provide huge yields.

“If you believe in sound money, you should sell your gold and buy bitcoin.” says Saylor.

Saylor Recently Stepped Down as MicroStrategy CEO to Focus on Bitcoin

After 33 years of being CEO of MicroStrategy, Micheal Saylor stepped down recently instead of taking the role of executive chairman. Phong Le, MicroStrategy’s current president, will take his role as CEO. MicroStrategy’s message to investors was that Saylor is to continue to provide oversight of the company’s bitcoin acquisition strategy as head of the Board’s Investments Committee.

Go to Source

Continue Reading
Home | Latest News | Cryptocurrency | Ethereum | BlackRock And Coinbase Team Up For Institutional Crypto Investment Offering Amid Bear Market
a

Market

Trending