Major Japanese Bank Sumitomo Mitsui Trust to Launch Cryptocurrency Custody Business

Sumitomo Mitsui Trust, one of the major banking institutions in Japan, will reportedly enter the cryptocurrency custody business. The company is entering a partnership with Bitbank, a Tokyo-based cryptocurrency exchange, to launch a new company that will focus on offering institutional-grade custody for digital assets and NFTs. Sumitomo Mitsui Trust Bank to Enter Digital Custody Business Sumitomo Mitsui Trust Bank, a major financial institution in Japan, has decided to enter the cryptocurrency custody business. The company announced that it will launch a digital assets custody company in partnership…

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Grayscale Files To Convert $38 Billion Bitcoin Trust To Spot ETF

[ad_1] Grayscale Investments, the world’s largest crypto currency asset manager announced today that the NYSE Arca has filed to convert the firm’s flagship product, the Grayscale Bitcoin Trust (GBTC) into a Bitcoin Spot ETF. The filing comes on the first day the ProShares Bitcoin Futures ETF, the first Bitcoin ETF in the U.S., began trading. The proposed ticker for the Bitcoin spot ETF is BTC. Craig Salm, Vice President and Head of Legal at Grayscale Investments commented, “Today we saw for the first time a Bitcoin Futures ETF trade on…

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Wealthfront Grayscale Bitcoin Trust GBTC

[ad_1] Robo-advisor giant Wealthfront has announced it will provide its nearly 400,000 clients with the option to get bitcoin exposure through Grayscale Bitcoin Trust (GBTC). The firm, which provides a hands-free approach to investing and has $25 billion of assets under management (AUM), announced the new addition to its offerings on July 29. But clients will be limited to allocating up to 10% of their portfolios in bitcoin. Wealthfront claimed the limit to be a protection because they consider GBTC an investment “riskier and more volatile than most ETFs.” The…

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Litecoin is trading at a 1,800% premium via Grayscale’s LTC trust — But why?

[ad_1] Shares in Grayscale Investments’ Grayscale Litecoin Trust, or LTCN, have been trading at a whopping 1,800% premium over the market rate of their underlying asset, Litecoin (LTC). $319 per Litecoin?  This difference is primarily due to retail investors’ inability to purchase shares directly from Grayscale Investments, whose funds are aimed exclusively at accredited investors. LTC holdings per LTCN share (orange) and premium (blue). Source: Bybt.com It costs $319 to buy a share in Grayscale Litecoin Trust. However, its LTC holdings per share are currently worth just $16.42. That means…

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The way of the stablecoin: A journey toward stability, trust and decentralization

[ad_1] Stablecoins backed by fiat and other assets are increasingly gaining popularity, with many more solutions being brought onto the market each year. Bitcoin (BTC) and other cryptocurrencies have opened the doors to a whole new world of finance. In their most basic form, cryptocurrencies allow people to transact in a fully trustless, transparent and efficient manner, cutting out the centralized intermediaries and counterparty risk previously associated with digital money transfers.  Thanks to blockchain technology, value can now be transferred on a worldwide scale within seconds/minutes and with relatively low…

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First Digital Trust announces $2.15M funding for Asian digital payments service

[ad_1] Digital asset custodian First Digital Trust has secured funding to bring crypto asset payment services and upgrades to the Asia Pacific region. The Hong Kong-headquartered company has raised $2.15 million in a convertible note funding round led by private investors including Asian venture studio Nogle. The total funding for the firm is now over $7 million according to Crunchbase which reported two prior funding rounds in March raising $5.2 million. The firm stated that the funding will allow it to launch the first debit and credit card rail that…

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Staked ETH Trust opens Ethereum staking to accredited investors

[ad_1] Staked, a blockchain infrastructure company and investment manager, is providing institutional investors with a new vehicle in which to invest in Ether (ETH) and earn staking rewards on the Ethereum 2.0 Beacon Chain. The Staked ETH Trust is now accepting private placement to accredited investors, the company announced Thursday. The Trust allows investors to gain direct exposure to Ether and earn staking rewards on their holdings. The return for staking ETH is expected to be up to 8%. The trust operates as a traditional investment vehicle that “wraps all…

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