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Satoshi&Co Daily Crypto Newsletter #30

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Satoshi&Co Daily Crypto Newsletter

October 16 · Issue #49 · View online
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Looks like the flurry of big announcements on institutionalization of cryptocurrencies is not going to stop anytime soon! Yesterday, Fidelity announced the launch of Fidelity Digital Asset Services, which will offer crypto custodial solutions for Bitcoin and Ethereum as well as execute trades on exchanges for institutional clients. While institutional-grade crypto custody is not something new and several crypto giants such as Coinbase and BitGo are already offering it, the presence of a Wall Street giant like Fidelity adds more credibility to the burgeoning asset class in the eyes of traditional investors. It lays out the much-needed bridge between Wall Street and the Crypto asset class. Fidelity’s decision to venture into crypto is a strong signal we have been looking for. Bakkt is another key development we are keeping an eye out for later this year. At some point in the future when we look back, these two developments would be seen as key infrastructure building blocks for institutional acceptance. Also, Fidelity is not a complete stranger to cryptocurrencies, as the Asset Management behemoth has previously been involved in mining, accepting BTC donations for its charity arm and its CEO Abigail Johnson has publicly expressed her interest in cryptocurrencies. While the markets shrugged off this positive announcement as crypto prices did not react to this announcement, we feel that it is likely to be a slow upwards trickle in crypto prices when Fidelity actually starts investing and trading on behalf of its clients.
Meanwhile in Crypto Wonderland....
“India Gets Crypto ATMs”
Cryptocurrency exchange Unocoin has set up and deployed cryptocurrency ATMs where customers can deposit money into their Unocoin accounts. The ATMs will most likely be placed in malls where there is adequate infrastructure to run them. The exact locations where these machines will be available has not been determined as of yet. However, the first few machines are placed at 147 MG Road in Delhi and Bengaluru’s Kemp Fort Mall.
“Binance Goes to Uganda”
Binance, one of the world’s largest cryptocurrency exchange, has announced that its fiat-to-crypto exchange will open in Uganda this week. Binance’s CFO Wei Zhou says that company’s first fiat-to-crypto exchange in Uganda will help maintain sustainable economic stability in Africa, noting that the company plans to bring “more innovations to the region”.
“Fidelity Digital Asset Services”
Global asset manager Fidelity Investments is launching a cryptocurrency trading and storage platform under its umbrella. The new unit called Fidelity Digital Asset Services will provide cryptocurrency custody and trading services for enterprise clients.Tom Jessup, who heads the division, announced the platform at Bloomberg’s Institutional Crypto event. It hopes to draw institutional investors, including hedge funds, family offices and market intermediaries.
“Adam White to Bakkt”
Adam White, the former head of institutional products at major U.S. crypto exchange Coinbase, will be joining Intercontinental Exchange’s (ICE) forthcoming platform Bakkt. White will be joining as chief operating officer (COO) this November. The news confirms unofficial reports that had already been circulating last week.
“Barclays Officially Off Crypto?”
Barclays is said to have frozen a project that would see the firm launching a cryptocurrency trading desk. A team of 4 had been researching cryptocurrencies viability as an asset Barclays’ customers might be interested in, and to better understand what operational infrastructure would be required to support the effort. However, it appears that the research either discovered a number of challenges Barclays wasn’t prepared to face.
108 Token NAV Update
Today’s NAV is ~$1.17, up roughly 18% since launch.
You can express your interest in 108 Token Series II here. This will be an open-ended, rolling vehicle.
Also reach out to us if you are a market maker or a liquidity maker that is interested in a conversation around the 108 Token.
Crypto Twitter Pick
Blockstream
"Hashcash by @Blockstream CEO @adam3us was initially conceived as a mechanism to limit email spam by forcing email senders to solve computational puzzles. #Bitcoin re-purposed these proof-of-work (PoW) puzzles to become the basis of $BTC mining." ⛏️ https://t.co/EnF9bURSZb
What We Are Reading / Listening To
In addition to this daily newsletter, you can find more stuff to read at our news and research portal, our crypto index token and our upcoming relayer.
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