Copper’s Weekly Update – 29 March 2021

Highlighting what went right, and what went wrong, in this week’s crypto news analysis.

Copper

In yet another week of the SEC getting inundated with ETF applications, the latest filing came from Fidelity, the $5 trillion funds giant.

There were also a number of reports claiming that Goldman Sachs filed too, but, it was later clarified that Goldman only filed a note that may give them exposure to crypto through the Ark Innovation ETF.

On Thursday, Soros Fund Management announced it had backed crypto data provider Lukka in a $53m Series D fundraise. Speaking on a Bloomberg broadcast, the fund’s CIO, Dawn Fitzpatrick, said she thinks Bitcoin is no longer a fringe asset. She also revealed that the fund has invested in crypto exchanges, asset managers, and custodians among other aspects of the ecosystem.

And if you haven’t heard it yet, the latest OMFIF podcast includes a conversation between our very own Asen Kostadinov and Jan Ceyssens of European Commission on the legal frameworks proposed by the European Union. A great listen, check it out here.

Below is our weekly roundup of industry news. If you’d like to get in touch with us about any of our products or services, we look forward to hearing from you. Just send us a note.

Last week, Fidelity Investments, one of the biggest asset managers on the planet, applied to list a Bitcoin exchange-traded fund in a filing with the Securities and Exchange Commission.

Top stories of the week

Global funds giant Fidelity joins the race for the first US Bitcoin ETF

It would be called the Wise Origin Bitcoin Trust and provide investors direct exposure to the Bitcoin price by tracking Fidelity’s Bitcoin index. The index itself takes prices from markets such as Bitstamp, Coinbase, Gemini, itBit, and Kraken. Read more

Breaking down what South Korea’s crypto crackdown means for the industry

South Korea’s anti-money laundering safeguards for cryptocurrency businesses came into effect on Thursday after cabinet officials approved a series of amendments. The new legislation is based upon the recommendations of the Financial Action Task Force (FATF), which were put forward to its 200 member nations to aid the global watchdog’s mission to prevent money laundering.

Following the announcement, OKEx decided to shut down its crypto exchange in the country rather than contend with a new regulatory framework for cryptocurrency service providers. Read more

Crypto industry to get first major U.S. stadium with Miami-Dade County approving FTX for Heat home

Francis Suarez,  the mayor of the City of Miami, has been taking huge initiatives to promote Bitcoin and crypto innovation in the city. We’re sure he is now celebrating the fact that crypto exchange FTX has won the naming rights of the historic Miami Heat stadium.

The deal, approved by the Miami-Dade Board of County Commissioners on Friday, is for $135m over 19 years. Read more

In case you missed it…

⚡️ UK tax authority to publish new guidance on crypto next week.

⚡️ Kentucky governor signs crypto mining tax, clean energy incentives into law.

⚡️ Wirex halts UK signups after consultation with financial regulator.

⚡️ Argo Blockchain, DMG to launch clean energy Bitcoin mining pool.

⚡️ Zero knowledge proof-based blockchain network Mina goes live.

⚡️ Ethereum Layer 2 network Hermez that uses ZK-Rollups has gone live.

⚡️ 4000x more capital efficient: Uniswap team reveals details for v3.

⚡️ SushiSwap launches V1 of long-awaited Kashi release.

⚡️ Theta Network’s token enters top 10 cryptos by market capitalisation.

⚡️ Optimism delays its mainnet launch at least until July.

⚡️ New Zealand retirement fund reportedly allocates 5% to Bitcoin.

⚡️ Australian government offers $6m in grants to innovative blockchain teams.

⚡️ Ripple touts role for XRP in CBDC white paper.

⚡️ Billionaire Mark Cuban is building a digital art gallery for NFTs.

⚡️ Crypto.com launches NFT platform with content from Snoop Dogg, Lionel Ritchie and more.

⚡️ Danish Red Cross launches $3m blockchain-based volcano disaster relief bond.

⚡️ Chainlink integration connects Filecoin to smart contract-enabled blockchains.

⚡️ Bitcoin’ Google searches in Turkey rise 400% as Lira crashes.

⚡️ TIME is seeking to hire a CFO who understands Bitcoin.

⚡️ Ray Dalio: The government ‘outlawing bitcoin is a good probability’.

⚡️ Jack Dorsey sells NFT tweet for $2.9m.

From Copper

Award win: Copper announced as HFM’s Best Digital Asset Custodian!

We are pleased to announce Copper has won this years HFM European Services Award for ‘Best Digital Asset Custodian’ (our third consecutive win). Congratulations to the team, and a huge thank you to our clients!

Press Release: Bitfinex integrates Copper’s ClearLoop

Last week, we announced Bitfinex as the latest exchange to bring secure and instant off-exchange settlement to its traders via our ClearLoop solution. Read More

New insight: What do the top 10 cryptos of the last 10 years tell us?

Back when the crypto data tracker Coinmarketcap was launched in 2013, a total of 14 coins were listed. Today, users can track a total of 4,483 tokens. However, only 2 of the top 10 cryptos of 2013 still remain in today’s top 10 list. Are you able to identify which ones? Go on, have a guess. And then, have a read of our latest article to see if you’re right 🙂 Read More

CopperCasts Ep14: Philip Gradwell, Chainalysis

The 14th episode of CopperCasts welcomes Philip Gradwell, Chief Economist at Chainalysis – a blockchain analysis company that examines on-chain data to understand crypto markets. On  Friday, the company announced it has closed on $100m in Series D financing, doubling its valuation to over $2bn.

Check out Philip’s full interview with CopperCasts host, Tyler Kenyon, on Spotify, Apple Podcast or Podbean. But first, watch his 2min Show & Tell (above) for a succinct explanation on how new Bitcoin whales have radically transformed the market.

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