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Last Week Crypto News Today #5

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In today’s edition of Last Week Crypto News Today we had to sither through a lot of hype and BS to bring you only the news that matters for the long term adoption of the blockchain and cryptocurrencies.

SEC shifting to a more positive stance to Marshall Islands planning to its own National Cryptocurrency, the news from all around the space is quite exciting.  Libra’s crosshairs with France is not so positive but nothing that we did not already expect.

If you want to see all the important news from 2018 until this edition, check out our News Compilation.

Let’s look at this week’s news.

France refuses development of Libra “on European soil”

FranceWe anticipated a lot of backlash for Facebook’s Libra project. As we saw in earlier news, a US delegation made trip to Switzerland to discuss Libra.  Now, France is not playing the diplomatic game.  France said it will not allow development of Libra.  As per the google translated version of the news, Bruno Le Maire, Minister of Economy, said “I want to say it with great clarity: under these conditions, we can not authorize the development of the Libra on European soil,” said the minister. In his eyes, “the monetary sovereignty of states is at stake”.  The ‘under these conditions’ note probably leaves room for France to change its stance if the ‘conditions’ change.  However, only time will tell how things pan out for Libra.

Will we see an SEC approved Bitcoin ETF?  “Yes,” says SEC Chairman, Jay Clayton

sec commisionIn an interview with CNBC (Minute: 4.29), SEC Chairman, Jay Clayton addressed a question on ‘Whether we are any closer to getting an Bitcoin ETF’. Clayton said “short answer is YES, however, there is a lot of work to be done, especially on the custody front.” At this point, market has stopped speculating about a Bitcoin ETF, however, a stamp of approval from the SEC will go a long mile in the bitcoin adoption journey.

LCX to tokenize $25 Million movie fund with Wesley Snipes

LCXLiechtenstein Cryptoassets Exchange (LCX) announced that it will work with Wesley Snipes to tokenize $25 Million in a movie fund to produce a movie and TV shows.  This tokenization is expected to open doors for retail investors to invest in the entertainment industry alongside big name producers and icons.  The fund will be called Daywalker Movie Fund (DMF) and Wesley Snipes production studio Maandi House will produce the movie and the shows with the funds raised from the tokens.

“Cryptocurrencies are the most important innovation since the internet” says Travis Kling of Ikigai Investment

IKIGAI LogoAdmitting to have not invested in Bitcoin when he first came across the asset in 2014 and only noticed it when the prices went up in 2016, Travis Kling of Ikigai Asset Management, in a recent interview on CNN, said once he started learning about this technology, he came across “one revolutionary concept after another, and collectively, over about 500 hours of self-study convinced myself that this technology is the most important innovation since the internet and most significant investment opportunity of a generation.” He also joked about that no one wants to “be the Bitcoin Pizza guy that spent 10k Bitcoin on a pizza.”

FanDuel now accepts Bitcoin deposits, offers up to $2000 in bonus

Fanduel LogoFanDuel, a sporting entertainment company that generated $220 Million in entry fees alone is now accepting Bitcoin deposits on their platform through BitPay. “NFL Football is one of the most popular sporting events to watch and the start of the football season makes it a perfect time to introduce Bitcoin to these fans,” said Sonny Singh, BitPay’s Chief Commercial Officer. “We wanted to have the option in place for Bitcoin users to deposit cryptocurrency into their FanDuel accounts and take advantage of the daily fantasy sports games,” Bitpay’s press release stated.  The press release further states that the “first-time FanDuel customers can deposit a minimum of $10,000 to receive an additional 10% deposit, up to a $2,000 bonus.”

FCA approved Arbitrage Fund raises $50 Million

Nickel Asset ManagementNickel Asset Management, a UK based hedge fund manager, has secured approval from the Financial Conduct Authority (FCA) to launch its Crypto Investment Fund.  This new vehicle has already raised $50 Million. Nickel Asset Management CEO Anatoly Crachilov explains that their vision “is that it’s simply a matter of time until digital assets become part of institutional portfolio.” The approval from the UK government agency will help Nickel Asset Management to manage funds of up to $100 Million and target institutional investors.

Marshall Islands moves forward with its plan to issue national cryptocurrency

To be the first ever for a government, Marshall Islands is moving forward with its plans to issue national cryptocurrency on blockchain. David Paul, Environment Minister and Minister-in-Assistance to the President of the Republic of the Marshall Islands (RMI), said “This is something which no other government has done, made possible by blockchain.”  The cryptocurrency will be called Marshallese Sovereign (SOV).  Paul said “Blockchain won’t just let us create our own money for the first time — the sovereign is a new kind of money, one which enshrines our Marshallese values.”

Warner Music Group will work on Blockchain and joins $11 Million investment fund

Warner Music GroupDapper Labs signed a contract with Warner Music to “offer unique digital assets on a new blockchain,” according to an article on Forbes. “The main goal is to create new avenues where the fans of our artists can explore their fandom,” says senior vice president of business development Jeff Bronikowski, who oversees Warner Music’s innovation group, “and engage with the artists in new and different ways that they haven’t done before.”

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About the author

RK Reddy holds two Masters degrees, one in Accounting and another in Business Administration with over 15 years of experience in the financial services industry.

Read more about the author here.

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