Crypto funds appeal for patience after market rout

BBFTA News Editor | January 04, 2019 | PERMALINK

Fund managers specializing in cryptocurrencies are appealing for patience from investors, after a year in which huge falls in prices severely dented their performance.

In a December letter to investors, San Francisco-based Pantera Capital admitted that 2018 had been “a difficult year for all cryptocurrencies and tokens”. “After such a prolonged drawdown in the market, it’s important to reflect and re-evaluate the thesis behind utility tokens,” wrote Mr. Morehead and Joey Krug, co-chief investment officer, in the letter. Galaxy Digital, a crypto and blockchain-focused merchant bank set up by Mike Novogratz, a former hedge fund trader, and Goldman Sachs partner, also found the going tough.

“The asset class continues to show signs of maturity, as headlines that once would have led to frenzied trading...

In a December letter to investors, San Francisco-based Pantera Capital admitted that 2018 had been “a difficult year for all cryptocurrencies and tokens”. “After such a prolonged drawdown in the market, it’s important to reflect and re-evaluate the thesis behind utility tokens,” wrote Mr. Morehead and Joey Krug, co-chief investment officer, in the letter. Galaxy Digital, a crypto and blockchain-focused merchant bank set up by Mike Novogratz, a former hedge fund trader, and Goldman Sachs partner, also found the going tough.

“The asset class continues to show signs of maturity, as headlines that once would have led to frenzied trading sessions have given way to patient market participants who want to see and react to results, not headlines,” Galaxy wrote in a November letter to investors. In November Mr. Novogratz told the FT that 2018 had been “ challenging” but he has predicted that financial institutions will move from investing in cryptocurrency funds to investing in cryptocurrencies themselves, early this year. “That’s when prices start moving again,” he said.

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Cryptocurrency

Finance

Investment Funds

https://www.ft.com/content/46f022a2-0e65-11e9-a...8c761d2745

World’s First Blockchain Sukuk Transaction Just Happened in Abu Dhabi

BBFTA News Editor | January 03, 2019 | PERMALINK

The issuing of the world’s first Islamic bond using blockchain.

Al Hilal Bank used blockchain technology to transact a secondary market deal of a $500m bond. Given the thriving economies of many Islamic countries, we are likely to see many more banks using the transparency and efficiency that can be achieved by issuing bonds on a blockchain. One of the key components of a Sukuk bond is that of transparency in that all the costs and charges are open and clearly stated and this lends itself to a technology like blockchain where there is one ledger that holds all the relevant for the buyer and seller to see in a...

Al Hilal Bank used blockchain technology to transact a secondary market deal of a $500m bond. Given the thriving economies of many Islamic countries, we are likely to see many more banks using the transparency and efficiency that can be achieved by issuing bonds on a blockchain. One of the key components of a Sukuk bond is that of transparency in that all the costs and charges are open and clearly stated and this lends itself to a technology like blockchain where there is one ledger that holds all the relevant for the buyer and seller to see in a very open transparent manner.

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Blockchain

Corporate Finance

https://www.albawaba.com/business/world%E2%80%9...bi-1219090

Western Union Considers Crypto, Partners with Ripple to Test Blockchain Payments

BBFTA News Editor | January 02, 2019 | PERMALINK

If Western Union will deal in cryptocurrencies could this mean you do not need digital exchanges?

The president of Western Union Global Money Transfer has claimed the company is “ready to adopt any kind of currency,” potentially including cryptocurrencies. Odilon Almeida stated there is no big difference between cryptocurrencies and regular digital payments, the likes of which Western Union has been handling for years. Almeida believes that the firm’s long-term stance makes it potentially ready to launch any type of currency, including blockchain-based ones. However, Almeida thinks that in order to achieve mass adoption, cryptocurrencies have to solve problems with volatility, governance, and compliance. As per the Western Union exec — hinting at the concept...

The president of Western Union Global Money Transfer has claimed the company is “ready to adopt any kind of currency,” potentially including cryptocurrencies. Odilon Almeida stated there is no big difference between cryptocurrencies and regular digital payments, the likes of which Western Union has been handling for years. Almeida believes that the firm’s long-term stance makes it potentially ready to launch any type of currency, including blockchain-based ones. However, Almeida thinks that in order to achieve mass adoption, cryptocurrencies have to solve problems with volatility, governance, and compliance. As per the Western Union exec — hinting at the concept behind some stablecoins — the issue with volatility in crypto markets can be addressed by pegging coins to some “strong currencies, such as the [United States] dollar.”

Apart from cryptocurrencies, Western Union is also exploring the use of blockchain. According to a press release accompanying the video, the firm has already partnered with Ripple to “test whether sending payments by blockchain was faster and less expensive,” adding that the “tests are ongoing.”

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Banking

Cryptocurrency

https://altcointoday.com/western-union-consider...a560076-l/

Why crypto will be eaten by Facebook, Google, Amazon and Apple

BBFTA News Editor | January 01, 2019 | PERMALINK

Co-founder of TeamBlockchain, Thomas Power, with over 30 years of experience building online digital communities, believes that it is just time before the FANGs - Facebook, Amazon, Netflix, and Google start gobbling up the leading crypto players. Just like Dotcom, there will be a handful of winners from the 5,000 ICOs we have seen to date as they give way to the more compliant institutional friendly security tokens.

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Cryptocurrency

Digital Currency

Social Media

https://decryptmedia.com/2018/12/19/why-crypto-...nd-apple//