In “This was the NEWS” we take a look at the most important news of last week. What has happened in the crypto space over the last 7 days? News items that you may have missed and you really need to read. You will find it here!
1. First Crypto ETF Has Been Approved In Switzerland!
The first crypto has been approved in Switzerland and will begin trading this week on SIX Swiss Exchange! The index, with the ticker HODL, will track the prices of Bitcoin, XRP, Ethereum, Bitcoin Cash ABC, and Litecoin. Hany Rashwan, co-founder and chief executive of Amun AG, created this product for investors who only legally are able to buy securities or don’t want the hassle of holding the underlying assets.
“The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments.” -Hany Rashwan
Read more about the crypto ETF, HODL, here: https://altcoinbuzz.io/first-crypto-etf-has-been-approved-in-switzerland/
2. Coinbase Custody Announces Support for Ripple’s XRP and OmiseGO
While not another addition to the Coinbase trading platform, the addition of XRP and OmiseGO to Coinbase Custody is an important step to institutional adoption. These two coins join Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, 0x, and Basic Attention Token. Back in August, Coinbase announced they are exploring 37 new digital assets for their custody product.
“Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only and will be working to add them as quickly and safely as possible. At this time, we have not yet considered these assets for trading. We are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets.” -Coinbase blog post
Read more about the new Coinbase Custody additions here: https://altcoinbuzz.io/coinbase-custody-announces-support-for-ripples-xrp-and-omisego/
3. Galaxy Digital Moves to Tokenize the Whole of Real Estate
Mike Novogratz hired a real estate expert, Ian Taylor, from Goldman Sachs to “tokenize the real estate market.” Tokenization, especially in the real estate market, is becoming more prevalent as it allows investors to jump in and out of their investments by trading tokens. According to Novogratz “there’s positive movement on the institutional adoption of the architecture needed.”
Read more about the tokenization of real estate here: https://altcoinbuzz.io/galaxy-digital-moves-to-tokenize-the-whole-of-real-estate/
“This was the NEWS” summary!
Bitcoin has been hovering around the $5,300-5,500 price mark, hopefully, we can bounce upwards from that and make higher lows and high. While another week of sideways movement, the architecture needed in this space is being built.
Most investors are looking towards the U.S. when it comes to Bitcoin ETFs, specifically the Van Eck and Solidx ETF, but Switzerland and the fourth largest European stock exchange, SIX, are beginning the trading of the first cryptocurrency ETF, HODL, this upcoming week. While definitely not on the same level as the Van Eck and Solidx ETF, it is still good to see that institutions in other countries are taking the initiative in creating their own.
With Mike Novogratz’s company, Galaxy Digital, planning to tokenize the real estate markets and Coinbase expanding their custody programs, it is clear how current institutions are trying to promote adoption, by getting other institutions in the space.
With Bakkt coming up, along with Fidelity’s cryptocurrency trading desk, and Goldman Sachs derivative product, better times might be around the corner.