#CryptoCorner: Galaxy Digital (TSXV: GLXY) Starting Bitcoin Funds, Bakkt (NYSE: ICE) to Store Galaxy BTC, PayPal (Nasdaq: PYPL) Leads Funding Round for Crypto Risk Management Platform
Point Roberts, WA and Delta, BC - November 20, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.
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#CryptoCorner: Galaxy Digital (TSXV: GLXY) Starting Bitcoin Funds, Bakkt (NYSE: ICE) to Store Galaxy BTC, PayPal (Nasdaq: PYPL)Leads Funding Round for Crypto Risk Management Platform
Stocks discussed: (TSXV:GLXY) (NYSE:ICE) (NasdaqGS:PYPL)
Galaxy Digital Holdings Ltd. (TSXV:GLXY) is starting two Bitcoin (BTC) funds for accredited and institutional investors, according to a Bloomberg interview with the company's CEO Michael Novogratz. Novogratz indicated that the initiative would target the wealthy in America "or people between 50 and 80 who may have stayed largely on the sidelines of cryptocurrency investing". Novogratz said:
"You are seeing Bitcoin way outperform other coins right now, and I think that will continue until these coins start to get used for things. You also get more credentialed people -- there are probably 20 billionaires I could name that made their money outside of crypto and are in crypto now. Every speculative asset needs people to tell the story, and people are buying the story."
"As institutions and sophisticated investors seek exposure to digital assets through new investment products, they are seeking the highest standards in asset security. The Bakkt Warehouse was designed to offer institutional-grade custody in safeguarding digital assets and to support the development of the market alongside products like the Galaxy Bitcoin Funds."
Crypto compliance and risk management platform, TRM Labs, announced in a press release that it has raised $4.2 million in a funding round led by PayPal (NasdaqGS:PYPL), bringing the former's total seed round to $5.9 million. Rahul Raina, co-founder and CTO of TRM Labs, commented:
"PayPal has been trusted by consumers for over 20 years because of its emphasis on fraud prevention and risk management. Their strategic investment in TRM signals their continued commitment to ensuring safety and compliance as the digital payments landscape evolves and innovates."
BNN Bloomberg reports that the Monetary Authority of Singapore (MAS) has proposed the listing and trading of crypto derivatives on approved domestic exchanges with oversight from regulation. MAS indicated that trading of crypto derivatives will be subject to the country's Securities and Futures Act. An excerpt from the MAS's statement on the subject reads:
"MAS's proposal will allow approved exchanges in Singapore to meet the need of investors to manage their exposure to payment tokens while bringing the activity under regulatory oversight."
Sam Mowers, Investorideas
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