Crypto Corner Episode 487: BIGG (CSE: BIGG) Acquires 40 More Bitcoins, and Northern Trust (NasdaqGS: NTRS) Enters Agreement with Standard Chartered to Launch Crypto Custody Solution
Point Roberts, WA and Delta, BC - December 9, 2020 (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 cryptocurrency stocks and the crypto market.
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Crypto Corner Episode 487: BIGG (CSE: BIGG) Acquires 40 More Bitcoins, and Northern Trust (NasdaqGS: NTRS) Enters Agreement with Standard Chartered to Launch Crypto Custody Solution
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Stocks discussed: (CSE:BIGG) (NasdaqGS:NTRS) (LSE:STAN)
After having spent all of December so far trading in the neighbourhood of $19,000, Bitcoin (BTC) took a tumble yesterday, losing about a thousand dollars and dipping just below an $18,000 trading price, according to data from CoinMarketCap. At press time, Bitcoin appears to be recovering somewhat, with a trading price of around $18,475. It's possible that this sell-off-induced price drop may be indicative of a cooling around the recent bull trend surrounding Bitcoin, but a CoinDesk article quotes Kenetic Capital co-founder Jehan Chu, who expresses optimism:
"Bitcoin's latest move down is a rest stop on the way to $30k levels by mid-2021. Experienced bitcoin investors are well accustomed to these drops and understand them as opportunities to buy the dip. Longer term, we can expect these moves to become less frequent as institutional funds continue surging into the market and the volatility declines further."
BIGG Digital Assets Inc. (CSE:BIGG) announced that it has acquired 40 additional Bitcoins for long term treasury holding, bringing the firm's treasury "to ~189.5 Bitcoin, valued at CAD ~$4.65 million (USD ~$3.63 million) as of 4pm PST December 7th, 2020." The company's CEO, Mark Binns, commented:
"BIGG (formerly BIG Blockchain Intelligence Group) started accumulating Bitcoin as far back as 2015. Bitcoin has appreciated substantially as an asset class over 1, 2, 5 and 10 years horizons, and we believe the potential for impactful price appreciation is stronger today than ever. Institutional involvement and buying, and mainstream adoption, will continue to drive the price of Bitcoin as supply remains capped. We believe our Bitcoin holdings can act as self financing, over time, as we continue to expand our core crypto trading and blockchain forensic software businesses."
US-based investment management firm Northern Trust (NasdaqGS:NTRS) has entered into an agreement with SC Ventures, the innovation and ventures unit of British banking giant Standard Chartered (LSE:STAN), to "launch Zodia Custody, an institutional-grade custody solution for cryptocurrencies." According to the press release, "Zodia combines the traditional custody principles and expertise of a bank with the agility of a fintech company to provide an infrastructure that meets the high standards and expectations of institutional investors through a platform that adapts to the changing needs of clients and the market." Pete Cherecwich, President, Corporate & Institutional Services, Northern Trust, explained:
"The introduction of digital custody backed by the know-how and experience of global banks is a breakthrough in the evolution and support of institutional cryptocurrency markets. Zodia's robust capabilities will make it possible for institutional asset owners, family offices and asset managers to invest in a range of cryptocurrencies as interest continues to grow in these emerging and innovative financial instruments."
Sam Mowers, Investorideas
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