New Bitcoin ETF Effort Launched By Money Management Firm
A US-based money manager, headquartered in New York, wants to launch an exchange-traded fund (ETF) tied to the price of bitcoin. The fund, named "VanEck Vectors Bitcoin Strategy ETF", will not invest directly in Bitcoin. instead, it will purchase stakes in derivatives and financial products that offer exposure to bitcoin market developments. As explained in the filing:
"The Fund seeks to achieve its investment objective by investing, under normal circumstances, in U.S. exchange-traded bitcoin-linked derivative instruments ("Bitcoin Instruments") and pooled investment vehicles and exchange-traded products that provide exposure to bitcoin (together with Bitcoin Instruments, "Bitcoin Investments")."
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Aventus Platform ICO Full Details Released
The ticketing platform, Aventus, has announced full details for their upcoming ICO. The public token sale will run from September 6th, 2017 at 12 pm UTC, until September 12th, 2017 at 12 pm UTC.
AventCoin (AVT), the token that underpins the Aventus protocol, will be available throughout this period at a constant price of 92 AVT per ETH and will be transferable following the sale end date. The ICO will have a hard cap of 15 million USD (60,000 ETH), with a minimum value of 2 million USD (8,000 ETH).
See ICO details here.
Ripple Confirms China Expansion Plans
Ripple is opening up about its plans to enter one of the world's largest markets, China. In new statements, the blockchain-based startup aimed to address rumors that first appeared last Thursday on the XRP Chat. The blockchain company comfirmed that it is planning to set up operations in China, but it's not doing so with the help of one of the region's e-commerce giants, as previously rumoured. Emi Yoshikawa, Ripple's director of joint venture partnership said:
"China is a key market for a global payments network, which is why we are looking to build a presence there. Total cross-border [business-to-business] payment value involving China is $5 trillion annually, and the large Chinese e-commerce market currently lacks a highly efficient and low-cost solution."
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Bahrain Bank First In MENA Region To Join R3 Blockchain Consortium
Bank ABC, an international banking group headquartered in Bahrain is the latest financial institution to join the global banking blockchain consortium led by New York-based startup R3. Bank ABC, formerly known as the Arab Banking Corporation, has become the first financial institution in the MENA (The Middle East and North Africa) region to join the R3 blockchain consortium. Sal Al Waary, deputy group CEO of Bank ABC stated:
“We are privileged to be part of this prestigious consortium of international banks and financial institutions, which is spearheading a pivotal change in the industry.”
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