Wells Fargo and JPMorgan have both registered a Bitcoin fund with the U.S. Securities and Exchange Commission (SEC). Both have partnered with the New York Digital Investment Group (NYDIG) on the offerings.

Nasdaq-listed cryptocurrency exchange Coinbase has received approval from its board to purchase over $500 million worth of cryptocurrency for its balance sheet.

BlackRock, the $9 trillion multinational investment manager, has invested over $380 million in two bitcoin mining firms, according to filings with the SEC.

Sponsored: The Aventus Network (AvN), a 2nd-layer blockchain protocol is set to close round two of its Validator Registration Program to Aventus Token (AVT) holders at full capacity. This follows the announcement of a new partnership with gaming social network, fruitlab.

Top stories in the Crypto Roundup today:

• Wells Fargo and JPMorgan Launch Bitcoin Funds
• Coinbase to Add $500 Million Worth of Crypto to its Balance Sheet
• BlackRock ETFs Invested in Bitcoin Mining Firms
• Crypto Market Movers – AUDIO; AVAX, LUNA
• Sponsored: Aventus Staking Program Now More Than 80% Full As Aventus Partners with fruitlab

Wells Fargo, JPMorgan Launch Bitcoin Funds

Wells Fargo and JPMorgan have both registered a Bitcoin fund with the U.S. Securities and Exchange Commission (SEC). Both have partnered with the New York Digital Investment Group (NYDIG) on the offerings.

Wells Fargo is set to get an unknown percentage of sales through two subsidiaries, Wells Fargo Clearing Services, and Wells Fargo Advisors Financial Network. JPMorgan will also be receiving a percentage through subsidiaries, but at the time of filing, neither fund had any sales.

Both megabanks have been slowly embracing cryptocurrencies, with JPMorgan cautiously recommending investors consider adding BTC to their portfolios in small allocations. They have also been hedging their bets by investing in crypto startups.

Coinbase to Add $500 Million Worth of Crypto to its Balance sheet

Nasdaq-listed cryptocurrency exchange Coinbase has received approval from its board to purchase over $500 million worth of cryptocurrency for its balance sheet.

According to its CEO Brian Armstrong, the firm will also be investing 10% of all its future profits in cryptocurrency while expecting “this percentage to keep growing over time as this crypto economy matures.”

A blog post published by Coinbase’s chief financial officer, Alesia Haas, notes that the purchases would include Ethereum and other assets tied to the decentralized financial world. It reads;

"We will become the first publicly traded company to hold Ethereum, Proof of Stake assets, DeFi tokens, and many other crypto assets supported for trading on our platform, in addition to Bitcoin, on our balance sheet."

 Over the last few months Coinbase has helped companies like MicroStrategy and Tesla make large cryptocurrency purchases.

BlackRock ETFs Invested in Bitcoin Mining Firms

BlackRock, the $9 trillion multinational investment manager, has invested over $380 million in two bitcoin mining firms, according to filings with the SEC.

A June 30 filing reveals BlackRock owns 6.71% of Marathon Digital Holdings (MARA) and 6.61% of Riot Blockchain (RIOT). The firm purchased nearly $207 million worth of Marathon and $176 million worth of Riot, for a total above $380 million.

Data shows BlackRock’s iShares Russell 2000 ETF holds more shares in Marathon and Riot than any other ETF.

These are notably not the firm’s first investments in the cryptocurrency sector, as an earlier application revealed two of its fund were eyeing cash-settled Bitcoin futures contracts. It was then revealed its BlackRock Global Allocation Fund had bought 37 BTC futures contracts from the Chicago Mercantile Exchange.

Crypto Market Movers – AUDIO, AVAX, LUNA

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Audius (AUDIO) - Audius is creating a decentralized & open-source streaming platform controlled by artists, fans, & developers. It provides users with the tools to gather their fans base, share work in progress and then publish their completed tracks for all the world to hear.

Avalanche (AVAX) - Avalanche is an open-source platform for launching decentralized finance applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Developers who build on Avalanche can easily create applications and custom blockchain networks with complex rulesets or build on existing private or public subnets.

Terra (LUNA) - Terra aims to build a new financial infrastructure that works better for everyone. The network is powered by a family of stablecoins, each pegged to major fiat currencies all algorithmically stabilized by Terra’s native token, Luna. Terra’s mission is to set money free by building open financial infrastructure

Aventus Staking Program Now More Than 80% Full As Aventus Partners with fruitlab

The Aventus Network (AvN), a 2nd-layer blockchain protocol is set to close round two of its Validator Registration Program to Aventus Token (AVT) holders at full capacity.

This follows the announcement of a new partnership with gaming social network, fruitlab.

Aventus will securely execute all fruitlab token transactions a minimum of ten million historic PIP transactions on top of the expected half a million new transactions per month. Transaction fees will be processed via the Aventus Network bringing rewards for Aventus Network validators and a scalable, long-term framework for fruitlab’s community. 

For the integrity of the Aventus Network, as with all new partners, fuitlab will buy the necessary quantity of Aventus Tokens required to process all transactions.

The Aventus Network currently runs 10 nodes with a stake of 250,000 AVT each, meaning a total of 2.5m of 10m total supply can be staked.

There is currently less than 500,000 remaining AVT that can be staked before the program reaches capacity.

The AvN relies on AVT holders acting as validators, processing transactions in return for a fee that averages $0.01 per transaction. Validators earn their share of fees from 18.5m historic transactions plus approximately 1 million ongoing each month from partners including Live Nation France, fruitlab, cashbackAPP and more.

At more than 80% full, the program will close to new stakers soon.

To register for round two of the AvN Validator Registration Program, visit here.

You will also find a step-by-step staking guide here.

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