The Crypto Roundup: 12 May 2021

Latest price and news from the crypto space

Latest price from our hand picked list of digital assets

The U.S. Securities and Exchange Commission (SEC) has reportedly hinted that bitcoin’s volatility may mean it’s not ready to support an exchange-traded fund (ETF).

Peter Thiel-backed Palantir Technologies has started accepting bitcoin as a payment method from its customers. The company’s CFO, Dave Glazer, said investing in bitcoin as a treasury reverse asset is “definitely on the table.”

Block.one, the company behind the EOSIO software, is launching a cryptocurrency trading platform that will combine the attributes of traditional exchanges with the benefits offering in the decentralized finance space.

Zug-based cryptocurrency payments specialist and over the counter (OTC) liquidity provider FNTX Capital Suisse has partnered with Portuguese property developer 355 Developments to let its users buy condos with Dogecoin (DOGE).

Sponsored: Invictus Capital, the alternative investment firm offering a range of dollar-denominated backed blockchain-based investment funds, has so far offered investors unparalleled returns. In the last year the top-performing funds, Crypto20 and Crypto10 Hedged, have achieved an increase of 979% and 441% respectively, and the Invictus Margin Lending (IML) fund boasted an industry-leading performance of 20% APY.

Top stories in the Crypto Roundup today:

SEC Staff Hints Bitcoin’s Market Volatility Means It’s Not Ready for an ETF
Palantir Starts Accepting Bitcoin Payments, Mulls BTC Investment
Block.one Launches Crypto Exchange With $10 Billion in Funding
Dogecoin Can Now Be Used to Pay for Portuguese Real Estate
Sponsored: Learn More About Invictus Capital's $10,000 Giveaway

SEC Staff Hints Bitcoin’s Market Volatility Means It’s Not Ready for an ETF

The U.S. Securities and Exchange Commission (SEC) has reportedly hinted that bitcoin’s volatility may mean it’s not ready to support an exchange-traded fund (ETF).

According to a staff statement published by the Division of Investment Management, the SEC sees bitcoin as a “highly speculative” asset, but it is monitoring the digital asset space and looking for input on it.

The statement also warned that investors in mutual funds trading bitcoin futures may be taking on more risk than they realize. Mutual funds from Morgan Stanley and BlackRock have started diversifying into BTC through products like cash-settled bitcoin futures over the last few months.

ETFs, unlike mutual funds, cannot “prevent additional investor assets from coming into the ETF if the ETF becomes too large or dominant in the market, or if the liquidity in the market starts to wane.” The SEC’s staff will “closely monitor” mutual funds’ bitcoin positions, it adds.

Palantir Starts Accepting Bitcoin Payments, Mulls BTC Investment

Palantir beat first-quarter revenue estimates after making large deals with government agencies and large corporations. Its shares dipped ahead of the announcement but moved up nearly 10% in premarket trading.

If it does invest in BTC, it would not be the first big data company to hold cryptocurrency on its balance sheet. Competitor MicroStrategy has invested over $2 billion to buy 91,579 bitcoin, which are now worth over $5 billion.

While Glazer did not elaborate on a potential investment timeline, he noted the company has $151 million in adjusted free cash flow that could go toward bitcoin and “other investments.”

Block.one Launches Crypto Exchange With $10 Billion in Funding

The exchange, Bullish Global, is launching with $10 billion in funding, including 164,000 BTC worth about $9.7 billion, 20 million EOS worth around $260 million, and $100 million in cash. Through a funding round, the company raised another $300 million.

Bullish Global is set to offer automated market making, lending, and portfolio management tools to its users to “deliver functionality that has previously been monopolized by incumbent players in traditional finance, while driving deeper liquidity to digital assets. “

It will reportedly use EOSIO software and the EOS Public Blockchain to “produce a cryptographically validated, provable, and immutable audit trail of all transactions processed on the Bullish platform.”

Dogecoin Can Now Be Used to Pay for Portuguese Real Estate

The new real estate initiative is led by David Rabbi, co-founder of 355 Developments. Rabbi, along with FNTX co-founder Israel Bitton, leveraged a network of fiat-friendly banking and settlements services to help clients accept cryptocurrency payments and cross-border transaction settlements.

The partnership allows crypto holders to buy luxury homes in Lisbon with their digital assets, including DOGE. Purchases are executed via FNTX’s ‘Real Estate Exchange’ platform, which is updated in real-time with cryptocurrency pricing for each listed property.

Historically, large crypto purchases have been complicated because of the conversion to fiat, taxes, and bureaucracy. David Rabbi said:

“What ultimately takes place now will say a lot about the future of both the property business, the world’s largest asset class and blockchain industry.”

The announcement comes after the prices of several cryptoassets skyrocketed. To FNTX, this could mean “some crypto investors may choose to diversify into real estate.”

Learn More About Invictus Capital's $10,000 Giveaway

Invictus Capital, the alternative investment firm offering a range of dollar-denominated backed blockchain-based investment funds, has so far offered investors unparalleled returns. In the last year the top-performing funds, Crypto20 and Crypto10 Hedged, have achieved an increase of 979% and 441% respectively, and the Invictus Margin Lending (IML) fund boasted an industry-leading performance of 20% APY.

The total assets under management (AUM) of funds managed by the company's team of veteran investment professionals peaked at $112 million in February, and ended the quarter at just over $100 million — a 50% growth over the quarter. The InvictusCapital.com token (ICAP), which allows loyal investors the chance to share in Invictus Capital’s success, has appreciated over 400% since its launch in Q1 this year.

As part of the company’s broader plan to become a global leader in alternative asset investing, Invictus has integrated Binance Smart Chain based assets for fund investments. This integration solves the pain of high fees associated with using Ethereum and Bitcoin.

To celebrate the newly launched Binance Smart Chain (BSC) feature, a $10,000 giveaway will be distributed randomly to ten lucky users.

The promotion starts on 30 April 2021 and ends on 31 May 2021 at 11:59 GMT and it’s not available to U.S. residents. Read more about the promotion rules here.

Disclaimer:

Cryptocurrency trading involves high risk, and is not suitable for all investors. Before deciding to trade cryptocurrencies, tokens or any other digital asset you should carefully consider your investment objectives, level of experience, and risk appetite.

Its content does not constitute financial advice. Please remember that the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. If you are unsure of the suitability of your investment please seek advice.