Crypto Offerings Launch by Major Investment Bank, Asset Manager and Insurer

By Keith R. Murphy According to a recent report, a major multinational investment bank and financial services firm is now allowing its investment advisors to

Major Investment Bank Now Allowing Advisors to Pitch Bitcoin ETFs to Some Clients

In related news, a major U.S. crypto asset manager has announced the launch of two new investment trusts, tracking the Bittensor and Sui tokens, respectively, according to a recent press release. Head of Product Research at the company stated in the release, “We are excited to add Bittensor and Sui to our product suite, and believe Bittensor is at the center of the growth of decentralized AI, while Sui is redefining the smart contract blockchain.” The two trusts are available for daily subscription by qualified individual and institutional accredited investors, according to the press release.

Finally, a well-known U.K.-based insurance and reinsurance marketplace is now backing protection policies for digital assets arranged on the Ethereum blockchain, according to a recent report. The policies can be paid for on-chain using cryptocurrency, according to the report, and can benefit by utilizing a blockchain to streamline intermediary-heavy paperwork. The CEO for one of the marketplace’s coverholders is quoted in the report as stating, “Whether it’s to pay in USDC or native crypto, or to place policies completely on-chain with the blockchain helping coordinate between a broker, the insured, and the insurers, we think this is a seminal piece of infrastructure.”

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Foreign Crypto Companies Launch Products; $1B in Tokens Set to Unlock

By Robert A. Musiala Jr.

According to recent reports, Gibraltar-based Xapo Bank has launched banking services in the U.K. that offer customers the ability to earn interest on accounts holding bitcoin (BTC). The accounts also allow customers to send transactions valued up to 1 million British pounds and make payments to U.K.-based crypto wallets and bank accounts, according to the reports. The new offering was launched after Xapo completed a regulatory process of “passporting” its Gibraltar banking license to the U.K.

In more foreign-based news, cryptocurrency exchange Bitstamp has announced a partnership with a major U.S. fintech company to enable the company’s “fiat-to-crypto onramp” across the EU, according to a recent press release. The press release notes that the collaboration “brings together two of the most trusted and reliable fintech brands in the world, allowing consumers across the EU to easily purchase cryptocurrencies directly.” According to the press release, developers can integrate the U.S. company’s “crypto onramp directly into their products with just a few lines of code, while [the company] and Bitstamp handle the underlying complexity.”

A recent report highlights that nearly $1 billion in token project unlocks are expected to occur in the month of August. Some of the more notable expected unlocks include:

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Reports Provide New Data on Growth of Stablecoin Market

By Robert A. Musiala Jr.

A major U.S. cryptocurrency exchange recently published a report analyzing the current role of stablecoins in the global payments system. The report’s findings include the following:

(1) The stablecoin market settled more than $10.8M worth of transactions in 2023, or $2.3T excluding “inorganic” activity, like bots or automated transactions.

(2) Stablecoin volumes are growing by 17 percent year over year.

(3) Stablecoins are increasingly being used to construct robust payment systems on crypto rails, facilitating remittance payments and streamlining cross-border transactions.

(4) The average cost of sending $200 is still 6.35 percent of the transfer amount globally, while comparatively, the average transaction cost of sending remittances using stablecoins is 0.5 percent to 3.0 percent of the transfer amount.

(5) Today stablecoins are primarily used to allow crypto investors to trade in and out of digital assets on both centralized and decentralized exchanges.

Tether, the issuer of the USDT stablecoin, recently published a blog post releasing the company’s Q2 2024 attestation and Consolidated Financials Figures and Reserves Report. Among other things, the blog post states that the company reported $5.2 billion in profit in the first half of 2024. The blog post also states that Tether holds over $97.6 billion in direct and indirect ownership of U.S. Treasuries. According to the blog post, that figure would rank Tether as 18th among countries holding U.S. Treasuries.

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NY DA and FBI Address Crypto Scams, Report Analyzes Tornado Cash Sanctions

By Christopher Lamb

According to a recent press release, the Manhattan District Attorney’s (DA) Office has announced charges against an individual for stealing from customers of Coin Dispute Network, a sham cryptocurrency asset recovery business. According to the release, after collecting a fee to trace and recover

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