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Cryptocurrency End of Day Recap

Jun 06, 2018

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  • Van Eck Associates and SolidX Partners proposed an ETF to the SEC today that will be physically-backed by Bitcoin (BTC). This year, the SEC has already denied over ten similar applications for Bitcoin (BTC) ETFs. The regulators stated that high volatility, a lack of liquidity and a lack of regulation are some reasons for earlier rejections. The proposed ETF will base its price from regulated trading firms and will be insured by a group that has not yet been announced
  • Binance has revealed that the company has set up a bank account in Malta. Binance is the world’s largest cryptocurrency exchange with USD$1.47bn in trading volume in the past 24-hours. The exchange is now a step closer to offering fiat-to-crypto deposits and withdrawals on its platforms. Additionally, Binance has spoken with Malta’s traditional equity exchange about a possible collaboration in the future
  • SEC Head, Jay Clayton stated today that sales of security-like tokens must follow the law. Specifically, “If you have an ICO or a stock, and you want to sell it in a private placement, follow the private placement rules. If you want to do any IPO with a token, come see us.” The SEC mentioned how if an investor purchases a digital asset and a return on investment is expected, then that token is a security and can be regulated by the SEC
  • Coinmint announced it has begun operations at its new crypto mining facility in New York. The firm is already mining cryptocurrencies including Bitcoin (BTC), Dash (DASH) and Ethereum (ETH). Currently, USD$50mm has been invested into the site. The firm will invest up to USD$700mm which will create an estimated 150+ jobs over the next year and a half. Full capacity at the site will be reached within the next year. The New York Power Authority has approved the allocation of 15,000 kilowatts of hydroelectric power for the mining site