Institutional investors are here
Fidelity Investments, one of the world’s largest financial institutions with over $7.2 trillion under management, will soon buy and sell Bitcoins for its customers.
“We built a lot of the capabilities underlying this platform months and years ago.”
As a result, the company began offering bitcoin custody services to its clients on Mar. 8, 2019. Now the Boston-based firm is planning to offer over-the-counter trade execution and order routing for Bitcoin. The move came after a recent study which revealed that 47% of institutional investors think digital assets are worth investing in.
Arlene Roberts, Fidelity’s Vice President of External Communications, added in an email:
“We currently have a select set of clients we’re supporting on our platform. We will continue to roll out our services over the coming weeks and months based on our clients’ needs, jurisdictions, and other factors. Currently, our service offering is focused on Bitcoin.”
Bitfinex’s One Billion Dollars Token Sale
The utility token will be called LEO and it will be used to reduce crypto to crypto trading fees on the platform as well as as lending, derivatives, withdrawal, and deposits fees.
LEO will first be offered to private investors and if there is any allocation left it will be opened to the public around May 10. Mr. Dong implied that 60% of the tokens have already been sold by stating that a sum of $600 million has already been raised in private through verbal commitments.
As mentioned in the reports, Zhao had suggested that Bitfinex launch a token offering, in order to help solve its $850 million issue, which was brought up by the New York Attorney General’s Office in a lawsuit.
Bitfinex intends to buy back the tokens on a monthly basis at market price, with 27% profits from the previous month and reserves the right to buy back the tokens within 18 months after its funds are unfrozen.
Around 95% of the unfrozen funds will be used to redeem and burn the LEO in an equivalent amount and even if the seized money cannot be retrieved, the company believes that it will be able to buy back all of the tokens within 4 years.
Tyler Winklevoss, the co-founder and CEO of crypto exchange Gemini, has announced that the company will be giving away 1 Bitcoin to the person with the best picture of the Gemini Crypto Bus. Anyone who is able to spot the Gemini Crypto Bus in San Francisco, Chicago, or Washington D.C can participate by replying to Tyler’s tweet with the photo and the hashtag #CryptoBus. Contestants will have until May 11, 2019, at 4:00 ET to participate.
So far 115 people have replied to Tyler’s tweet, but just a few managed to follow the requirements for the contest. The Winklevoss twin has been engaging with the participants, even replying to a tweet:
“That’s a great shot! Love the lighting!.”
It remains to be seen who the winner will be.
The contest appears to be related to a crypto awareness campaign the Winklevoss twins launched in January 2019. The initiative involves developing progressive crypto regulations, in order to adhere to best practices.
- Source: First Appeared Here
- Published Time: 2019-05-06 17:46:38
The views and opinions expressed in the article Fidelity goes all in crypto, Bitfinex to launch an IEO, how to Win 1 BTC do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research..
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