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Bitwise Launches Bitcoin Fund, Driven by Client Interest

December 6, 2018 |

Bitwise Launches Bitcoin Fund, Driven by Client Interest

Bitwise Asset Management has launched two new cryptocurrency funds, one of which only invests in BTC. The launch “is driven by inbound client interest and investor dissatisfaction with existing options,” the company says. The market downturn has also given investors “a unique opportunity to enter the market at prices many thought we’d never see again.”

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Two New Funds

Bitwise Launches Bitcoin Fund Driven by Client InterestBitwise Asset Management announced on Wednesday that it has launched two new funds: the Bitwise Bitcoin Fund and the Bitwise Ethereum Fund. The former only holds BTC and the latter only ETH, in addition to “any meaningful hard forks and air drops,” the company states. According to the announcement:

The launch of the funds is driven by inbound client interest and investor dissatisfaction with existing options, many of which carry premiums, charge exit fees, have lockups, and/or charge expenses to the fund outside the stated management fee.

Bitwise Launches Bitcoin Fund Driven by Client InterestThe company explained that 100 percent of the funds are held in cold storage. Kingdom Trust is the custodian of both funds. Contributions to the bitcoin fund can only be done by “U.S. bank wires and BTC,” Bitwise’s website shows.

Starting on Wednesday, two share classes are available for both funds. The first, aimed at institutional investors, has “an all-in expense ratio of 1.0% and a minimum investment of $ 1 million,” the company described. The other has “an all-in expense ratio of 1.5% and a minimum investment of $ 25,000.” Subscriptions and redemptions are accepted every Wednesday, “with no lockups, withdrawal fees, or performance fees,” the announcement details.

Existing Index Funds

Current constituents of Bitwise 10 Index.

The two funds launched on Wednesday are the company’s second and third strategies, the announcement clarifies, adding that the first is “the broad-market Bitwise 10 Private Index Fund.” This fund tracks the cryptocurrencies in the Bitwise 10 Index, “which is a basket of the largest coins, weighted by 5-year diluted market capitalization and rebalanced monthly,” its website describes. The constituents of this index are currently BTC, XRP, ETH, XLM, BCH, EOS, LTC, ZEC, XMR, and DASH.

In addition to the Bitwise 10 Index, the company has three other indices: the 20 mid cap, the 70 small cap, and the 100 total market.

Furthermore, the company has partnered with Morgan Creek Capital Management to offer investors another index fund called Digital Asset Index Fund. According to its website, this fund “tracks the Morgan Creek Bitwise Digital Asset Index.” Its current constituents are BTC, ETH, BCH, EOS, LTC, ZEC, XMR, DASH, IOTA, and NEM.

Bitwise Launches Bitcoin Fund Driven by Client Interest
Current constituents of Digital Asset Index Fund.

Clients Are Interested

Bitwise CEO Hunter Horsley commented:

The 68% drawdown in bitcoin prices this year has given investors a unique opportunity to enter the market at prices many thought we’d never see again.

He added that, while “an ETF [exchange-traded-fund] has not yet been approved, investors and advisors like the fund format because it’s professionally managed and simplifies access to best-in-class custody, trading, reporting, and tax preparation, and allows for the safe capture of events like hard forks and airdrops.”

The company’s global head of research elaborated:

Our clients have been adding to their positions throughout the downturn, and many who’ve been following the space for a while are using this opportunity to finally come in.

What do you think of Bitwise’s various crypto funds? Let us know in the comments section below.


Images courtesy of Shutterstock, Morgan Creek Capital Management, and Bitwise Asset Management.


Need to calculate your bitcoin holdings? Check our tools section.

The post Bitwise Launches Bitcoin Fund, Driven by Client Interest appeared first on Bitcoin News.

Bitcoin News

Dow jumps 617 points: Stocks surge on hopes the Fed will slow its interest rate hikes

November 28, 2018 |

U.S. stocks rocketed to their biggest gain in eight months Wednesday after Federal Reserve Chairman Jerome H. Powell hinted that the Fed might not raise interest rates much further. The Dow Jones industrial average surged 617 points.

Powell’s remarks relieved investors who feel the 9-year-old bull…


L.A. Times – Business

Federal Reserve will keep raising interest rates when and only when it’s right, Powell says

November 28, 2018 |

Federal Reserve Chairman Jerome H. Powell is under pressure from President Trump and investors to slow interest-rate hikes, but that pressure doesn’t seem to be swaying him. In a speech Wednesday, he noted that rates remain historically low and reiterated that the central bank will continue raising…


L.A. Times – Business

PR: MoneyToken Allows You to Earn 8% in Interest on Your Stable Coins – Consistently

November 8, 2018 |

MoneyToken Allows You to Earn 8% in Interest on Your Stable Coins - Consistently

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

For those who exist anywhere near the crypto scene, it’s obvious that if it had fashion trends – this season would be all about stablecoins.

With crypto investors choosing in favor of holding their crypto assets more and more, and investing into what seems to be the safest options on the market, we see a consistent growth of capitalization, and a drive for transparency in stablecoins – and this sentiment shows no signs of abating anytime soon.

But what is usually the motivation behind converting to stablecoins? Sitting it out “in safety” for the next rally, ready to get back into more highly volatile assets?

Well, now there is an option that allows you to put these assets to good use, and if you play your cards right, make an entirely risk-free profit while you are in the waiting game.

This Monday, MoneyToken, a crypto-backed lending platform, announced that they are launching an opportunity that is just that – a program allowing clients to become lenders and contribute to the MoneyToken credit fund, earning 8% annually from the amount deposited.

The team, lead by former Goldman Sachs employee Alex Rass, completed a $ 37M cap Token Sale in June; several sources close to the MoneyToken management team are claiming that, allegedly, the Lender membership program is being rushed through to launch, due to the company’s credit fund being wholly taken up with active loans, especially as a result of the runaway success of their 0% loans membership sales and the demand for crypto-backed loans this generated.

Putting rumour aside, what is clear is that the MoneyToken lender membership program is providing something truly unique – allowing members the opportunity to put their stablecoins to use just like any traditional currency and collecting interest, pushing crypto another step further in terms of financial convenience.

For the most careful and strategic of investors who aren’t looking to engage in a high-risk market with a high share of uncertainty; crypto funds not in possession of low-risk assets; and ICOs that have converted their collected funds to stable coins, MoneyToken acts like a form of treasury; an investment, which is backed twice-over by the collateral, with interest rates sitting at two to four times more than bank deposits in even the most client-oriented establishments and developed countries.

All the lender’s funds are backed in a 2:1 ratio, deposited to a separate fund in order to be able to issue loans right away, and ensuring the quickest interest rate return possible. Depending on whether the user holds IMT, the MoneyToken token, they’re looking at anywhere from 6.5% to 8% interest per annum.

If you’d like to deposit crypto as a lender, your options currently are Tether (USDT), Circle (USDC), which has MoneyToken listed as one of their partners in the first wave of adoption, and TrueUSD – all the most popular stable coins on the market.

Lender Registration is available right now, by filling in the application form on the MoneyToken platform website.

If you’re looking to turn your passive stablecoins into an active source of income this might just be the moment.

Join the MoneyToken Lender’s program here – https://moneytoken.com/become-a-lender

Contact Email Address
james.hendersonmt@gmail.com
Supporting Link
https://moneytoken.com/

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: MoneyToken Allows You to Earn 8% in Interest on Your Stable Coins – Consistently appeared first on Bitcoin News.

Bitcoin News

Tester Re-Elected Despite Trump’s ‘Personal Interest’

November 7, 2018 |

Jon Tester has been re-elected to the Senate. The Montana Democrat beat Republican Matt Rosendale, the state auditor, to win his third term. President Trump had taken what the AP calls a “personal interest” in defeating Tester, visiting Montana to campaign against him at four rallies, plus sending his eldest…
Newser

The Daily: Nexo to Pay Interest on Stablecoins, Startups Launch Bank Services

October 31, 2018 |

The Daily: Nexo to Pay Interest on Stablecoins, Crypto Startups Launch Services for Banks

In this edition of The Daily, we cover Nexo’s recent decision to pay interest on stablecoin holdings, as well as a project by two Swiss cryptocurrency companies to offer exchange and custodial solutions for financial institutions that handle digital assets. We also look at Bitfinex’s newly updated app for “on-the-go” traders. 

Also read: Security Startup Raises $ 30M, Crypto Used to Fight Plastic Pollution

Nexo Announces 6.5 Percent
Interest Rate on Stablecoin Holdings

Nexo, a cryptocurrency loans service, said this week that it’s going to offer interest payments on several leading stablecoins. When stored on the platform, trueusd (TUSD), gemini dollar (GUSD), paxos standard (PAX), Circle’s usdcoin (USDC), and Maker’s dai (DAI) will generate a 6.5 percent interest rate for those holding the currencies.

According to an announcement on Twitter, Nexo will also guarantee a one-to-one conversion to U.S. dollars on any major stablecoin for all liquidity providers. The company claims this is a unique service on the market.

The Daily: Nexo to Pay Interest on Stablecoins, Startups Launch Services for Banks

After recently adding bitcoin cash (BCH), litecoin (LTC) and ripple (XRP), the cryptocurrency lending platform now supports seven digital currencies, including bitcoin core (BTC), ethereum (ETH) and binance coin (BNB), as well as its own token, Nexo. It accepts the coins as collateral for instant cryptocurrency-backed loans.

The APR for the loans is set at 16 percent, but a preferential rate will be applied when the native token is used as collateral. The platform will distribute 30 percent of its profits to Nexo holders, as part of the company’s first dividend payment in December.

Metaco and SCX Offer Exchange
and Custodial Services to Banks

The Daily: Nexo to Pay Interest on Stablecoins, Startups Launch Services for BanksTwo fintech companies in Switzerland have teamed up to launch new exchange and custodial services for digital assets. Metaco, a provider of secure blockchain infrastructure, and trading platform Swiss Crypto Exchange (SCX) plan to offer their solutions to banks and other regulated custodians.

The new system developed by SCX is designed to directly connect banks in order to eliminate risks associated with the storage of assets on cryptocurrency exchanges. Silo, Metaco’s custodial infrastructure solution, is integrated with SCX and is expected to enable secure and reliable cryptocurrency trading. The two companies claim there is no central point of failure with its new system.

While SCX is still a centralized marketplace, it will now work with decentralized custody providers. The cryptocurrency exchange will provide liquidity and technology to new ecosystems built by banks. The traditional financial institutions will be responsible for maintaining their custodial activities through Silo. Metaco’s cryptocurrency storage solution, which was announced in January of this year, has been developed in cooperation with data security agency Guardtime.

Bitfinex Releases Updated Mobile Trading App

Cryptocurrency exchange Bitfinex has launched its updated mobile application, which supports the latest features of the iOS and Android operating systems. In terms of functionality, the developers have tried to provide users with an experience that’s similar to the one they expect from the platform’s main website. The app now offers two landing pages, for trading and funding, respectively. Users can customize their favorites, orders, pairs and trading history, as well as the widgets on each page.

The Daily: Nexo to Pay Interest on Stablecoins, Startups Launch Services for Banks

The Hong Kong-based trading platform said in a blog post that the updated software supports both vertical and horizontal layouts, as well as iPhone X and other smartphones with notches running across the top of their screens. “On-the-go” traders can run the app on multiple devices and their settings will be preserved. Bitfinex promises a more tablet-friendly experience and has said that users can now unlock the app with a fingerprint and face scan.

What are your thoughts on today’s news tidbits? Tell us in the comments section.


Images courtesy of Shutterstock, Nexo, Bitfinex.


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The post The Daily: Nexo to Pay Interest on Stablecoins, Startups Launch Bank Services appeared first on Bitcoin News.

Bitcoin News

PR: Debut of USDD – A Stable Coin That Pays You Interest

October 26, 2018 |

Debut of USDD - A Stable Coin That Pays You Interest

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

USDD – The world’s first dollar-backed and interest-bearing stable coin, with interest payments every 24 hours, will be officially released on October 31st by 55 Global Markets. The USDD value is 100% supported by a US dollar reserve, funds are held in trust for the benefit of tokenholders by PrimeTrust as trustee, a third-party trust company that has relationships with major US banks. Cohen & Company, a third-party independent accounting firm will conduct monthly examinations of management’s Trust Holdings Report in accordance with Statements on Standards for Attestation Engagements established by the American Institute of Certified Public Accountants. USDD supports highly efficient purchases and redemptions based on the 55 OTC market and DaoCoin infrastructure.

Investors are eager to find a transparent and efficient stable coin, as they expect not only to reduce the risk of market volatility, but also to obtain interest on the hedged investments and maximize the use of funds. Based on this demand, 55 Global Markets has used the DaoCoin (www.daocoin.money) infrastructure to issue a transparent and efficient interest-bearing stable coin, the USDD.

USDD has the following characteristics:

Automatic payment of interest every 24 hours

Once, every 24 hours, USDD interest is calculated and sent to the 55 wallet.

100% transparency with compliance supervision

The USDD value is 100% supported by a US dollar reserve. The funds are held in trust for the benefit of tokenholders by PrimeTrust (www.primetrust.com) as trustee, a third-party trust company that has relationships with major US banks. USDD is issued by the European licensee 55 Global Markets, which is strictly regulated.

Monthly Audits

Cohen & Company (www.cohencpa.com), a third-party independent accounting firm will conduct monthly examinations of management’s Trust Holdings Report, to achieve third-party review of fixed assets. Truthful, effective and with 100% redemption reserves.

Real time disclosure

The official website, usdd.55.com will disclose the reserve fund’s balance and the number of tokens in circulation in real time. Users can check the balance of the USDD account, total interest, interest already distributed, etc. at any time; all information is 100% transparent.

Highly effecient purchase/ redemption

With 55 Global Markets, users can choose to quickly convert USDT to USDD with the one-button no-fee feature, or use the fiat currency to obtain or sell USDD from the 55 OTC market. The DaoCoin infrastructure also supports highly efficient redemption.

55 Global Markets measurement stable currency

The USDD will be used as a measurement stable coin for 55 Global Markets platforms’ transactions with all tokenized assets and cryptocurrencies (including but not limited to BTC, ETH, FF, etc.)

55 Global Markets is a next-generation asset trading platform driven by blockchain technology. It established 6 sub markets facilitating exchange of various forms of token. 55 Global Markets target of transactions is not limited to crypto assets like BTC or ETH, it also diverts to pools of traditionally meaningful and broader liquidity, such as real estate, private equity, foreign exchange, precious metals and even individuals’time.

Based on strength of cooperation with the partners, any third-party business organization or individual can tokenize their assets or interests in the physical world. They can then enter the 55 Global markets Blockchain Token Exchange (B -Site), Local Business Token Exchange (L-Site), Personal Token Exchange (P-Site), Forex Token Exchange (F-Site) , Stock Token Exchange (S-Site), Commodity Token Exchange (C-Site), conducting worldwide round-the-clock trading.

Press Contact Email Address:
media@55.com

Supporting Link:
http://usdd.55.com

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: Debut of USDD – A Stable Coin That Pays You Interest appeared first on Bitcoin News.

Bitcoin News

Trump’s complaint that the Federal Reserve was ‘going loco’ on interest rates is just plain crazy, analysts say

October 12, 2018 |

The stock market tumbled Thursday for a second-straight session — a combined loss of nearly 1,400 points by the Dow Jones industrial average — and President Trump has been quick to finger the culprit:

The Federal Reserve, headed by his handpicked chairman, Jerome H. Powell.

“We have interest rates…


L.A. Times – Business

Stocks end mixed as interest rates take a pause

October 10, 2018 |

U.S. stock indexes ended Tuesday nearly where they began, as interest rates let off the accelerator following their sharp rise last week. But the modest moves for indexes masked some roiling underneath.

Raw-material producers plunged on worries that inflation and weaker demand are eating into their…


L.A. Times – Business

“Negative Interest” Is the Latest Government Scheme to Deter Saving

October 7, 2018 |

“Negative Interest” Is The Latest Government Scheme to Deter Saving

Sweden’s central bank has introduced a controversial new measure that will deter its citizens from saving. The oxymoronic “negative interest” now paid out on tax accounts is technically designed to stimulate the economy. In reality, all it will do is encourage people to spend rather than save, boosting government figures for economic growth while disadvantaging society. It’s merely the latest example of governments debasing their citizens’ savings in favor of debt-fueled consumerism.

Also read: Norway Establishes New Rules for Crypto Service Providers

Swedes Kiss Goodbye to Saving Incentives Thanks to Negative Interest

“Negative Interest” Is The Latest Government Scheme to Deter SavingOnline tax accounts are a popular saving scheme in Sweden that up until now has benefited people and politicians alike. The national saving program enables fiat savings to be placed in online accounts, which the government maintains on behalf of the people. To date, the initiative has been extraordinarily successful, encouraging Swedes to put away around 100 billion Swedish kronor (~$ 11 billion USD) while earning interest, and serving as a cheap source of capital for the government.

The introduction of negative interest, set at -0.5%, will give Swedes zero incentive to place their savings in the scheme, knowing that their wealth will be diminishing with each passing year. The official reasoning for the new policy is to stimulate the economy and encourage consumer spending. Born out of a global obsession with growth at all costs, this mindset has left billions with no real savings to speak of, and conditioned an entire generation to “spend now, pay back later”, racking up vast debt in the process.

Spend Now, Regret Later

“Negative Interest” Is The Latest Government Scheme to Deter SavingGovernments are meant to enact fiscal policies that will benefit their citizens and serve as a net good for the economy. But in a world which favors short-term gains over sustainable growth, saving money for tomorrow has become almost taboo. One of the factors behind Bitcoin’s rise is a collective weariness with debased national currencies from a populace given little incentive to accrue them. The growth of the property market can be interpreted as another example of people seeking refuge in one of the few stores of value available to them.

The extraordinary financial stimulus measure enacted in Sweden has actually been blessed by the International Monetary Fund, which in a recent statement opined that “clearer signs that inflation is on a sustained uptrend are needed before unwinding monetary accommodation [in Sweden]…at this stage an accommodative monetary stance remains appropriate.” As the FT reports, however, the country’s central Riksbank “has been accused of shirking responsibility to maintain financial stability, encouraging spiralling house prices and consumer debt.”

“Negative Interest” Is The Latest Government Scheme to Deter SavingLudwig von Mises, founder of the neo-Austrian School of Economics, first called this trend back in the early 20th century, writing of “The popularity of inflation and credit expansion, the ultimate source of the repeated attempts to render people prosperous by credit expansion…The boom is called good business, prosperity, and upswing. Its unavoidable aftermath, the readjustment of conditions to the real data of the market, is called crisis, slump, bad business, depression.” He continued:

People rebel against the insight that the disturbing element is to be seen in the malinvestment and the overconsumption of the boom period and that such an artificially induced boom is doomed.

This “malinvestment” – uneconomic decisions made due to perverse incentives – can be seen playing out in supposedly advanced economies, from Sweden to Japan, the UK to the US. Growth at all costs is the narrative of our time that must be relentlessly pursued. For so long as governments maintain a monopoly on money, they will be free to weaponize it to suit their own narrow agendas, no matter how much their self-serving policies may disadvantage the people. Should a mass exodus from fiat currencies to decentralized digital money ultimately occur, governments will only have themselves to blame.

Do you think governments deliberately discourage saving in their quest to stimulate consumer spending? Let us know in the comments section below.


Images courtesy of Shutterstock, and Wikipedia.


Need to calculate your bitcoin holdings? Check our tools section.

The post “Negative Interest” Is the Latest Government Scheme to Deter Saving appeared first on Bitcoin News.

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