CoinSharesa leading digital asset investment company, has announced that it has signed a strategic partnership with Valkyrie Investments, a US-based company that offers several exchange-traded products (ETPs) in the crypto space. As part of the deal, CoinShares has secured an option to acquire the ETF unit of Valkyrie, which is currently awaiting approval from the US Securities and Exchange Commission (SEC) to launch a bitcoin ETF.
The partnership aims to leverage CoinShares' experience in the European ETP market, where it has over $5 billion in assets under management, and Valkyrie's experience in the US market, where it has filed for several innovative crypto ETPs, including a bitcoin futures ETF, a bitcoin mining ETF, and a decentralized finance (DeFi) ETF. The two companies will collaborate on product development, distribution and marketing in both regions.
CoinShares CEO Jean-Marie Mognetti said: “We are delighted to partner with Valkyrie, a company that shares our vision of offering innovative and accessible investment products to investors around the world. We believe the US market is ripe for growth in the crypto ETP space, and we are excited to have the option to acquire Valkyrie's ETF unit, which has a strong track record of filing for cutting-edge products and navigating the complex regulatory landscape. "
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Valkyrie CEO Leah Wald said: “CoinShares is a pioneer and leader in the crypto ETP industry, and we are honored to join forces with them. We have been impressed with their product offerings, regulatory compliance, and commitment to investor education and protection. “We look forward to working together to bring more innovation and value to our customers and the broader crypto ecosystem.”
AVAX from Avalanche and NEAR from Near Market Performance
The past week has been bullish for the cryptocurrency market, with several coins hitting new highs. Among them, two projects stand out for their impressive performance: Avalanche and Near Protocol. Both are smart contract platforms that aim to offer scalability, security and interoperability for decentralized applications. In this blog post, we will take a closer look at what drove up their prices and what their main features and benefits are.
Avalanche is a blockchain network that uses a novel consensus mechanism called Snowman, which allows for fast and low-cost transactions. It also supports multiple virtual machines, including the Ethereum Virtual Machine (EVM), meaning it is compatible with existing Ethereum applications and tools. Avalanche claims to be able to process over 4,500 transactions per second, compared to 15-30 for Ethereum. It also has a native token called AVAX, which is used to pay fees, secure the network, and participate in governance.
Near Protocol is another blockchain network that leverages sharding to achieve high scalability and low latency. It also uses a proof-of-stake (PoS) consensus algorithm that rewards validators for securing the network. Near Protocol supports cross-chain communication and interoperability with other blockchains, such as Ethereum and Polkadot. It also has a native token called NEAR, which is used for paying fees, staking, and governance.
Both Avalanche and Near Protocol have seen an increase in demand and adoption over the past week, thanks to several factors. One of them is the launch of new decentralized applications (DApps) and decentralized exchanges (DEX) on their platforms, such as Trader Joe on Avalanche and Aurora on Near Protocol. These DApps offer users access to various financial services, such as lending, borrowing, trading, and farming, with lower fees and faster transactions than on Ethereum.
Another factor is the integration of its tokens with major centralized exchanges (CEX) and wallets, such as Coinbase, Binance, and Ledger. This increases the liquidity and accessibility of your tokens, as well as your exposure to new users and investors. Furthermore, both projects have announced partnerships and collaborations with other prominent players in the crypto space, such as Chainlink, Graph Protocol, and SushiSwap, which enhance their functionality and usefulness.
As a result of these developments, both AVAX and NEAR have experienced significant price appreciation over the past week. According to CoinGecko, AVAX is up 67% in the last seven days. Similarly, NEAR is up 62% in the last seven days, as of November 18. Both tokens are among the top 20 cryptocurrencies by market capitalization, with AVAX at number 11 and NEAR at number 18 at the time of writing.
The outlook for both projects remains positive as they continue to innovate and attract more users and developers to their ecosystems. They also benefit from the overall bullish sentiment in the cryptocurrency market, driven by factors such as institutional adoption, regulatory clarity, and technological innovation. However, they also face challenges and risks, such as competition from other smart contract platforms, regulatory uncertainty, and market volatility. Therefore, investors should do their own research and exercise caution before investing in any cryptocurrency.
Boyaa Game Company will acquire $90 million in Bitcoin and Ethereum
Boyaa, China's leading board and card games company, announced that it will invest $90 million in Bitcoin and Ethereum, two of the most popular cryptocurrencies in the world. The company said this move is part of its strategic plan to diversify its assets and explore new opportunities in the digital economy.
Boyaa, founded in 2004, has developed and published more than 100 online games, including Texas Hold'em Poker, Mahjong, Chess and Dominoes. The company has more than 600 million registered users and operates in more than 10 countries and regions. Boyaa has also been listed on the Hong Kong Stock Exchange since 2013.
According to Boyaa CEO Zhang Wei, the decision to invest in Bitcoin and Ethereum was based on careful research and analysis of the cryptocurrency market. He said Bitcoin and Ethereum have shown strong growth potential and resilience in recent years, despite volatility and regulatory challenges. He also said that Boyaa believes that cryptocurrencies will play a key role in the future of finance, gaming and entertainment.
Mr. Zhang added that Boyaa will allocate $50 million to Bitcoin and $40 million to Ethereum, and that the company will use its own funds to purchase the cryptocurrencies through an accredited platform. He said Boyaa will hold the cryptocurrencies for a long-term period and will not sell them unless there is a significant change in market conditions or the company's strategy.
Boyaa's announcement has attracted a lot of attention and praise from the cryptocurrency community, as well as its own users and partners. Many analysts have commented that Boyaa's investment in Bitcoin and Ethereum is a smart and bold move that will improve its competitiveness and innovation. They also said that Boyaa's investment will boost confidence and adoption of cryptocurrencies in China and beyond.
China's largest card and board game company Boyaa recently announced its financial results for the third quarter of 2023. The company reported revenue of 1.2 billion yuan, an increase of 15% from the same period of the year past. Net profit was 320 million yuan, an increase of 20% over the same period last year. The company attributed its growth to the strong performance of its flagship products, such as Texas Hold'em Poker, Mahjong and Chess.
Boyaa also revealed its plans to expand its overseas markets, especially in Southeast Asia and Europe, where it has established partnerships with local game platforms and publishers. Boyaa CEO Li Wei said the company is confident in its future prospects and will continue to invest in research and development, marketing and user acquisition. He also said the company is exploring new opportunities in emerging fields, such as blockchain, artificial intelligence and cloud gaming.
China has been at the forefront of blockchain development and adoption, with its central bank digital currency (CBDC) project, the digital yuan, being one of the most advanced in the world. However, China's stance on cryptocurrencies has been less favorable, as the country has banned cryptocurrency exchanges and mining activities in recent years.
Despite these restrictions, there is still growing demand for cryptocurrency custody services in China, as institutional and retail investors look to access the global crypto market and diversify their portfolios. Crypto custody refers to the custody and management of digital assets, such as Bitcoin, Ethereum, and other tokens, by a third-party service provider.
Crypto custody is essential for the security and liquidity of digital assets as it reduces the risk of theft, loss or hacking that can occur when users store their own private keys. Crypto custody also allows users to access various financial services, such as lending, borrowing, betting, and trading, offered by decentralized platforms or centralized intermediaries.
However, cryptocurrency custody is not without challenges, especially in China. The regulatory environment is uncertain and evolving, as authorities seek to balance innovation and risk management. Technical standards and best practices are still developing as the industry matures and adapts to new technologies and protocols. Competition in the market is fierce and fragmented, as both domestic and foreign players compete for a share of the lucrative and growing market.
