February 26 – March 4, 2018 | Goldman Sachs, Walmart & More Crypto News

North iQ Weekly Newsletter is curated to provide insights on digital asset industry developments, market announcements, and performance analysis.

Goldman Sachs-backed Startup Buys Major Crypto Exchange

February 26, 2018 – Circle, a peer-to-peer payments technology company backed by Goldman Sachs, has announced the acquisition of the major US cryptocurrency exchange Poloniex. Poloniex has been a preferred exchange for trading bitcoin and other cryptocurrencies such as litecoin. Rumours about the deal had been circulating for a few weeks prior to the announcement on Feb 26th. Circle is reported to have paid roughly $400 million to acquire the exchange. The news coincides with the strong price action this past week on major cryptocurrencies such as bitcoin and litecoin.

Poloniex has been around since 2014; prior to the stiffer competition seen in recent years, Poloniex was one of the largest exchanges in the world. Commenting on the purchase, Circle says they plan on expanding Poloniex’s services to “something beyond an exchange” for only crypto assets.

Read the full article here.

$1 Trillion Money Manager Delves Into Cryptos

March 1, 2018 – Wellington Management Co., a Boston based investment management company, is considering including cryptocurrencies in certain portfolios. The $1 trillion-dollar firm reports its systems were recently updated to enable trading in bitcoin derivatives. Wellington stresses that, for the time being, it is not taking direct cryptocurrency exposure, but rather focusing their investigation on other derivatives.

“Various Wellington teams are already positioning portfolios to take advantage of mining and blockchain implementations by, for example, investing in select chipmakers making components”.

Read the full article here.

Digital Currency Group Invests in Crypto-Friendly Bank

March 1, 2018 – Silvergate Bank has been a leader in supporting bitcoin-based companies over the last few years. The bank has been known for providing financial services to crypto companies, while other banks remain hesitant on providing support. According to Silvergate, the bank already has relationships with fifteen crypto-based companies. The company recently raised $114 Million USD in a private placement, and a major venture capital firm took a stake.

Just a couple hours after the closing announcement of Silvergate’s private placement, New York-based Digital Currency Group (DCG) revealed they took a major stake. The announcement from DCG coincides with their welcoming of Poloniex to DCG’s investments, which was recently acquired by a Goldman Sachs-based startup Circle, in which DCG had a stake.

Read the full article here.

Walmart Wants Blockchain For Smarter Shipping

March 2, 2018 – Food products and other perishable goods that require temperature control are particularly difficult to ship, sparking a need for further innovation. Online shopping for these products poses some shipping challenges for retail giants such as Walmart, but blockchain technologies could provide a solution.

On Thursday, an application released by the US Patent and Trademark Office reveals that Walmart is looking to implement blockchain-based technology to create a “smart package” delivery system. Walmart describes their “smart package” as one that includes a device to record information on a blockchain, such as its contents, its environmental conditions, and its location. Utilizing blockchain technologies for food provenance can create a value-add for food producers, and bring transparency to consumers. Walmart also highlights that its smart package would be a great fit with other emerging technologies such as drones and autonomous vehicles.

Read the full article here.

Germany Recognizes Bitcoin as Legal Tender, Updates Taxes

February 28, 2018 – Germany’s Ministry of Finance published a guidance report on February 27th stating that they won’t be taxing crypto users for using cryptocurrencies as a means of payment.

In the US, the Internal Revenue Service still recognizes bitcoin as property which is taxable. If a consumer purchases coffee with cryptocurrencies in the US, it would be considered a sale of property, rendering it subject to capital gains tax. Instead, Germany will recognize bitcoin as the equivalent to legal tender like the euro.

When a coffee buyer pays with bitcoin, application of EU’s VAT Directive will apply to the current price of bitcoin when the transaction occurs. If a user converts bitcoin into euro, or vice-versa, it would be regarded as a “taxable miscellaneous benefit”.

Read the full article here.

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This Weekly Cryptoasset Newsletter is for informational purposes only and does not constitute, either explicitly or implicitly, any provision of services or products by 3iQ Corp (“3iQ”). Investors should determine for themselves whether a particular service or product is suitable for their investment needs or should seek such professional advice for their particular situation.3iQ Corp. makes no representation or warranty to any investor regarding the legality of any investment, the income or tax consequences, or the suitability of an investment for such investor. All content is original and has been researched and produced by 3iQ unless otherwise stated therein. No part of the content may be reproduced in any form, or referred to in any other publication, without the express written permission of 3iQ. All statements made regarding companies, securities or other financial information contained in the content or articles relating to 3iQ are strictly beliefs and points of view held by 3iQ and are not endorsements of any company or security or recommendations to buy or sell any security. No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. By visiting and/or otherwise using the 3iQ website in any way, you indicate that you understand and accept the terms of use as set forth on the website and agree to be bound by them. If you do not agree to the terms of use of the website, please do no access the website or any pages thereof. Any descriptions of, references to, or links to other products, publications or services does not constitute an endorsement, authorization, sponsorship by or affiliation with 3iQ with respect to any linked site or its sponsor, unless expressly stated by 3iQ. Any such information, products or sites have not necessarily been reviewed by 3iQ and are provided or maintained by third parties over whom 3iQ exercises no control. 3iQ expressly disclaims any responsibility for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on these third-party sites. The information contained herein, while obtained from sources believed to be reliable, is not guaranteed as to its accuracy or completeness and confers no right on purchasers. Past performance of cryptoassets is not indicative of future performance and should not be used to forecast any return that an investor may realize.

Fred Pye

Frederick T. Pye


Frederick T. Pye is the Chairman, Chief Executive Officer and Director of 3iQ Corp. He is also the Chairman and Director of 3iQ Digital Holdings Inc. Mr. Pye is recognized for creating and promoting creative and unique investment products for the investment industry.

Mr. Pye has managed private client portfolios with Landry Investment Management and various other investment dealers. Prior to this Mr. Pye was Founder, President & Chief Executive Officer of Argentum Management and Research Corporation, a company dedicated to managing and distributing quantitative investment portfolios including the first long-short mutual fund in Canada.

He was also Senior Vice-President and National Sales Manager of Fidelity Investments Canada and an integral part of the team that saw assets rise from $80 million to over $7.5 billion in assets under management during his tenure. He also held various positions with Guardian Trust Company, which listed the first Gold, Silver and Platinum Certificates on the Montreal Exchange.

Mr. Pye obtained a Masters in Business Administration from Concordia University.