May 7 – May 13, 2020 | JPMorgan is now banking Gemini, Coinbase, and More

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

JPMorgan Provides Banking Services for Gemini and Coinbase

Bloomberg | May 12, 2020

This Tuesday, JPMorgan signed-on its first ever cryptocurrency exchange customers, Gemini and Coinbase. According to sources familiar with the matter, the decision to approve banking accounts for the two firms at JPMorgan largely stemmed from the fact that both exchanges are regulated in the United States. Until now, most cryptocurrency exchanges relied on smaller, more crypto-friendly banking partners such as Silvergate Bank.

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Le premier fonds de bitcoins en Bourse est l’affaire d’un Montréalais

La Presse | May 12, 2020

Un gestionnaire de portefeuille montréalais vient de lancer le premier fonds consacré au bitcoin inscrit dans une grande Bourse. Une première mondiale, lance Frederick Pye. Connu dans le secteur financier pour sa créativité et son audace, ce résidant de Pointe-Claire a cru au projet pour plusieurs raisons.

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Paul Tudor Jones Holds Almost 2% of Net Assets in Bitcoin

CNBC | May 11, 2020

Last week, the legendary hedge fund manager Paul Tudor Jones revealed that he holds bitcoin as a part of his portfolio. According to Jones, Wall Street could be witnessing the historic “birthing of a store of value” in bitcoin. In a recent update, Jones admitted that he holds almost 2% of his total assets in bitcoin. “Every day that goes by that bitcoin survives, the trust in it will go up,” said Jones. “When I think of bitcoin, look at it as one tiny part of a portfolio. It may end up being the best performer of all of them, I kind of think it might be.” Jones later defended this allocation decision. “But I’m very conservative. I’m going to keep a tiny percent of my assets in it and that’s it. It has not stood the test of time, for instance, the way gold has.”

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PwC Report: Total AUM of Crypto Hedge Funds Doubles to Over $2 Billion USD in 2019

The Block | May 11, 2020

According to a new report by PwC and Elwood Asset Management, the total assets under management (AUM) of crypto-related hedge funds doubled in 2019 to over $2 billion USD. Unsurprisingly, bitcoin was the most traded cryptoasset among the surveyed hedge funds. Family offices were the most common type of institution to invest in crypto-related hedge funds at 48%. “The changes the crypto hedge fund industry has seen in the past 12 months, from additional regulatory clarity to the accelerated implementation of best practices, are great examples of how fast the industry is becoming increasingly institutionalized,” said Henri Arslanian, the global crypto leader at PwC.

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Total Stablecoin Value Surpasses $10 Billion USD as Traders Demand Dollars

Coindesk | May 12, 2020

The total value of all stablecoins in circulation just surpassed $10 billion USD as demand for dollar-pegged cryptoassets continues to rise. Over the last two months, the total value of stablecoins outstanding increased approximately 70%. Reportedly, most of the stablecoin growth has come from Tether, which accounts for 90% of the total value of stablecoins in circulation. “Stablecoins have always had an edge over bitcoin as a base trading pair because of its inherent price stability,” said Aditya Das, a cryptocurrency markets analyst at Brave New Coin. “Stability means traders feel safer holding a stock of it and using it as a liquidity tool for trading.”

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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.