| NAV as at June 28, 2019
Returns as at June 28, 2019
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3iQ Completes Transition of First Block Capital Bitcoin Investment Trust to the 3iQ Bitcoin TrustUnderlying cryptoasset prices sourced from Bloomberg. June 28 – On Friday June 28th, 3iQ Corp. and First Block Capital completed the transition of the First Block Capital Bitcoin Investment Trust to the 3iQ Bitcoin Trust. The fund can be purchased through the 3iQ Exempt Market Dealer (EMD) at 3iQ.ca, or can be purchased on the NEO Connect Exchange under the symbol FBCBT (CAD) or FBCBT.U (USD). |
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CFTC Approves LedgerX to Settle Futures Contracts in BitcoinJune 25 – The Commodity Futures Trading Commission (CFTC) has approved the crypto firm LedgerX to settle bitcoin futures contracts using real bitcoin. LedgerX had previously filed the application for a designated contract market (DCM) license in November 2018. Currently, the Chicago Mercantile Exchange (CME) offers bitcoin futures contracts; however, these contracts settle in US dollars and not in bitcoin. Perhaps most notably, these new contracts will be available for retail investors, although it is unknown when or where LedgerX plans to release its futures contracts. Bakkt, the long-awaited crypto platform supported by the Intercontinental Exchange (ICE), is waiting for the New York Department of Financial Services (NYDFS) to license its warehouse before it plans to settle futures contracts backed by real bitcoin. Read the full article from CoinDesk here. |
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Square Now Accepts Bitcoin Deposits for Cash App UsersJune 25 – Square has recently added the ability for users to deposit real bitcoin into their Cash App accounts. The Cash App is a widely used on-ramp for retail investors using iOS or Android to buy and sell bitcoin. According to several Tweets, bitcoin deposits are currently available to only some users. In the first quarter of 2019, Square made around $65 million USD in revenue through its Cash App, and profits of $832,000 USD. Jack Dorsey, the founder of Twitter and Square, has been a long-time supporter of cryptocurrencies, and notably bitcoin, as several of his Tweets earlier this year suggested that he believes bitcoin will be the “world currency” of the future. Read the full article from CoinDesk here. |
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Crypto Awareness and Adoption in the United StatesJune 28 – Coinbase has released a comprehensive report on the state of crypto awareness and adoption within the United States. Coinbase conducted the analysis using search engine datasets and other research conducted internally. According to the report, this year Americans had typed “bitcoin” into Google search more often than “Kim Kardashian” and several other high-profile phrases such as “election results” and “royal wedding”. Other internal data noted that over 58% of Americans had heard of bitcoin before, and 37% specifically listed bitcoin when they were asked about cryptocurrencies. Ownership of cryptocurrencies was highest in California, New Jersey, and Washington by percentage of state population. Read the full report from The Coinbase Blog here. |
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Goldman Sachs is “Absolutely” Looking at Digital CurrenciesJune 28 – David Solomon, the CEO of Goldman Sachs, told the French newspaper Les Echos that his firm is “absolutely” looking at digital currencies and the firm is already conducting “extensive research” on tokenization and other blockchain-based solutions. Back in February 2019, JP Morgan Chase said it had developed its own stablecoin, dubbed the “JPM Coin”, to help its clients conduct cross-border transactions. “Assume that all major financial institutions around the world are looking at the potential of tokenization, stable coins and frictionless payments,’’ said Solomon. “Do you believe that the tech giants, who have other concerns for the moment, want to submit to the same regulatory constraints as JPMorgan or Goldman Sachs? Of course, these companies have a lot of customers and will certainly try to monetize them. It seems to me, however, that they will try to seal partnerships with banks rather than become banks themselves.’’ Read the full article from Bloomberg here. |
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Binance in “Preliminary” Talks for Listing Facebook’s Libra CoinJune 29 – Facebook’s cryptocurrency, the Libra, may be traded on secondary trading platforms apart from its own wallet system, Calibra. Binance, a leading crypto exchange with hundreds of cryptocurrency pairs, has suggested that they are in preliminary talks with Facebook to list the coin on their exchange. Gin Chao, the Chief Strategy Officer of Binance, noted that Binance officials are in currently in contact with Facebook to list the coin, although the talks are still in their preliminary stages. “With regarding to listings specifically, right now they are going to be on a so-called ‘private chain.’ So that means they won’t be looking for external liquidity. However, from what we understand the potential to be, that would lead them to wanting a secondary market. Currencies benefit from a secondary market, so it would be in their best interest to want to be listed.” Read the full article from CCN here. |
| NAV as at June 28, 2019
Returns as at June 28, 2019
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3iQ Global Cryptoasset Fund (Class A)Underlying cryptoasset prices sourced from Bloomberg. The inception date of TIQ101 is April 3, 2018. View charts and more fund data at here. 3iQ Corp. (“3iQ”) is the first Canadian investment fund manager to agree to terms and conditions with the Canadian securities regulatory authorities which permit 3iQ to manage a multi-cryptoasset investment fund available to Canadian accredited investors. 3iQ provides accredited investors with exposure to bitcoin, ether, and litecoin through its 3iQ Global Cryptoasset Fund. |
