November 5 – 11, 2018 | VanEck Bitcoin ETF, Canadian Vaults & More Crypto News

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

VanEck: Bitcoin ETF Could Attract Billions in New Investment

November 10 – Gabor Gurbacs, a renowned crypto exchange-traded fund advocate and the director of digital assets strategy at VanEck, believes that a Bitcoin ETF could help bring in billions of dollars in investments to the industry. In a recent interview, Gurbacs notes that the US Securities and Exchange Commission (SEC) should treat any pending proposals as an avenue to regulate the cryptocurrency market. While the SEC has rejected several of VanEck’s proposals for a Bitcoin ETF so far, VanEck deeply believes in the merit of a public ETF and continues to proactively work with the SEC to create an approvable product.

VanEck has made news headlines as they are looking to manage the first Bitcoin ETF. In 2018, it is estimated that VanEck has approximately $47 billion USD in assets, making it one of the largest asset managers seeking a tradeable Bitcoin ETF on a major financial exchange. A key differentiating factor between VanEck’s Bitcoin ETF is that it is physically-backed, and not a futures-based fund. “What sets our ETF apart is that it’s a physical Bitcoin ETF. So, it stays true to the bitcoin you own in underlying,” said Gurbacs. “It’s fully insured so if there is any theft, hacks or losses; then the insurance covers it.” Interestingly, Gurbacs makes a comparison between Bitcoin and gold, noting that “our gold ETFs are already in a few billion dollars range. There are gold ETFs in $10 billion range as well. I wouldn’t be surprised if a Bitcoin ETF gets in a few billion dollars range.”

Read the full article here.

Canadian Bank Launches a Vault for Cryptocurrencies

November 9 – VersaBank, one of the smallest Canadian banks by assets, has announced a cryptocurrency vault storing system which it hopes will help expand its market share with services in the crypto industry. The vault storing system is called the “Digital Safety Deposit Box”. The custodial system aims to target cryptocurrency trading platforms and other crypto investment funds. The Digital Safety Deposit Box uses a multi-signature identification system as part of its security process. The bank had previously announced the project back in February this year, and after several months of testing, VersaBank has decided to do a full launch.

The storage system works as a vault service, which means that the bank would break the digital assets up into separate parts (since separate fragments have no value) and then store them in actual vaults. “The beta testing, conducted with our initial target client base, focused on ensuring VersaVault’s design would meet the specific requirements of cryptocurrency exchanges and crypto funds,” said the bank. “VersaVault does not have the ability to ‘drill’ into a client’s digital safety deposit box, nor does it have the ability to look inside, only the client has the capability to access their digital valuables and only they know of their contents inside.”

Read the full article here.

$43 Million USD in Bitcoin Trades Helps Boost Square’s Q3 Earnings

November 8 – Despite the cool-off in cryptocurrency prices this year, the financial services company Square had revealed that their Q3 crypto revenue was up $6 million USD, and posted a profit of $500,000 USD. While these numbers may seem small, they could represent a big step forward for cryptocurrency and bitcoin-related payments, particularly because critics had prevoualy argued that the company’s move into cryptocurrencies was going to be a money losing venture.

In their shareholder letter and quarterly earnings on November 8, the company revealed that the BTC division for the payment company had continued to climb through 2018. While some have argued that this provided trivial changes to Square’s bottom-line, the company reported that the addition of Bitcoin helped fuel 8% of the growth over last year’s Q3 numbers. “Total net revenue was $882 million in the third quarter of 2018, up 51% year over year. This includes $43 million of bitcoin revenue…Excluding bitcoin revenue, total net revenue was $839 million, up 43% year over year,” said the company in the shareholder letter.

Read the full article here.

Ex-Google CEO: Ethereum is a “Powerful Platform”

October 31 – The former chairman of Google and renowned billionaire Eric Schmidt believes that Ethereum could be a “powerful platform” and its full potential is still yet to be seen. Schmidt made the remarks during a live event with the popular economist Tyler Cowen, which was hosted by Village Global in San Francisco. Schmidt believes that exciting developments are occurring with Ethereum, and many of which could revolutionize business and society in the near future. Schmidt was also asked whether he thought that blockchain was either overrated or underrated. “In the public format, overrated. In its technical use, underrated,” said Schmidt. “Today, blockchain is a great platform for bitcoin and other currencies. And it’s a great platform for private banking transactions where people don’t trust each other.

“I think the most interesting stuff that’s going on are the beginning of execution on top of blockchain — the most obvious example being the capability of Ethereum,” Schmidt said. “And if Ethereum can manage to figure out a way to do global synchronization of that activity, that’s a pretty powerful platform. That’s a really new invention.”

Read the full article here.

BitMEX and CryptoCompare Release Cryptocurrency Exchange Research Report

November 1 – The major cryptocurrency exchange BitMEX has published an in-depth research report about the current landscape of crypto exchanges. Their report begins by listing some of the most important events and news that impacted cryptocurrency exchanges this year. Some events that were highlighted had a significant impact on some cryptocurrency exchanges’ data. The report later compares the volumes of different exchanges, both centralized and decentralized. Interestingly, the report notes that total spot volumes made up less than three-quarters of the total market volume. For spot volumes, exchanges that had taker fees represented about 90% of all volumes, while those that had transaction fees represented only 10%.

Additionally, the report noted that exchanges that pair cryptos with fiat currencies produced almost a quarter of all spot market volumes. The report concluded that there was a vast difference between exchanges in terms of the amount of daily volume (and therefore relative cost) that would be required to take prices up or down as desired by traders. The cryptocurrency exchanges ItBit, Kraken and Bit stamp “have relatively more stable markets when compared against lower volume exchanges such as LBank, CoinEx, ZB and Coinbene”.

Read the full article here.

3iQ Global Cryptoasset Fund: Price as at November 9, 2018

3iQ is the first regulator approved multi-cryptoasset portfolio manager in Canada, providing accredited investors with exposure to bitcoin, ether, and litecoin through its 3iQ Global Cryptoasset Fund.

Share This Story!

Subscribe to the North iQ Weekly Newsletter and What Happened in Bitcoin & Ether? reports and stay updated on 3iQ’s news, announcements and developments in 2022.

Subscribe to the Monthly Fund Updates for all of 3iQ’s fund performance profiles.

Subscribe to Research papers and Blogs for recaps and insights on digital asset industry developments, and bitcoin & ether performance analysis.

Related Posts

March 15, 2022 | North iQ Newsletter

El Salvador may reportedly be the first country to ever issue debt backed by bitcoin (BTC) this week. The issuance could mark a major milestone

February 25, 2022 | North iQ Newsletter

The Role of Digital Assets in RRSP Season Investors are increasingly relying on ETF products to gain exposure to certain asset classes, such as digital

February 18, 2022 | North iQ Newsletter

Incremental Allocation to bitcoin (BTC) Over the last five years, traditional 60/40 equity and bond portfolios which had allocated to bitcoin (BTC) performed well compared to


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.