November 12 – 18, 2018 | Swiss ETP, Central Bank Digital Currencies & More Crypto News

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

Major Swiss Stock Exchange Lists First Multi-Crypto ETP

November 17 – SIX Swiss Exchange, Switzerland’s leading stock exchange with a market capitalization of $1.6 trillion USD, will list the world’s first multi-crypto exchange-traded product (ETP) next week. The product is backed by the Swiss startup Amun AG. The first multi-crypto ETP will be listed under the index ticker HODL, and will track five major cryptocurrencies. Bitcoin is expected to take up half of the ETP’s assets, with ether taking up 16.7% and litecoin taking 3%. According to a leading Swiss news agency, the Amun ETP index will be managed by the German index unit of the major investment management firm, VanEck. Back in September 2018, a subsidiary of VanEck called Mv Index Solutions (MVIS) joined with Amun Technologies Ltd. to launch their own price tracking index, called the Amun Crypto Basket Index. The new ETP will use the Amun Crypto Basket Index as its underlying investment.

“The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments,” said Hany Rashwan, Amun’s co-founder and chief executive.

Read the full article here.

Fidelity CEO Abigail Johnson Opens Up to Crypto

November 17 – Fidelity Investments’ president and chief executive officer Abigail Johnson has opened up to crypto in a recent interview. The company is one of the world’s largest asset managers and has been reportedly exploring cryptocurrency projects for several years. Back in June 2018, there had been speculation that Fidelity may be entering cryptocurrency market through a cryptocurrency fund, or through the creation of an exchange. The company has been trying to get associates thinking about the future and start acting on the next big thing in technology.

“One of the things we do to try to get people in the organization thinking about the future and get past just thinking about the next incremental thing is scenario-planning exercises. We get different people from different parts of the organization together in a team to tackle some crazy scenario. We did a series of these a while ago, and one of them was what would happen to our business if capital markets became completely frictionless. Right after that, about 2010 I think, Bitcoin started getting a little bit of visibility. A few of us were like, ‘Oh, this is kind of actually what we were just talking about in our crazy scenario plan. Maybe we were onto something.’”

Read the full article here.

SEC Settles Securities Registration Charges Against ICO Startups

November 16 – The U.S. Securities and Exchange Commission (SEC) has settled charges with two crypto startups that had sold tokens through Initial Coin Offerings (ICOs) last year. The companies got charged by the SEC for running their ICOs despite the regulator previously defining such offerings as unlicensed securities as per its DAO Report of Investigation. The two startups that were charged by the SEC are Airfox and Paragon Coin, which sold $15 million and $12 million USD worth of tokens respectively. The companies have agreed to settle the case without admitting or denying findings that the SEC found. Each company agreed to pay a $250,000 USD fine and compensate investors who had purchased the tokens. Both startups’ tokens are required to be filed as securities and provide periodic reports to the SEC.

“We have made it clear that companies that issue securities through ICOs are required to comply with existing statutes and rules governing the registration of securities,” said Stephanie Avakian, the co-director of the SEC’s Enforcement Division. “These cases tell those who are considering taking similar actions that we continue to be on the lookout for violations of the federal securities laws with respect to digital assets.”

Read the full article here.

IMF Chief Wants More Exploration of Digital Currencies

November 14 – Christine Lagarde, the International Monetary Fund (IMF) Chair, has called for the world’s central banks to consider issuing Central Banks Digital Currencies (CBDC). Lagarde spoke at the Singapore Fintech Festival on November 14, and praised digital currencies despite the IMF’s usual disposition toward digital assets. Lagarde sparked hopes that regulators and other institutions around the world are finally getting closer to building a framework to support the widespread adoption of cryptocurrencies.

Lagarde stated that CBDC could lower the risk of global financial instability because they eliminate the psychological motivation behind bank runs. During a bank run, customers rush to make withdrawals before they think the bank’s funds get depleted. CBDC could remove this risk by distributing money in ways that can far exceed cash in terms of security, geographical reach, and speed. “This setup would be good for users, bad for criminals, and better for the state, relative to cash. Of course, challenges remain. My goal, at this point, is to encourage exploration,” said Lagarde.

Read the full article here.

Depository Trust & Clearing Corporation Enters Test Phase of Distributed Ledger “Replatforming” With Major Banks

November 16 – The major market infrastructure company Depository Trust & Clearing Corporation (DTCC) has announced that it has entered the test phase of its attempts to replatform its Trade Information Warehouse (TIW) to use distributed ledger technology (DLT) from a blockchain. The switch to a blockchain is an ambitious project, mostly because the TIW accounts for 98% of derivatives transactions worldwide. The DTCC and its subsidiaries have also “processed securities transactions valued at more than U.S. $1.61 quadrillion.”

The DTCC is working with 15 of the world’s leading banks to test the new replatforming of the TIW. Only Barclays bank is the known participant of test, which leaves the other 14 banks anonymous. JPMorgan, Credit Suisse, Citi, and Bank of America had all previously participated in the 2016 proof-of-concept by the DTCC; however, it is not known if those banks are still engaged with the project. “We are pleased to be working with DTCC, our partners and colleagues on this exciting project to bring distributed ledger technology to life in a demonstrable way that will enhance efficiencies and lower costs and risks for the industry,” said Lee Braine of Barclays.

Read the full article here.

3iQ Global Cryptoasset Fund: Price as at November 16, 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.

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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.