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Market Review

CoinMarketCap Crypto Indices Launch on Nasdaq, Bloomberg, Reuters


on – Two cryptocurrency benchmark indices from data provider CoinMarketCap will launch today on financial data feeds from Nasdaq Global Index Data Service (GIDS), Bloomberg Terminal, Thomson Reuters Eikon (Refinitiv) and Germany’s Börse Stuttgart, as well as on its own platform.

CoinMarketCap announced the news Wednesday, saying that the benchmark indices will be the “most comprehensive” crypto data offerings for the markets, covering the top 200 cryptocurrencies by market capitalization, one including bitcoin (BTC) and the other without.

The first index is named CMC Crypto 200 Index (CMC200), which includes bitcoin, and covers more than 90 percent of the global cryptocurrency market, the firm said.

The second, CMC Crypto 200 ex BTC Index (CMC200EX), tracks the market’s performance without the influence of bitcoin. The world’s largest cryptocurrency, bitcoin currently has just over 50 percent dominance of the total market capitalization.

“These indices will promote greater accessibility to cryptocurrency data in an easier-to-digest format,” said CoinMarketCap CEO Brandon Chez.

CoinMarketCap has partnered with Germany-based provider of financial indices Solactive for the effort, which will calculate and administer both the indices, as well as rebalance them on a quarterly basis, according to the announcement. Price data is being provided by CoinMarketCap.

Solactive’s head of sales Fabian Colin said that CoinMarketCap data would also give his firm the opportunity to develop custom indices for clients, adding:

“We are looking forward to developing more crypto indices in the future, which will optimistically result in investable indices and might lead to further products.”

Earlier this week, CoinMarketCap also added crypto asset letter grades to its platform from blockchain analytics startup Flipside. The Fundamental Crypto Asset Score (FCAS) metric developed by Flipside evaluates factors such as developer activity and a broad set of transaction data. (coindesk)

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Market Review

Startup Raises $3.9 Million in Tokenized Equity on London Stock Exchange Platform


on – Blockchain startup 20|30 has raised £3 million ($3.93 million) in a sale of tokenized shares on a platform operated by the London Stock Exchange Group (LSEG).

While a trial effort looking at using tokenized equity to modernize the financial markets, the share offering involved real cash and was issued on the LSEG’s Turquoise equity trading platform.

20|30 sets out to tokenize equity and other securities using distributed ledger technology. The firm was notably part of the fourth cohort of the UK Financial Conduct Authority’s (FCA) regulatory sandbox, announced last July.

As CoinDesk reported, LSEG and the FCA previously said they were working with 20|30 and distributed ledger technology startup Nivaura toward demonstrating for the first time that equity in a U.K. company can be tokenized and issued within a fully compliant custody, clearing and settlement system. With today’s news, the first stage of that plan looks to have been successfully carried out.

The project set out to explore “tools to help companies raise capital in a more efficient and streamlined way,” said the LSEG.

After the primary issuance of an equity token based on ethereum, “the next step will be to offer secondary transfers. Then we can work our way up the ‘capital stack’ to reinvent private equity and, public markets,” Tomer Sofinzon, co-founder of 20|30, told the Financial Times at the time.

Speaking to CoinDesk about the project in July, Dr. Avtar Sehra, CEO and chief product architect at Nivaura, said: “Someone can use our technology to do all the legal documentation, tokenize these assets and execute them. LSEG has then been forward-thinking enough to help get these orders out to the existing market.” (coindesk)

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Market Review

Binance Labs Grants $45,000 to 3 Open-Source Blockchain Startups


on –  Binance Labs, the investment arm of cryptocurrency exchange Binance, has awarded grants of $15,000 each to three startups developing open-source blockchain technologies.

Receiving the grants are Ironbelly, a mobile wallet for the Grin/Mimblewimble blockchain; HOPR, privacy-preserving messaging protocol; and Kitsune Wallet, an upgradeable on-chain wallet.

The three startups are now the first “fellows” of Binance Labs’s Fellowship program, which funds and supports early-stage open-source development projects, according to a blog announcement Friday.

According to Binance Labs director Flora Sun, innovation requires “an engaged community of developers and entrepreneurs who imagine ideas and create new projects to bring products to market.”

She continued:

“Our part is to support early-stage projects that are helping to create the building blocks and infrastructure for larger utility and enabling growth in the blockchain market.”

Binance Labs also operates an Incubation Program that supports early-stage blockchain projects. Back in December, the exchange announced the expansion of its incubator program to five new cities: Berlin, Buenos Aires, Lagos, Singapore and Hong Kong.

Last month, the Argentinian government said it would be matching investments in local blockchain startups made by Binance Labs and LatamEX Founders Lab, a local startup incubator. (coindesk)

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Market Review

Blockstack Eyes SEC-Regulated $50 Mln Token Sale With Participation From Harvard Endowment


on – Decentralized computing network Blockstack has applied to the United States Securities and Exchanges Commission (SEC) to launch a $50 million token sale which — if approved — would be the industry’s first SEC-qualified offering. The development was revealed in a filing with the SEC dated April 11.

The sale, which is being proposed under the SEC Regulation A+ framework, would be operated via a wholly-owned subsidiary, “Blockstack Token LLC,” and involve the sale of 295 million Stacks tokens.

The filing outlines that different allocations of a total of 295 million tokens would be sold at between $0.12 to $0.30 apiece, according to specific terms, as well as via Blockstack’s so-dubbed App Mining program. This latter involves the conferral of tokens in exchange for the development of applications that run on Blockstack’s decentralized application (DApp) network.

If approved, the sale would notably see Harvard’s endowment fund, among others, directly involved in the purchase. The filing reads:

“The token advisory board consists of seven members. Three […] are designees of affiliates of the Harvard Management Company, Lux Capital and Foundation Capital, respectively, limited partners of the QP Fund which have purchased an aggregate of 95,833,333 Stacks Tokens.”

Introduced in 2012 under the Jumpstart Our Business (JOBS) Act, the SEC’s Regulation A+ exemption offers small enterprises an alternative to a traditional initial public offering. It authorizes companies to offer and sell securities to the (American) general public, rather than solely to accredited investors. Under the exemption, companies can raise up to $50 million (Tier 2) — or up to $20 million under Tier 1 — over a 12-month period.

In an official blog post from Blockstack CEO Muneeb Ali published today, he stated that upon approval, the offering could “set a precedent for others in the industry.” He added:

“Recently, U.S. markets have been closed to crypto projects given regulatory uncertainty, and we believe in opening the U.S. markets to innovation in this area. We’ve been working with securities lawyers to create a legal framework that can enable blockchain protocols to comply with SEC regulations.”

As reported, staff at the SEC have just recently published a framework to help market participants ascertain whether or not a digital asset is deemed to be an investment contract, and therefore a security.

To date, a host of crypto industry figures and lawmakers have repeatedly called on the agency to provide greater regulatory clarity for the interaction of blockchain tokens and securities laws. (cointelegarph)

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Market Review

Coinbase Pro Adds Support for Three New Tokens: EOS, Augur and Maker


on – Coinbase Pro, the professional offering of major American crypto exchange and wallet service Coinbase, has added support for EOS (EOS), Augur (REP) and Maker (MKR). The development was announced in a blog post on April 8.

The post states that the platform now accepts inbound transfers of EOS, REP and MKR, and will be accepting deposits for at least 12 hours before enabling trading. Trading on order books will be available once sufficient liquidity is established.

In the post, the company notes that Coinbase Pro will add support for EOS and REP in all jurisdictions, except New York state, while MKR will be available in all supported jurisdictions outside the United States.

The EOS network supports the development of decentralized apps and is seen by many as a challenger to the Ethereum network. According to recent reports, the token has been gaining ground as more developers switch to EOS.

REP — Augur’s Reputation token — is the cryptocurrency underlying open-source, decentralized prediction market platform Augur. REP is designed for reporting and disputing the outcome events on online prediction markets. At press time, REP is trading at around $21.68, having gained over one percent on the day.

MKR is an Ethereum-backed token, that describes itself as “a utility token, governance token, and recapitalization resource of the Maker system.” MKR is the 19th top cryptocurrency on the CoinMarketCap’s list and is trading at around $713.40. The coin has lost 7.18 percent over the past 24 hours.

Recently, Coinbase Pro also added support for Stellar Lumens (XLM) and Ripple (XRP), which were soon expanded to its retail offering and its trading app for Android and iOS.

Earlier in April, Coinbase expanded into cross-border payments. The exchange’s customers can now transfer funds to any user with a Coinbase account around the world using XRP and the exchange’s stablecoin USDCoin (USDC) with no fee. The development reportedly enables users to send and receive money instantly, as well as convert them into local currency. (cointelegraph)

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