The latest headlines on the impact of technology on the wealth management industry.
While Initial Coin Offerings have been pretty much declared dead, startups are now raising money through a similar method dubbed Initial Exchange Offerings.
The creator of the first exchange-traded product that tracks Bitcoin is introducing versions for rival tokens, debuting the securities in a week when cryptocurrencies broke into a swift rally.
An abrupt surge in Bitcoin sent the world’s most popular cryptocurrency to the highest level since November, jolting the $160 billion market for digital assets after three months of calm.
It’s been a month since JPMorgan issued a press release announcing JPM Coin, and everyone is as confused now as they were then.
BlockFi, a fintech startup backed by billionaire Mike Novogratz’s Galaxy Capital, began providing interest-bearing accounts this month that offer up to 6.2 percent in annualized returns paid in Bitcoin or Ether. Since a March 5 launch, they’ve attracted at least 10,000 customers, 90 percent of whom are retail investors.
Every deal in the payments business looks expensive – until the next one comes along. Fidelity National Information Services Inc. is paying a heady $34 billion plus for Worldpay Inc. not much more than a year after the rival payments processing company bulked up with an expensive takeover of its own.
Wall Street’s love affair with Bitcoin appears to be souring.
Entrepreneurs in the digital-assets industry from New York to Hong Kong say that even as some attract investment from multibillion-dollar institutions like Singapore’s sovereign wealth fund, they are routinely refused basic banking services by the likes of HSBC Holdings Plc and JPMorgan Chase & Co.
Ellis says overall cryptocurrencies and blockchain present opportunities for the incumbents. The technologies, she says, could open up new revenue streams, such as combining the networks’ authentication abilities with blockchain technology for tracking, like a piece of art, for example.
Bitcoin is approaching $4,000 for the first time since the start of the year, as the largest cryptocurrency gets a delayed boost from the announcement last week that JPMorgan has developed a prototype digital coin that it plans to use to speed up payments between corporate customers.
JPMorgan Chase & Co. successfully tested a cryptocurrency it plans to use in trials for clients of its wholesale-payments business.