The popular fintech bank Silvergate Bank lost five crypto partners on March 2, owing to a slew of investigations and lawsuits against it. Coinbase, Paxos, Gemini, BitStamp and Galaxy Digital were some of the most notable crypto firms that were using Silvergate as their banking partner. However, the termination of service by Coinbase has also forced a crypto hedge fund to look for an alternate banking partner. Today Silvergate has lost Coinbase Circle Paxos Galaxy CBOE RIP https://t.co/XlexB5u2wD — db (@tier10k) March 2, 2023 On March 3, a crypto hedge fund called Digital Asset Capital Management (DACM) with assets worth …

SkyBridge Capital CEO Anthony Scaramucci said that his firm can buy back the stake of the company it sold to FTX back in September last year. While Galaxy Digital CEO Mike Novogratz has indicated that he would be tempted to “punch” SBF right in the jaw. SkyBridge and FTX FTX Ventures acquired a 30% stake in the alternative asset manager SkyBridge for an undisclosed fee on Sept. 9, just a couple of months before FTX filed for bankruptcy in November. Speaking to CNBC on Jan. 13, Scaramuci noted that in light of FTX’s troubles, SkyBridge is making progress in buying …

Digital asset manager Osprey Funds has reportedly laid off most of its staff since the summer, underscoring the ongoing operational challenges posed by crypto’s enduring bear market. Yahoo Finance reported on Jan. 9 that Osprey Funds is currently operating with fewer than ten employees after laying off 15 staff members since the summer. CEO Greg Kling told the publication that the layoffs were consistent with the market downturn and that Osprey was not at risk of closing operations. Osprey offers accredited investors access to crypto-focused investment products, including an over-the-counter Bitcoin (BTC) trust that can be purchased inside brokerage accounts. …

$4.2 trillion asset management firm Fidelity Investments has filed trademark applications in the United States for a host of Web3 products and services, including a non-fungible token (NFT) marketplace and financial investment and crypto trading services in the metaverse. This is according to three trademark filings submitted to the United States Patent Trademark Office (USPTO) on Dec. 21, of which was also highlighted by licensed trademark attorney Mike Kondoudis in a Dec. 27 tweet. #Fidelity has plans for the metaverse! The company has filed 3 trademark applications covering ▶️ NFTs + NFT Marketplaces ▶️ Metaverse Investment Services ▶️ Virtual Real …

The U.S. Securities and Exchange Commission (SEC) has given the green light to nine more blockchain-enabled funds from $82 billion asset manager WisdomTree. None of these funds track crypto assets themselves, but the firm does utilize the Ethereum and Stellar blockchains to keep a secondary record of share ownership, thus making them blockchain-enabled or “digital funds” as WidsomTree describes them. The firm announced the SEC’s approval on Dec. 14, and outlined that the nine digital funds offer exposure to a host of different asset classes such as equities, commodities and floating rate treasuries. The funds are expected to launch via …

The economy is facing an outlook bleaker than a Welsh weather forecast, and few are rushing to buy risk assets. Here are a few tips for weathering unfavorable market conditions. Option #1: Save cash There’s no shame in sitting on the sidelines and saving cash or stablecoins. When bullish momentum returns, you will have plenty of dry powder to make big allocations. In the meantime, there are still lots of opportunities to earn yield across crypto markets as long as you trust the protocol you’re using. But isn’t this timing the market, which is impossible? Possibly. But this is more …

The future of blockchain-based supply chain? The demand for the blockchain-based supply chain is driven by customers’ need to know the specific source of their items and whether they were made according to ethical standards. Blockchain technology use cases in supply chain management have the potential to address concerns in traditional supply chains, like removing the need to prepare burdensome paperwork. Moreover, a decentralized, immutable record of all transactions and organizations’ digitization of physical assets can make it possible to track products from the manufacturing unit to the delivery destination, enabling a more transparent and visible supply chain. However, the …

United States senators Elizabeth Warren, Tina Smith, and Richard Durbin have renewed their calls for Fidelity Investments to reconsider offering a Bitcoin (BTC)-linked 401(k) retirement product. In a letter addressed to Fidelity Investments CEO Abigail Johnson on Nov. 21, the three senators said the recent fall of FTX is more reason than any for the $4.5 million asset management firm to reconsider its Bitcoin offering to retirement savers, stating: “The recent implosion of FTX, a cryptocurrency exchange, has made it abundantly clear the digital asset industry has serious problems.” The senators also added that “charismatic wunderkinds, opportunistic fraudsters, and self-proclaimed …

Jamie Coutts, Crypto Market Analyst for Bloomberg Intelligence argues that “falsehoods” and “fear of the unknown” is what has been holding back traditional portfolio managers from investing in cryptocurrency. Speaking to Cointelegraph during the Australian Crypto Convention over the weekend, Coutts argues there has been an ongoing “falsehood” that “there is no intrinsic value in blockchains.” “These asset managers own stocks, like Amazon and Facebook [...] which for the first several years these companies had no earnings,” explained Coutts, adding that Facebook in its infant stages “didn’t have profit [...] or seen to have any intrinsic value.” “Yet they could …

Ethereum investment products increased by 2.36% to $6.81 billion in assets under management (AUM) throughout August, outperforming Bitcoin products which saw a 7.16% drop off to $17.4 billion. The figures were contained in a new report by CryptoCompare. This was also reflected in the Bitcoin (BTC) and Ethereum (ETH)-product trading volumes, with Grayscale’s most notable Bitcoin product, GBTC experiencing a 24.4% drop in volume, while its Ethereum product, GETH actually increased 23.2%. CryptoCompare's report suggeste the highly anticipated Ethereum Merge was the cause behind the change in trading volumes: Indeed, even at a more granular level, no Bitcoin products covered …

Staking software and investment firm KeyFi Inc. has filed a complaint against beleaguered crypto-lending firm Celsius, alleging the company had been operating in a Ponzi-style fashion and that it failed to honor a profit-sharing agreement “worth millions of dollars.” The complaint, filed on Thursday, alleges that Celsius has refused to honor a “handshake agreement” in which KeyFi would receive various percentages of the profits it made on Celsius’s behalf via a number staking and decentralized finance (DeFi) strategies. The complaint also accuses Celsius of “negligent misrepresentation” over its risk management controls and “fraud in the inducement” via misleading information of …

High net worth individuals (HNWI) have embraced cryptocurrencies and other digital assets, with 71% of wealthy individuals investing in digital assets according to a new survey. Technology consulting company Capgemini released its 2022 “World Wealth Report” on Tuesday. It polled 2,973 global HNWIs, with 54% reporting a wealth band ranging from $1 million to $30 million and 46% reporting wealth of $30 million and over. The survey asked about investment preferences for emerging asset classes such as digital assets, classifying them as cryptocurrencies, related exchange-traded funds (ETFs), nonfungible tokens (NFTs) and metaverse-related products. Of the roughly one in seven wealthy …