Goldman Sachs to offer BTC investing / Prometheum + Anchorage near ATS approval / Fresh Funding

Plus: Grayscale reports 651K BTC ($38B) and 3.2M ($5.8B) ETH under management

Inside.com Part of   Network March 31, 2021

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The global crypto market cap is $1.96T 5.04%▲ with a 24hr market volume of 144.99B 13.76%▲. Bitcoin's dominance is currently 56.53% -2.64%▼. CURRENT PRICES BY MARKET CAP # Name Price 24h % 1 Bitcoin BTC $59,491 0.80% ▲ 2 Ethereum ETH $1,865 1.50% ▲ 3 Binance Coin BNB $304.59 1.84% ▲  4 Cardano ADA $1.19 -2.61% ▼ 5 Polkadot DOT $37.08 8.77% ▲ * Prices as of 2:30 p.m. ET.

Goldman Sachs GS -1.31%▼ plans to offer clients bitcoin investment vehicles before June. The multinational investment bank expects to provide a “full-spectrum” of investment opportunities, including the potential for actual bitcoin investing, BTC derivatives, and other traditional investment vehicles. More: The announcement from Goldman Sachs comes almost a week after Morgan Stanley MS -1.64%▼ announced that it would offer bitcoin and other digital assets. Similar to Morgan Stanley, Goldman plans to offer the service to high net-worth individuals and endowment funds. While clients are required to meet a $2M threshold for BTC exposure with Morgan Stanley, Goldman will require at least $25M to invest. Many of the bank's customers support BTC as a way to hedge against inflation, while others feel they are “sitting at the dawn of a new Internet” and are looking for ways to participate in the opportunity presented.

Crypto exchange Prometheum and Anchorage Digital Bank have reached the final approval phase with the Financial Industry Regulatory Authority (FINRA) and the SEC for their alternative trading system (ATS). Prometheum Ember ATS (PEATS) will improve efficiencies in order matching and reduce price spreads. More: PEATS will be available to all traders on the platform following the SEC’s three-step process for approving a public ATS. ATS is a common practice in traditional financial markets, where the ATS platform matches buy and sell orders from its users. Because of the unique process, an ATS is not a regulated exchange. This year, Anchorage received the first digital bank charter from the Office of Comptroller of the Currency (OCC). Anchorage completed a successful $80M Series C funding round last month.

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🍋 FRESH FUNDING 🍋 Dapper Labs, the NFT platform behind NBA Top Shot, raised $305M in a recent funding round. The funding round was led by Coatue and included investments from Michael Jordan, Kevin Durant, Klay Thompson, and other prominent athletes. Ember Fund, a non-custodial crypto investing app for both retail and institutional investors, raised $5.3M in a seed funding round. Co-founder and CEO Alex Wang told The Block that it plans to invest heavily in infrastructure and accelerate the growth of its assets under management (AUM).  Blockchain firm Enjin raised $19M to build a blockchain network on Polkadot for NFTs. The “Efinity network” will include its token, Efinity Token (EFI), and is anticipated to launch phase 1 by late 2021, early 2022.  ImToken, a Cryptocurrency wallet and service provider, secured $30M in a Series B funding round. Founded in 2016, ImToken has amassed 12M users internationally and plans to use the funding to accelerate imToken 3.0. OVEX, a crypto prime broker based in South Africa, raised $4M in a strategic funding round. OVEX looks to expand its operations internationally with the new capital, specifically identifying Canada, the U.K., the UAE, Kenya, and Nigeria as potential future markets.  PAID network received investment from Binance’s $100M DeFi Accelerator Fund. Despite a recent hack that resulted in the unauthorized minting of $166M PAID tokens, Binance nonetheless seems optimistic about PAID’s Binance Smart Chain (BSC) DeFi project. Prominent NFT marketplace SuperRare net $9M in a successful Series A fundraising round. SuperRare has earned over $30M in primary and secondary market sales for artists and plans to use the latest funding round to provide further support for artists and collectors.

▲ TOP GAINERS # Name Price 24h % 1 TRON TRX $0.08425 29.19% ▲ 2 BitTorrent BTT $0.00505 27.08% ▲ 3 Filecoin FIL $181.86 23.27% ▲ 4 Polkadot DOT $37.08 8.77% ▲ 5 EOS EOS $4.63 6.94% ▲ ▼ TOP LOSERS # Name Price 24h % 1 Kusama KSM $504.14 6.42%▼ 2 THETA THETA $12.23 5.64%▼ 3 VeChain VET $0.08691 3.98%▼ 4 Cosmos ATOM $19.07 3.97%▼ 5 Klaytn KLAY $4.07 2.71%▼ * Limited to cryptocurrencies with a market cap > $4B. Prices as of 2:30 p.m. ET. Correction: Yesterday’s market update incorrectly included DREP as a top gainer. The “gains” represented the token price following a 100:1 token redenomination from a token burn and not a growth in underlying value.

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QUICK HITS: More than 500,000 investors have opened accounts with this fintech platform to automate money management with ease.* Grayscale announced that 95% of its assets under management are bitcoin and ethereum. The crypto asset manager reportedly has 651K BTC ($38B) and 3.2M ($5.8B) ETH. DeFi blockchain project Kava announced the concurrent launch of Kava 5.1 and Hard Protocol V2, making Kava a fully functional lending protocol in the Cosmos ecosystem. Uphold received FINRA approval to acquire U.S. broker-dealer JNK Securities, which will allow Uphold to begin offering fractional equities.  Find out how brands like Gymshark use Attest to understand fast-changing consumer habits.* *This is a sponsored post.

Griffin McShane is a J.D. candidate currently living in Portland, Maine. He is a graduate of Providence College, where he studied both computer science and business. Griffin aspires one day to go to the moon and bring some of his altcoins along for the ride. Editor Charlotte Hayes-Clemens is an editor and writer based in Vancouver. She has dabbled in both the fiction and non-fiction world, having worked at HarperCollins Publishers and more recently as a writing coach for new and self-published authors. Proper semi-colon usage is her hill to die on.

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