3iQ Research Group consolidates the top five cryptoasset stories of interest
to investment advisors and our investors.
Update: 3iQ/Mavennet QCAD Stablecoin
May 23 – On Thursday May 23rd, 3iQ Corp. joined Mavennet in Toronto to kick-off the incorporation of Canada Stablecorp Inc., the future issuer of Canada’s Stablecoin, QCAD. 3iQ Corp and Mavennet have agreed to joint venture the project, founding a new entity called Canada Stablecorp Inc. The stablecoin is now over one month into its development, and over 20 developers and industry professionals have been assigned to the project. “Stablecoins will continue to play a major role in broader crypto adoption, and for our part; a CAD-backed crypto asset will be an important step in the evolution to mainstream adoption of blockchain. We are very excited to be engaged in architecting the future of financial systems; good things are coming,” said Fred Pye, the President and CEO of 3iQ Corp.
Podcast: Rallying Behind Bitcoin With Fred Pye
May 24 – Fred Pye, the President and CEO of 3iQ, recently spoke on National Crowdfunding & Fintech Association of Canada’s (NCFA) weekly podcast, “Fintech Friday’s”. The weekly podcast covers all things fintech, blockchain, artificial intelligence, and alternative finance. Fred Pye joined NCFA’s Manseeb Khan for “Episode 32: Rallying Behind Bitcoin”. For those unable to listen to the podcast, it has been fully transcribed and provides an excellent overview of 3iQ Corp’s current initiatives. The podcast provides several new insights into the ongoing public hearing with the Ontario Securities Commission (OSC) and 3iQ’s “The Bitcoin Fund”.
Listen to the podcast or read the transcription from NCFA Canada here.
ETF Expert: 90% of Millennials Prefer Crypto to Gold
May 23 – During Bloomberg TV’s “ETF IQ” segment, Nate Geraci of The ETF Store noted that millennial investors largely prefer crypto to gold investments. Specifically, 90% of The ETF Store’s millennial clients indicated that they prefer ETFs that hold crypto instead of gold. Geraci notes that millennial clients have requested to replace their core gold holdings with crypto as their non-correlated asset class. Unfortunately, the delay from the US Securities and Exchange Commission (SEC) on approving an ETF for the public market has hindered crypto-related portfolio allocations of all investors alike.
Read the full article from CCN here.
AT&T Will Now Accept Bill Payments in Crypto
May 23 – AT&T customers can now pay their bills using cryptocurrencies thanks to a new partnership with BitPay. AT&T will now allow its web and app users to pay with cryptocurrencies when they select BitPay as a payment method during checkout. While the official announcement didn’t specify which cryptocurrencies would be accepted, Bitpay’s website indicates that bitcoin and several other cryptocurrencies and stablecoins could be accepted. The news follows several retail outlets which all have recently announced their acceptance of cryptocurrencies. Whole Foods, Nordstrom, and Gamestop all announced earlier this month that they would be supporting cryptocurrencies as a payment method by using a payment network called Flexa.
Read the full report from Coindesk here.
Bitcoin Bulls are Long for the Next “Halvening”
May 24 – A recent Twitter poll has noted that 61% of 2,500 respondents are expecting that bitcoin will continue to rally into one of its most widely anticipated events, called the “halvening”. The name halvening is derived from “halving”, which is another word for getting cut in half, or a 50% decline. The halving is the name given to the programmed 50% decline in mining rewards on the bitcoin blockchain. The current block reward for successful miners or mining pools is 12.5 coins, and the next halving will drop those rewards to 6.25 coins. This automatic decline in mining rewards helps prevent inflation from deteriorating the value of the cryptocurrency. By nature, this event makes bitcoin more scarce, as miners are paid less bitcoin, and therefore fewer new bitcoin can be sold on the market. One might note that a drop in the mining reward would spur less interest in mining, but often, this anti-inflationary phenomenon of the number of bitcoin currently outstanding has historically helped send its price higher, thus attracting new miners. It is estimated that by 2140, bitcoin will be fully “diluted” or “mined” to its maximum of 21 million coins. At the time of this newsletter, the number mined bitcoins (or bitcoin outstanding) is 17,723,929.
Read the full article from Bloomberg here.
3iQ Global Cryptoasset Fund: Price as at May 24, 2019
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.