February 11 – 17, 2019 | Bank Coins, Pension Funds in Crypto Venture Capital & More Crypto News

3iQ Research Group consolidates the top five cryptoasset stories of interest
to investment advisors and our investors.


Consider the 3iQ Global Cryptoasset Fund for This Year’s RRSP and TFSA

February 17 – Consider the 3iQ Global Cryptoasset Fund for this year’s RRSP and TFSA. Contact your financial advisor or 3iQ at investors@3iQ.ca.

The RRSP contribution deadline for 2018 is right around the corner and we would like to remind you of the following deadlines and contribution limits:

  • RRSP contribution deadline for 2018: March 1st, 2019
  • RRSP maximum contribution for 2018: $26,230
  • RRSP maximum contribution for 2019: $26,500

Here are the contribution limits for TFSA’s to be aware of:

  • TFSA maximum contribution for 2019: $6,000
  • TFSA cumulative contribution limit: $63,500
3iQ Corp. also offers an automated service for individuals or institutions to complete the forms required to purchase the 3iQ Global Cryptoasset Fund through its Exempt Market Dealer (EMD). Invest in the 3iQ Global Cryptoasset Fund here.

JPMorgan Announces a Crypto Coin for Corporate Payments

February 14 – JPMorgan is now the first major US bank to announce its own crypto coin, dubbed the “JPM Coin”. The investment bank reportedly moves over $6 trillion USD worldwide every day for companies through its wholesale payments business. The wholesale payments business is expected to utilize the JPM Coin to help settle payments between clients. Unlike public cryptocurrencies, the JPM Coin is expected to be a private, internally-based token that can settle payments for clients faster and cheaper than existing legacy systems. The JPM Coin was crafted internally by engineers based at JPMorgan. It is expected that there will be no secondary market for the JPM Coin, meaning that retail investors cannot own the crypto token after it completes its trials which are expected to start in the coming months.

“Many of our clients move money in different ways and they’re looking for a more real-time way to move value around,” said Umar Farooq, the head of digital treasury services and blockchain at JPMorgan. “The applications are frankly quite endless; anything where you have a distributed ledger which involves corporations or institutions can use this.”

Read the full article here.


First US Pension Funds Delve Into Crypto Investing

February 12 – Anthony Pompliano, a famed crypto advocate and founder of Morgan Creek Digital, has announced that the company’s venture fund has received an investment from a major US pension fund. Reportedly, the investment marks the first time a US pension fund has ever taken the plunge into the cryptoasset universe. Two pension plans from Fairfax County, Virginia are set to be the “anchor investors” of a new $40 million USD venture capital fund. Other investors in the venture capital fund include a major insurance company, a university endowment, and a private foundation. Unlike crypto hedge funds, which may predominantly own major cryptocurrencies such as bitcoin, the fund will be structured as a venture capital fund, meaning that it will look to take stakes in crypto and blockchain-related projects instead. However, Pompliano noted that the venture fund will also hold a small percentage of its value in “liquid” cryptoassets, which could mean bitcoin or other publicly-tradeable cryptocurrencies.

Fairfax County Retirement Systems helps manage three defined benefit plans, and two of which are now investing in the Morgan Creek Digital fund. Katherine Molnar, the chief investment officer for one of the funds at Fairfax County, noted that cryptoassets and the blockchain are an “emerging opportunity” that offer an “attractive asymmetric return profile.”

“There’s a belief in the institutional world that if the industry will be around for a long time, it will be very valuable,’’ said Pompliano. “The smart money is not distracted by price but looks at the long-term trends, and believes they’re betting on innovation as a great way to deliver risk-mitigated returns.”

Read the full article here.


Crypto Detective Firm Chainalysis Raises $30 Million USD, Notes Potential Growth From Stablecoins

February 12 – Chainalysis, a major crypto and blockchain investigative firm that helps law enforcement track criminal uses of bitcoin and other cryptocurrencies, has announced that it has raised a $30 million USD Series B round which was led by the firm, Accel. The investment round will help Chainalysis expand its operations, which include a Know Your Transaction product designed for financial institutions and cryptoasset exchanges to help vet their customers. Currently, the Know Your Transaction product helps over 100 financial institutions and cryptoaaset exchanges. According to Michael Gronager, the CEO of Chainalysis, law enforcement made up 90% of the company’s business last year, but now makes up around 40% as more corporate clients are beginning to get involved. The new funding round will also help Chainalysis open a London office, which is expected to serve as a hub for its research and development. Philippe Botteri, a partner at Accel, will also join the board of directors at Chainalysis.

Notably, Gronager said that he sees a big opportunity for helping “stablecoin” issuers vet their customers. Stablecoins are specific type of cryptocurrency that are typically backed at a 1:1 ratio with a major fiat currency, such as the US dollar. “Born out of the ashes of this was the stablecoin as another way to easily and safely create tokens. This ability to trade US dollars against crypto is very powerful,” said Gronager.

Read the full article here.


Coinsquare Acquires Decentralized Crypto Exchange StellarX

February 15 – The major Canadian cryptocurrency exchange Coinsquare has recently acquired a decentralized crypto exchange StellarX. Coinsquare has announced that they are purchasing the entire exchange following the acquisition of the stellar-based wallet BlockEQ which was announced back in December 2018. BlockEQ is expected to be rebranded, and become the “anchor wallet” for the new StellarX platform in the future. StellarX is a decentralized crypto exchange, meaning that customers are the ones who retain sole ownership and custody of their cryptoassets, unlike other exchanges that essentially “hold” the keys to wallets and cryptoassets. StellarX would have no access to customers funds, and are reportedly charging no fees for moving cryptoasssets through their peer-to-peer and decentralized exchange. Notably, StellarX is one of few decentralized exchanges that offers funding directly from US-based bank accounts, as most require deposits of actual cryptocurrencies and other tokens to fund a wallet.

As part of the acquisition, the BlockEQ co-founder Megha Bambra will help lead the StellarX exchange going forward. Despite being entirely owned by Coinsquare, StellarX will also continue to operate under its own brand name. “We are deeply committed to ensuring that the cryptocurrency market thrives, and adoption is key”, said Cole Diamond, the CEO of Coinsquare. “Stellar is the fastest payment network in the world and we see enormous potential to create industry leading services on StellarX to further broader adoption”.

Read the full article here.


3iQ Global Cryptoasset Fund: Price as at February 15, 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.


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This Weekly Cryptoasset Newsletter is for informational purposes only and does not constitute, either explicitly or implicitly, any provision of services or products by 3iQ Corp (“3iQ”). Investors should determine for themselves whether a particular service or product is suitable for their investment needs or should seek such professional advice for their particular situation.3iQ Corp. makes no representation or warranty to any investor regarding the legality of any investment, the income or tax consequences, or the suitability of an investment for such investor. All content is original and has been researched and produced by 3iQ unless otherwise stated therein. No part of the content may be reproduced in any form, or referred to in any other publication, without the express written permission of 3iQ. All statements made regarding companies, securities or other financial information contained in the content or articles relating to 3iQ are strictly beliefs and points of view held by 3iQ and are not endorsements of any company or security or recommendations to buy or sell any security. No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. By visiting and/or otherwise using the 3iQ website in any way, you indicate that you understand and accept the terms of use as set forth on the website and agree to be bound by them. If you do not agree to the terms of use of the website, please do no access the website or any pages thereof. Any descriptions of, references to, or links to other products, publications or services does not constitute an endorsement, authorization, sponsorship by or affiliation with 3iQ with respect to any linked site or its sponsor, unless expressly stated by 3iQ. Any such information, products or sites have not necessarily been reviewed by 3iQ and are provided or maintained by third parties over whom 3iQ exercises no control. 3iQ expressly disclaims any responsibility for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on these third-party sites. The information contained herein, while obtained from sources believed to be reliable, is not guaranteed as to its accuracy or completeness and confers no right on purchasers. Past performance of cryptoassets is not indicative of future performance and should not be used to forecast any return that an investor may realize.

2019-02-20T15:13:13-04:00 February 17th, 2019|