3iQ Research Group consolidates the top five cryptoasset stories of interest
to investment advisors and our investors.
Canada Stablecorp Inc: Information Session on Canada’s First CAD-Pegged Stablecoin
July 16 – 3iQ Digital Asset Management and Mavennet are pleased to announce their joint venture in Canada Stablecorp Inc. We are currently looking for strategic partners and investors to help launch our first version of the digital Canadian dollar, QCAD. Contact us to join the 3iQ info session on Tuesday, July 30th at 12:00 – 1:00 PM EST. Please contact Annie Wang at email firstname.lastname@example.org for more details.
Federal Reserve Chair: Bitcoin is a “Store of Value” Like Gold
July 12 – During his testimony before the Senate Banking Committee on Facebook’s Libra cryptocurrency last week, the Federal Reserve Chairman Jerome Powell noted that bitcoin is a “speculative store of value” and is often purchased as an alternative to gold. Powell also envisioned the return of an era where “multiple currencies” were used within the United States. Powell’s comments on bitcoin were stemmed from his testimony on Facebook’s Libra currency, which he thinks may create “a lot of serious concerns” for the existing US monetary system. “The size of Facebook’s network means it could be, essentially, immediately systemically important,” said Powell.
Read the full article from CoinDesk here.
US C.D. Howe Institute: Central Banks Will Need to Step Up to Facebook’s Libra
July 12 – Thorsten Koeppl, a Scholar in Financial Services and Monetary Policy at the C.D. Howe Institute, has provided insight into Facebook’s Libra cryptocurrency and the implications for global central banks. In an op-ed for the Globe and Mail, Koeppl notes that global central banks and their power to issue currencies are being challenged by digital currencies provided by major technology companies. “Central banks around the globe have taken notice as their monopoly power of issuing currency is being challenged. U.S. Federal Reserve Chairman Jerome Powell and Bank of England Governor Mark Carney have expressed concerns. While many central banks have been evaluating the merits of issuing a digital currency for quite some time, a new globally accepted unit of account, with the backing of Facebook, is a direct threat to the integrity of the existing monetary and financial system”.
Read the full op-ed from The C.D. Howe Institute here.
Winklevoss Twins Speak Out About Facebook’s Libra
July 10 – The Winklevoss twins have recently spoken out on Facebook’s Libra cryptocurrency, noting that the company has “resurrected” coin prices and brought back some “hype” to the cryptocurrency industry. In an event at New York’s 92Y last Tuesday, Tyler Winklevoss stated that the Libra announcement has been “very good for crypto and very good for Bitcoin”. Facebook, and its platforms Instagram and WhatsApp, have a vast userbase which reaches over 2 billion active users worldwide. The digital currency could challenge the US dollar and provide an incredible on-ramp into the crypto-sphere, granted that its Libra cryptocurrency is paired against bitcoin and potentially other cryptocurrencies on secondary markets. “A company with the stature of Facebook talking about the word ‘crypto’ demystifies it, takes out some fear for some people — it might add other fear for different reasons, maybe privacy or whatnot — but the fact that a publicly traded company that’s a huge part of our economy actually is doing something really serious in crypto very much mainstreams it and I think it’s a big win for our space”, said Tyler Winklevoss.
Read the full article from Bloomberg here.
Fortress Investment Group Will Buy Mt. Gox Creditor Claims for $900 Per Bitcoin
July 9 – Fortress Investment Group has offered to purchase the claims held by the defunct cryptocurrency exchange Mt. Gox. The exchange had previously collapsed back in 2014, losing some 850,000 bitcoins owned by thousands of clients who used the exchange’s trading platform at the time. Many creditors had anticipated that they would receive their original bitcoin back, rather than the cash-equivalent at the time of the shutdown. “We review each claim individually but are now generally able to offer $900 per BTC claim, or roughly 200% of the bankruptcy value (which was $451 per BTC claim). We can pay that in Bitcoin, or any fiat currency of your choice. Our payment would be made within 10 business days of the claim transfer confirmation,” said the letter from Fortress Investment Group.
Read the full article from CoinDesk here.
3iQ Bitcoin Trust (Class A) : NAV as at July 16, 2019
Underlying cryptoasset prices sourced from Bloomberg.
3iQ Global Cryptoasset Fund (Class A): NAV as at July 16, 2019
Underlying cryptoasset prices sourced from Bloomberg.View charts and more fund data at https://www.theglobeandmail.com/investing/markets/funds/TIQ101.CF/performance/
3iQ Corp. (“3iQ”) is the first Canadian investment fund manager to agree to terms and conditions with the Canadian securities regulatory authorities which permit 3iQ to manage a multi-cryptoasset investment fund available to Canadian accredited investors. 3iQ provides accredited investors with exposure to bitcoin, ether, and litecoin through its 3iQ Global Cryptoasset Fund.