3iQ Research Group consolidates the top five cryptoasset stories of interest
to investment advisors and our investors.
Stablecorp Appoints Jean Desgagne as Chief Executive Officer
August 12 – Canada Stablecorp Inc today announced the appointment of Jean Desgagne to the position of Chief Executive Officer. He will lead the launch of QCAD, the first Canadian dollar stablecoin, by managing day-to-day operations and leveraging his deep network and expertise gained from three decades in Canada’s financial services industry. Desgagne has been involved with Stablecorp since its inception and incorporation earlier this year. Prior to Stablecorp, he was President and CEO of TMX Group’s Global Solutions, Insights & Analytics Strategies and its Global Enterprise Services. He also served as President and CEO of the Canadian Depository for Securities Limited, where he led the Depository to be the one of the most cost-efficient in the world. Prior to TMX, he held executive roles at TD Bank, Bank of Montreal, and UBS. “I am excited to be working on the creation of a stablecoin that is backed by real dollars and is transparent and auditable” said Desgagne. “This can be a game-changing tool that can power many types of transactions involving tokenized assets and other digital currencies.”
Read the full press release from Cision PRWeb here.
Goldman Sachs: Elliot Wave Analysis on Bitcoin Suggests an “Opportunity to Buy on Weakness”
August 12 – Technical analysts at Goldman Sachs have released a new deck for institutional clients suggesting that now is a good time to consider buying bitcoin. The technical analysts used Elliot Wave analysis which suggests that bitcoin prices could find support around $11,094 USD and move higher towards $12,916 and later $13,971 USD. “Any such retracement from $12,916-$13,971 should be viewed as an opportunity to buy on weakness as long as it doesn’t retrace further than the $9,084 low,” said the deck.
Read the full article from Coindesk here.
Read the full slide deck here.
China’s Central Bank Says It’s “Close” to Releasing its own Cryptocurrency
August 12 – According to a senior official at The People’s Bank of China (PBOC), the bank is coming “close” to issuing a cryptocurrency of its own. The bank has reportedly been working on the project since last year to develop the necessary systems to manage the cryptocurrency. During the China Finance 40 Forum this weekend, Mu Changchun, the deputy director of the PBOC’s payments department, announced that the cryptocurrency would replace the M0 (cash in circulation) and not M2, bypassing the need to change existing monetary policy. Patents registered by the central bank indicate that both consumers and businesses would use a mobile wallet application, and later swap their yuan for the cryptocurrency.
Read the full article from Bloomberg here.
Walmart’s Cryptocurrency Could Face Less Heat Than Facebook’s Libra
August 6 – According to the financial services company Cowen, Walmart’s recently announced cryptocurrency should create less political opposition than Facebook’s Libra. According to Jaret Seiberg, a senior policy analyst at Cowen, Walmart’s cryptocurrency appears to resemble a stored value card, which is similar to gift cards that exist already. The cryptocurrency also doesn’t appear to have the same “global intentions” as Facebook’s Libra. Despite this, if Walmart were to release the cryptocurrency, it could still trigger congressional hearings and generate criticism since there are “overall doubts on Capitol Hill about digital coins”. However, Seiberg does not expect that lawmakers would stop Walmart from releasing the cryptocurrency.
Read the full article from Bloomberg here.
FATF: 15 Nations Plan Global Crypto Monitoring System
August 9 – The Financial Action Task Force (FATF) is reportedly managing a project which aims to combat money laundering, terrorist financing, personal information sharing, and transaction sharing among trading platforms in the crypto sphere. The project will be co-developed and utilized by 15 nations, including several G7 members such as Australia and Singapore. The project is expected to have detailed measures by 2020 and will be implemented several years later. Once systems are in place, they will be entirely managed by the private sector. Back in June 2019, officials at the G20 meeting in Osaka, Japan collectively agreed to work toward creating a licensing and registration system for digital asset trading platforms. Officials also agreed that they would work together to combat loopholes allowing for the illicit transfers of funds.
Read the full article from the Nikkei Asian Review here.
3iQ Bitcoin Trust (Class A) : NAV as at August 9, 2019
Underlying cryptoasset prices sourced from Bloomberg.
3iQ Global Cryptoasset Fund (Class A): NAV as at August 9, 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.