Two more global asset management funds could be about to enter the race for a spot Bitcoin ETF in the United States. This and more news in this practical summary daily so that you are always informed with events most recent that occur within the crypto world.
Who Else Will Join the Bitcoin Spot ETF Race?
📍Schwab Asset Management and State Street Global Advisors They could be the next fund managers to seek regulatory approval from the SEC to create a spot Bitcoin ETF. This is what several market analysts consider, after Franklin Templeton's entry into the race for a Bitcoin ETF in the United States.
In the middle of this month, the global asset manager with more than $1,5 trillion filed an application with the Securities and Exchange Commission (SEC) to launch a spot Bitcoin exchange-traded fund, which tracks the price of the cryptocurrency directly on the market.
Edelman Financial Engines founder Ric Edelman told Blockworks that growing institutional interest in Bitcoin will prompt all fund managers to venture into the crypto world, even those who have been opposed to digital assets. “It will be a snowball effect. “Every fund manager will have no choice but to offer a spot bitcoin ETF,” he noted, emphasizing that fund managers who offer their investors access to Bitcoin through an exchange-traded fund will have the competitive advantage over those that do not offer these investment instruments.
On the other hand, analysts at Fidelity Investments, one of the firms seeking SEC approval for a Bitcoin spot ETF, highlighted that Grayscale's victory over the US securities regulator in court keeps investors optimistic. , Bitcoin price action has been “boring” over the last month, falling about 6%.
At the time of writing, Bitcoin is trading on the market at a price of $26.800 per unit.
Citi tests blockchain technology for tokenized deposits
📍The American bank Citi has launched a new blockchain-based platform to offer new services to its institutional clients. Called Citi Token Services, the new platform allows Citi institutional clients to access tokenized deposits and a variety of other digital banking products.
Shahmir Khaliq, Citi's global head of services, said Citi Token Services will power Citi's next generation of transactions and financial services, offering its clients more innovative products, such as cross-border payments and automated trade finance solutions, that are always up and running. .
Citi job in conjunction with Maersk to implement a test pilot for Citi Token Services, which experimented with the transfer of programmable tokenized deposits through smart contracts, to provide instant payments to service providers.
Regarding this pilot, Khaliq commented that the blockchain-based platform significantly reduced transaction processing time. In the traditional way, these types of transactions took days, while with Citi Token Services they took just a few minutes to complete.
On the other hand, Marie-Laure Martin, regional treasury manager for Maersk in the Americas, expressed confidence in the new platform, indicating that Citi Token Services “has promising applications for trade finance.”
Malta aligns with MiCA to regulate the crypto sector
📍The Malta Financial Services Authority has launched a public consultation to regulate cryptocurrencies. El consultation document presented by the financial authority proposes new changes to the country's Virtual Financial Assets Regulation, in order to advance the regulation of the cryptocurrency and digital assets industry.
According to the document, Malta wants to balance its regulatory framework for cryptocurrencies and align it with the regulations established in the European Cryptoasset Market Law, the MiCA Law, which is considered so far the most complete legislation for the crypto industry.
TON's recruiting streak continues
📍TON continues to lead the crypto market after learning of the integration of the TON wallet into Telegram. At the time of writing this article, The Open Network's cryptocurrency registers a weekly increase of 48%, surpassing the rest of the cryptocurrencies in the Top 100 as the one with the highest weekly gain.
Source: Bit2Me
As reported by this media, the TON Foundation and Telegram announced a partnership to integrate the TON network-based wallet into the messaging platform. The more than 800 million Telegram users will be able to access and enjoy the services that are built on the TON network through the Telegram Wallet.
Both the TON Foundation and Telegram seek to incorporate the platform's next 500 million users into the crypto world and Web3.
Continue reading: Telegram Wallet facing the problem of cybersecurity
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