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Crypto Wealth Manager Vaneck Launches Polygon and Avalanche Investment Offerings

Wealth manager Vaneck announced that he has expanded his exchange-traded note (ETN) offerings to support the polygon and the flood of tokens. The two ETNs follow five previously launched funds in Europe that allow investors to gain exposure to key digital assets.

Vaneck adds polygon and avalanche to his list of cryptocurrency ETNs

Vaneck announced the launch of two ETNs that leverage the polygon of crypto assets (MATIC) and avalanche (AVAX). The ETNs represent AVAX or MATIC shares and the funds are fully guaranteed. “Vaneck expands its crypto investment offering with two new ETNs on crypto platforms Avalanche and Polygon,” the wealth manager tweeted on December 16.

Avalanche and polygon were in significant demand this year and racked up massive gains for the year. Token Avalanche (AVAX) has seen its market capitalization join the world’s top ten digital assets in terms of overall valuation. Today, AVAX ranks ninth after increasing 3,509% from last year.

Polygon (MATIC) also increased significantly in value in 2021, with year-to-date gains of around 11.393%. MATIC is the fourteenth largest active crypto in terms of market capitalization today, which is around $ 15 billion. Both MATIC and AVAX are compatible with Ethereum, but they are also considered competitors of Ethereum.

Vaneck to Leverage Crypto Compare, Bank Frick’s MVIS Data to Custody Crypto Assets

The ETNs offered by Vaneck are like exchange-traded funds (ETFs), but the ETNs are considered unsecured debt securities. Vaneck tried to get his bitcoin (BTC) ETF approved by the US Securities and Exchange Commission this year, but the ETF was denied in mid-November.

Polygon and Avalanche ETNs use data from Crypto Compare MVIS to replicate the value and performance of each asset. The crypto assets underlying Vaneck’s ETNs are in the custody of Bank Frick & Co. AG. The ticker for AVAX ETN will be “VAVA” and the ticker for MATIC ETN will be “VPOL”.

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Crypto Exchange Binance to End Singapore Operations in February 2022

The world’s largest cryptocurrency exchange, Binance, is set to withdraw its operations from Singapore. In the latter, Binance Asia Services Ltd., the Singapore crypto exchanger, said it withdrew its application for a license to operate a crypto exchange.

As a result, Binance should no longer seek further efforts to operate a regulated exchange crypto under the regulatory oversight of the Monetary Authority of Singapore (MAS). Binance.sg, the fiat to encrypt the trading platform, is expected to be delisted in February 2022, the exchange told Bloomberg.

Well, the decision also ends long-standing speculation about Singapore’s emergence as Binance’s global headquarters. The company also noted that the decision has taken into account “global strategic, commercial and development considerations.” Richard Teng, CEO of the Singapore entity, said:

“We always put our users first, so our decision to close Binance.sg was not taken lightly. I thank the Monetary Authority of Singapore for their continued assistance to Binance Asia Services and I look forward to future opportunities to work together. "

Instead, Binance Asia noted that it will redirect its operations to blockchain technology. Interestingly, the decision to exit Singapore comes just a week after Binance acquires an 18% stake in Singapore-based crypto exchange Hg.

Binance Global Plans

Having received a lot of regulatory criticism this year, Binance appears to be optimizing its global operations. The fact that the crypto exchange does not have a global headquarters has infuriated investors around the world.

During his latest interview, Binance CEO Changepeng Zhao stated that they are working to rebuild their business in the UK. “We are fully committed there. We are making a number of substantial changes to organizational structures, product offering, our internal processes, and the way we work with regulators. We want to continue to establish a presence in the UK and serve UK users in a fully licensed and compliant manner, ”he said.

Zhao, who has lived in Singapore for two years, is sending mixed signals about where Binance finally plans to move: Europe or the Middle East.

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Star Bank of Indiana Launches Bitcoin Trading Services

Star Financial Bank (Star Bank) claims to have become the first bank in the state of Indiana, United States, to offer bitcoin services to its customers. The services will be offered through the platform of the New York Digital Investment Group and Alkami. Customers will be able to buy and sell bitcoins through the Star Mobile Banking app.

“First Bank in the State of Indiana to Offer Bitcoin Trading Services”

Star Financial Bank (Star Bank) announced on Tuesday:

Star is happy to offer customers the ability to buy and sell Bitcoins through the Star Mobile Banking app.

“We are launching this new offering in closed beta,” added the bank.

Star Bank is an Indiana-based community bank. Its parent company, Star Financial Group, has $ 2.80 billion in assets with 36 locations in central and northeastern Indiana, according to its website.

Bitcoin services are provided by the New York Digital Investment Group (NYDIG) through Alkami, a provider of cloud-based digital banking solutions for US banks and credit unions. NYDIG is the bitcoin investment arm of Stone Ridge Asset Management.

According to the announcement posted on the Star Bank website:

Star Bank is the first bank in the state of Indiana to offer bitcoin trading services to its clients.

Customers of the bank will have the ability to “acquire, sell, hold and manage bitcoin alongside their traditional assets,” according to the details of the announcement.

Alkami Founder and Chief Strategy and Sales Officer Stephen Bohanon explained that his company “helps financial institutions succeed in digital banking by delivering the most advanced cloud-based digital banking platform in the world. Marlet”. He said: “Early adopters of the technology recognize the importance of seizing the opportunities of bitcoin.”

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Where to buy a Bitcoin ETF

The first Bitcoin exchange-traded fund (ETF), offered by ProShares, launched on Tuesday this week. It is traded under the symbol BITO and will allow equity investors to gain exposure to the digital currency without having to purchase it on a crypto exchange.

How and where to buy Bitcoin ETFs
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What is the Bitcoin ETF?

Before buying Bitcoin ETF (BITO), one must first distinguish between Bitcoin and Bitcoin futures. In essence, a futures contract for any asset is simply an agreement to buy or sell the asset on a future date and at a predetermined price.

Now, buying Bitcoin ETF means you are buying a stock whose value fluctuates based on the price of Bitcoin futures contracts traded on the Chicago Mercantile Exchange.

Should I buy Bitcoin ETF today?

Many professional fund managers agree that it is a reasonable strategy not to invest more than 5% to 10% of your total portfolio in crypto assets. Buying the new BITO Bitcoin ETF is ideal for many investors who want to be exposed to Bitcoin but do not want to go through the process of opening a crypto account.

Bitcoin ETF Price Predictions

According to experts at Fundstrat Global Advisors, the price of Bitcoin could exceed $ 166,000 by the end of 2021. However, the price of Bitcoin does not necessarily correlate with the price of ETFs, which is confusing.

This is because futures contracts are not directly backed by physical Bitcoin, but rather by a derivative of Bitcoin. For example, Bitcoin can gain 40%, but Bitcoin ETF can only increase by 30%. This is because future ETFs have contracts that expire periodically and must be redeemed.

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Russian government plans to view cryptocurrency mining as a business activity

The chairman of the financial markets committee of the Russian Duma, Anatoly Aksakov, announced that the government plans to consider the search for digital currency in the category of business activities. On the sidelines of the Moscow Financial Forum, Aksakov highlighted upcoming changes in the regulation of virtual currencies, including issues related to mining and emissions caused by trading digital currencies.

Furthermore, by registering all cryptocurrency processes as business activity, you will also be subject to state tax policy. “Since this is a type of business activity, it is of course necessary to enter it into the registry, assign a code corresponding to it as a type of business activity and introduce taxes,” Aksakov told the Russian newspaper TASS.

Russia wants to enlighten through regulatory policy The chairman of the financial market committee of the Duma emphasized the importance of educating citizens about the terminology of the digital currency market. He said that these regulations would draw a clear line between the central bank’s digital currency and the decentralized system’s virtual currencies. Aksakov argues that digital currency is not just a payment method, but a financial company that is used as an investment vehicle. He supports the importance of designing a structure for digital currency differences and their respective values.

“There is a central bank digital currency and there is a digital currency that is actually likely to be understood as a cryptocurrency, and the boundaries of these concepts need to be clearly defined so that there is no confusion … discuss the fact that the currency Digital is actually now, although we call it money, it is used more as a financial instrument, a financial asset that is an investment object, rather than a means of payment, ”added Aksakov.

Cryptocurrency penetration in Russia Crypto regulations are not Russia’s first step in cracking down on the democratic nature of digital currencies. Last month, Russia’s Federal Financial Supervisory Authority, Rosfinmonitoring in Moscow, ordered the latest tracking system to track cryptocurrencies. This system aimed to analyze the behavior and movements of merchants in order to de-anonymize their identity.