Devere Group has announced the launch of a digital asset fund and Binance Uganda claims to have onboarded 40,000 users during its first week of operating. In other news, Grayscale’s quarterly report has estimated that 70 percent of the investments it received during Q3 came from institutions.
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Devere Launches Digital Asset Hedge Funds
UK-based financial consultancy Devere Group recently launched Devere Digital Asset Funds in partnership with Dubai-based Dalma Capital Management Ltd.
Nigel Green, the founder and chief executive officer of Devere Group, described cryptocurrencies as “now undeniably” comprising a “part of mainstream finance,” adding that mass adoption is “on the horizon.”
Green stated that the Devere fund will invest in a “diversified portfolio of digital assets via algorithmic trading” on cryptocurrency exchange and over-the-counter markets, adding that Devere will seek to take advantage of arbitrage opportunities present across multiple cryptocurrency trading platforms.
Zachary Cefaratti, the chief executive officer of Dalma Capital, stated: “Crypto Asset Markets abound with durable inefficiencies – creating opportunities … that we have not seen in conventional markets for decades.” Cefaratti added: “Arbitrage opportunities abound – the prices of the top 25 crypto assets vary across over 400 liquidity venues.”
Binance Uganda Claims to Have Signed Up 40,000 Users in First Week
Binance has claimed that its Ugandan subsidiary has signed up 40,000 users since launching one week ago, Coindesk reports. Recent estimates suggest that only 26 percent of Ugandan households have access to basic financial services.
Wei Zhou, the chief financial officer of Binance, indicated that the company will soon expand into Kenya, Nigeria, or South Africa next, stating: “Uganda is our pivot to reach out to other African markets.”
Grayscale Reports 70% of Investments Came From Institutions
According to Grayscale Investments’ report for the third quarter of 2018, the company saw a total of $329.5 million invested into its products during the year, 59 percent of which came from “institutional investors.” It is estimated that Grayscale takes in an average of $8.4 million each week, $5.5 million of which is invested into the Bitcoin Investment Trust.
The report states that 70 percent of funds invested into the company came from institutional investors, with Grayscale receiving an average of $6.2 million each week during Q3, $4.5 million of which went into the Bitcoin Investment Trust. Grayscale saw a total of $81.1 million invested in its products during Q3.
Despite the increased share of institutional investment seen during the third quarter, the report notes that “the dollar-value invested [by institutions] was lower than in the two previous quarters.”
Do you think that more mainstream financial institutions will soon launch cryptocurrency funds? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Devere Group.
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from Bitcoin News https://ift.tt/2zoF9ht Exchanges Roundup: Devere Launches Crypto Fund, Binance Uganda Claims 40,000 Users
According to Itmedia, the “Applications for general account opening will be accepted from July 18.”
There is no transaction fee and settlement is made in Japanese yen. The withdrawal free, tax included, is 51 yen for any amounts withdrawn to SBI Sumishin Net Bank, an Internet bank jointly established by SBI Holdings and Sumitomo Mitsui Trust Bank. For withdrawals to all other financial institutions, the fee, including tax, is 165 yen for any amounts of less than 30,000 yen and 258 yen (tax included) for any amounts over that threshold.
The company was going to launch its exchange last year but postponed in December, citing the need “to strengthen the account opening application acceptance system.” In February, the company further postponed the launch of the exchange, stating that it “decided that it will take a certain amount of time to further strengthen security measures, how to manage assets under custody, and customer management system in user conservation of virtual currency exchange operators.”