In today’s edition of The Daily, we feature a couple of stories that show how, despite the current downturn in the cryptocurrency markets, different locations in the U.S. are competing to attract the industry. We also cover a new bitcoin investment trust application with the SEC and a rebranding of a crypto exchange.
NYC to Launch Blockchain Center
The New York City Economic Development Corporation has announced it has selected Future\Perfect Labs and Global Blockchain Business Council Future to launch and operate the NYC Blockchain Center meant to help foster the continued growth of the local industry.
The center will be located in the Chelsea neighborhood where it will provide entrepreneurs with a working shared space, business support, and access to mentors. It will also provide access to public education resources about blockchain technology to all New Yorkers. Additionally, the center is said to bring together industry, government, investors, innovators and academia to discuss how the city can foster a regulatory environment that will support both consumer safety and innovation in blockchain.
“We are seeing increasing startup activity amongst our students in the blockchain and crypto sectors across NYU. We are excited about the addition of the NYC Blockchain Center to the NYC tech ecosystem and look forward to collaborating,” commented Frank Rimalovski, Executive Director at NYU Entrepreneurial Institute.
Wyoming Advances Industry-Friendly Bills
The State of Wyoming is continuing to advance the creation of a local legal framework meant to attract crypto businesses. In recent days, members of the State Legislature have reportedly passed two new industry-friendly bills, a critical part of the process of enacting them as law.
The Wyoming Utility Token Act-property amendments bill is meant for legally establishing that certain tokens are properly classified as intangible personal property under Wyoming law and, therefore, do not require an exemption from securities laws. The Financial Technology Sandbox Act is meant for creating a legal sandbox for the testing of financial products and services in Wyoming.
The bill notes that: “The state of Wyoming currently offers one of the best business environments in the United States for blockchain and financial technology innovators, and should offer a regulatory sandbox for these innovators to develop the next generation of financial technology products and services in Wyoming.”
New Bitcoin Investment Trust Seeks SEC Approval
Wilshire Phoenix is an investment management firm from New York which partnered with Coinbase a few months ago to establish a $500 million fund meant to offer institutional investors exposure to digital assets.
On Friday, the company announced, as the sponsor of the United States Bitcoin and Treasury Investment Trust, that the trust has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) relating to the proposed initial public offering of its common shares.
According to the announcement, the purpose of this trust is to seek to provide investors with exposure to Bitcoin in a manner that is more efficient, convenient and less volatile than purchasing stand-alone Bitcoin. The trust will only hold BTC, short-term duration U.S. Treasury Bills and/or dollars, in proportions that seek to closely replicate the exposure of a custom index to Bitcoin.
HBUS Cryptocurrency Exchange Rebranded as Huobi
Huobi Group has announced that HBUS, its American strategic partner which launched in San Francisco last year, has licensed its brand and rebranded the digital asset marketplace with the Huobi name. “From a branding perspective, it simply makes sense to ensure that the Huobi name is present in the United States,” said Huobi Group Founder and CEO Leon Li. “This transition will allow Huobi to extend its brand presence around the globe.”
HBUS Holdco Inc. will continue to be the company operating the U.S. trading platform but it will migrate its trading platform to huobi.com, which will be open to U.S. users. Huobi Global will continue to serve the international market under its own name at hbg.com.
“The name ‘Huobi’ is a powerful brand in the digital asset world, representing dependability and security for more than half a decade. HBUS’s enhanced partnership with Huobi Group will also bring with it a reputable brand that will help HBUS increase trading,” said Frank Fu, CEO of HBUS. “Leveraging our exclusive partnership with Huobi Group in this way will allow us to grow the Huobi brand together.”
What do you think about today’s news tidbits? Share your thoughts in the comments section below.
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