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After a hectic consensus week, where crypto-faithful from around the world converged in Singapore, here are our quick high-level thoughts –
“Largest brokerage in Brazil to launch crypto trading” Brazil’s biggest brokerage firm, Grupo XP, has announced its plans to offer Bitcoin and Ethereum trading for its clients before the end of 2018. This landmark decision will open the crypto asset class to more than 3 million investors in the country.
“Crypto-friendly Singapore” Singapore is in the process of creating a legitimate financial market for cryptocurrencies as it strives to become one of the first countries to adapt cryptocurrencies. The tone of the regulators who spoke at Consensus Singapore last week reiterates their amiable approach towards cryptocurrencies, after their decision to work with global institutions to introduced tokenized digital currencies.
“Crypto for charity” UNICEF is reportedly accepting donations in nine cryptocurrencies, including BTC and ETH. Crypto donations for charitable causes is gaining prominence and UNICEF previously launched an initiative that allows users to download a crypto mining app on their mobile and lend computing resources for Ethereum mining.
“SEC seeking further feedback on Crypto ETF” The SEC instituted a proceeding to decide whether or not to approve the proposed rule for listing of SolidX shares. The regulator said that it received more than 1400 letters regarding the proposed rule change and wants to take into account public feedback as well on this matter.
We successfully finished the launch of our first index token – 108T. 108Token is an ETF-style product that tracks the market performance of the top 15 cryptocurrencies by supply-adjusted market cap. Our latest NAV is at $1.22, roughly 25% up since the launch.
Due to the closed-ended nature of Series I, we were unable to cater to the interest from new investors that we’ve received recently and have thus decided to launch another series of 108 Token – Series II.
Unlike Series I, Series II will work as an open-ended funds. Open-ended funds imply that instead of inviting capital only within a time frame and then closing out the round to not allow further investments, investors can invest on a rolling basis (for example, week-on-week) and continue to purchase the new series of tokens. This means that new investors will be able to invest at any time, old investors will be able to both buy new tokens as well as redeem their old tokens at a given NAV at a given date. You can express your interest in 108 Token Series II here.
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