The suspension of Silvergate's cryptocurrency payments system is seeing digital assets managers scrambling to find new banking partners.
With US$400 million in assets under management, a crypto fund manager is looking to Swiss banks to fill the vacuum left by the collapse of a crucial payments network run by struggling US lender Silvergate Capital.
Silvergate's 24/7/365 real-time network was utilised by Digital Asset Management to transfer money to and from Coinbase Global Inc.
But, major exchanges like Coinbase, Crypto.com, and Gemini no longer support Silvergate.
While Bloomberg focused on his post-prison pivot to regulatory advising and his past legal issues, Zhao himself has dismissed the report as baseless.
The fund It will be anchored by a $400 million investment from Mantle Treasury, following the approval of a governance proposal by the DAO earlier this year, which will potentially place it among only eight tokenized assets globally to surpass that threshold, according to data from rwa.xyz.
The successful funding round indicates investor interest in solutions that aim to bring institutional-level trading capabilities to the retail market within the crypto space.
This strategy mirrors the approach taken by companies like Michael Saylor's Strategy with Bitcoin, where significant cryptocurrency accumulation has often been linked to substantial stock price appreciation.
This week's guest is Sota Watanabe, CEO of Singapore-headquartered Startale Group, which is building Soneium, a next-generation Ethereum layer-2 blockchain, born from a joint venture with Sony Group.
We were right to overweight Bitcoin and trim Ethereum exposure at the top. But our timing on risk reduction was slightly early, missing some profits on the final 5–6% of this leg. We’re watching closely now for confirmation of a true consolidation phase — and the right moment to redeploy capital.
The increasing adoption of crypto by institutions and the availability of sophisticated tools like options are paving the way for a new era of crypto institutionalization, Augustine Fan, Partner & CFO of SignalPlus, a leading digital asset software technology for crypto options, explains.
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