Weekly Update: 6 Oct 2022
1) Ark Invest is the latest fund manager to use the SMA wrapper to offer crypto access to financial adviser clients. [Blockworks]
– Ark Invest has partnered with digital asset SMA (separately managed accounts) platform Eaglebrook Advisors to offer strategies to clients of registered investment advisers.
2) Hamilton Lane announced a deal with digital asset securities firm Securitize, to tokenize three of its funds. [Ledgerinsights]
– Hamilton Lane has $835 billion AUM and the funds to be tokenized include unlisted equities, private credit, and secondary transactions.
3) Citi says DEX are gaining market share from centralized peers. [Coindesk]
– As crypto regulation develops more broadly, with expanded reporting requirements, users could begin to migrate to DEXs from “KYC-heavy CEXs”.
4) Coinbase has reassured users that all funds are safe after the exchange was unable to process US bank transactions for nearly six hours over the weekend. [Blockworks]
– The company identified the issue as a snag with the Automated Clearing House (ACH) system, the electronic network that facilitates online transfers between US banks.
5) European Parliament members vote in favor of crypto and blockchain tax policies authorisation. [Cointelegraph]
– The resolution recommended authorities in the parliament’s 27 member states consider a “simplified tax treatment” for crypto users involved in occasional or small transactions.
6) EU regulators are warning member states that the European Banking Authority will clamp down on crypto mixers and other privacy-preserving technologies. [Blockworks]
– The document mostly relates to crypto asset service providers (CASPs) and the steps they must take to stamp out money laundering and other illicit activity in line with Financial Action Task Force directives.
7) Ex-CEO of Celsius withdrew $10M weeks before the company froze customer accounts. [Coindesk]
– The spokesperson said that Mashinsky “‘withdrew a percentage of cryptocurrency in his account, much of which was used to pay state and federal taxes,'” according to the FT.
8) NYDIG raises $720M for Institutional Bitcoin Fund. [Blockworks]
– A total of 59 investors contributed to the raise, a SEC filing from Sept. 29 showed, although the regulator may not have reviewed the document, which could mean the raise isn’t over just yet.
9) Solana suffered its eighth outage during the early hours of October 1. [Beincrypto]
– Solana Status revealed that the network was not processing transactions, adding that “Developers across the ecosystem are working on diagnosing the issue and restarting the network.”
10) Starry Night Capital, a nonfungible-token (NFT)-focused fund launched by the co-founders of the now-bankrupt hedge fund Three Arrows Capital (3AC), has moved over 300 NFTs out of its address. [Cointelegraph]
– According to blockchain provider Nansen, hundreds of NFTs have been moved from the 3AC-linked fund to a Gnosis Safe address.
