Quick Take Dogecoin has surged over the last few months as retail traders flock to the popular meme coin. In some corners of the market, there are signs of institutionalization. This feature story is available to subscribers of The Block Daily. You can continue reading this Daily feature on The Block.
U.S. banking giant State Street is helping build a cryptocurrency trading platform for institutions. State Street’s Currenex unit has partnered with Arcane Crypto-backed Pure Digital for the initiative. (Currenex provides technology to institutional foreign exchange (FX) platforms). London-based Pure Digital is building an over-the-counter (OTC) crypto trading platform for institutional investors, and Currenex is providing […]
TP ICAP, the London-based interdealer broker, is considering the expansion of its activities in crypto after growing interest from its institutional clients. The origins of the firm’s digital asset unit – which was first unveiled in June 2019 – lie in a working group set up to conduct research on the sector following the crypto […]
On February 2, the crypto asset manager, Bitwise Asset Management, announced it had filed a Form 211 with the U.S. Financial Industry Regulatory Authority (FINRA). If the proposal is approved Bitwise will be able to deploy its shares publicly via over-the-counter (OTC) desks and secondary markets. Bitwise Plans to Compete With Grayscale’s Bitcoin Trust The […]
Quick Take Large trading desks say DeFi is making a comeback. The numbers back support that argument: DEX volumes and popular governance coin prices are both trending up. This feature story is available to subscribers of The Block Daily. You can continue reading this Daily feature on The Block.
Crypto financial services firm BlockFi has launched an over-the-counter (OTC) trading desk for institutional investors. The service will allow BlockFi’s clients to process large trades directly between themselves, instead of relying on exchange order books. BlockFi said its OTC desk will operate with traders based in the U.S. and Asia to serve institutional and ultra-high […]
Cryptocurrency market maker Wintermute has raised $20 million in a Series B funding round to expand into new businesses and geographies. The round was backed by Pantera Capital, Fidelity’s Avon Ventures, and Sino Global Capital, among others. Existing investors Blockchain.com Ventures and Lightspeed Venture Partners also participated in the round. In a note to The […]
Bitcoin’s historic rise came to a halt over the weekend — but the industry’s largest trading desks aren’t too concerned. After soaring to all-time highs near $42,000, the price of bitcoin briefly dropped below $31,000 on Monday in a move that market-making executives say was driven by a flurry of liquidations. Coinbase saw a low […]
Quick Take Christmas was busy for crypto trading desks. B2C2 was “extremely busy,” while Wintermute clocked in $1 billion in trading volumes. Traders expect December’s activity to continue into January. This feature story is available to subscribers of The Block Daily. You can continue reading this Daily feature on The Block.
Brazil Revenue Collector’s Data Shows Cryptocurrency Volumes Exceed $6 Billion Between January and September
Raw data from the Federal Revenue of Brazil (RFB) shows that crypto traded volumes in the country exceeded $6 billion between January and September this year. According to the data, bitcoin dominates as it accounts for over 80% of traded volumes. Still, other cryptos like bitcoin cash, dai, and dogecoin had significant volumes in the […]