Porsche enters NFT sector, Mark Cuban keeps investing, and Chainlink-powered NFTs

Porsche unveils NFT subsidiary German sports car giant Porsche has drifted into the nonfungible token (NFT) market, with a June 14 announcement revealing the launch of an NFT collectible startup dubbed Fanzone. However, the car manufacturer will not be looking to tokenize its luxury vehicles at this stage, instead opting to focus on soccer-themed NFT collectibles. Fanzone, which was built from Porsche’s digital subsidiary Forward 31, has already inked partnerships with the German national men’s, women’s, and under 21 football teams. Fanzone also has a deal with the third tier of…

HSBC reportedly blacklists MicroStrategy’s stock for investing in Bitcoin

Buying MicroStrategy stock (MSTR) is reportedly no longer possible for HSBC customers on the bank’s online trading platform — HSBC InvestDirect, or HIDC. According to a supposed message from the bank to its customers, HSBC has directed users that already own MicroStrategy stock not to buy additional shares. Twitter user Camiam claimed to have received such a message from the banking giant on March 29: Hey @michael_saylor , you may want to ask your legal team if what @HSBC_CA is doing here is legal. It sure does not sound like…

Reef Finance aims to simplify DeFi investing through Baskets protocol

Reef Finance, a DeFi ecosystem powered by Polkadot, has released a new investment product aimed at helping passive investors gain access to a broader portfolio of cryptocurrencies.  Reef Baskets V1 is described as an “Ethereum-based framework for deploying collections of DeFi tokens” and other crypto assets. It operates in a similar manner to exchange-traded funds, or ETFs, which are popular among traditional investors and institutional managers. Investors who use Reef Baskets have the opportunity to invest in multiple DeFi token baskets at the same time. Reef Finance describes its Baskets…

Can crypto trading and investing be taught in just one book?

Cryptocurrency books aimed at novice users or non-users tend to follow a very similar pattern. Almost all start with an obligatory “history of money” and explain why fiat is, let’s say, “flawed,” — to be polite. Then Bitcoin (BTC) in introduced, wielding a fistful of shiny new tech that can address some of these issues. The books go into mining, wallets, exchanges, Ethereum and smart contracts, altcoins and decentralized finance — also known as DeFi. Once the authors are sure that the reader is sold on the idea of buying…

Morgan Stanley introduces Bitcoin investing for millionaire clients

Institutional banking powerhouse Morgan Stanley seems to have given Bitcoin its nod of approval. Based on fresh intel via an “internal memo”, as reported on by CNBC, Morgan Stanley will give clients access to Bitcoin (BTC) investing, though only under specific conditions.  “The investment bank, a giant in wealth management with $4 trillion in client assets, told its financial advisors Wednesday in an internal memo that it is launching access to three funds that enable ownership of bitcoin, according to people with direct knowledge of the matter,” CNBC reported on…

Square doubles down on Bitcoin, investing another $170M

Financial services outfit Square just announced it has picked up more Bitcoin.  Square “has purchased approximately 3,318 bitcoins at an aggregate purchase price of $170 million,” the company said in a public statement on Tuesday, adding: “Combined with Square’s previous purchase of $50 million in bitcoin, this represents approximately five percent of Square’s total cash, cash equivalents and marketable securities as of December 31, 2020.” Bitcoin (BTC) has fallen significantly this week so far, dropping below the $50,000 mark after tapping a record high past $58,000, based on TradingView.com data.…

Automated Crypto Investing App Coinseed Faces Fraud Charges In NY, SEC Suits

Coinseed Inc, an automated crypto investing app, is facing allegations of defrauding investors and breaking U.S. registration laws in a pair of legal actions brought Wednesday by the U.S. Securities Exchange Commission and the State of New York. The app-based service bilked investors of $1 million through hidden fees, false claims and a flopped token, New York Attorney General Letitia James alleged in her state’s suit. She charged Coinseed, which did not have a BitLicense or federal clearance, with running an unregulated securities and commodities trading shop. James said she…

Japan’s SBI Investing ‘Eight-Figure’ Sum in Swiss Crypto Bank Sygnum

SBI Holdings, a Japanese financial services firm, is to lead an ongoing strategic fundraising round for Swiss digital asset bank Sygnum.  Sygnum, which holds a Swiss banking license, said Tuesday it has secured an “eight-figure” U.S. dollar investment from SBI’s subsidiary, SBI Digital Asset Holdings, which will be used to help the firm grow its client base and expand into new markets across Europe and Asia. The firm, which has bases in Switzerland and Singapore, said the fundraising effort will have brought in investment of around $30 million over the…

Reddit investing group triggers crypto-style 860% rally in GameStop stock

Since Jan. 22 GameStop has been attracting a lot of attention from the mainstream news as the stock (GME) for the popular video game retailer rallied 860% from $17.40 on Jan. 4 to a high of $159.18 on Jan. 25.  On Jan. 25 GME pulled back 51.70% from its high to close the day at $76.79 but what lies behind the massive upsurge warrants closer inspection. While solid fundamentals often lead to price breakouts in both stocks and cryptocurrencies, the recent interest in GameStop appears to have more to do…

Number of financial planners investing in crypto increases by 50%

A survey published by crypto index fund provider Bitwise Asset Management has found the number of financial advisors allocating capital toward crypto has increased by roughly 50% in one year. The survey, conducted in partnership with investment website ETF Trends, queried nearly U.S.-based 1,000 financial advisors in December. The findings indicate that 9.4% of client portfolios were exposed to crypto assets — up from 6.3% one year ago. Of the investment advisors who have not yet allocated to crypto, 15% stated they will “probably” invest in virtual currency during 2021,…