Read in the Digest
- Ripple to launch enterprise-grade service, Grayscale files for crypto and fintech ETF.
- Reddit invests $100 million to build decentralized social media on Solana.
- Beeple’s first physical NFT sells for $29 million.
- Apple’s CEO, Tim Cook, confirms he owns cryptocurrency.
Ripple to Launch Enterprise-Grade Service, Grayscale Files for Crypto and Fintech ETF
The battle with the SEC has not stopped Ripple from growing and developing new projects. Ripple has announced a new service, the Liquidity Hub, aimed at institutional and enterprise-grade clients. The Ripple Liquidity Hub will launch in 2022.
Ripple’s Liquidity Hub will allow finance companies to buy, sell and hold digital assets at competitive prices from exchanges, market makers, and over-the-counter (OTC) trading desks. Ripple’s new service will grant institutional investors access to BTC, ETH, LTC, ETC, and BCH
Grayscale, one of the biggest proponents of crypto in 2021, has filed for a new Bitcoin fund that will “shape the future” of crypto. Digital asset manager filed an application with the SEC for their “Future of Finance” ETF to trade under the ticker, GFOF.
The new Grayscale fund is an alternative way for investors to gain crypto exposure as the fund tracks shares in FinTech and crypto firms. If approved by the SEC, GFOF would also track crypto equities.
Flipsider:
- The SEC has reportedly delayed the Grayscale Bitcoin Spot ETF, which was predicted to be approved in November.
Why You Should Care
The new services from Grayscale and Ripple are looking to bring more enterprises and individuals into the crypto industry.
Reddit Invests $100 Million to Build Decentralized Social Media on Solana
Alexis Ohanian, the co-founder of Reddit, has teamed up with Solana’s co-founder, Raj Gokal, to announce a $100 million investment into a decentralized social media platform that will be built on the Solana blockchain. The announcement was made at the ongoing Solana Breakpoint conference in Lisbon.
Ohanian had initially planned to invest $50 million through his venture fund called Seven Seven Six, however, Solana’s co-founder reasoned that the amount might not be enough. As a result, he indicated that the entire investment would be worth closer to $100 million.
Commenting on his partnership with Solana, a high-performance blockchain building the internet of tomorrow, Ohanian noted;
"We are at a pivotal inflection point in these early days of Web3, and I couldn't be more energized to partner with Solana to support companies who are building for this exciting new era of social."
Flipsider:
- Solana’s September blackout exposed some technical issues of the network and raised questions about the ability of the project to handle the decentralized social media of tomorrow.
Why You Should Care
The funds will be used to build a decentralized social media platform, which experts believe will solve the problems faced by today’s social media, and scale DeFi to millions.
Beeple’s First Physical NFT Sells for $29 Million
In March, Michael Winkelmann, who goes by the moniker Beeple, sold his “Everydays: The First 5,000 Days” for an unprecedented $69.3 million, igniting the first NFT mania.
Beeple is now back, selling his first physical piece of work for $28.9 million. The work, “HUMAN ONE,” is a hybrid physical and digital piece, and has generated the second-largest sum paid for an NFT to date.
The seven-foot-tall box playing looped footage of an astronaut walking through extraterrestrial-inspired backdrops was bought for $25 million ($28.9 million including hammer fees) by an online bidder in Switzerland.
Flipsider:
- While Non-fungible tokens and digital art have boomed in 2021, the sector is largely dominated by men.
- According to records, women make up only 5% of all NFT sales over the last 21 months.
Why You Should Care
The continuous success of NFTs challenges the traditional ways that people view, buy, and sell artwork.
Apple’s CEO, Tim Cook, Confirms He Owns Cryptocurrency
Cryptocurrency has seen unparalleled adoption in 2021, with top execs of megacorporations venturing into the industry. In an exciting development, the CEO of Apple (NASDAQ:AAPL), Tim Cook, confirmed in an interview on Tuesday, November 9th, that he personally owns cryptocurrency.
Tim Cook confirmed that he has been interested in cryptocurrency “for a while” and has been researching the topic. When asked if he specifically possessed any crypto, he added, “I do. I think it’s reasonable to own it as part of a diversified portfolio.”
Flipsider:
- While its CEO owns crypto, Apple doesn’t currently have any cryptocurrency products or services on its books.
Why You Should Care
While it shouldn’t be considered investment advice, owning crypto has been hailed as a hedge against inflation, and a way of diversifying one’s portfolio.
EMAIL NEWSLETTER
Join to get the flipside of crypto
Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.
[contact-form-7] You can always unsubscribe with just 1 click.
