Tag: Funds

Symmetry Launches Revolutionary Platform for Decentralized Crypto Indices and Actively Managed Funds on Solana

by Blockchain News

Paris, France, May 3rd, 2023, Chainwire

Today marks a groundbreaking step for decentralized finance (DeFi) on the Solana blockchain as Symmetry launches its highly anticipated User Interface at https://app.symmetry.fi/.

The platform aims to revolutionize the way users manage their portfolios through crypto indices and actively managed funds by providing an all-in-one solution for creating, managing, buying, and selling funds.

Symmetry is a decentralized Crypto Indices and Actively Managed Funds infrastructure layer built on Solana, powered by the Symmetry Engine. This innovative on-chain asset management infrastructure covers everything from on-chain funds, indices, and multi-token liquidity pools, to liquidity routing between indices and decentralized exchange (DEX) aggregators, and public APIs for other DeFi projects to integrate Symmetry products seamlessly.

The platform offers a wide range of opportunities for both fund managers and users. Managers can create and manage funds with multiple tokens that reweigh, rebalance, and refilter according to custom rules defined by the manager, or create a trustless Crypto Index with predefined rules. Users can create their own actively managed funds or indices and buy and sell funds created by other users or protocols.

Symmetry’s liquidity provision feature allows indices and actively managed funds to act as liquidity providers on DeFi aggregators such as PRISM and Jupiter when their token weights deviate from the target weights. This groundbreaking feature not only enables funds to rebalance at zero cost but also generates fees from aggregator users for fund managers and holders, a significant departure from traditional approaches where indices and funds typically pay fees on exchanges to rebalance.

The Symmetry Engine relies on Pyth, a reliable price oracle, to determine true prices for each asset utilized in Symmetry products. This is crucial for funds to accurately determine fund values, rebalancing triggers, and buy/sell values for users.

Example use-cases for Symmetry include decentralized index fund apps, decentralized fund management apps, treasury management tools, retail onboarding apps, copy-trading apps, and investing apps. The platform envisions a future where anyone can create an index fund, manage on-chain funds and portfolio strategies, convert wallet portfolios to funds, and integrate index or actively managed fund tokens for trading.

With the launch of the Symmetry User Interface, the world of decentralized finance on the Solana blockchain is poised to experience a paradigm shift in how users interact with and manage their crypto portfolios. As the platform continues to roll out its full suite of features to all users, the future of Solana DeFi looks brighter than ever.

Contact

PR
S. Martin
Symmetry
operations@symmetry.fi
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Circle’s Stablecoin USDC Affected by Collapsed Bank

by Blockchain News

Circle CEO and co-founder Jeremy Allaire revealed that the stablecoin issuer had been able to access its $3.3 billion in funds held with Silicon Valley Bank since March 13. Allaire stated that he believed that almost everything was able to clear from the failed lender. However, USDC briefly de-pegged following news of the temporarily locked funds, leading to a drop in the stablecoin’s market cap by almost 10% since March 11.

USDC’s dollar peg has since recovered, but mass redemptions have affected its market cap. In contrast, USDC’s peer, Tether, has recorded a slight increase in its market cap since March 11, climbing over 1% to $73.03 billion. Although the temporarily locked funds represented less than 8% of the token’s reserves, it had a significant effect on USDC.

The January reserve report released on March 2 asserted that USDC was over 100% collateralized, with over 80% of the reserve consisting of short-dated United States Treasury Bills, which are highly liquid assets that are direct obligations of the U.S. government and considered one of the safest investments globally. Despite the impact of the collapsed bank, the reserve report provides assurance that USDC remains backed by highly liquid assets and overcollateralized.

USDC is one of the most widely used stablecoins in the cryptocurrency market, with a market cap of over $10 billion as of March 2023. Stablecoins are a type of cryptocurrency that is pegged to the value of a fiat currency, usually the U.S. dollar, and are designed to provide a stable store of value that can be used for transactions without the volatility typically associated with other cryptocurrencies like Bitcoin.

The news of the temporarily locked funds at Silicon Valley Bank highlights the potential risks associated with stablecoins, which are often seen as a safer alternative to other cryptocurrencies due to their stable value. However, the fact that these coins are backed by fiat currency reserves means that they are only as safe as the financial institutions that hold those reserves.

In recent years, there have been several high-profile cases of stablecoin issuers facing regulatory scrutiny or experiencing issues with their banking partners. For example, in 2018, Tether, the largest stablecoin issuer at the time, faced allegations that its reserves were not fully backed by U.S. dollars as it had previously claimed. Similarly, in 2021, the stablecoin issuer Centre, which is backed by Coinbase and Circle, faced a lawsuit alleging that it had violated securities laws by failing to register its USDC stablecoin with the U.S. Securities and Exchange Commission.

Despite these challenges, stablecoins have become an essential part of the cryptocurrency ecosystem, providing a way for traders and investors to move funds between exchanges and participate in decentralized finance (DeFi) applications without the risks associated with traditional fiat currencies.

In response to the risks associated with stablecoins, regulators around the world are increasingly taking steps to provide more oversight and regulation of these assets. For example, in the U.S., the SEC has signaled that it may consider stablecoins to be securities, which would subject them to greater regulatory scrutiny. Similarly, in the EU, regulators have proposed new rules for stablecoins that would require issuers to be authorized and subject to ongoing supervision.

In conclusion, the news of Circle’s temporarily locked funds at Silicon Valley Bank highlights the potential risks associated with stablecoins, but the fact that USDC remains overcollateralized with highly liquid assets provides some reassurance to investors. As stablecoins continue to play a critical role in the cryptocurrency ecosystem, it is likely that regulators will continue to scrutinize these assets and develop new rules to ensure their safety and stability.

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Transform Ventures Co-Invests in Alpha Transform Holdings to Accelerate Blockchain Investment

by Blockchain News

Alpha Transform Holdings (ATH) is a newly formed holding company that has been formed as a result of a partnership between Transform Ventures and the parent company of Alpha Sigma Capital. The primary objective of this new holding company is to quicken the pace of investment and innovation within the blockchain ecosystem. The merger will result in the combination of certain assets held by both firms, leading to the formation of two new funds with a combined asset base of one hundred million dollars.

According to Enzo Villani, CEO and Chief Investment Officer of Alpha Transform Holdings, the vision of ATH is to usher in a new era of financial and technological innovation by leveraging decentralization, blockchain technology, and Web3 infrastructure. This will be accomplished by bringing in a new era of financial and technological innovation.

ATH received an investment of $2.65 million in cash, Bitcoin (BTC), and Ether (ETH) from Transform Ventures, which was created by cryptocurrency investor Michael Terpin. The company also retained the option to invest an additional $2.9 million. Terpin had earlier filed a lawsuit against a New York teenager, demanding $71.4 million in damages for the alleged theft of bitcoin from the defendant’s phone.

Alpha Transform Holdings is primarily concerned with the delivery of product suites that fall under the asset management umbrella, the development of Alpha Transform products, and the execution of Alpha Transform strategies. ATH’s dedication to fostering blockchain innovation is shown by the company’s emphasis on the delivery of a wide variety of goods and strategies relating to blockchain technology.

Although if blockchain innovation continues to attract large investors and venture capitalists, there has been a rise in the number of investors expressing a negative emotion about the technology, which has led to an increase in the amount of money leaving the market. The introduction of Alpha Transform Holdings, which has a considerable amount of assets under management, is a good step for the blockchain ecosystem. Its launch should offer a boost to blockchain investment as well as blockchain innovation.

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Public Pension Funds Eroded by Headwinds from Crypto Winter

by Blockchain News

Pension funds that have bet on the cryptocurrency market over recent years face difficulties navigating the ongoing crash associated with digital assets.

Caisse de dépot et placement du Québec, Canada’s second-largest pension fund, invested $150 million in Celsius Network LLC last October. In July, the crypto lending platform, Celsius, filed for bankruptcy protection because of “extreme market conditions” that prompted a wider selloff.

The Houston Firefighters’ Relief and Retirement Fund bought $25 million worth of Bitcoin and Ether in October last year. Since the announcement, both cryptocurrencies have dropped by more than 50%.

“Of course, we would have preferred otherwise. But volatility and large swings are expected, “said Ajit Singh, the investment chief at Houston Firefighters’ Relief and Retirement Fund investment.

Over the previous two decades, public pension funds have increasingly invested in less-traditional assets in response to low fixed-income.

The recent capital market crash has been painful for investors, especially those who have recently retired or are planning to do so in the next year or two.

The Market Meltdown

Several pension funds and sovereign wealth funds (SWFs) have already invested indirectly in crypto assets through stocks such as Tesla, MicroStrategy, and Coinbase.

California Public Employees’ Retirement System (CalPERS), California’s $441 billion public pension fund, increased the number of its shares in Riot Blockchain, a publicly traded Bitcoin mining firm, in February last year.

In April, a major U.S. asset manager Fidelity Investments in April allowed firms to include Bitcoin investments in their employee 401(k) defined-contribution benefit plans.

Over the two months, important events happened. The global crypto market cap dropped below USD 1 trillion (USD 3 trillion at its peak in October 2021), and the values of cryptocurrencies plunged around 70%.

The plunged values of crypto coins have taken a steep toll on many lending firms and investment funds that deal with those volatile assets. The dreadful incident heightened the risklosings of trust in the indu, creatingeate a downward spiral.

Since the U.S. Federal Reserve and other central banks moved to tighten monetary policy, money has flowed back from digital assets. Bitcoin has lost more than 60% of its value since the end of last year.

Such losses have driven many crypto lenders into bankruptcy or forced them to take drastic steps like freezing withdrawals.

Decentralized finance platforms promising big returns have also suffered heavy losses on some investments, with some hurt by the terra crash.

Image source: Shutterstock

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Public Pension Funds Join Those Stung by Crypto Crash

by Blockchain News

Pension funds that have bet on the cryptocurrency market over recent years face difficulties navigating the ongoing crash associated with digital assets.

Caisse de dépot et placement du Québec, Canada’s second-largest pension fund, invested $150 million in Celsius Network LLC last October. In July, the crypto lending platform, Celsius, filed for bankruptcy protection because of “extreme market conditions” that prompted a wider selloff.

The Houston Firefighters’ Relief and Retirement Fund bought $25 million worth of Bitcoin and Ether in October last year. Since the announcement, both cryptocurrencies have dropped by more than 50%.

“Of course, we would have preferred otherwise. But volatility and large swings are expected, “said Ajit Singh, the investment chief at Houston Firefighters’ Relief and Retirement Fund investment.

Over the previous two decades, public pension funds have increasingly invested in less-traditional assets in response to low fixed-income.

The recent capital market crash has been painful for investors, especially those who have recently retired or are planning to do so in the next year or two.

The Market Meltdown

Several pension funds and sovereign wealth funds (SWFs) have already invested indirectly in crypto assets through stocks such as Tesla, MicroStrategy, and Coinbase.

California Public Employees’ Retirement System (CalPERS), California’s $441 billion public pension fund, increased the number of its shares in Riot Blockchain, a publicly traded Bitcoin mining firm, in February last year.

In April, a major U.S. asset manager Fidelity Investments in April allowed firms to include Bitcoin investments in their employee 401(k) defined-contribution benefit plans.

Over the two months, important events happened. The global crypto market cap dropped below USD 1 trillion (USD 3 trillion at its peak in October 2021), and the values of cryptocurrencies plunged around 70%.

The plunged values of crypto coins have taken a steep toll on many lending firms and investment funds that deal with those volatile assets. The dreadful incident heightened the risklosings of trust in the indu, creatingeate a downward spiral.

Since the U.S. Federal Reserve and other central banks moved to tighten monetary policy, money has flowed back from digital assets. Bitcoin has lost more than 60% of its value since the end of last year.

Such losses have driven many crypto lenders into bankruptcy or forced them to take drastic steps like freezing withdrawals.

Decentralized finance platforms promising big returns have also suffered heavy losses on some investments, with some hurt by the terra crash.

Image source: Shutterstock

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Louis Vuitton-Backed Aglae Ventures to Launch €100m Fund for Crypto Startups

by Blockchain News

Paris-based Aglaé Ventures, the Venture Capital firm backed by wealthy businessman Bernard Arnault, is notably on track to float a Fund that will be dedicated to backing investments in the digital currency ecosystem.

funding2_1200.jpg

As confirmed by two sources familiar with the matter, the exact timeline for the funds to be raised is still unknown, but the plan is to raise at least €100 million ($102 million) and €110 million to bootstrap the new project. According to the sources, the venture firm will target centralized and decentralized outfits, including layer-1 and 2 protocols, Web3.0 infrastructure providers, and the creator economy.

The move by Aglaé Ventures comes at a time when the outlook for venture capital investments in the Web3.0 ecosystem is at a very low ebb. With reports generally showcasing how investment has dwindled in the year-to-date period, the Aglaé Ventures move is a testament to the company’s belief in the future of the nascent industry.

Aglaé Ventures made its first dive into the Web3.0 world by co-leading the $30 million investment round for Flowdesk, a crypto market maker. The sources confirmed that the funding into Flowdesk is not from the proposed fund, as the investments being targeted by this new vehicle have not yet been made public yet.

The venture capital firm notably doubled down on its push to back crypto startups by tapping former CoinFund executive Vanessa Grellet and ex-Aave chief operating officer Jordan Lazaro Gustave to spearhead its blockchain investment strategy.

European and American firms have continued to inject funds into the digital currency ecosystem through newly floated investment vehicles. More Web2 and Web3 startups are now joining the likes of Andreessen Horowitz (a16z) and Katie Haun’s VC Fund to inject capital into various growth aspects of the digital currency ecosystem.

Image source: Shutterstock

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Louis Vuitton-Backed Aglae Ventures to Launch €100m Fund for Crypto Startups

by Blockchain News

Paris-based Aglaé Ventures, the Venture Capital firm backed by wealthy businessman Bernard Arnault, is notably on track to float a Fund that will be dedicated to backing investments in the digital currency ecosystem.

funding2_1200.jpg

As confirmed by two sources familiar with the matter, the exact timeline for the funds to be raised is still unknown, but the plan is to raise at least €100 million ($102 million) and €110 million to bootstrap the new project. According to the sources, the venture firm will target centralized and decentralized outfits, including layer-1 and 2 protocols, Web3.0 infrastructure providers, and the creator economy.

The move by Aglaé Ventures comes at a time when the outlook for venture capital investments in the Web3.0 ecosystem is at a very low ebb. With reports generally showcasing how investment has dwindled in the year-to-date period, the Aglaé Ventures move is a testament to the company’s belief in the future of the nascent industry.

Aglaé Ventures made its first dive into the Web3.0 world by co-leading the $30 million investment round for Flowdesk, a crypto market maker. The sources confirmed that the funding into Flowdesk is not from the proposed fund, as the investments being targeted by this new vehicle have not yet been made public yet.

The venture capital firm notably doubled down on its push to back crypto startups by tapping former CoinFund executive Vanessa Grellet and ex-Aave chief operating officer Jordan Lazaro Gustave to spearhead its blockchain investment strategy.

European and American firms have continued to inject funds into the digital currency ecosystem through newly floated investment vehicles. More Web2 and Web3 startups are now joining the likes of Andreessen Horowitz (a16z) and Katie Haun’s VC Fund to inject capital into various growth aspects of the digital currency ecosystem.

Image source: Shutterstock

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‘Dutiful son’ drugs dad’s tea to access BTC funds worth $400K

by Cointelegraph

A father and son’s disagreement over crypto trading led to a near-death experience and some jail time. Because of a shift in crypto market prices, a son reportedly drugged his father to gain access to his Bitcoins. 

The dad, who didn’t want to be identified, made his son, Liam Ghershony, a partner in his crypto investing account worth $100,000 back in 2018. After some time, the fund grew and reaped $350,000 in profits, according to the duo. However, things changed when crypto prices fell, and the son’s drug use became more concerning.

As the market conditions changed, the father and son had different opinions on what to do with their Bitcoin (BTC). Amid the falling prices, the dad insisted on “hodling” while the son wanted to cash out. Convinced that his son’s judgment is clouded by his drug use, the father placed a two-step authentication on the account where the funds were stored.

The father recounts that it led to an argument where the son told him that he needs to sell and he responds with, “no, you need to stop doing drugs.” Because of this, the son crafted a plan. One day, he helped his father move some furniture, and after coming home from dinner at a restaurant, he initiated his plot.

With seemingly good intentions, Ghershony offered his father some tea for an “energy boost.” The dad accepted not knowing that it was spiked with large doses of benzodiazepine to knock him out. After this, the son used his dad’s phone to transfer $400,000 worth of Bitcoins to his account and converted two-thirds of it into Ether (ETH). He left his dad alone, thinking he’d naturally wake up.

Related: Bitcoin price bounces after Amazon stock gains 15% in US tech comeback

Two days later, after a call from a concerned friend, the police found the father lying in his bedroom unresponsive, but alive. He was brought to a hospital where he spent four days recovering from dehydration and organ dysfunction.

The son confessed to what he did to his mother, Christine Prefontaine. She then decided to report him to the police, while his father filed a criminal case against him. “I very strategically made a case against my son to force him into care and to protect our community,” the dad said.

In the end, the son served 125 days in jail and evaded further penalties by spending two months in rehab.