Tag: PWC

Crypto Hedge Funds Thrive Despite Market Volatility, PwC Report Reveals

by Blockchain News

The latest PwC 5th Annual Global Crypto Hedge Fund Report, released in July 2023, unveils a thriving crypto hedge fund industry, demonstrating resilience and growth despite the inherent market volatility.

The report highlights a significant surge in the total assets under management (AUM) by crypto hedge funds. The median AUM skyrocketed from $15 million in 2022 to a staggering $42 million in 2023, marking a nearly threefold increase. This substantial growth underscores the mounting confidence and investment in the crypto hedge fund sector.

Crypto hedge funds have also been delivering impressive performance, with the median fund returning 128% in 2023, a substantial leap from 30% in 2022. This robust performance, outpacing many traditional hedge funds, is likely to lure more investors into the crypto hedge fund space.

Quantitative funds, employing algorithmic trading strategies, continue to dominate the crypto hedge fund industry, representing 37% of the space. The rise of these funds indicates a growing sophistication within the sector.

Institutional investors are increasingly dipping their toes into the crypto hedge fund waters. The report notes a significant uptick in institutional participation, with the percentage rising from 24% in 2022 to 32% in 2023. This trend signals a broader acceptance and mainstream adoption of cryptocurrencies.

The regulatory environment also plays a pivotal role in the industry’s growth. The report reveals that 81% of the funds are regulated or registered with a government body, up from 77% in 2022. This trend towards regulatory compliance is a positive sign for the industry, indicating a move towards a more secure and regulated crypto market.

Geographically, North America continues to be in the lead with 49% of all cryptocurrency hedge funds worldwide. The Asia-Pacific area, which made for 22% of the world total in 2022, is currently making up ground, accounting for 28% of it.

Despite the industry’s expansion and strong success, the study also points out its inherent challenges and limitations. The top three risks cited by the funds are market risk, regulatory risk, and operational risk, highlighting the need of effective risk management measures in the crypto hedge fund business.

Source

Tagged : / / / / /

PwC Report: Asian Institutional Investors Opt for Third-Party Custody Solutions for Digital Assets

by Blockchain News

A joint report by Aspen Digital and PwC titled “State of Digital Asset Custody – Understanding and implementing digital asset custody for institutional investors” reveals a rising demand for institutional-grade digital asset custody solutions among family offices, high-net-worth individuals (HNWIs), and external asset managers (EAMs) in Asia.

The report highlights that digital assets, now a $1.2 trillion market, have evolved into an alternative asset class over the past decade, with more than 120 custody providers as of April 2023. While self-custody solutions offer full control and access over digital assets, many institutions are recognizing their limitations for ongoing trading and operational needs, leading to a preference for third-party custody service providers.

According to PwC’s 2022 Metaverse Survey, 82% of executives expect to integrate metaverse into their business activities within three years. However, the report indicates that most NFT custody services offered by self-custody solutions may pose a challenge for institutions new to the industry.

Digital asset custodians have expanded their role from merely safeguarding cryptocurrencies to helping investors navigate and participate in new business opportunities and asset classes, such as Decentralized Finance (DeFi), non-fungible tokens (NFTs), and metaverse. The report predicts an increase in third-party custodians worldwide enhancing their technical capabilities and service offerings.

Duncan Fitzgerald, Digital Assets & Web3 Co-Leader of PwC, emphasized the importance of safekeeping assets in the digital environment. Elliot Andrews, CEO of Aspen Digital, stated that understanding the unique characteristics of custody solutions and providers compared with traditional assets is one of the biggest impediments when considering investment.

Despite the growing need for institutional-grade digital asset custody, there are hesitations among family offices and HNWIs about adopting custodian solutions, particularly regarding asset security, navigating fragmented regulations across jurisdictions, and providing comprehensive insurance coverage.

The report findings are based on feedback from family offices, HNWIs, and EAMs based in Asia in the second quarter of 2023. In-depth follow-up interviews were also conducted to acquire additional perspectives on custodian adoption.

Image source: Shutterstock

Source

Tagged : / / / / / / / /

PwC Hong Kong and TerraZero Partner to Explore Metaverse Products

by Blockchain News

PricewaterhouseCoopers (PwC) Hong Kong has partnered with Metaverse technology company TerraZero to explore Metaverse products and services.

According to a press release, PwC Hong Kong announced that it has signed a cooperation agreement with TerraZero Technologies Inc., a Metaverse technology company, to provide Metaverse products and services.

PwC will explore the public Metaverse experience for business-to-business (B2B), Business to Government (B2G), and Business to Customer(B2C) applications and build a Metaverse private hosting service that provides brands with enterprise-grade security, privacy, and security features to communicate with customers in a trust-based manner in the Metaverse Interact and trade.

PwC will also work with TerraZero to explore new ways companies can build privately hosted Metaverse experiences.

Peter Brewin, a partner at PwC Hong Kong, said TerraZero’s solution, combined with PwC’s digital expertise in a new way through an immersive 3D experience, can provide businesses with a toolkit to build users An experience you can trust.

He also added that:

“In addition to creating engaging experiences for customers and delivering sustained outcomes, it is important that companies can manage the risks around user privacy, data security, cyber, payments, tax, and financial crime.”

TerraZero CEO Dan Reitzik said that:

“TerraZero’s strengths are in creating engagement, community, and usability solutions that bridge the real world and the metaverse. We are particularly excited about both decentralized metaverse worlds and what TerraZero is creating for private environments: where companies, entrepreneurs, artists, and content creators of all kinds can safely conduct transactions and KYC processes, manage their brand IP, and more – all within an environment which brands can completely control themselves. This is the vision we will follow as the metaverse continues to grow and major entities enter the space.”

Image source: Shutterstock

Source

Tagged : / / / / /

PwC Veteran Quits Role to Establish Digital Asset Fund in Dubai

by Blockchain News

Henri Arslanian, the former Global Head of crypto at the financial advisory firm PricewaterhouseCoopers (PwC), has launched his own crypto-dedicated venture capital firm, Nine Blocks Capital Management, and has chosen Dubai as the outfit’s base of operation.

HEN2.jpg

According to a report from the Financial Times (FT), Nine Blocks will be bootstrapped by its Hong Kong-based primary shareholder, Nine Masts Capital, with $75 million.

Nine Blocks is kickstarting its operations at a time when most firms in the digital assets ecosystem have taken a beating in recent times due to the market onslaught steered by the May collapse of Terraform Labs’ native tokens UST and LUNA. Nine Blocks has notably positioned three portfolio managers in the Cayman Islands and will seek to inject capital into firms irrespective of their geographical location.

According to Arslanian, the choice of Dubai was hinged on the city’s bullish approach to help guide the growth of the blockchain ecosystem on its shores. As disclosed to the FT, Nine Blocks has already secured the provisional regulatory approval to operate in the city.

“Hong Kong would have been a natural home for us”, said Arslanian, adding that Nine Blocks had also considered Singapore. “However, when we looked at the broader ecosystem . . . Cayman and Dubai made a natural choice.”

Arslanian said Dubai offers ease of travel and its time zone makes it easy to connect with other regions in the Middle East and Asia. 

Dubai is notably transforming itself as an emerging crypto power hub, with firms like Binance and FTX having recently received the license to operate there. The positioning of Dubai gives it a very fair advantage seeing how other major destination points for the digital currency ecosystem, including Hong Kong, Singapore, and Seoul, are gradually tightening their fists when it comes to crypto firms looking to do business there.

Image source: Shutterstock

Source

Tagged : / / / /

NFTs to Be the Epicenter of the Future of Sports, PWC Study Shows

by Blockchain News

As non-fungible tokens (NFTs) continue taking the world by storm, big-four accounting firm PricewaterhouseCoopers (PwC) report shows that they will revolutionize the way fans interact and consume in the sporting arena. 

Dubbed “Sports Industry Outlook 2022,” PwC suggested that NFTs were among the top ten hottest trends in the sports industry because they have the capability of shaping fan experience and boosting bottom lines. 

From a list of three main NFT use cases, PwC noted that these digital assets could revamp seasonal ticket membership. Per the report:

“Many teams have started to consider how tickets could become digital tokens, providing ticket holders — especially season ticket members — with access to special content in the real world or around the stadium experience.” 

Collectible NFTs have the potential of driving up revenue in the sporting industry because they will serve as trading cards for the digital world. Individual athletes, teams or leagues will typically license them. 

By merging the metaverse with digital assets, both fungible and non-fungible tokens, PwC believes that a whole new market will be born needed to maximize fans’ satisfaction levels. Therefore, virtual access tokens will foster innovative opportunities and social experiences in the metaverse.

NFTs are deemed game-changers in different sectors, given that they are non-divisible and have to be sold as a whole. For instance, Amrit Dhami, a thematic analyst at GlobalData, recently noted that NFTs were perfect for fashion in the metaverse.

Given that NFTs reflect proof of ownership of an asset like an image, Dhami stipulated that these creations can change the fashion look in the metaverse because users will be offered the chance to buy ‘NFT clothing’ just like the way people purchase custom-made outfits. 

Image source: Shutterstock

Source

Tagged : / /

Crypto Sector M & A Saw Almost 5000% Jump in 2021: PwC

by Blockchain News

The cryptocurrency industry saw a 4,864% jump in the value of mergers and acquisitions in 2021, Bloomberg reported citing a report by PricewaterhouseCoopers (PwC).

Webp.net-resizeimage - 2022-02-10T163435.089.jpg

The report stated that the deals were partially driven by special-purpose acquisition company (SPAC) deals and the average deal size touched $179.7 million from $52.7 million. Also, crypto fundraising deal value witnessed a rise of 645%.

Among all investors, the report added that the top notable five investors by deal count were AU21, Genesis Block Ventures, Genblock Capital, Coinbase Ventures, and Moonwhale.

Henri Arslanian, PwC crypto leader, noted that currently there are no signs of crypto fundraising slowing down and some valuations have hit levels “that are often difficult to justify.”

In an October 2021 report, Bloomberg Law stated that the 2021 mergers & acquisitions and investment data showed a surge in deals involving entities with a nexus to crypto. 

The report added that the surge reflects both the record levels of deal activity in 2021 and the bigger trend of a growing number of businesses taking an interest in cryptocurrencies and crypto-assets.

It went to elaborate that year to date, 577 deals involving at least one party with “crypto” included in its entity description had announced and closed or were currently pending – the highest total for such deals since they began to show up at a noticeable level around 2017.

Last year, $12.6 billion crypto deal volumes were involved in technology sector targets, and $7.6 billion were involved in financial sector targets. While in 2020, crypto companies inked almost $700 million in mergers and acquisitions across 83 transactions. 

Image source: Shutterstock

Source

Tagged : / / / / / /

Crypto Sector M & A Surges Almost 5000% Jump in 2021: PwC

by Blockchain News

The cryptocurrency industry saw a 4,864% jump in the value of mergers and acquisitions in 2021, Bloomberg reported citing a report by PricewaterhouseCoopers (PwC).

Webp.net-resizeimage - 2022-02-10T163435.089.jpg

The report stated that the deals were partially driven by special-purpose acquisition company (SPAC) deals and the average deal size touched $179.7 million from $52.7 million. Also, crypto fundraising deal value witnessed a rise of 645%.

Among all investors, the report added that the top notable five investors by deal count were AU21, Genesis Block Ventures, Genblock Capital, Coinbase Ventures, and Moonwhale.

Henri Arslanian, PwC crypto leader, noted that currently there are no signs of crypto fundraising slowing down and some valuations have hit levels “that are often difficult to justify.”

In an October 2021 report, Bloomberg Law stated that the 2021 mergers & acquisitions and investment data showed a surge in deals involving entities with a nexus to crypto. 

The report added the surge is a reflection of both the record levels of deal activity in 2021 and the bigger trend of a growing number of businesses taking an interest in cryptocurrencies and crypto-assets.

It went to elaborate that year to date, 577 deals involving at least one party with “crypto” included in its entity description had announced and closed or were currently pending – the highest total for such deals since they began to show up at a noticeable level around 2017.

Last year, $12.6 billion crypto deal volumes were involved in technology sector targets, and $7.6 billion were involved in financial sector targets. While in 2020, crypto companies inked almost $700 million in mergers and acquisitions across 83 transactions. 

Image source: Shutterstock

Source

Tagged : / / / / / /

PwC Hong Kong Buys Land in The Sandbox

by Cryptobriefing

Key Takeaways

  • PwC Hong Kong has purchased virtual land in The Sandbox, an Ethereum-based VR and Metaverse platform.

  • The company joins Adidas and other major brands in acquiring land and partnering with The Sandbox.

  • The value of the purchase was not disclosed.


Share this article


PwC Hong Kong has purchased virtual land in The Sandbox, according to an announcement from Animoca Brands.

PwC Hong Kong Buys Sandbox Land

The acquisition of land means that PwC Hong Kong will have a dedicated space in The Sandbox, a VR game built on Ethereum.

William Gee of PwC Hong Kong said that the acquisition will “create value through innovative business models” and introduce “new ways to engage with…customers and communities.”

It is unclear exactly how PwC Hong Kong plans to use its presence in The Sandbox, though Gee said that the company plans to advise clients who want to invest in the Metaverse.



Animoca Brands noted that this deal makes PwC Hong Kong the first member of an international professional services company to obtain land in the virtual world of The Sandbox.

The value of today’s purchase was not disclosed. However, past sales of single land parcels suggest that the purchase could range between 2.7 ETH ($11,300) and 40,000 ETH ($164 million).

Other Partnerships

Other firms have previously bought land in The Sandbox. Adidas purchased land in the VR game in late November.

The platform has also partnered with several big names including The Walking Dead, Atari, South China Morning Post, and Snoop Dogg, as well as family brands The Care Bears and The Smurfs.


The Sandbox’s non-fungible tokens, which are used as parcels of land, are currently the sixth-largest category of NFTs by volume. The project saw 4,280 ETH ($17.5 million) of NFTs move this week, according to live data from OpenSea.

The Sandbox’s native cryptocurrency token, SAND, hit $6.13 today, its highest price since last month. At the time of writing the coin is up 16.7% over the past 24 hours and is valued at $6.09.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies. 

Share this article


The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.



Animoca Brands Acquires Indie Game Developer Blowfish Studios

Animoca Brands has announced the acquisition of Sydney-based Blowfish Studios, expanding the firm’s game development capabilities.  Animoca Brands Expands Game Development Animoca Brands is adding to its portfolio of game…

How SocialGood Is Offering 100% Crypto Cashback on Online Shopping

In recent years, the rise of Bitcoin and tokenized assets has made the cashback vertical ripe for disruption. Within the cashback market, blockchain-based loyalty networks are rising in popularity among…

The Sandbox Leads Metaverse Rally After $93M Funding Round

NFT Metaverse platform The Sandbox has continued to rally following the announcement of a $93 million Series B funding round led by SoftBank’s Vision Fund 2.  The Sandbox Hits All-Time…

Ubisoft Invests In Crypto Startup, Has Play-to-Earn Plans

French game developer Ubisoft discussed its plans for cryptocurrency in an earnings call that took place this week. Ubisoft Has Invested in Animoca During the call, Ubisoft CEO Yves Guillemot…


Source

Tagged : / / / /

PwC Hong Kong purchases land plot in The Sandbox

by Cointelegraph

PwC Hong Kong, an international subsidiary of the global PricewaterhouseCoopers (PwC) organization, announced Thursday its emergence in the metaverse space with the acquisition of LAND in the popular world The Sandbox.

Though the cost of its LAND asset was undisclosed, it was noted that PwC Hong Kong intends to construct a Web 3.0 advisory hub to facilitate a new generation of professional services, including accounting and taxation.

The global organization PwC, headquartered in London, U.K., documented revenues of $45 billion from June 2020 to June 2021, up 2% from the previous year.

William Gee, a partner at PwC Hong Kong, stated that the organization will seek to “leverage our expertise to advise clients” on the metaverse, calling the burgeoning technology a “digital phenomenon.”

Related: Virtual land in the metaverse dominated NFT sales over past week

In July this year, PwC crypto leader Henri Arslanian stated that venture capital funds and similar conglomerates with large financial resources are curtailing opportunities for smaller, often family-run firms, to invest and participate in the growth of promising crypto startups. Recently, Twitter CEO Jack Dorsey expressed similar concerns about the power of venture capital firms in preventing Web 3.0 developers from achieving their decentralized vision. 

Chief operating officer of The Sandbox, Sebastien Borget, shared his enthusiasm for the introduction of PwC Hong Kong to the platform:

“The metaverse is open for business. We welcome PwC Hong Kong to experience how The Sandbox fosters new immersive experiences and ways for brands to connect with customers.”

According to data from DappRadar, The Sandbox has registered 4,450 unique users over the last 30 days, while the platform’s native token, SAND, is priced at $5.84, having retraced almost 30% from all-time highs last month.