Tag: ethereum

Chinese crypto addresses sent $2.2 billion to scams, darknets in 2019-2021 -report, BFSI News, ET BFSI

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NEW YORK – Chinese cryptocurrency addresses sent more than $2.2 billion worth of digital tokens to addresses tied to illegal activity such as scams and darknet operations between April 2019 and June 2021, according to a report from blockchain data platform Chainalysis released on Tuesday.

These addresses received $2 billion in cryptocurrency from illicit sources as well, making China a large player in digital-currency related crime, it added. The report analyzes China’s cryptocurrency activity amid government crackdowns.

However, China’s transaction volume with illicit addresses has fallen drastically over the two-year period in terms of absolute value and relative to other countries, Chainalysis said. The big reason is the absence of large-scale Ponzi schemes such as the 2019 scam involving crypto wallet and exchange PlusToken that originated in China, it noted.

Users and customers lost an estimated $3 billion to $4 billion from the PlusToken scam.

The vast majority of China’s illegal fund movements in crypto has been related to scams, although that has declined as well, the Chainalysis report said.

“This is most likely because of both the awareness raised by PlusToken, as well as the crackdowns in the area,” said Gurvais Grigg, global public sector chief technology officer at Chainalysis, in an email to Reuters.

The report also cited trafficking out of China in fentanyl, a very potent narcotic pain medication prescribed for severe pain or pain after surgery.

Chainalysis described China as the hub of the global fentanyl trade, with many Chinese producers of the drug using cryptocurrency to carry out transactions.

Money laundering is another notable form of crypto-based crime disproportionately carried out in China, Chainalysis said.

Most cryptocurrency-based money laundering involves mainstream digital currency exchanges, often through over-the-counter desks whose businesses are built on top of these platforms.

Chainalysis noted that China appears to be taking action against businesses and individuals facilitating this activity.

It cited Zhao Dong, founder of several Chinese OTC businesses, pleading guilty in May to money laundering charges after being arrested last year.



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Bitcoin in bank account? How banks can partner crypto firms, BFSI News, ET BFSI

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Can’t beat them, join them.

After stonewalling cryptocurrencies and firms, banks are now coming around to the cryptocurrencies.

Indian bankers, which are not ready to touch crypto even with a barge pole following the regulator’s reluctance over cryptos, can parse the American Bankers’ Association’s (ABA) report on how lenders can partner from the new-age currency.

The ABA report

The American Bankers’ Association (ABA) has issued a new report that suggests banks consider partnerships with crypto firms based on the increased profitability of the sector and client interest. The ABA further suggests crypto use cases for banks with revenue models and regulatory issues for each use case.

“Cryptocurrency markets are rapidly evolving, and there is currently a diverse and complex ecosystem of companies offering access to digital asset products. The digital and programmable nature of these products means they can be used to facilitate many kinds of financial activities that increasingly mirror the products and services offered by traditional financial institutions, ” it said.

The use case for banks

n payments the blockchain-powered payment networks have the potential to allow for faster and more efficient payments, especially in cross-border transactions.

In lending blockchain technology can allow for cheaper, more secure, and more efficient lending processes while in settlements, distributed ledgers can provide cheaper and faster transactions between financial institutions.

Custody/Wallets provides independent/secure storage for users to hold and invest in crypto assets, while KYC/AML helps banks track the flow of funds and identify the parties involved in digital asset transactions

Digital identity distributed ledgers can provide the necessary record of information needed for authentication and verification purposes while given the proposed reporting structure for crypto transactions, the distributed ledger transactions can be easily found and reported in an efficient and timely manner.

Banks can offer business banking services to crypto companies such as corporate accounts, USD/fiat custodial accounts.

The customer can lend his or her crypto for interest and a bank could earn a fee or percentage of the crypto earned.

Banks could also charge fees for these services similar to a debit or credit card transaction and can provide crypto lending to borrowers for a fee.

Banks can look into revenue models that include charging transaction fees, listing charges for adding crypto to a platform, and deposit fees.

They can look at revenue from collecting the spread on transactions for crypto assets that are classified as securities.

The asset management use case for banks would enable a fee for service on a crypto portfolio.

In India, this will need the regulatory haze to fade first.



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Binance Coin, XRP, Dogecoin shed up to 13%, BFSI News, ET BFSI

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New Delhi: Major cryptocurrencies were bleeding on Tuesday. All the top 100 digital tokens were trading in the red at 9.30 hours IST, highlighting the gloom in the crypto market. Binance Coin, Ripple, Ethereum, Dogecoin, Polkadot tanked 8-13 per cent.

The global crypto market cap plunged to $1.19 trillion, a 7.48 per cent decrease over the last day. The total crypto market volume over the last 24 hours was $62.12 billion, increased by 27.76 per cent.

The retreat comes amid a broader risk-off environment that’s also seen US equities fall due to fears of slowing growth and a relentless spread of the delta variant of Covid.

The Turkish Ministry of Treasury and Finance, announced that a draft bill to create a legal framework for crypto assets is ready for discussion. This comes shortly after El Salvador legalised Bitcoin, and Paraguay has also shown a keen interest in doing so.

Deputy Minister Sakir Ercan Gül announced that the crypto bill would be presented to the Grand National Assembly of Turkey, at the start of the next legislative year, which is October 2021.

Zebpay Trade Desk said that the hope of a friendly approach to regulation is high, as doing so would make the country an attractive investment source for leading crypto exchanges across the globe.

“Bitcoin has taken a beating this week, as it fell below $31,000 on Monday evening,” it added. “The most likely general explanation is of the Grayscale Bitcoin Trust, which on Sunday saw a 16,000-BTC unlocking event, which a day later negatively impacted the market.”

The central bank of Turkey had previously banned the use of cryptocurrencies as a means of exchange, and prevented banks from providing deposit and withdrawal services to crypto exchanges. The new legal framework is also likely to put several protective measures, such as security clearance and collateralizing in place.


Tech View by Giottus Cryptocurrency Exchange
Polygon Network (MATIC) has appreciated more than 100x from the start of the year to its new all-time high (ATH of $2.7). MATIC has been in the accumulation phase for months. After breaking out, it zoomed past previous highs in longer time frames and seemed unstoppable until the bearish trend on Bitcoin (BTC) started in May.

On shorter time frames, MATIC has been forming a descending channel, a temporary bearish pattern while the long-term picture remains bullish. MATIC enjoys a strong support zone. It has closed below the EMA20 while the RSI indicator is in the oversold territory, meaning that there are no indicators for a breakout from the channel for now.

Once BTC starts to regain lost momentum, MATIC will hopefully start its uptrend towards its ATH. MATIC is in a consolidation phase after an aggressive pump, and therefore it could be another buying opportunity for investors who missed out on the window earlier.

Major Levels:
Support: $0.7, $0.61, $0.55
Resistance: $0.88, $1.04, $1.1

(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)



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Ethereum Co-Founder says safety concern has him quitting crypto

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Anthony Di Iorio, a Co-Founder of the Ethereum network, says he’s done with the cryptocurrency world, partially because of personal safety concerns.

Di Iorio, 48, has had a security team since 2017, with someone traveling with or meeting him wherever he goes. In coming weeks, he plans to sell Decentral Inc., and refocus on philanthropy and other ventures not related to crypto. The Canadian expects to sever ties in time with other startups he is involved with, and doesn’t plan on funding any more blockchain projects.

“It’s got a risk profile that I am not too enthused about,” said Di Iorio, who declined to disclose his cryptocurrency holdings or net worth. “I don’t feel necessarily safe in this space. If I was focused on larger problems, I think I’d be safer.”

Background

Back in 2013, Di Iorio co-founded Ethereum, which has become the home of many of the hottest crypto projects, particularly in decentralized finance — which lets people borrow, lend and trade with each other without intermediaries like banks. Ether, the native token of the network, has a market value of about $225 billion.

He made a splash in 2018 when buying the largest and one of the most expensive condos in Canada, paying for it partly with digital money. Di Iorio purchased the three-story penthouse for C$28 million ($22 million) at the St. Regis Residences Toronto, the former Trump International Hotel & Tower in the downtown business district.

In recent years, Di Iorio jumped into venture-capital investing and start-up advising. He was also for a time chief digital officer of the Toronto Stock Exchange. In February 2018, Forbes estimated his net worth was as high as $1 billion. Ether’s price has more than doubled since then.

Decentral is a Toronto-based innovation hub and software development company focused on decentralised technologies, and the maker of Jaxx, a digital asset wallet that garnered about 1 million customers this year.

Di Iorio said he has talked with a couple of potential investors, and believes the startup will be valued at “hundreds of millions.” He expects to sell the company for fiat, or equity in another company — not crypto.

“I want to diversify to not being a crypto guy, but being a guy tackling complex problems,” Di Iorio said. He is involved in Project Arrow, run by a high-school friend that’s building a zero-emission vehicle. He is also consulting a senator from Paraguay.

“I will incorporate crypto when needed, but a lot of times, it’s not,” he said. “It’s really a small percentage of what the world needs.”

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Why is China clamping down on crypto-currency?, BFSI News, ET BFSI

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-By Ishwari Chavan

Bitcoin and Ethereum, two of the most common cryptocurrencies have seen a plunge in their prices. After hitting a peak in mid-April to $65,000, Bitcoin has more than halved in the previous week to below $30,000 for the first time since January.

Modest recovery has been seen since then. Similarly, Ethereum has dropped after its peak last month.

China’s tough stance against cryptocurrency trading and mining is believed to be a major factor for the downward spiral in Bitcoin.

Why China is cracking down on cryptocurrency?

The second-largest economy plays an important role in the Bitcoin ecosystem. In recent years, it emerged as a hub for cryptocurrency. According to reports, China accounted for 65% of the total global mining capacity.

Mining operations have particularly been prominent in Inner Mongolia and Sichuan provinces due to access to cheap electricity in abundance.

According to the Cambridge Bitcoin Electricity Consumption Index, China accounted for around two-thirds of the total computational power last year. Xinjiang and Sichuan provinces accounted for nearly half of this.

How is China’s stance evolving on crypto?

When it comes to Beijing’s stance on cryptocurrency, different positions of the government can be observed over the years. Although Bitcoin was not legal or regulated, authorities until recently, had not intensified their fight against it.

In some cases, the local governments even encouraged the mining operations. As mining activities consume a large amount of electricity, they were key sources of income during energy-rich seasons in several Chinese provinces.

However, Beijing imposed restrictions on Bitcoin back in 2013. These restrictions were aimed at reducing the use of cryptocurrency in the country.

The Central Bank banned financial institutions and other payment processors from servicing cryptocurrency-related transactions and traders. While prices plunged, they quickly saw recovery.

In 2019, China took a further tough stance. The ban on cryptocurrencies was extended from domestic entities to foreign exchanges and initial coin offering (ICO). Even then, the prices recovered quickly after witnessing a slump.

How different is China’s crackdown on cryptocurrency in 2021 so far?

This year, China launched Digital Renminbi (digital RMB), a digital currency issued by the People’s Bank of China (PBOC). With this launch of the first digital currency issued by a major economy, China accelerated its crackdown on cryptocurrencies by shutting down mining operations.

The state-owned Global Times noted, “The ban also means that more than 90% of China’s Bitcoin mining capacity is estimated to be shut down, at least for the short term.”

On May 18, the People’s Bank of China further intensified the fight. The National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association banned financial institutions and other payment companies from servicing any cryptocurrency-related exchanges and traders.

The ban also came from the local governments that once encouraged Bitcoin mining operations.

Why does China want to ban cryptocurrency?

Cryptocurrency is a decentralized currency. The Communist Party of China’s (CCP) hesitation of unregulated currency flowing in the country and the need for high centralized control has invited the crackdown.

Like many central governments, Beijing believes cryptocurrency disrupts the economic order. It has been linked to facilitating illegal activities including illegal asset transfers and money laundering.

In addition, the high energy consumption by mining operations has been a cause of concern for China which has committed to being carbon-neutral by 2060.

How has it affected the Chinese involved in cryptocurrency?

Miners in China have already started to relocate their activities outside the country including Kazakhstan, Russia, and the United States.

The prices of cryptocurrency mining machines have slumped after their peak in April-May. These machines are now being delivered overseas.

Huang Dezhi, who operates a mining farm in Sichuan, said to Reuters, “If the government doesn’t reverse the policy, we will have no other choice. You cannot defy central government decisions.”

Others hope the ban will eventually be relaxed.



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CoinShares, BFSI News, ET BFSI

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NEW YORK – Ether investment products and funds posted record outflows in the last week of June, bearing the brunt of negative sentiment on cryptocurrencies, according to data on Monday from digital asset manager CoinShares.

Institutional investors took out $50 million from investment products and funds on ether, the token used for the Ethereum blockchain. Ether suffered outflows for a fourth consecutive week, data showed.

For the month of June, ether has lost roughly 22% of its value against the dollar. On Monday, however, ether was up 5.4% at $2,091.96.

Bitcoin products and funds, meanwhile, suffered a seventh straight week of outflows, totaling $1.3 million. For the year, bitcoin outflows hit about $490 million.

The world’s largest cryptocurrency was down 8.4% against the dollar so far in June. Since an all-time high of just under $65,000 hit in mid-April, bitcoin has plunged nearly 46%.

“We expect bitcoin consolidation to continue for the next few weeks until a decisive move takes place,” said Pankaj Balani, chief executive officer at crypto derivatives exchange Delta Exchange.

“If the global macro environment deteriorates on account of the decreasing pace of global liquidity, it’s expected that bitcoin may break the crucial level of $30,000 and challenge the highs of the previous cycle at $20,00. Until then, bitcoin is likely to be in this range and can set up a classic bull trap above $42,000.”

Overall, crypto investment products saw a fourth consecutive week of outflows, totaling $44 million. Since mid-May, as negative sentiment spread, net weekly outflows have hit $313 million, or 0.8% of total assets under management.

Sentiment on cryptocurrencies has been crushed amid a crackdown on the sector by China, which banned bitcoin mining activities.

In addition, British and Japanese regulators have independently issued warnings against Binance, one of the world’s largest cryptocurrency exchanges. Britain’s financial regulator over the weekend said Binance cannot conduct any regulated activity and issued a warning to consumers about the platform.

Japan also issued a similar warning to Binance stating that it has been providing crypto exchange services to Japanese customers without registration.

Crypto assets under management also declined in the latest week to about $38 billion. At the end of April, that AUM was at $65 billion.



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The tale of Cryptocurrency – still up in the air?, BFSI News, ET BFSI

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After being out of favour for the past few years, cryptocurrency has seen a resurgence over the last year. Bitcoin, the poster child for the crypto movement, saw its value rise six times to ~ $ 63,000 by March 2021. Although it has sharply corrected post that it is still at four times the May 2020 levels. The primary reason for this has been the high participation, especially from retail players. This has been driven by the emergence of crypto exchanges like Coinbase, which went public April 2021 at a $100 billion valuation. Another key reason for its high value has been the scarcity; this is primarily because there is a limit set at 21 million bitcoins, and about 19 million of them has already been mined. Basis the success of Bitcoin, which has a current market cap of above $600 Billion, many more cryptocurrencies have emerged. Some of them, like Ethereum, Binance coin and tether, have a current market cap of more than $50 billion. So, what lead to the emergence of cryptocurrencies?

The cryptocurrency movement was driven by the distrust of the current financial system post the financial crisis of 2008. It was envisioned as a democratised currency created and owned by the people. The key to creating such a currency was a decentralised system where ownership is with everyone who participates. The trust this system created meant two parties not knowing each other could transact without needing an intermediary. It is this anonymous and decentralised nature that had the governments and central agencies concerned. Various governments had to impose restrictions on the use of cryptocurrency, owing to their increasing usage in illegal activities like money laundering, ransom payment, etc. This led to the fall in the value, post the initial enthusiasm. But globally, given the ease of launching a cryptocurrency and the interest, especially in the young, lead to multiple currencies being launched. There are more than 4000 cryptocurrencies globally, and they are still growing. While they might differ in their construct, the underlying volatility has been a feature of most of the cryptocurrencies launched, and therein lies the problem.

For any currency to act as a medium of exchange, the currency needs to be easy to carry, transact and should have a stable value over time. In the modern era, the primary role of central banks has been to provide this stability. Any drastic variation in the underlying value can lead to inflation or deflation, depending on the movement. While cryptocurrencies have been easy to transact and carry but the variability in their value and inability of a central agency to control it makes it a poor candidate to replace the current currency system. Widespread use of cryptocurrency can make the financial system vulnerable; this is especially true in developing countries where central banks ability to control inflation using monetary policy interventions can get severely impacted. Hence, we believe there is a very low probability that cryptocurrencies with their current construct can be seen as an alternate to the existing monetary system.

While cryptocurrencies have their drawbacks, having a digital currency is beneficial and hence many countries are looking to implement it. China has launched its digital currency. RBI has also been looking at creating a central bank digital currency (CBDC). The critical difference between these and existing cryptocurrencies is that they are expected to have a component of central control to help the central banks intervene and keep the value stable.

So what next for cryptocurrencies? While cryptocurrencies like bitcoin have not been able to serve their intended purpose of being a medium of exchange, they have emerged as an alternate asset class over the last few years. Given the limited availability and interest, especially among the millennials, their value is expected to increase. This has attracted significant capital flows towards this asset class. Given this, we believe the more prominent cryptocurrencies like Bitcoin, Ethereum, etc. are here to stay. At what value? That seems to be a trillion-dollar question.

The blog has been authored by Nilaya Varma, CEO, Primus Partners and Shravan Shetty, MD, Primus Partners.

DISCLAIMER: The views expressed are solely of the author and ETBFSI.com does not necessarily subscribe to it. ETBFSI.com shall not be responsible for any damage caused to any person/organisation directly or indirectly.



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Goldman expands in crypto trading with plans for Ether options, BFSI News, ET BFSI

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By Anchalee Worrachate

Goldman Sachs Group Inc. is moving beyond the world of Bitcoin and expanding into Ether.

The bank plans to offer options and futures trading in Ether, the coin that fuels the Ethereum network, in the coming months, according to Mathew McDermott, head of digital assets at Goldman.

It’s the latest step in the Wall Street giant’s crypto ambitions after Goldman restarted a trading desk this year to help clients deal in publicly traded futures tied to Bitcoin. McDermott said the bank also plans to facilitate trades via exchange-traded notes tracking Bitcoin.

Despite all the warnings from regulators about the risks posed by crypto’s extreme volatility and role in money laundering, investment banks are stepping up to offer Bitcoin services to their big clients. Even after prices plummeted in May, falling from about $60,000 to $33,000 in a matter of days, hedge funds are still enthusiastic to trade Bitcoin.

“We’ve actually seen a lot of interest from clients who are eager to trade as they find these levels as a slightly more palatable entry point,” McDermott said in a phone interview on Thursday. “We see it as a cleansing exercise to reduce some of the leverage and the excess in the system, especially from a retail perspective.”

Goldman tapped McDermott, 47, to head its digital currency efforts last year. Under his watch, the business has grown to 17 people from four.

The bank has also invested in crypto start-ups. It put $5 million into a fundraising round by Blockdaemon, a firm that creates and hosts the computer nodes that make up blockchain networks.

In May, Goldman led the $15 million investment into Coin Metrics, a cryptocurrency and blockchain data provider to institutional clients, and McDermott joined the company’s board.

“We are looking at a number of different companies that fit into our strategic direction,” he said.

Other banks have also expanded their crypto operations. Cowen Inc. plans to offer “institutional-grade” custody services for cryptocurrencies. Standard Chartered Plc is setting up a joint venture to buy and sell virtual currencies, though HSBC Holdings Plc is avoiding Bitcoin for now.

McDermott said his conversations with clients show that digital currencies aren’t just a passing fad. In a survey of 850 institutions last week, Goldman found that close to one in 10 are trading crypto, and 20% are interested in it.

“Institutional adoption will continue,” he said. “Despite the material price correction, we continue to see a significant amount of interest in this space.”



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Suddenly Bitcoiners and Ethereans just swapped talking points, BFSI News, ET BFSI

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Everything’s getting weird in the crypto world. But to understand what’s going on, I want to go back to our recent podcast episode with Aaron Lammer, an Ethereum true believer, who was asked what he thought about Elon Musk going after Bitcoin over green concerns.

Tracy: OK. Just one more, but on a day like today, when, you know, Elon Musk tweeted, Bitcoin fell 16%. Although, you know, as we’re recording this, it’s pared some of those losses, but all the crypto coins, all the crypto-related stocks are all falling. What was today like for you? Like what did your yield-farming portfolio look like?

Aaron: You know, I honestly didn’t even check like most of this yield stuff, just kind of happening in the background, I’ll look and see how much I’ve made, but I’m looking more at the prices of the tokens than yields. I think that there are people who are just seeking yield out there, but those are people who have a lot more capital to start with than I do and are, like, not wanting to risk it, but want to just earn yield on like stable coins. I’m primarily holding Ethereum and other DeFi tokens. So when I saw that I actually was happy because I’m in Ethereum. I’m a true believer. And I believe that Ethereum will pass Bitcoin at some point. And I am fine with accelerating that if it can pass Bitcoin by going up or by Bitcoin going down. And I love the hostility and the space between the two camps. It’s getting ugly out there.

So basically a couple of weeks ago, when Elon Musk went after Bitcoin and tanked the entire market, the reaction among (at least some) Ethereans was that it was good, because Ethereum has a plan to go green (which Matt Leising wrote about today) and Bitcoin will always be proof of work (which is electricity intensive). So if proof of work becomes vilified, then that’s good for Ethereum in the long run, even if in the short run they all collapse. That’s the theory anyway.

Except now Musk is sounding warm to Bitcoin again, talking about his discussions with miners regarding renewable-energy mining in North America. Actually, the full context is that Michael Saylor, the Microstrategy’s chief executive officer, is convening a meeting between Musk and various miners. And note he specifically cites ESG considerations in the second tweet:

So now you have at least some Bitcoin industry leaders trying to make a point of sounding “green” or ESG-friendly.

What’s interesting, too, is that while Bitcoin leaders start to tout their green bonafides, the Ethereum world is starting to sound like hard-money types.

A lot of people are talking about this Packy McCormick blog post about upcoming changes to the Ethereum protocol, one of which includes a plan to slowly shrink the available number of coins out there.

Substance aside, this is part of the new Ethereum rhetoric:

But EIP 1559 and Eth2 flip that. With Eth2, new issuance to reward validators is expected to drop dramatically versus Proof of Work rewards. With EIP 1559, by burning ETH in every transaction, assuming a conservative amount of daily transaction fees and that 70% of the gas fee is burnt and 30% is sent as a tip, then more ETH will be burnt than issued every day. Together, the supply of ETH will actually begin decreasing after EIP 1559 and the Eth2 merge. It’s better than sound money. It’s Ultra Sound Money.

So you have Michael Saylor talking about ESG, and you have Ethereum bulls talking about “Ultra Sound Money.” Not sure what it means, but it sounds like the End Times.

Meanwhile, both Bitcoin and Ethereum are surging today after a horrible weekend. So for all of the ostensible disputes between the two camps, they still trade more or less in unison.



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Bitcoin posts record weekly outflows as gains stall, BFSI News, ET BFSI

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NEW YORK: Bitcoin hit record outflows last week, as investors diversified into cryptocurrency assets with new developments in their specific network such as ethereum, data from digital currency manager CoinShares showed on Monday.

Outflows for bitcoin products and funds totaled $98 million, or 0.2% of total assets under management. For the year, total bitcoin inflows amounted to $4.3 billion. In 2020, investors pumped $15.6 billion into bitcoin products and funds, while ethereum inflows reached nearly $2.5 billion, data showed.

Since hitting a record just under $65,000 in mid-April, bitcoin’s price has fallen 35%. Bitcoin was down 5.2% at $44,073, driven by tweets from Tesla Inc. chief Elon Musk.

“While it only represented 0.2% of AUM, last week’s largest-ever outflows from bitcoin investment products is noteworthy,” said Matt Weller, global head of market research at Forex.com.

“Bitcoin’s perceived environmental costs are becoming a bigger and bigger part of the narrative, boosting the relative appeal of ethereum and its upcoming transition to the less energy-intense proof-of-stake security model,” he added.

Ethereum, the second-largest cryptocurrency in terms of market capitalization, continued to post solid inflows of $26.5 million last week, with a total of $910 million so far this year.

The cryptocurrency has been bolstered by the surge in usage of ethereum-based decentralized finance applications, which facilitate crypto-denominated lending outside traditional banking.

Ethereum hit a record high of $4,380.64 last week but was last down 6.3% at $3,358. It has gained about 355% in 2021.

All other digital asset investment products saw inflows as well in the latest week, such as Cardano and Polkadot.

Grayscale remains the largest digital currency manager, with $47.268 billion in assets, down from $49.3 billion at the end of April.

CoinShares, the second-biggest and largest European digital asset manager, oversaw about $6 billion as of last week, up from $5.8 billion in late April.



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