CoinShares, a leading digital asset investment firm, has announced that it has entered into a strategic partnership with Valkyrie Investments, a US-based company that offers various exchange-traded products (ETPs) in the crypto space. As part of the deal, CoinShares has secured an option to acquire Valkyrie’s ETF unit, which is currently awaiting approval from the US Securities and Exchange Commission (SEC) to launch a bitcoin ETF.
The partnership aims to leverage CoinShares’ expertise in the European ETP market, where it has over $5 billion in assets under management, and Valkyrie’s experience in the US market, where it has filed for several innovative crypto ETPs, including a bitcoin futures ETF, a bitcoin mining ETF, and a decentralized finance (DeFi) ETF. The two firms will collaborate on product development, distribution, and marketing across both regions.
CoinShares CEO Jean-Marie Mognetti said: “We are thrilled to partner with Valkyrie, a company that shares our vision of bringing innovative and accessible investment products to investors around the world. We believe that the US market is ripe for growth in the crypto ETP space, and we are excited to have the option to acquire Valkyrie’s ETF unit, which has a strong track record of filing for cutting-edge products and navigating the complex regulatory landscape.”
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Valkyrie CEO Leah Wald said: “CoinShares is a pioneer and a leader in the crypto ETP industry, and we are honored to join forces with them. We have been impressed by their product offerings, their regulatory compliance, and their commitment to investor education and protection. We look forward to working together to bring more innovation and value to our clients and the broader crypto ecosystem.”
Avalanche’s AVAX and Near’s NEAR Market Performance
The past week has been a bullish one for the cryptocurrency market, with several coins regaining new highs. Among them, two projects stand out for their impressive performance: Avalanche and Near Protocol. Both of them are smart contract platforms that aim to offer scalability, security and interoperability for decentralized applications. In this blog post, we will take a closer look at what drove their prices up and what are their main features and advantages.
Avalanche is a blockchain network that uses a novel consensus mechanism called Snowman, which allows for fast and low-cost transactions. It also supports multiple virtual machines, including the Ethereum Virtual Machine (EVM), which means that it is compatible with existing Ethereum applications and tools. Avalanche claims to be able to process over 4,500 transactions per second, compared to Ethereum’s 15-30. It also has a native token called AVAX, which is used for paying fees, securing the network and participating in governance.
Near Protocol is another blockchain network that leverages sharding to achieve high scalability and low latency. It also uses a proof-of-stake (PoS) consensus algorithm that rewards validators for securing the network. Near Protocol supports cross-chain communication and interoperability with other blockchains, such as Ethereum and Polkadot. It also has a native token called NEAR, which is used for paying fees, staking and governance.
Both Avalanche and Near Protocol have seen a surge in demand and adoption in the past week, thanks to several factors. One of them is the launch of new decentralized applications (DApps) and decentralized exchanges (DEXs) on their platforms, such as Trader Joe on Avalanche and Aurora on Near Protocol. These DApps offer users access to various financial services, such as lending, borrowing, swapping and farming, with lower fees and faster transactions than on Ethereum.
Another factor is the integration of their tokens with major centralized exchanges (CEXs) and wallets, such as Coinbase, Binance and Ledger. This increases the liquidity and accessibility of their tokens, as well as their exposure to new users and investors. Moreover, both projects have announced partnerships and collaborations with other prominent players in the crypto space, such as Chainlink, Graph Protocol and SushiSwap, which enhance their functionality and utility.
As a result of these developments, both AVAX and NEAR have experienced significant price appreciation in the past week. According to CoinGecko, AVAX has increased by 67% in the past seven days. Similarly, NEAR has increased by 62% in the past seven days, on November 18. Both tokens are among the top 20 cryptocurrencies by market capitalization, with AVAX ranking 11th and NEAR ranking 18th at the time of writing.
The outlook for both projects remains positive, as they continue to innovate and attract more users and developers to their ecosystems. They also benefit from the overall bullish sentiment in the crypto market, driven by factors such as institutional adoption, regulatory clarity and technological innovation. However, they also face challenges and risks, such as competition from other smart contract platforms, regulatory uncertainty and market volatility. Therefore, investors should do their own research and exercise caution before investing in any cryptocurrency.
Boyaa Game Company to acquire $90 million worth in Bitcoin and Ethereum
Boyaa, the leading board and card game company in China, announced that it will invest $90 million in Bitcoin and Ethereum, two of the most popular cryptocurrencies in the world. The company said that this move is part of its strategic plan to diversify its assets and explore new opportunities in the digital economy.
Boyaa, which was founded in 2004, has developed and published more than 100 online games, including Texas Hold’em Poker, Mahjong, Chess, and Dominoes. The company has over 600 million registered users and operates in more than 10 countries and regions. Boyaa is also listed on the Hong Kong Stock Exchange since 2013.
According to Boyaa’s CEO, Mr. Zhang Wei, the decision to invest in Bitcoin and Ethereum was based on careful research and analysis of the cryptocurrency market. He said that Bitcoin and Ethereum have shown strong growth potential and resilience in the past few years, despite the volatility and regulatory challenges. He also said that Boyaa believes that cryptocurrencies will play a key role in the future of finance, gaming, and entertainment.
Mr. Zhang added that Boyaa will allocate $50 million to Bitcoin and $40 million to Ethereum, and that the company will use its own funds to purchase the cryptocurrencies through a reputable platform. He said that Boyaa will hold the cryptocurrencies for a long-term period and will not sell them unless there is a significant change in the market conditions or the company’s strategy.
Boyaa’s announcement has attracted a lot of attention and praise from the cryptocurrency community, as well as from its own users and partners. Many analysts have commented that Boyaa’s investment in Bitcoin and Ethereum is a smart and bold move that will enhance its competitiveness and innovation. They also said that Boyaa’s investment will boost the confidence and adoption of cryptocurrencies in China and beyond.
China’s largest board and card game company, Boyaa, has recently announced its financial results for the third quarter of 2023. The company reported a revenue of 1.2 billion yuan, a 15% increase from the same period last year. The net profit was 320 million yuan, a 20% increase from the same period last year. The company attributed its growth to the strong performance of its flagship products, such as Texas Hold’em Poker, Mahjong, and Chess.
Boyaa also revealed its plans to expand its overseas markets, especially in Southeast Asia and Europe, where it has established partnerships with local game publishers and platforms. Boyaa’s CEO, Li Wei, said that the company is confident in its future prospects and will continue to invest in research and development, marketing, and user acquisition. He also said that the company is exploring new opportunities in emerging fields, such as blockchain, artificial intelligence, and cloud gaming.
China has been at the forefront of blockchain development and adoption, with its central bank digital currency (CBDC) project, the digital yuan, being one of the most advanced in the world. However, China’s stance on cryptocurrencies has been less favorable, as the country has banned crypto exchanges and mining activities in recent years.
Despite these restrictions, there is still a growing demand for crypto custody services in China, as institutional and retail investors seek to access the global crypto market and diversify their portfolios. Crypto custody refers to the safekeeping and management of digital assets, such as Bitcoin, Ethereum, and other tokens, by a third-party service provider.
Crypto custody is essential for the security and liquidity of digital assets, as it reduces the risk of theft, loss, or hacking that may occur when users store their own private keys. Crypto custody also enables users to access various financial services, such as lending, borrowing, staking, and trading, that are offered by decentralized platforms or centralized intermediaries.
However, crypto custody is not without its challenges, especially in China. The regulatory environment is uncertain and evolving, as the authorities seek to balance innovation and risk management. The technical standards and best practices are still developing, as the industry matures and adapts to new technologies and protocols. The market competition is fierce and fragmented, as both domestic and foreign players vie for a share of the lucrative and growing market.