Australia’s pension fund AMP has become the first major superannuation fund to buy into crypto by purchasing Bitcoin worth $27 million. The asset class previously barred for high volatility by big fund managers has now ignited FOMO as BTC price surpassed the $100K milestone after Donald Trump’s win in the U.S. presidential election.
Pension Giant AMP Invests $27 Million in Bitcoin
$57 billion AMP becomes Australia’s first major pension fund to buy Bitcoin, reported Australian Financial Review on December 12. They are the first in the $4 trillion retirement savings industry to invest in the crypto asset class.
Other big pension funds claimed they would not be following AMP’s lead into the cryptocurrency market. Earlier, Reserve Bank Governor Michele Bullock criticized ideas to invest in crypto assets, saying it does not belong in retirement portfolios.
AMP chief investment officer Anna Shelley said $27 million – or 0.05 percent of its $57 billion in funds under management – of BTC was purchased in May. BTC price was trading in the $60,000-$70,000 range. The investment was part of a diversification strategy after AMP’s dynamic asset allocation process backed Bitcoin based on its “momentum and sentiment.”
Bitcoin Rally to $100K Driving Mainstream Adoption
Matthew Sigel, head of digital assets research at VanEck, said those with assets in AMP’s balanced and growth investment options were the most likely to be exposed to Bitcoin at a customer level.
Pension funds across the globe eyes investing in Bitcoin, especially after the U.S. SEC approved spot Bitcoin ETF earlier this year. Recently, UK pension fund giant Cartwright joined the league and allocated around 3% to Bitcoin as a direct investment.
Hedge funds have jumped to buy Bitcoin and pension funds are in discussions with clients to invest in BTC. However, it is delayed because of the long due diligence process of pension funds.
BTC price currently trades at $100,837, up nearly 20% in a month. Bitcoin hit a high of $104K amid the Trump trade and transition to pro-crypto administration in the United States.
Varinder Singh
Varinder has over 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently leading the news team to cover latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
As per the latest development, DigitalX is planning to launch a spot Bitcoin ETF on Australia’s main stock market ASX Ltd. This will make DigitalX the second asset manager after VanEck to secure approval for the ASX listing.
DigitalX Bitcoin ETF to Go Live On July 12
As per the statement issued by the company on Tuesday, July 9, the DigitalX Bitcoin ETF will be listed on the ASX Exchange later this month on July 12 under the ticker BTXX. for this upcoming Bitcoin ETF, DigitalX will join hands with K2 Asset Management and 3iQ.
As said, the recent listing of ETF by DigitalX comes within a month of VanEck making an arrival on ASX in June. Additionally, Sydney-based fund manager BetaShares Holdings Pty has applied to launch Bitcoin and Ether ETFs on the ASX. Speaking on the development, Lisa Wade, chief executive officer of DigitalX said:
“I believe this will attract new entrants into the market and ultimately allow institutions to include Bitcoin and digital assets into strategic asset allocations. That’s really why we did it, but that is a much longer game.”
Listing on the ASX Exchange is a major milestone, as it can usher in more liquidity and trading volume for the Bitcoin ETFs. Bloomberg predicted that VanEck Bitcoin ETF on ASX could attract $1 billion in inflows.
Also Read: Can Bitcoin Hold Resistance Amid German Sales?
US Spot BTC ETF Sees Strong Inflows
This week has started on a pretty strong note as the US spot BTC ETFs saw a staggering $295 million in total inflows on Monday, July 8, as the BTC price slipped all the way to $54,000. This shows that ETF investors were keen to buy the Bitcoin dips, along with other corporate players like Metaplanet.
On Monday, none of the BTC registered any outflows. The Blackrock Bitcoin ETF IBIT registered the most inflows at $187 million followed by Fidelity FBTC which saw $61.5 million in inflows. Interestingly, Grayscale’s GBTC also witnessed inflows to the tune of $25 million.
The inflows in the last two reading sessions seem to be picking up the pace hinting strong trend reversal ahead in July. following yesterday’s lows under $53,500, the BTC price has recovered once again to $57,500 as of press time.
Also Read: Spot Bitcoin ETFs Saw $143 Million Inflows on Friday, Institutions Buying The Dips?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In a landmark development, Commonwealth Bank of Australia (CBA) has introduced the Monochrome Bitcoin ETF (IBTC) on its trading platform. The bank has provided Bitcoin ETF investment opportunities to its vast customer base of 17 million. This move underscores CBA’s proactive stance in catering to the rising demand for cryptocurrency investments within a regulated framework.
Spot Bitcoin ETF Debut In Australia
The Monochrome Bitcoin ETF is managed by the Australian investment firm Monochrome Asset Management. The ETF was launched on Tuesday, June 4, 2024, at 10:00 am (AEST) on CBOE Australia. Moreover, this ETF allows investors to gain direct exposure to Bitcoin’s price movements while adhering to regulatory standards.
Hence, the recent CBA listing marks a significant step towards integrating digital currencies into mainstream investment options. Australia has positioned itself alongside global crypto ETF centers such as the Hong Kong.
The nation is embracing Bitcoin ETFs as part of its strategy to boost innovation and meet evolving investor preferences. Furthermore, Monochrome’s initiative of introducing a Spot Bitcoin ETF further solidifies Australia’s commitment to advancing digital asset investments.
Monochrome Asset Managemenet, in collaboration with CBOE Australia, initiated the regulatory process earlier in April. This demonstrates their dedication to pioneering digital asset offerings within the region. Additionally, the strategic move by Monochrome reflects their confidence in the growing acceptance of cryptocurrencies among both retail and institutional investors.
The decision by CBA to list the IBTC Bitcoin ETF on its platform comes amid a broader trend in the banking sector towards embracing cryptocurrency opportunities. Banks worldwide are increasingly recognizing the potential of digital assets to complement traditional financial services. Thus, they are expanding their product offerings to cater to evolving customer demands.
Also Read: Spot Bitcoin ETFs Saw $100M Inflow Reversal But Risks Still Looms
Brazil Bank Embraces BTC
In a parallel development in Latin America, Itau Unibanco, the largest bank in Brazil and the entire Latam region, has also embraced Bitcoin (BTC). The bank boasts a customer base exceeding 60 million and nearly 100,000 employees. Whilst, Itau Unibanco has recently announced the availability of crypto trading services through its in-house investment platform, Ion.
The trading service was initially launched in December with limited availability. However, Itau Unibanco’s crypto trading service has garnered substantial interest among users, prompting its gradual expansion. Hence, it now offers Bitcoin and Ethereum (ETH) investments on the platform.
Guto Antunes, head of Itau Digital Assets, highlighted the positive reception of the bank’s cryptocurrency custody solution. He emphasized high levels of customer trust and acceptance, which catalyzed the latest move.
Also Read: Bitcoin Short-term Investment Hits New Highs with ETF Popularity
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The crypto market is abuzz with the news of the Monochrome Bitcoin ETF, poised to become Australia’s first spot Bitcoin ETF, set to start trading tomorrow. This groundbreaking ETF will directly hold Bitcoin, marking a significant milestone in the country’s financial landscape.
The Monochrome Bitcoin ETF offers a novel investment opportunity for Australians, enabling direct exposure to Bitcoin within a regulated framework. This move is expected to draw significant interest from both retail and institutional investors eager to capitalize on the growing adoption of digital assets.
Australia’s First Bitcoin ETF: Catching Up with Global Trends
Australia is making strides to align itself with global financial hubs like the US and Hong Kong in embracing Bitcoin ETFs. The Monochrome Bitcoin ETF, managed by Aussie investment manager MonochromeAsset, will commence trading on CBOE Australia on Tuesday, June 4, 2024, at 10:00 am (AEST). Earlier in April, Monochrome applied for a spot Bitcoin ETF with rival exchange Cboe Australia, highlighting their commitment to pioneering digital asset investments in the region.
Last week, Monochrome celebrated this significant launch with an event in Sydney attended by 120 guests, emphasizing their mission to empower investors with confidence in navigating the digital financial landscape. This launch follows the major approvals of spot Bitcoin ETFs in the US and Hong Kong, which have seen substantial market interest and trading volumes, reflecting the robust demand for such investment vehicles. Notably, Monochrome’s ETF allows investors to withdraw and self-custody their Bitcoin, setting it apart from other offerings.
Also Read: Bitcoin Transaction Volume Hits A New Low, BTC Price Drop Likely?
Implications for Bitcoin Adoption in Australia
The successful rollout of spot Bitcoin ETFs in major financial markets has paved the way for Australia to join the trend, with the ASX expected to approve additional spot Bitcoin ETFs by the end of the year. This development represents a major milestone for Bitcoin adoption in Australia, signaling a growing acceptance of Bitcoin’s investment potential.
As more countries embrace spot Bitcoin ETFs, the increasing validation and mainstream acceptance of Bitcoin are likely to drive further global uptake. Australia’s foray into spot Bitcoin ETFs not only enhances its financial market but also positions the country to benefit from the burgeoning demand for cryptocurrency investments, fostering a more inclusive and diversified investment landscape.
Also Read: Political Propagandas Risk Crypto Centralization, Says Jupiter Co-Founder
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
After an overwhelming response to the launch of the spot Bitcoin ETFs in the United States this January, issuers are now eyeing the Australian market. Van Eck Associates Corp. and BetaShares Holdings Pty have lined up for the listing of spot Bitcoin ETFs in Australia.
Australia to Approve Spot Bitcoin ETFs
According to sources familiar with the matter, ASX Ltd., a key player in Australia’s equity trading landscape, is likely to greenlight the country’s first spot-Bitcoin ETFs for the main board by the end of 2024. The individuals, who preferred to remain anonymous due to the confidentiality of the information, disclosed this development.
BetaShares, headquartered in Sydney, is actively progressing towards the launch of a product on the ASX, as stated by a spokesperson during an interview. Additionally, DigitalX Ltd., another local entity, announced in its half-year results in February that it had submitted an application. Meanwhile, VanEck, known for offering similar ETFs in the US and Europe, resubmitted its application in February.
Justin Arzadon, head of digital assets for BetaShares, emphasized that the influx of funds in the US validates the demand for digital assets. Arzadon further revealed that the company has reserved ASX tickers for spot-Bitcoin and spot-Ether ETFs, underscoring their commitment to expanding their offerings in the digital asset space. He further added that ASX would be scrutinizing the custody of tokens before giving any sort of approval.
Following the success of US Bitcoin ETFs, which have accumulated a staggering $53 billion this year, including those from BlackRock Inc. and Fidelity Investments, several applications have been submitted. Additionally, funds directly investing in Bitcoin and Ether are slated to commence trading in Hong Kong starting Tuesday.
Tapping The $2.3 Trillion Pension Market In Australia
As per reports, the Bitcoin ETF issuers would be trying to attract inflows from Australia’s massive $2.3 trillion pension market.
Approximately a quarter of the country’s retirement assets are held in self-managed superannuation programs, where individuals have the autonomy to select their investments. Jamie Hannah, deputy head of investments and capital markets for VanEck Australia, suggests that these programs could potentially become purchasers of spot-crypto funds.
Hannah elaborated that with the inclusion of self-managed super funds, brokers, financial advisers, and platform money, there exists a sizable addressable market capable of bolstering the size of the ETF to a sufficient extent.
This is not the first time that spot Bitcoin ETFs are coming to Australia. Back in 2022, Sydney-based Cosmos Asset Management launched a spot Bitcoin ETF. However, citing meager inflows, it decided to delist it later. Another BTC ETF – Global X 21Shares – which launched the same year has over $62 million in assets under management.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Monochrome Asset Management, a prominent Australian investment firm specializing in regulated digital assets, has made waves in the financial world by unveiling plans to introduce Australia’s very first Bitcoin spot ETF. This groundbreaking move, slated for a release in 2024, is contingent upon obtaining the necessary approvals from both market operators and regulatory bodies.
With the launch of the Bitcoin spot ETF, Monochrome aims to cater to the growing demand for cryptocurrency-based investment products among Australian investors. By offering direct exposure to Bitcoin, the ETF seeks to provide investors with a secure and accessible means of participating in the digital asset market.
Strategic Partnership with Cboe Australia for Listing Venue
In a strategic move aimed at maximizing the reach and impact of their Bitcoin spot ETF, Monochrome has forged a partnership with Cboe Australia, a leading exchange platform with a stellar track record spanning over 51 years. By selecting Cboe Australia as the listing venue for the ETF, Monochrome aims to leverage the platform’s extensive market expertise and strategic positioning in the Asia Pacific region to enhance investor access and liquidity.
Cboe Australia’s esteemed reputation as a market operator, coupled with its comprehensive suite of trading solutions, makes it an ideal partner for Monochrome’s ambitious ETF venture. The platform’s robust infrastructure and commitment to innovation align closely with Monochrome’s values, making it a natural choice for the listing venue. Through this strategic partnership, Monochrome seeks to tap into Asia’s vibrant investment landscape and provide investors with unparalleled access to crypto-asset products.
Also Read: US Job Data Suggests Further Delay In Fed’s Rate Cut Plans, How’s Crypto Market Faring?
Implications for Investors and Market Expansion
The introduction of Australia’s first Bitcoin spot ETF holds profound implications for both investors and the broader financial market. By offering direct exposure to Bitcoin, the ETF provides investors with a convenient and accessible means of gaining exposure to the digital asset market. This development is expected to attract a wide range of investors, including institutional players, retail investors, and cryptocurrency enthusiasts, thereby driving significant inflows of capital into the market.
Moreover, the launch of the Bitcoin spot ETF has the potential to catalyze further growth and innovation within the cryptocurrency ecosystem. As more investors gain exposure to Bitcoin through regulated investment products like ETFs, the market is likely to experience increased liquidity and price stability, ultimately fostering greater confidence and participation among investors.
Monochrome CEO, Jeff Yew, emphasizes the strategic significance of the partnership with Cboe Australia in driving the expansion of the investment horizon and solidifying Monochrome’s presence in the Asia Pacific market. Yew believes that the launch of the Bitcoin spot ETF represents a significant milestone in Monochrome’s journey towards democratizing access to digital assets and empowering investors to capitalize on the opportunities presented by the burgeoning crypto ecosystem.
Also Read: Terra Do Kwon Vs SEC: Defense To Give Final Arguments to Jury As Fraud Trial Ends
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Mastercard has successfully concluded a trial with the Reserve Bank of Australia (RBA). This trial centered around wrapping central bank digital currencies (CBDCs) on multiple blockchain platforms. This concept mirrors the approach of wrapped Bitcoin and Ether on Ethereum. Consequently, the experiment aimed to showcase the seamless integration of a pilot CBDC within the Ethereum blockchain.
Moreover, Mastercard elaborated that this method effectively “locked” a specific amount of the CBDC on the RBA’s platform. Additionally, an equivalent amount of the wrapped CBDC was minted on Ethereum. Hence, this approach facilitated a live transaction where a CBDC owner could directly purchase a nonfungible token (NFT) listed on Ethereum.
Mastercard Tests Ethereum for Secure Transactions
Highlighting the nuances of the test, Mastercard noted that the Ethereum wallets involved in the transaction, including the NFT marketplace’s smart contract, were on an “allow list”. This deliberate restriction showcased the ability of the platform to implement controls even on public blockchains. A successful demonstration of a controlled, transparent, and seamless CBDC transaction on a decentralized platform.
Furthermore, this initiative is a product of Mastercard’s Multi Token Network. This platform, launched in June 2023, bridges conventional payment technologies and the emerging blockchain world. Zack Burcks, the CEO and founder of Mintable, commented on the development. He mentioned that alongside Mastercard, a unique use case emerged. This collaboration can link digital currencies with NFTs, potentially enhancing transparency and curbing fraud.
Read Also: Mastercard To Build A Blockchain App Store for Regulated Financial Apps
Mastercard Ends Alliance with Binance Exchange
The RBA has been vocal about the potential benefits of an Australian dollar CBDC. It believes that such an innovation could revolutionize complex payment systems. However, the bank also believes in proceeding cautiously, emphasizing the need for more research to assess the true advantages.
According to Coingape’s recent coverage, Mastercard has pulled the plug on its alliance with Binance, a prominent cryptocurrency exchange. This decision subsequently impacted four crypto card programs in Argentina, Brazil, Colombia, and Bahrain, ceasing their operations on September 22. The underlying reason remains veiled, but speculations point toward regulatory hurdles faced by Binance in the US.
Read Also: US SEC And Binance Submits Joint Status Report
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto-focused investment management firm Monochrome Asset Management Pty Ltd and its responsible entity partner Vasco Trustees Ltd filed an updated spot Bitcoin ETF application with the Australian Securities Exchange (ASX). Monochrome Bitcoin ETF (IBTC) is the first spot Bitcoin ETF under Australia’s new regulatory framework and will have direct exposure to Bitcoin.
Australia’s First Spot Bitcoin ETF Under New Regulations
In an official announcement on July 14, Monochrome Asset Management said its partner, Vasco Trustees filed an updated application for the Monochrome Bitcoin ETF (IBTC) with the Australian Securities Exchange (ASX).
Monochrome’s partner Vasco has an Australian Financial Services Licence to offer retain investors direct and regulated exposure to crypto-assets Bitcoin (BTC) and Ethereum (ETH). The Monochrome Bitcoin ETF and the Monochrome Ethereum ETF are the two managed ETF investment products.
“In an Australian first, IBTC is a way for retail investors to own bitcoin in a single regulated structure that gives them an absolute entitlement to their underlying bitcoin.”
Monochrome CEO Jeff Yew took to Twitter to reveal that Australia has joined the spot Bitcoin ETF race. He added, “Through a Bitcoin ETF, it makes it possible for them to buy and use the asset class in however they see fit with the investment choices and in a regulated manner, and also operating within the regular regulatory perimeter.”
According to the announcement, Monochrome and Vasco are supported by leading service providers including State Street Australia, Automic Pty Limited, Ernst & Young, CF Benchmarks, and Gemini Trust Company.
ASIC implemented an Australian market framework for crypto-asset exchange-traded products, enabling product clear pathways and regulatory requirements for market participants offering financial products with direct exposure to crypto-assets. It will enhance the confidence of Australian investors when considering investing in the emerging asset class.
Also Read: Europe To Get Its First Spot Bitcoin ETF This Month
Spot Bitcoin ETF Race in the US
After BlackRock filed a spot Bitcoin ETF application with the US SEC last month, others such as Fidelity Investments, Invesco, and WisdomTree followed with spot Bitcoin ETF applications. The move caused institutional investors to again pour their money into crypto asset funds, with a net inflow of $500 million in the last three weeks.
In fact, the US United States Securities and Exchange Commission (SEC) acknowledged Bitwise spot Bitcoin Exchange Traded Fund (ETF) application on Thursday.
Also Read: BinanceUS, Crypto.com Joins Coinbase and Others To Relist XRP, Price Up 87%
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
CoinJar has launched a new promotional campaign for Shiba Inu fans
CoinJar, the longest-running cryptocurrency exchange in Australia, has announced a Shiba Inu-themed promotional campaign on the occasion of its ninth anniversary.
According to the announcement, users who make a single trade on the CoinJar app this week will be able to win up to 99,999,999 million SHIB tokens (roughly $3,526 at press time). Participants will be able to increase the number of entries by making more trades. CoinJar says that one individual will be able to have a maximum of ten entries.
The company reflected on its journey in the blog post, recalling that it started to operate when the price of Bitcoin was sitting at just $100. It also mentioned how the market value of Shiba Inu surpassed that of General Electric last year.
CoinJar also prides itself on the fact that it became the very first cryptocurrency exchange to launch in the UK and become licensed by the Financial Conduct Authority, the country’s main regulatory body.
As reported by U.Today, Australia’s longest-running exchange added support for Shiba Inu back in December. Australians can also buy SHIB tokens on CoinSpot, Swyftx, Uphold, and other popular cryptocurrency trading platforms.
A survey conducted in late 2021 found that the meme coin was more popular than Cardano’s ADA and XRP in the country despite the fact that it appeared on the cryptocurrency scene relatively recently.
SHIB is currently trading at $0.00002142 on major spot exchanges, according to CoinMarketCap data.
The longest-running crypto exchange in Australia has become the latest platform to list Shiba Inu (SHIB) after the likes of Kraken and Bitpay. The leading crypto exchange in its official tweet admitted that they couldn’t ignore the meme currency for long and are listing it along with six others.
“In retrospect, it was inevitable. SHIB is here – and we’re also adding 6 more tokens to the CoinJar lineup”
In retrospect, it was inevitable. SHIB is here – and we’re also adding 6 more tokens to the CoinJar lineup.
Read more: https://t.co/y6EjniSqOQ pic.twitter.com/mQlaDtlhJX
— CoinJar (@GetCoinJar) December 22, 2021
The official blog post read:
“Starting today you can buy, sell, send and trade Shiba Inu ($SHIB) using your CoinJar Wallet. With CoinJar Card you can even use SHIB to do some last-minute Christmas shopping, which at the very least should give you something to chat about at family lunch.”
SHIB has tuned out to be one of the biggest gainers in 2021 after it rose to a new all-time high of $0.000089 in October. However, in the following two months, the altcoin has lost the majority of its gains and currently trading at $0.00003443 with a 9% rise over the past 24-hours. The altcoin is looking to recover and gain some bullish momentum by the end of the year.
Shiba Inu sees a rise in on-chain development and whale accumulation
Shiba Inu has seen a continuous price downturn over the past 8 weeks, however, the meme currency is now looking at a path of recovery on the back of soaring development activity and continuous whale accumulation.
Coingape recently reported how Ether whales have accumulated nearly four trillion SHIB during the current dip and are expected to hodl more. The exchange whales are also flashing buy signals after two-month-long and the altcoin can make the most of the current bullish momentum.
With strong community support, the altcoin is still awaiting a Robinhood listing that could prove to be a catalyst for its price to surge further.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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