FIFA, the global governing body of association football, has announced the launch of a non-fungible token (NFT) platform for soccer-themed digital collectibles. The platform, called FIFA+ Collect, is set to launch later this month. It will feature “affordable, inclusive, and accessible” NFTs that depict notable soccer moments, art, and imagery.
Crypto prices today: Bitcoin up 0.3%, ETH rises 1%
Bitcoin is currently trading at $19,761.81, an increase of 0.28% over the previous day. Ethereum is up 1.15% over the last 24 hours to $1,564.75. Solana rose 1.6% to $31.76, while Cardano is trading lower by 0.34% at $0.491. Polkadot (DOT) rose 3.1% to $7.51. The global crypto market cap stands at $976.74 billion, a 0.4% increase over the previous day.
LG selects Hedera blockchain for television NFTs
Korea-based LG is releasing an NFT marketplace called LG Art Lab that plugs into the Hedera Network. Television owners with sets updated to LG’s most recent software will be able to buy, sell and showcase their Hedera NFTs from their screens. Incorporating LG’s mobile crypto wallet Wallypto, users can purchase assets by scanning a QR code to connect their wallets.
BlackRock to use Kraken subsidiary for crypto offering
BlackRock, the world’s largest asset manager, will use crypto exchange Kraken’s CF Benchmarks’ bitcoin index for its new crypto offering. In August, BlackRock partnered with Coinbase to make Bitcoin directly available to its institutional clients. The company also launched a spot bitcoin private trust for U.S.-based institutional investors.
Saudi central bank hires crypto chief to boost digital ambitions
Saudi Arabia’s banking regulator recently appointed Mohsen AlZahrani to lead its virtual assets and central bank digital currency program in a sign of the Gulf state’s potential crypto ambitions. AlZahrani is a former managing director at consultancy Accenture. The country has always taken a more cautious approach to virtual assets, with officials raising concerns about their speculative nature.
BlackRock has launched a Spot Bitcoin Private Trust to offer its U.S.-based institutional clients direct exposure to the most popular cryptocurrency. The company said it is seeing “substantial interest” from some of its institutional clients in accessing crypto markets through its technology. The asset manager is also exploring permissioned blockchains, stablecoins, crypto-assets, and tokenization.
Crypto prices today: Bitcoin falls 2%, ETH up 0.2%
Bitcoin is currently trading at $23,970.84, a decline of 2.16% over the previous day. Ethereum rose 0.2% over the last 24 hours to $1,891.01. Solana fell 2.43% to $43.36, while Cardano is trading lower by 0.5% at $0.534. Avalanche (AVAX) fell 2.23% to $28.9. The global crypto market cap stands at $1.15 trillion, a 0.99% decline over the previous day.
Creditors move to block Celsius from selling mined Bitcoin
Celsius Network’s unsecured creditors have been pressing the company on potential misconduct by the company and its insiders. During a hearing in the bankruptcy proceeding on August 12, the committee moved to block Celsius’s attempts to sell some of its mined cryptos. On Monday, the committee of unsecured creditors filed a statement calling out “empty and false promises” Celsius’ CEO Alex Mashinsky made days before the company froze customer assets.
ED freezes Vauld’s assets worth Rs 390 crore
The Enforcement Directorate (ED) froze assets worth Rs 370 crore of crypto exchange Vauld. The company is going through a financial strain as it halted all withdrawals and deposits on its platform last month. This development comes days after ED froze nearly Rs 65 crores worth of bank assets belonging to WazirX‘s director Sameer Mhatre in connection with a money laundering investigation.
In other news, Bitbns’ withdrawals in Indian Rupees have been delayed as law enforcement officers have blocked its bank account.
CoinSwitch to fund Web 3.0 startups
Crypto exchange CoinSwitch has introduced a Web3 Discovery Fund with an initial capital of $10 million to back early-stage startups. The fund will curate portfolio startups and provide single-window access to marquee investor partners, including Tiger Global, Ribbit Capital, Coinbase Ventures, and Sequoia Capital India.
[Web 3.0 is the upcoming third generation of the internet. Websites and apps will be able to process data through machine learning (ML), Big Data, decentralized ledger technology (DLT), etc.
BlackRock partners with Coinbase in crypto market expansion
The world’s largest asset manager, BlackRock Inc., is partnering with Coinbase Global Inc. to make it easier for institutional investors to manage and trade Bitcoin. Top BlackRock clients will be able to use its “Aladdin” investment-management system to oversee their exposure to Bitcoin, stocks, and bonds. The system will also facilitate financing and trading on Coinbase’s exchange.
Crypto prices today: Bitcoin up 1%, ETH rises 1.9%
Bitcoin is currently trading at $23,220.65, an increase of 0.98% over the previous day. Ethereum rose 1.87% over the last 24 hours to $1,661.93. Solana rose 2.97% to $40.1, while Cardano is trading higher by 1.7% at $0.510. Polygon (MATIC) rose 3.1% to $0.924. The global crypto market cap stands at $1.09 trillion, a 1.78% increase over the previous day.
Binance, Mastercard launch Bitcoin Rewards Card in Argentina
Binance and Mastercard have launched a prepaid rewards card in Argentina to help citizens spend crypto on everyday goods. The card will let users buy things and pay bills with Bitcoin and other cryptos. It will convert the crypto users hold on the Binance app into fiat currency (US dollars or Argentine pesos) in real-time at the point of sale.
Meta’s Instagram has added support for Flow-based NFTs as it expands its NFT initiative into more than 100 total countries. FLOW’s price has surged as a result, up about 44% over the past 24 hours. Instagram’s expanding integration lets collectors showcase their verified Flow NFTs on their accounts in Meta’s photo-sharing service.
Halliday raises $6M for ‘Buy Now, Pay Later’ Ethereum NFTs
Web3 startup Halliday has raised $6 million in a new seed round led by Andreesen Horowitz (a16z) to change how gamers buy and use digital assets in virtual worlds. The platform gives gamers a “play now, pay later” option. It aims to make in-game purchases and proof of ownership for NFTs more affordable and convenient for gamers.
India aims to roll out digital currency by next year: Finance Minister
Finance Minister Nirmala Sitharaman said India aims to introduce digital currency by 2023. “The government and RBI are looking into its several commercial use purposes and not just financial inclusion, which is largely achieved through the JAM trinity (Jan Dhan-Aadhaar-Mobile),” she said. The minister also said India will take a considerate decision on regulation around virtual currencies.
Crypto prices today: Bitcoin rises 1.9%, ETH up 0.5%
Bitcoin is currently trading at $39,379.2 a 1.94% increase over the previous day. Ethereum is up 0.5% over the last 24 hours to $2,884.92. Solana rose 0.7% to $99.18, while Cardano is trading lower by 0.61% at $0.836. Avalanche (AVAX) fell 0.96% to $69.48. The global crypto market cap stands at $1.80 trillion, a 1.12% increase over the previous day.
Coinbase has listed Binance USD (BUSD), the crypto exchange’s U.S. dollar-backed stablecoin, for trading on the Ethereum network. That makes it the eighth stablecoin to be offered by Coinbase. The main stablecoins listed on Coinbase include Tether (USDT), USD Coin (USDC), TerraUSD (UST), Dai (DAI), Paxos Standard (PAX), Rai Reflex Index (RAI), and mStable USD (MUSD).
BlackRock launches its first crypto-exposed ETF
BlackRock has listed its iShares exchange-traded fund (ETF) to allow investors to gain exposure to the crypto market. The iShares ETF seeks to track the investment results of an index composed of US and non-US companies involved in the development, innovation, and utilization of blockchain and crypto technologies. BlackRock is the world’s largest asset manager.
Goldman Sachs to explore tokenization of real assets
Goldman Sachs is examining non-fungible tokens (NFTs) and particularly the tokenization of real assets. The Metaverse, where real-world assets like real estate are bought and sold as NFTs, has caught the attention of big names in financial services and a range of other industries.
The Gross Domestic Product (GDP) of Germany is around $3.6 trillion, and that of India and the United Kingdom is ~$2.7 trillion each. Even if we combine the GDP of these three countries, it will be less than the total Assets Under Management (AUM) of BlackRock. The company is so huge that it is the largest shareholder in some of the largest banks in the world, including JPMorgan, Bank of America, Citigroup, Deutsche Bank, and even India’s HDFC Bank. In today’s editorial, learn more about BlackRock.
BlackRock – A Brief Profile
Before starting BlackRock, Laurence Douglas Fink was an active participant in Wall Street. His expertise in mortgage-backed securities (MBS) made his investment company (First Boston) a profit of $1 billion in the early 1980s. MBS is a collection or pool of home loans. An investment bank aggregates these loans and sells them to investors as they give fixed income similar to a Fixed Deposit. Also, banks receive their credit amount much earlier that can be synthesised for new loans. It was in 1986 when his miscalculations on interest rates led to a $100 million loss, leading to the loss of his job.
In 1988, Fink, along with 7 co-founders, set up BlackRock—backed by the Blackstone Group. It started as an investment and advisory firm for institutional clients such as banks and insurance companies. Initially, their parent company Blackstone Group infused just $5 million as working capital into the company. However, BlackRock was able to generate an AUM of $2.7 billion in a short span of time. In 1994, the parent company exited BlackRock, which they later termed a “heroic mistake”. It was in the same year BlackRock went public.
BlackRock’s Investment Journey
BlackRock saw exponential growth in its AUM since its inception. From $2.7 billion in 1989, the AUM skyrocketed to $165 billion by 1999. The company also acquired various financial service providers:
2004 – Acquired holding company of State Street Research & Management (SSRM) from Metlife. SSRM assets mainly included mutual funds.
2006 – Merged with Merril Lynch Investment Managers.
2009 – Barclays sold its global investors unit that includes the Exchange Traded Fund (ETF) business named iShares.
BlackRock has a strong relationship with the US Government. The asset management company (AMC) had helped government agencies during the financial crisis of 2008. Currently, the senior management at BlackRock also has a high influence in the White House. This relationship gives them early access to the decisions made by the Federal Reserve as well as the government on key policies.
The company generates more than 70% of its revenue from investment advisory fees. Also, they manage exchange-traded funds (ETFs), through which they charge a fixed commission. It is interesting to note that BlackRock has almost every S&P 500 company in its portfolio. In total, they have 5,454 positions in their global portfolio, in which the top five stocks represent 13.2% of the total portfolio.
Source: Stockzoa
ALADDIN – BlackRock’s Guide
Asset, Liability, Debt, and Derivative Investment Network (ALADDIN) keeps eye on the markets and manages more than $20 trillion worth of assets. Aladdin helps BlackRock as well as other clients in taking major investments and risk management decisions. It also tracks climate across the globe and calculates the risk it can cause to their portfolio.
BlackRock’s Presence in India
The AMC launched a dedicated fund for India in 2006. Currently, the fund invests 73% in large-cap companies. After the massive Rs 18,000 crore IPO of Paytm, BlackRock has bought the company’s stake after the exit of existing anchor investors.
BlackRock’s recent investment themes are based on Environmental, Social, Governance (ESG) methodologies. There were rumours spreading around regarding the AMC investing up to Rs 5,600 crore in Tata Power’s green business. However, both Tata Group and BlackRock did not respond to queries.
Source: BlackRock
BlackRock has grown multifold that it now has access and control over major businesses across the world. The chairman’s letter to all CEOs to consider climate change as a barrier and to take collective action shows how influential BlackRock is. The AMC has become an inevitable force for various governments by acting as an advisor and taking action in an economic crisis.
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