SBI Group launches crypto-asset fund for Japanese investors

December 18, 2021 Coin Telegraph

The SBI crypto-asset fund consists of seven cryptocurrencies including Bitcoin, Ethereum, Litecoin, XRP, Bitcoin Cash, Chainlink and Polkadot, none exceeding more than 20% in ratio.

Tokyo’s biggest finserv firm, SBI Group, will now allow general Japanese investors to purchase cryptocurrencies via its newly launched ‘crypto asset fund’. The fund is composed of seven cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), XRP, Bitcoin Cash (BCH), Chainlink (LINK) and Polkadot (DOT).

The crypto-asset fund, to be traded and operated by the SBI Alternative Fund, was established on Dec. 02 with a dedicated capital of 5 million yen, worth approximately $45,000 at the time of writing. However, the company may choose to release the capital in smaller break-ups of 1 million yen each.

According to the official statement, investors will be required to go through an application process that includes an anonymous partnership agreement with SBI Alternative Fund prior purchases. The company’s reasoning behind this move states:

“Since it is not suitable for all customers, it can only be purchased by customers who meet certain standards set by our company.”

In addition, the crypto investments made by such anonymous associations will be handled by SBI VC Trade, a sister firm dealing with cryptocurrency trading. SBI also highlighted that none of the seven cryptocurrencies in the crypto-asset fund will exceed 20% in ratio.

Assuring the longevity of the service, SBI has stated that the fund “cannot be canceled within one year,” between Feb. 1 2022 to Jan. 31, 2023. Investors will also be subject to unrealized capital gains taxes in addition to bearing other shared expenses including establishment and liquidation costs and audit expenses.

SBI has set an age limit between 20 to 70 for this fund and will enforce a three-month locking period for every purchase “aiming to reduce investment risk by diversifying time.” The company will also rebalance the investment ratio allocation once every month.

In addition to contributing to Japan’s crypto adoption, SBI continues to spread its reach in other jurisdictions. Most recently, the company invested in a Singaporean crypto exchange named Coinhako.

Coinhako received SBI’s funding soon after its received regulatory approval from the Monetary Authority of Singapore (MAS). As Cointelegraph reported, the investment was made via the SBI-Sygnum-Azimut Digital Asset Opportunity Fund, a fund jointly set up by SBI and Switzerland-based Sygnum Bank.

Coinhako plans to “expand our business to other countries in Southeast Asia” by using SBI’s fund infusion and its pre-existing international network.

AccuWeather Chainlink Node Goes Live

December 14, 2021 The Crypto Briefing

Umbrella Network launches $15M oracle accelerator program

December 14, 2021 Coin Telegraph

Umbrella Network launches M oracle accelerator program

Chainlink

The blockchain oracle market is still largely dominated by Chainlink, but a handful of promising challengers is emerging.

Decentralized oracle service Umbrella Network has launched a new accelerator program for projects looking to build data pipelines to the cryptocurrency market, a process that many within the industry believe is necessary to grow the emerging domains of blockchain gaming, DeFi and the Metaverse.

The $15 million accelerator program intends to fund companies that are bringing new data solutions to the blockchain ecosystem, Umbrella Network announced Tuesday. Sam Kim, a partner at Umbrella Network, told Cointelegraph that his company is focused on funding projects within blockchain gaming, Metaverse, digital advertising, blockchain-based identity, sports and weather, among others.

To date, projects in these and other fields have largely relied on centralized systems for running key computations, processes and applications due to limitations of existing technology, Kim said. One of the goals of the accelerator program is to provide access to decentralized data applications that can help emerging projects grow and scale their operations.

In addition to funding, the accelerator program will provide business and technical support. Umbrella will also be the initial operator o the decentralized oracles, Kim confirmed.

Blockchain oracles are said to play a key role in the development of decentralized Web 3.0 ecosystems by connecting smart contracts with the outside world. Specifically, oracles give blockchain-based applications the ability to connect to existing legacy systems and data sources. It has been argued that institutional investors, who have long been viewed as a critical component of blockchain’s future, need trusted crypto market data before widescale adoption is possible.

Why are crypto oracles on the rise? Experts believe that this is because retail and institutional investors need to trust cryptocurrency market data. https://t.co/C2vrG1jA04
— Cointelegraph (@Cointelegraph) July 6, 2021

Chainlink (LINK) is by far the largest oracle network with a market capitalization of $8.4 billion. Augur (REP) and Band Protocol (BAND) are a distant second and third, respectively, with a total value of over $170 million each. Umbrella Network, meanwhile, has a total market value of $19 million at the time of writing.

Former Google CEO Eric Schmidt Is Now a Chainlink Labs Advisor

December 7, 2021 The Crypto Briefing

Former Google CEO is now a strategic advisor for Chainlink Labs

December 7, 2021 Coin Telegraph

Business

Having previously previously described Bitcoin as "a remarkable cryptographic achievement" and with an estimated net worth of roughly $23.6 billion, Schmidt will likely be one of the wealthiest individuals acting as a Chainlink advisor.

Eric Schmidt, the chief executive officer of Google until 2011 who later served as executive chair at the tech company and its parent firm Alphabet, has joined oracle solutions provider Chainlink Labs as a strategic advisor.

According to a Tuesday announcement, Chainlink said Schmidt would guide the firm’s scaling strategy in its use of oracle networks to trigger smart contracts. Chainlink co-founder Sergey Nazarov cited Schmidt’s experience “building global software platforms for next-generation innovation” in the firm’s decision to bring the former Google exec on board.

“The launch of blockchains and smart contracts has demonstrated tremendous potential for the building of new business models, but it has become clear that one of blockchain’s greatest advantages — a lack of connection to the world outside itself — is also its biggest challenge,” said Schmidt.

In addition to his time at Google and Alphabet, Schmidt was chair of the Department of Defense’s Innovation board and chair of the National Security Commission on Artificial Intelligence, and served on the boards of Apple, Princeton University, Carnegie Mellon University, and the Mayo Clinic. With an estimated net worth of roughly $23.6 billion, Schmidt will likely be one of the wealthiest individuals acting as an advisor to a crypto firm.

Earlier this year, Chainlink announced its Cross-Chain Interoperability Protocol, or CCIP, capable of using the platform’s oracles “to enable users to move digital assets and execute smart contracts across the various chains used throughout the metaverse.” According to the firm, it currently has more than $80 billion worth of value locked in smart contracts and applications built on blockchains.