TMX buys 78% of ETF tool VettaFi for $848M, boosting stake to 100%

December 14, 2023 Coin Telegraph

TMX buys 78% of ETF tool VettaFi for 8M, boosting stake to 100%

Canada

Toronto Stock Exchange owner TMX is finalizing the purchase of VettaFi, an ETF tool that lists blockchain and cryptocurrency-themed E3TFs, including the VanEck Digital Transformation ETF.

TMX Group, the operator of Canadian stock exchanges such as the Toronto Stock Exchange and the Montreal Exchange, is finalizing the acquisition of VettaFi, a significant player in the exchange-traded fund (ETF) industry, including in blockchain and crypto ETFs.

The firm officially announced on Dec. 13 that it has agreed to acquire the remaining 78% of the common units of VettaFi for $848 million that it didn’t already own. The new deal brings the total amount of the acquisition to $1.03 billion, which includes investments TMX Group made in VettaFi in the first half of 2023 for around 22% of the common units, the announcement notes.

“The acquisition of VettaFi will add a dynamic new component to our growing information business, with an exciting set of capabilities and a visionary, innovative team committed to client success,” TMX Group CEO John McKenzie noted. He added that TMX had previously worked with VettaFi, and their collaboration had brought a “powerful combination and a tremendous culture fit.”

Ripple expands Canadian engineering activities with U of Toronto XRP validator

June 12, 2023 Coin Telegraph

Canada

Canada’s largest university is the third in the country to partner with Ripple’s University Blockchain Research Initiative.

The University of Toronto plans to launch an independent XRP Ledger (XRPL) validator, Ripple announced June 12, as the university will become part of Ripple’s University Blockchain Research Initiative (UBRI). The partnership will support blockchain and crypto technology research at the university.

The partnership will also advance Ripple’s XRPL Campus Ambassador program, which “aims to elevate the impact of college students” by helping "educate other students about crypto and how to start building on the XRPL.” University of Toronto professor Andreas Veneris commented:

“Hosting an XRP Ledger validator matches our goals in both promoting education around the XRP Ledger […] but also the public’s trust in scholars for their long-standing ethos to advance social wellbeing.”

The University of Toronto, Canada’s largest university by enrollment, joins the University of Waterloo and Toronto Metropolitan University as Canadian UBRI participants. Ripple has invested $2 million in research in Canada in the past five years. In total, the UBRI has supported more than 45 universities in 20 countries, according to its website.

Now this is how mass adoption should work.

The University of Toronto, the largest university in Canada by enrollment, plans to start an independent $XRP ledger validator.
This new partnership with Ripple seeks to support the next generation of the crypto industry
— Cryptomom (@MsCryptomom1) June 12, 2023

Ripple opened an office in Toronto in July 2022 to serve as an engineering hub. That office has a staff of over 30 and employs summer interns.

Ripple is in a highly publicized legal conflict with the United States Securities and Exchange Commission, but Canada has provided challenges as well. The country introduced new crypto trading rules in February that have shaken up the domestic crypto market, with dYdX, Paxos, Binance and Bybit among the companies choosing to close down their Canadian operations as a result. On the other hand, Canadian regulators have approved several crypto exchange-traded funds recently.

Ripple is closely associated with XRP Ledger, the issuer of the XRP (XRP) token.

Magazine: Best and worst countries for crypto taxes — Plus crypto tax tips

Crypto Biz: A Futurist take on crypto

August 12, 2022 Coin Telegraph

Bitcoin mining

The 2022 Blockchain Futurist conference in Toronto, Canada wrapped up this week. DeFi and institutional adoption of crypto were high on the agenda.

You might not know it, but Canada is quietly becoming a major player in the blockchain and crypto scene: Ethereum has strong Canadian roots, Toronto-based 3iQ launched North America’s first physically-settled Bitcoin (BTC) exchange-traded fund (ETF) and the percentage of active crypto holders in the country has increased steadily over the past two years.

Against this backdrop, I had the pleasure of attending this year’s Blockchain Futurist Conference in Toronto, where I got to moderate two panels on rebuilding the financial system through Web3 and onboarding the next wave of crypto users. The event served as another reminder that the industry’s brightest minds are still building amazing products despite current market conditions. Not to sound overly cliche, but it’s hard to be bearish on digital assets if you adopt a low-time preference.

*Blockchain Futurist Conference 2022 opening day, Toronto, Ontario, Canada.*

DeFi needs a ‘killer app’ to go next level, says Ripple exec

You can’t have a proper conversation about the future of digital assets without talking about decentralized finance (DeFi). One of the most stimulating panels at Futurist, titled “The Future of Decentralized Finance,” featured the head of DeFi markets at Ripple Labs, the founder of Teller Finance and executives from Aventus Ventures and FLUIDEFI. According to Ripple Labs’ Boris Alergant, the institutional adoption of DeFi is coming next — but not before the industry creates the next “killer app” to really pique interest.

Wealth managers and VCs are helping drive institutional crypto adoption — Wave Financial execs

The crypto bear market has instilled a lot of fear in retail investors. But, for institutions and venture funds, adoption has been ramping up. At Futurist, I had the opportunity to interview two executives from asset management firm Wave Financial, who explained that high-net-worth individuals and institutional investors are increasing their exposure to digital assets. During the last bear market, institutions were asking, Is this the end of crypto? Now, the question seems to be much more around, Is this the right time to get in?

Coinbase posts $1.1B loss in Q2 on ‘fast and furious’ crypto downturn

We all know the crypto exchange business got nuked in the second quarter due to the bear market. As it turns out, the performance of top crypto exchange Coinbase was worse than expected. The company booked a massive $1.1 billion loss between April and June, easily its worst quarter since going public in 2021. Revenues were also down 45.1% quarter-on-quarter and 153.1% compared with year-ago levels. Although crypto prices have rebounded modestly over the past month, retail interest and trading volumes remain low. That means there could be more pain in store for Coinbase in the short term.

Amid miner capitulation, Hut 8 maintained BTC ‘HODL strategy’ in July

Some of the world’s largest Bitcoin miners have been selling their bags to finance operations during the bear market — but not Hut 8. The Canadian mining company, which trades publicly on the Nasdaq and Toronto stock exchanges, maintained its diamond hands in July as its Bitcoin reserves grew to 7,736 BTC. Hut 8 maintains an active “HODL strategy” that involves depositing all self-mined BTC into custody. The company’s resolve is truly impressive given how fast and hard Bitcoin’s price has fallen.

Don’t miss it! Is your SOL safe?

Solana was the target of another coordinated attack this month after hackers stole roughly $8 million in crypto from ecosystem wallet Slope. Possibly due to its ambitious design and security trade-offs to achieve higher throughput, Solana has been the target of several exploits over the past year. This leads us to the vital question: Is your Solana (SOL) actually safe? In this week’s Market Report, analysts Marcel Pechman, Yashu Gola and Benton Yaun debate whether SOL investors should be legitimately concerned. You can watch the full replay below.

Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.

Crypto Biz: Crypto was in full swing at Collision Conference, June 17-23

June 24, 2022 Coin Telegraph

Coin Telegraph

Despite the bear market in Bitcoin and altcoins, the industry's builders continue to build for a brighter future.

For all the gloom and doom in the cryptocurrency market these days, our industry continues to make inroads into mainstream tech. This week, I had the pleasure of attending the sold-out Collision Conference in Toronto, and crypto was featured prominently. During the event, I got to moderate three panels, including two that were crypto-focused. The fact that the biggest tech conference in North America is letting me talk cryptocurrency after a six-month bloodbath proves there’s more to the industry than just price. And, I’m not saying the price isn’t important — but context is everything.

*My Collision panel on decentralized social media included Stani Kulechov, founder and CEO of Aave and Lens Protocol.*

This week’s Crypto Biz gives you a taste of Collision Conference 2022 and also draws your attention to the latest funding and business news from the world of blockchain.

Institutions are exploring the space — KPMG Canada crypto team

During Collision, I sat down with KPMG Canada’s crypto team to talk about the firm’s recent foray into digital assets. If you recall, I got really excited in February when the KPMG Canada announced it had added Bitcoin (BTC) and Ether (ETH) to its corporate treasury. The firm’s decision to adopt digital assets didn’t come on a whim — it was directed by an internal governance council that did its due diligence before recommending crypto treasuries. The Canadian arm of the Big Four accounting firm remains bullish despite recent market turmoil.

Voyager enters into $500M loan agreement with Alameda amid 3AC exposure

I reported last week that crypto-focused hedge fund Three Arrows Capital (3AC) was inching closer to insolvency after a series of leveraged bets turned sour. We knew there would be contagion risk — we just didn’t know how much. Well, this week, trading platform Voyager Digital took out a loan from Alamada Research to cover losses tied to its exposure to 3AC. Specifically, Voyager borrowed 15,000 BTC from Alameda, which is roughly equivalent to the 15,250 BTC owed to it by 3AC. Voyager has requested that 3AC repay its outstanding debts by Monday, or else it’ll pursue legal action.

Crypto brokerage FalconX raises $150M at $8B valuation

Crypto has gifted us with a lot of nasty headlines over the past six months. But, during that time, billions of dollars in venture capital were pouring into the industry. This week, crypto brokerage FalconX announced it had raised $150 million at a valuation of $8 billion in a Series D round that was led by Singapore sovereign wealth fund GIC. The company’s valuation has basically doubled from August when it concluded its Series C funding round. As is always the case, when everyone seems to be panicking, smart money investors are busy accumulating.

Meta set to begin testing NFTs on Instagram Stories with Spark AR

Zuckerberg’s Meta, which is the parent company of Facebook and Instagram, announced that it’ll begin testing nonfungible tokens (NFTs) on Instagram Stories using Spark AR Studio. “We’re expanding our test so more creators around the world can display their NFTs on Instagram,” the CEO said. “Creators and collectors will be able to share their digital collectibles across Facebook and Instagram after we begin rolling out the feature on Facebook with select US creators at a later date.” Social media is about to undergo a major transformation. We’ll see whether Zuckerberg’s company will maintain its dominance during the transition to Web3 and the Metaverse.

Before you go! Is Bitcoin ready for a recession?

I wasn’t able to attend this week’s Market Report, but my colleagues Benton Yuan, Marcel Pechman and Yashu Gola were able to carry on without me. In addition to giving you the latest trading insights, they discussed Bitcoin’s prospects in the event of a global recession. You can watch the full replay below.

Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.

Canadian firm files final prospectus for Bitcoin ETF

April 29, 2021 Coin Telegraph

bitcoin etf

Subject to regulatory approval, the asset manager should convert its Bitcoin trust to an ETF starting next week.

After putting the matter to a vote amongst the unitholders of its Bitcoin trust, Toronto-based investment manager Ninepoint Partners has filed its final prospectus for a Bitcoin exchange-traded fund.

According to an announcement from Ninepoint today, the securities regulatory authorities in each of the 10 provinces and 3 territories of Canada have acknowledged receipt for its application to establish a Bitcoin (BTC) exchange-traded fund, or ETF. The firm said in March it would allow its unitholders to vote on whether to convert its existing BTC trust to a Bitcoin ETF on the Toronto Stock Exchange, or TSX.

Ninepoint is aiming for the BTC trust to be converted to a Bitcoin ETF starting next Thursday, May 6, subject to regulatory and stock exchange approvals. Should the application be successful, the Ninepoint Bitcoin ETF would trade on the TSX under the ticker symbols used for its Bitcoin trust: BITC.U for U.S. dollars. However, the firm will shorten the BITC.UN ticker for the trust’s units in Canadian dollars to BITC for the ETF.

Canadian regulators have given the green light to many firms applying for crypto ETFs this year, including offerings from investment fund manager 3iQ, Purpose Investments, Evolve Funds Group and CI Global Asset Management. However, yesterday in the United States the Securities and Exchange Commission delayed its decision to approve or disapprove a Bitcoin ETF registration from asset manager VanEck.

toronto