Oct 2021 Crypto Industry Updates

Table of Contents
  • [27 Oct] There is a place for crypto in Singapore if regulated: Tharman
    • “CRYPTOCURRENCIES have a place in Singapore’s financial sector if these digital assets are regulated”, said Monetary Authority of Singapore (MAS) chairman Tharman Shanmugaratnam at the Asia Financial Markets Forum. (source: theedgesingapore.com)
  • Facebook launches its crypto wallet, Novi.
    • The social media giant has released Novi, a crypto wallet that supports USDP, a stablecoin from Paxos, Crypto Briefing reported.
    • Facebook’s Diem cryptocurrency has yet to launch.
  • In the third quarter of 2021, NFT sales topped $10 billion, more than eight times the previous quarter’s volume.
  • [22 Oct]: Valkyrie Bitcoin Strategy ETF launched.
  • [19 Oct]: First U.S. Bitcoin futures ETF launched.
    • ProShares Bitcoin Strategy fund (BITO) listed on the New York Stock Exchange after a 75-day review by the SEC.
    • The ETF gives institutional and retail investors access to Bitcoin, without them having to buy and store Bitcoin themselves. This ETF is a futures one, meaning that investors are buying and selling shares that represent contracts betting on the price of Bitcoin.
    • More than 24 million shares of BITO (worth nearly $1 billion) traded on the first day, as the fund became the second-most heavily traded fund on record.
  • Ethereum’s dev team has released an update on the move to ETH 2.0, stating that it would be ready to launch around February, 2022.
    • Ethereum is switching to Proof of Stake which is more energy-efficient and requires stakers and validators rather than miners.

Started investing in crypto towards the end of 2020.