#CryptoCorner #Podcast 489: Sygnum Tokenizes Shares and Gears Up for Possible IPO, and Riot Blockchain (NasdaqGS: $RIOT) Announces 8 MW Pilot Project
Point Roberts, WA, Delta BC December 14, 2020 - Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving cryptocurrency stocks and the crypto market.
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https://www.investorideas.com/Audio/Podcasts/2020/121420-CryptoMarket.mp3
Read this in full at https://www.investorideas.com/news/2020/crypto-corner/12141Sygnum-RIOT.asp
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Stocks discussed: (NYSE:JPM) (NasdaqGS:RIOT)
Going into this past weekend, Bitcoin (BTC) was trading for about $18,075, after having sunk to a low of roughly $17,630 last Friday, according to data from CoinMarketCap. It has since recovered, however, growing steadily over the weekend, and is trading for around $19,180 at press time. The briefness of this recent downturn in trading price, especially when compared to the selloff-induced declines seen in 2017/18, as well as much more robust institutional adoption and interest in Bitcoin, may indicate a strong case to expect even higher trading prices.
On that subject, strategists from JPMorgan (NYSE:JPM) commented on insurance firm MassMutual’s purchase of $100 million in Bitcoin last week, according to Bloomberg:
“MassMutual’s Bitcoin purchases represent another milestone in the Bitcoin adoption by institutional investors. [...] One can see the potential demand that could arise over the coming years as other insurance companies and pension funds follow MassMutual’s example.”
Swiss crypto bank Sygnum today announced that it “has successfully tokenized its shares, becoming the world’s first bank to issue its shares on a distributed ledger.” This was done through the company’s “in-house tokenization platform, Desygnate” and streamlines Sygnum’s share registry, according to the press release. Notably, this tokenization “lays the foundation for Sygnum to eventually go public,” and indeed, the bank is already eyeing IPO options, including a possible dual listing with SIX Digital Exchange in Switzerland and/or Singapore. Tim Grant, Head SIX Digital Exchange (SDX), said:
“As we build institutional-grade, future-proof financial market infrastructure that leverages the benefits of distributed ledger technology, we need credible players and pioneers to drive mainstream adoption. We are excited to partner with Sygnum on this journey and hope to facilitate a successful dual listing across Switzerland and Singapore in the future.”
Riot Blockchain, Inc. (NasdaqGS:RIOT) has announced an 8 megawatt (MW) pilot project, in collaboration with tech companies Enigma Digital Assets AG and Lancium, LLC, to assess the potential for higher productivity and lower cost mining opportunities in Texas. Jeff McGonegal, CEO of Riot, explained:
“We are pleased to announce the pilot project and look forward to advancing the Company’s relationships with Lancium and Enigma. Enigma’s immersion modules provide significant potential benefits and Lancium’s Smart Response™ software helps miners reduce their cost of power by being opportunistic in the local energy market. When combined, both technologies have the potential to reduce Riot’s bitcoin production costs, increase hashrates and significantly extend the life of the Company’s bitcoin mining ASICs.”
Sam Mowers, Investorideas
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