Investor Ideas, Trading Ideas and Stocks to Watch : #CryptoCorner #Podcast Episode 488: MassMutual Buys $100 Million in BTC, 3iQ Completes Ether Fund IPO (TSX: $QETH-U.TO), Goldman Sachs (NYSE: $GS) Joining JPMorgan’s (NYSE: $JPM) #Blockchain Platform

Friday, December 11, 2020

#CryptoCorner #Podcast Episode 488: MassMutual Buys $100 Million in BTC, 3iQ Completes Ether Fund IPO (TSX: $QETH-U.TO), Goldman Sachs (NYSE: $GS) Joining JPMorgan’s (NYSE: $JPM) #Blockchain Platform

#CryptoCorner #Podcast Episode 488: MassMutual Buys $100 Million in BTC, 3iQ Completes Ether Fund IPO (TSX: $QETH-U.TO), Goldman Sachs (NYSE: $GS) Joining JPMorgan’s (NYSE: $JPM) #Blockchain Platform

Point Roberts, WA, Delta BC, December 11, 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.

Listen to today’s Crypto Corner Podcast:

https://www.investorideas.com/Audio/Podcasts/2020/121120-CryptoMarket.mp3

Read this in full at https://www.investorideas.com/news/2020/crypto-corner/12111MassMutual-QETH-GS-JPM.asp

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Stocks discussed: (TSX:QETH-U) (NYSE:JPM) (NYSE:GS)

Following a sell-off-induced downturn earlier this week, Bitcoin (BTC) has yet to recover support at $19,000, which it had entered the week with. It is trading for about $18,075 at press time, according to data from CoinMarketCap, making for a slight recovery from a dip below $18,000 yesterday. Chris Thomas, head of digital assets for Swissquote Bank, told CoinDesk:

“I’m not scared by this. It’s just providing a better entry point for those who want to invest mid-long term. I haven’t seen much [over-the-counter] or larger activity this week, though.”

The Wall Street Journal reports that Massachusetts-based insurance firm MassMutual purchased $100 million of bitcoin for its general investment account. This purchase was made through NYDIG, a New York-based fund management company which, according to the article, “has about $2.3 billion of bitcoin and other cryptocurrencies under management.” In addition to the bitcoins purchase, MassMutual also acquired a $5 million minority equity stake in NYDIG. A spokeswoman for MassMutual named Chelsea Haraty told Bloomberg via email:

“We see this initial investment as a first step, and like any investment, may explore future opportunities.”

Canadian investment fund manager 3iQ Corp announced the completion of the initial public offering of the world’s first Ether (ETH)-based fund. The Ether Fund (TSX:QETH-U) raised $76.5 million. According to the press release, the Fund aims to provide holders of units with “exposure to the digital currency Ether and the daily price movements of the U.S. dollar price of Ether, and the opportunity for long-term capital appreciation.”

Bloomberg reports that JPMorgan Chase & Co. (NYSE:JPM) is leveraging its custom blockchain “to conduct intraday repurchase agreements totaling billions of dollars.” This has persuaded Goldman Sachs (NYSE:GS) to join the former’s Onyx blockchain platform for intraday repo trading as soon as next month. Mathew McDermott, Goldman’s global head of digital assets, is quoted:

“This is an exciting project which vividly highlights where enterprise blockchain can address a real-world problem in the financial system, and we look forward to going live in early 2021.”

Sam Mowers, Investorideas

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