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Crypto Investment Manager DAiM Launches Company-Sponsored Bitcoin 401(k) Retirement Plans

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After running a 12-month test, U.S.-based digital asset investment management DAiM has announced the launch of the first employer-sponsored 401(k) plans that use bitcoin as a base currency. 

According to the announcement today, DAiM notes that the new service is compliant with the Retirement Income Security Acts of 1974 (ERISA) and will be fully available from 2021. 

Allocating Up To 10% To Bitcoin

The crypto manager said it would work closely with companies and serve as an advisor and custodian to create a 401(k) plan with a flexible recommended model portfolio and 10% allocation to Bitcoin.

DAiM will also be responsible for selecting, monitoring, and benchmarking the investment offering, as well as a plan fiduciary. 

The bitcoins will be stored in Institutional Cold Storage Custody with Gemini Trust, thus allowing DAiM to easily transfer BTC to employees leaving the participating companies. 

Since 2018, U.S. citizens are allowed to hold cryptocurrencies in their personal retirement accounts, brokerage accounts, and 401(k) rollovers, following the tax imposition by the Internal Revenue Service on Bitcoin. 

However, DAiM’s Chief Operating Officer, Adam Pokornicky, made it clear that it has been impossible to offer Bitcoin inside company-based plans without taking a penalty or quitting one’s job until now. 

He further added that the conventional wealth administration sectors have been slow to warm up to Bitcoin, pointing there are barely any investment advisors offering licensed and regulated access to Bitcoin directly in brokerage and retirement accounts.

Bitcoin Has A Place In Modern Portfolio

Pokornicky ascribes the industry’s hesitation to serious regulatory red tape around crypto abidance, stressing that it took “almost a full year of slow-building” before DAiM’s innovation was endorsed for providing its employer-sponsored facilities.

Pokornicky also highlighted the sharp rise in demand for Bitcoin from retirement investment and said:

“We’ve seen most demand from individuals between the ages of 28-45.”

According to him, the leading cryptocurrency has proved itself as a viable addition in modern portfolios, and “individuals should have an opportunity to ‘Get Off Zero’ and invest directly through their retirement account.”

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Source: https://cryptopotato.com/crypto-investment-manager-daim-launches-company-sponsored-bitcoin-401k-retirement-plans/

Blockchain

Bitcoiners Moved Nearly 185,000 Dormant Coins During November Price Rally

Approximately $3.5 billion worth of Bitcoin moved out of long-term storage amid a 40% price jump.

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Unchained Capital, a bitcoin-focused financial services company released its HODL Waves metrics today, which shows that bitcoiners moved 185,000 dormant coins (approximately 1% of the total BTC supply) during the month of November.

According to the data compiled by Unchained, the mentioned bitcoin remained dormant for the last 12 months as the percentage of dormant coins (6months – 12 months) dropped significantly during November. Coins that had not moved in the last 6-12 months dropped from 11.03% to 9.86% in the last month.

Bitcoin price rallied from $13,700 to nearly $20,000 in November, the recent numbers indicate that the non-active BTC addresses are moving to take advantage of the price jump. A similar trend was spotted in coins that had not moved for the last two to three years.

“Nearly 1% of the total supply of Bitcoin moved out of long-term storage (>1 year in the same address) during the price run-up from $13,700-$19,670 in November,” unchained mentioned in a tweet.

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The financial services company pointed out that nearly 61.5% of the total supply of bitcoin remained non-active in the past 1 year. Only 38.5% of the total supply has been active since November 2019.

Bitcoin Holders

The report outlined the power of bitcoin holders as a large amount of the supply remained non-active in the last 5-10 years. Nearly 10% of the total bitcoin supply remained dormant since 2010. The percentage of supply that didn’t move in 7-10 years jumped from 7.08% to 7.28% during November. While the overall trend shows significant activity in short term holders of BTC between one and three years, a large part of the supply remained non-active. It seems like long-term holders are still not ready to move their coins, even at $20,000.

Finance Magnates earlier reported about the dominance of top crypto companies in bitcoin holding as Grayscale Bitcoin Trust and Block.one held more than 640,000 BTC by the end of November 2020. Institutional adoption in the recent months helped BTC in terms of price gain but the dormant supply remains a key issue.

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Amazing Blocks attended the European Blockchain Convention

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One month after the official foundation, Amazing Blocks attended the renowned European Blockchain Convention. At one of the most influential conferences in blockchain, panel discussions regarding the hottest topics in the blockchain were attended and informative insights gained. Further, the range of diverse attendees from traditional sectors and the blockchain space provided perfect conditions to network. This was supported by the smooth AI-powered networking software Brella. Consequently, it was possible to obtain a clear picture of the current state of the market. – Author: Nicolas Weber

Amazing Blocks at the EBC

“As a creator of art, I believe that legally compliant tokenization can finally enable artists to be in full control over their product. The token management software by Amazing Blocks provides unique tools for digital legal entities that could be for instance one of my animation movies.” Quotes like this by Toonxr founder Özgül Gurbuz followed us throughout the whole conference. Legally compliant tokenization can finally enable artists to be in full control over their work without having to adhere to costly intermediaries. It made us proud to see interest and potential use cases emerging from all the different spheres of business, not solely the world of blockchain. At the convention, Amazing Blocks met with entrepreneurs from a heterogenous spectrum of countries and sectors, and various synergies were found. They stemmed from meetings with for instance asset custodians, established financial institutions, blockchain startups, and Entrepreneurs from various traditional industries such as real estate, consulting, and energy.

However, the most surprising potential synergies were discovered when talking to Pretty Kubyane. She is the founder and COO of Coronet Blockchain – a startup from South Africa which runs on IBM’s blockchain solution. Coronet securely tracks human hair pieces from source to customer, a market that racks up more than 100 million human hair extensions sold every year. Even here diversely applicable tokenization finds its use case. She issued the following quote for this article: “The European Blockchain Convention was a great blessing as a platform that provided global best practice insights, within an ecosystem of like-minded blockchain enthusiasts, experts, thought leaders and trailblazers in their own right, seeking to co-create the new reality, a world leveraging blockchain capabilities, together.”


Diverse attendance meets AI

The conference was attended by over 1500 pioneers and more than 100 world-class speakers provided in-depth knowledge. an exceptional lineup of blockchain industry leaders from companies and associations such as Dash, Cointelegraph, Crypto Valley, Libra, and many more. On par with the household names of the blockchain space are the leaders from other sectors that attended: American Express, the European Union, Commerzbank, Santander, Carrefour, IKEA, and many more. Therefore, the EBC perfectly merged politicians, industry leaders with tech entrepreneurs and enthusiasts to build a platform aimed to foster mainstream adoption for blockchain. A few speakers are illustrated in Figure 1 below. Ultimately, real-world use cases are rapidly approaching due to increased interest from the traditional sectors. Many who attended last year’s conference backed this statement and mentioned that now even a more diverse spectrum of attendees had been experienced.


 

The whole event was conducted virtually through AI-powered networking software Brella. The software enabled interest-based matches leading to much greater efficiency in terms of planning to find counterparts for synergy building. Furthermore, it was easy to schedule and arrange meetings through the request and chat functions integrated into Brella, while meetings could be directly accessed through the platform. Live-streamed panels lasted from the 21st till the 23rd of September and networking was open from the 20th till the 24th of September. And if you were not able to attend panels? No issue at all as all since they were all recorded and subsequently free to watch. Therefore perfect conditions for connecting had presented themselves, as networking possibilities were boosted by the extended time frame and flexibility to absorb panels.


The perks of a virtual conference

When a whole event is structured virtually a much better scalable networking emerges. Generally, this substantial conference aspect was far more dynamic throughout the course of the EBC. The mixture of live-streamed and recorded panels established the ideal preconditions for having the most informative experience possible. Also, high-quality networking in terms of similar interests with an individually planned schedule was enabled. The long networking times from 8 am to 10:40 pm CEST transformed time differences into obsolete issues. Seamlessly, live appointments could be scheduled back to back in 20-minute time-slots. Jet lags could be jettisoned, due to increased flexibility in picking a suitable time.

Additionally, another major benefit is cost-saving caused by lower ticket prices and avoided travel. Moreover, it was perfectly plannable how much time to invest in the convention. Flexibility and convenience thrived through the option to attend from home or any other remote location. Another crucial perk was the fact that the virtual structure positively affected the environment. Sustainability is caused by zero travel emissions and material waste produced by the conference directly. Pain points like capacity constraints could be deemed obsolete while conversely inclusivity through one on one meetings was guaranteed.

 

Amazing Blocks – a unique business model ready for mainstream adoption

The unique solution of Amazing Blocks ushers a new chapter of legally compliant tokenization of digital legal entities. Liechtenstein’s membership in the EEA (European Economic Area) jettisons any potential restrictions. Aspects like bankless incorporation allow a remotely managed SPV (Special Purpose Vehicle) in Liechtenstein. At Amazing Blocks, tokenization was even applied to our own shares and consequently, we are the first in the world to issue equity tokens in line with the Liechtenstein Token Act. Additionally, we were founded with ETH as an initial contribution (rather than cash), which can be verified here. Anything from participation certificates to equity or debt tokens can be tokenized with various use cases like company shares or assets such as machines, patents, diamonds, real estate, art, or even private assets.

The unique software Tokenpad supports an entire company life cycle of the legal entity in terms of administration. Within its layer, diverse features like a digital share register and easy onboarding of new investors are positioned. Hence, fundraising-on-the-go disrupts the way to receive funds and administer the entire process and subsequently mint and issue security tokens. With the solution Amazing Blocks provides, costly intermediaries, become obsolete and time is significantly saved. The concept works from anywhere in the world, thus broader access to investors is granted. The token functions as a container for the tokenized rights. Amazing Blocks can provide a blueprint to reduce the establishment of the entity in Liechtenstein from up to 4 months to around 3 weeks. Paired with this, the software solution is a unique tool, and in this form not available anywhere else in the world.

Future outlook and conclusion

Multiple connections were made to grow our ecosystem and stakeholder base which will flourish growth. This was a great opportunity to introduce Amazing Blocks to the blockchain market while exploring synergies. The EBC further established itself as one of the most influential and important blockchain conventions in Europe, where the convention itself and participants can dually grow their ecosystem. Amazing Blocks looks forward to attending the next conference from the great host’s Victoria Gago and Daniel Salmeron. At Amazing Blocks, community building and connecting in the industry are considered as crucial to really provide the best possible solution to our clients. Consequently, the conference provided the perfect opportunity to start this on a large scale.

 


Do you like this article? We would be happy if you share it on social networks or forward it to your colleagues. If you are an expert in the field and want to criticize or endorse the article or some of its parts, feel free to leave a private note here or contextually and we will respond or address.

Amazing Blocks offers a software-as-a-service that enables its clients to tokenize shares of a Liechtenstein legal entity. Legal entities can then be founded based on equity tokens and administered with less effort, in a digital way and remotely from anywhere. The best use cases are legal entities for blockchain startups and as a legal wrapper (special purpose vehicle, SPV) for any tokenized asset (e.g. machines, cash flow generating contracts, trademarks, real estate, classic cars). Our goal is to standardize legal entities which then dramatically reduces the cost and time needed to tokenize assets and rights. Digital legal entities are easy to administer (e.g. ownership transfer of equity in a few minutes) as they rely on tokenized shares in line with the Liechtenstein Token Act. Here, our software helps guarantee a high degree of automation and standardization. In a similar way, fundraising and ESOP for your legal entity can be done anytime: A few clicks in our software and the shares for the new investors or employees are generated and transferred – in line with the legal entity’s articles of association.


Interested? Then, contact us!

Are you interested in what Amazing Blocks are doing? Visit our website, write an email to hi@amazing-blocks.io, or follow us on LinkedIn or Twitter. Or provide your email address here and we will immediately send you more information.


 

Source: Nicolas Weber works in the department of Business Development Europe at Amazing Blocks and is your direct contact for any regards. You can contact him via email or connect with him on LinkedIn.

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Blockchain

3iQ’s Ether fund now approved to list on Toronto Stock Exchange

TL:DR Breakdown: 3iQ’s Ether fund has been approved for listing on the Toronto stock exchanges. The product exposes more Canadian investors to the underlying asset. 3iQ’s Ether fund is set for listing on the world’s ninth-largest stock exchange by market capitalization, the Toronto Stock Exchange (TSX). The fund would grant Canadian investors more exposure to […]

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TL:DR Breakdown:

  • 3iQ’s Ether fund has been approved for listing on the Toronto stock exchanges.
  • The product exposes more Canadian investors to the underlying asset.

3iQ’s Ether fund is set for listing on the world’s ninth-largest stock exchange by market capitalization, the Toronto Stock Exchange (TSX). The fund would grant Canadian investors more exposure to the second-largest digital currency with a market valuation of around $68 billion. This comes as the Canadian investment fund manager, 3iQ was gained regulatory receipt to list the product as an initial public offering (IPO) on the exchange.

Canadian investors to access 3iQ’s Ether fund on TSX

Per the announcement, the investment manager said it filed for the Ether fund listing with several securities regulators in the different territories and provinces in the country. With the receipt, it should be offered as an IPO at $10.75 per Class A Unit and $10.53 per Class F Unit. In compliance with the exchange’s requirements, the 3iQ’s Ether fund was conditionally approved for listing on TSX as Class A Units under the ticker “QETH.U” 

The “Class F Units will not be listed on a stock exchange but will be reclassified as Class A Units immediately upon the closing of the Offering,” the announcement reads. The 3iQ’s Ether Fund is expected to be closed on December 10. 3iQ noted that the minimum and maximum size of the offering are fixed at $20 million and $107.5 million, respectively. The company will also serve as the portfolio and investment manager of the Ether fund. 

More exposure to Ether

Ultimately, the offering acts as another investment vehicle for Canadian investors to access and invest in the second-largest cryptocurrency in a risk-mitigated manner. Despite the fact that the fund provider is based in Canadian, the price of 3iQ’s Ether Fund on the stock exchange will be tracked in the United States dollar. 

This is coming a month after 3iQ bagged regulatory approval from the Ontario Securities Commission (OSC) to list its Bitcoin fund

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