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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/

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Amazing Blocks joins startup and innovation hub TechQuartier

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We are pleased to announce that Amazing Blocks has joined the startup hub TechQuartier (TQ) in Frankfurt am Main, Germany. As the most prominent tech hub in the region, one with a diverse and globally connected startup community and numerous corporate partners, TechQuartier will help Amazing Blocks make strides in the finance capital of Frankfurt. This membership will enable Amazing Blocks to utilize the numerous resources, contacts, and acceleration programs this opportunity provides. Constant expansion of our ecosystem to scale our business is guaranteed by the TQ network for Amazing Blocks. TQ especially delivers stellar networking conditions, a future-oriented community, the chance to work alongside other innovators from a range of industries, and also enables direct access to established global players and academic institutions.

 

About TechQuartier

TechQuartier has been designated by the Federal Ministry for Economic Affairs and Energy as Germany’s “FinTech Hub.” It is located in the financial metropole of Frankfurt and was founded by the city council of Frankfurt, the renowned universities of Frankfurt and Darmstadt, as well as the WI – Bank for innovation in Hesse, Germany. Access to a unique ecosystem of corporates, investors, talents, startups, and mentors is provided to each member. With its vast amount of programs and events, TQ’s mission is to provide innovators with the tools and resources they require to foster growth. Additionally, the partner network is second to none with established players such as Visa, EY, PwC, and others illustrated in Figure 1 below. Moreover, the vibrant startup ecosystem offers over 3,200 square meters of flexible working space for startups, scale-ups, and the innovation teams of established companies.


About Amazing Blocks

Tokenization will inherit a key role in the future of Web 3.0 with billions of dollars expected to be invested in this space by 2027 according to multiple reports. Amazing Blocks supports with its IT solutions the legally compliant tokenization of equity and asset ownership in line with the Liechtenstein Token Act. Amazing Blocks was recently founded in Liechtenstein while using Ethereum as an initial contribution – a significant benefit of the legal framework. Hence bankless incorporation was conducted. Subsequently, we also generated the first-ever equity tokens for an AG in Liechtenstein – a true milestone we are proud of. The goal is to offer the perfect solution for tokenization projects (e.g. real estate, cars, machines). To be precise, this means flexible tokens (e.g. equity tokens or debt tokens or participation rights as tokens) in accordance with the Liechtenstein Token Act – which from a foreign point of view then represent e.g. a normal (un-traded) security. Then technology and the law (i.e., Liechtenstein Token Act) are seamlessly integrated with one solution or one legal form.

All in all, the “digital AG in Liechtenstein”, which uses the Liechtenstein Token Act, allows a very efficient foundation, a very efficient operation of a company in Liechtenstein, and thus above all an efficient and flexible tokenization. This should now make a wide variety of tokenization projects possible because the costs for tokenization are reduced to a minimum. A Liechtenstein bank is also no longer needed because the share capital for the new AG can be provided by cryptocurrencies such as ETH if desired. Furthermore, equity tokens in line with the Liechtenstein Token Act can be for instance locked in Defi protocols as collateral. This will provide much needed real-world use cases and liquidity for the space on the one hand and on the other hand enables illiquid assets like real estate to participate in these innovative protocols. Possibilities of the Amazing Blocks software are displayed below.


Amazing Blocks at TechQuartier

“Being a first mover in the space of legally compliant tokenization of assets and equity, TechQuartier provides us with the perfect conditions to accelerate growth. We are more than happy to be part of this truly amazing community and look forward to networking and expanding our business. We will utilize the profound ecosystem of TechQuartier to establish ourselves in the crucial location of Frankfurt”, as Sofia Balogianni, the CEO of Amazing Blocks described the decision to join the TechQuartier.

The first opportunity to speak to the community of TQ will be on the 18th of November 2020, when Amazing Blocks will join the regularly hosted pitching event called “Icebreaker”. These and further events paired with so-called office hours (face to face meetings with corporates) will help us inform the world of finance about our distinct solution. Also, it will give us the opportunity to receive feedback on our achievements thus far. With more than 120 startups alongside us, we will feel comfortable to further push the limits of disruptive innovation in the age of Web 3.0!

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 tokenization solution that enables its clients to tokenize various assets according to the Liechtenstein Token Act (software-as-a-service). The software covers both the issuance of tokens and investing in tokens. It suits the needs for tokenizing all kinds of assets (e.g. machines, cash flow generating contracts, trademarks, real estate, cars). Imagine that some asset should be tokenized. For this asset, various tokens would make sense: Equity tokens, debt tokens, participation rights as tokens, ownership tokens, or any mixture of these tokens. The software of Amazing Blocks helps issuers to handle multiple assets and to issue multiple tokens for these assets. This is possible by integrating blockchain technology with the law (that is, the Liechtenstein Token Act). At the core, there is the “digital legal entity in Liechtenstein” based on “tokenized shares” which allows a very efficient foundation, a very efficient operation of the company, and, thus, an efficient and flexible possibility to tokenize assets. This should now make a wide variety of tokenization projects possible because the costs for tokenization are significantly reduced.

 


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.

 

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Charted: Ripple (XRP) is Primed For a Rally And Only 1 Thing is Holding it Back

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Ripple started a downside correction below $0.6500 against the US Dollar. XRP price is likely preparing for the next major move, similar to bitcoin and ETH.

  • Ripple corrected lower, but it remained stable above $0.6000 against the US dollar.
  • The price is struggling to clear $0.6500, but it is well above the 100 simple moving average (4-hours).
  • There is a major contracting triangle forming with resistance at $0.6340 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to surge above $0.6500 and $0.6800 as long as it is above the $0.5500 support.

Ripple’s XRP Price is Holding Key Supports

After trading as low as $0.4566, ripple’s XRP price started a fresh increase above $0.5500. Bitcoin price climbed back above $19,000 and ETH broke the $600 resistance.

XRP is now struggling to clear the $0.6350 and $0.6500 resistance levels. The last swing high was formed near $0.6896 before the price declined below $0.6000. It tested the 50% Fib retracement level of the upward move from the $0.4566 low to $0.6896 high.

The price remained well bid above $0.5750 and it recovered higher. It is now trading well above the $0.6000 support and the 100 simple moving average (4-hours).

Ripple’s XRP Price

Source: XRPUSD on TradingView.com

More importantly, there is a major contracting triangle forming with resistance at $0.6340 on the 4-hours chart of the XRP/USD pair. The triangle support is close to the 61.8% Fib retracement level of the upward move from the $0.4566 low to $0.6896 high.

If there is an upside break above the triangle resistance, the price could attempt to clear the $0.6500 resistance level. A successful close above the $0.6500 resistance could lift the price towards the $0.7000 resistance level in the next 3-4 days.

Downsides Break in XRP?

If ripple fails to surpass the $0.6340 and $0.6500 resistance levels, it could slowly move down. An initial support on the downside is near the $0.6000 level.

The first major support is now forming near the $0.5750 level. The main support is near the $0.5500 level, below which the price may even struggle to stay above the 100 simple moving average (4-hours).

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is losing pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently just below the 50 level.

Major Support Levels – $0.6000, $0.5750 and $0.5500.

Major Resistance Levels – $0.6340, $0.6500 and $0.7000.

Source: https://www.newsbtc.com/analysis/xrp/ripple-xrp-is-primed-for-rally-065/

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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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