Week in review: Mega institution buys $100M in Bitcoin, ETH fund launches in Canada, new stablecoin act and deadmau5’s NFT
Weekly news from Dec 7 to 13 of 2020
MassMutual buys $100M in Bitcoin
What: MassMutual, an insurance company with a $235 billion investment account, purchased $100 million worth of Bitcoin. The assets will be held custody by NYDIG who safekeeps more than $2.3 billion in crypto assets.
Why it matters: Following multi-million dollar investments from MicroStrategy and Square, MassMutual’s $235 billion investment adds another prime example to the recent institutional buying pressure and exposure towards Bitcoin.
World’s first Ethereum ETF launches on Toronto Stock Exchange
What: The Ether fund by 3iQ is the “world’s first regulated and major exchange-listed ETH fund” that began trading on the Toronto Stock Exchange after raising a successful $76.5 million IPO.
Why it matters: As institutional interest surges for exposure to crypto assets, the debut of the first Ethereum Fund on a major stock exchange marks a milestone of a maturing crypto ecosystem. Following the listing of Bitcoin and Ethereum funds, the shift towards more crypto ETFs may be a hot trend for 2021.
STABLE Act legislation’s potential impact for stablecoins
What: US lawmakers introduced the STABLE Act which proposes that any US stablecoin issuer will need to comply with existing banking regulations, obtain direct FDIC insurance or deposit funds directly at the Federal Reserve. The Act has not been signed into law yet.
Why it matters: In addition to about 30 other blockchain and crypto bills proposed in the US so far, the STABLE Act represents another step forward for crypto regulation.
With pros and cons to both sides of the argument, the STABLE Act reflects serious considerations of how stablecoin issuers will be treated in the US. Further legislative discussions will create the clarity and mature regulatory framework needed for stablecoins to become truly mainstream.
AR artist and deadmau5 collaborate on audio-reactive NFT
What: World-renowned music producer deadmau5 is teaming up with Sutu, who previously collaborated with John Legend and The Weeknd, to create a 30 second video paired with deadmau5’s SATRN.
Why it matters: NFTs are not just simply digital pieces of art where ownership is provable on-chain. It can contain music, reactive visuals and digital-esque elements that truly make the piece unique.
Sutu comments, “despite the novelty of blockchain-tracked digital artwork, there’s still enormous potential for innovation” suggesting the expansive future where new types of NFTs will be produced.
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