Bitcoin

Broadridge and Coinbase partner to offer an integrated trading solution

Despite the crypto winter, institutional investors have largely been unfazed. Increasing demand means that more mainstream companies are offering solutions and products specifically for institutional clients. Broadridge Financial Solutions, a leading fintech provider with over $5 billion in revenue and whose infrastructure and platforms help power over $9 trillion in daily trading across equities and…

Broadridge Financial Solutions, a leading fintech provider with over $5 billion in revenue and whose infrastructure and platforms help power over $9 trillion in daily trading across equities and fixed income, has partnered cryptocurrency exchange Coinbase to offer an integrated trading solution.

Institutional adoption of crypto

The collaboration will help Broadridge boost access to crypto trading and offer greater liquidity for institutional clients looking to benefit from opportunities in crypto, the companies said in a press release.

The partnership aims to provide interoperability between Coinbase Prime and the NYFIX order-routing network of the fintech company.

According to the firms, buy-side traders will be able to leverage the integrated solution to tap into crypto liquidity on Coinbase, allowing them to trade directly from their order management system (OMS).

The solution will initially be made available to US clients, before being expanded to other regions.

“Despite short-term cycles, momentum in institutional adoption is trending one way – toward more exploration and more interest,” Coinbase VP of Institutional Products Greg Tusar noted in a statement.

He added that the use of NYFIX’s order-routing network will help lower barriers to adoption of crypto as an asset class, with buy-side traders benefitting from the “deep, multi-venue crypto liquidity.”

Coinbase Prime’s offering of an institutional-grade trading platform, custody and prime brokerage capabilities will be key to the two firms’ goals, the news release added.

“Now, through Coinbase’s deep access to liquidity and NYFIX’s extensive market reach, we can integrate more than two thousand clients to bring crypto trading to the institutional market,” said Ray Tierney, President of Broadridge Trading and Connectivity Solutions.

Recently, Coinbase partnered with the world’s largest asset manager BlackRock to offer crypto trading to clients. Fidelity Investments, Charles Schwab, and Citadel Securities made major moves with the launch a crypto exchange.

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The TON Foundation announced that the Open Network will launch a trustless bridge to allow people to bridge Bitcoin into the TON ecosystem for DeFi purposes. The bridged Bitcoin, called Teleport BTC, will maintain the original Bitcoin’s security while allowing holders to take advantage of the growing opportunities on TON.

According to the Foundation, each Teleport BTC will be backed 1:1 by native Bitcoin via a trustless, transparent process chiefly executed by verifiable smart contracts and validators.

This new development aims to “enhance Bitcoin’s utility, transforming it into a powerful tool for generating additional rewards on TON.”

TON’s Growth in 2024

The Open Network, closely linked with the popular Telegram messaging app, has been on an upward climb in 2024 both in price and network development. The network was initially created by the Telegram team for internal use but was abandoned and eventually picked up by the community.

TON made major waves after Telegram re-established contact by using the network to power its ad reward system, which pays channel owners in TON (the network’s native cryptocurrency) for traffic and views.

Outside of Telegram, TON is making a name for itself as a social gaming chain with tap-based casual projects like Notcoin and Hamster Kombat garnering attention.

TON’s Growing DeFi Ecosystem

While TON is not primarily known as a network for decentralised finance, its DeFi ecosystem has witnessed a boom in recent months. According to Defillama, a leading on-chain finance data provider, the total value locked on TON currently stands at $745.96 million as of writing after rising significantly from $22 million at the end of February 2024.

The Open Network plans to launch the Teleport BTC bridge later this year.

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Bitcoin

First ETP for Near Protocol’s NEAR token unveiled on Sweden’s Spotlight Stock Market

Valour’s NEAR ETP will be available on Sweden’s Spotlight Stock Market. Valour currently operates one of the largest Solana ETPs. The crypto fund issuer also operates Bitcoin, Ether, and Internet Computer ETPs. Crypto fund issuer Valour today announced the launch of an exchange-traded product (ETP) for Near Protocol’s native token, NEAR. This groundbreaking ETP will be…

Valour’s NEAR ETP will be available on Sweden’s Spotlight Stock Market.
Valour currently operates one of the largest Solana ETPs.
The crypto fund issuer also operates Bitcoin, Ether, and Internet Computer ETPs.

Crypto fund issuer Valour today announced the launch of an exchange-traded product (ETP) for Near Protocol’s native token, NEAR.

This groundbreaking ETP will be available on Sweden’s Spotlight Stock Market, offering retail and institutional investors the opportunity to gain exposure to the decentralized application development platform.

NEAR ETP joins Valour’s diverse portfolio of ETPs

Valour already operates one of the largest Solana ETPs, Valour Solana, and offers a suite of staking products, including ETPs for Bitcoin, Ether, and Internet Computer.

Valour’s head of product, Elaine Buehler, emphasized the significance of this new fund, highlighting its potential to grant investors access to an asset renowned for its transformative impact on decentralized finance (DeFi) and non-fungible tokens (NFTs).

Near Protocol, designed to tackle common blockchain development challenges such as user onboarding and multi-chain operations, boasts a market capitalization of approximately $6.8 billion. This positions NEAR among the top 20 digital assets globally, according to CoinMarketCap.

The launch of NEAR ETP comes amid a wave of regulatory approvals in the United States, where investment managers BlackRock, Franklin Templeton, and VanEck recently received preliminary approval to list the first exchange-traded ETH products. Analysts predict this move will pave the way for more crypto exchange-traded products in the US, including potential Solana-based ETFs.

Valour’s parent company, DeFi Technologies, currently manages around $600 million in assets across various crypto-native strategies.

On July 16, DeFi Technologies expanded its footprint by acquiring trading desk Stillman Digital in an all-stock deal. This acquisition is expected to significantly enhance the Canadian crypto platform’s capabilities, potentially positioning it as a formidable competitor to larger entities like Galaxy Digital.

Valour’s new NEAR ETP represents a significant advancement for investors seeking exposure to innovative blockchain technologies, reinforcing the firm’s position at the forefront of digital asset investment products.