Leading stablecoin issuer Tether has reduced its commercial paper holdings by 17% from $24.2 billion to $20.1 billion in the first quarter of the year, with around $18 billion of that being comprised of A-1 and A-2 commercial paper, which qualify as investment grade.

132-year-old Swiss asset manager Julius Baer has revealed its working on offering cryptocurrency-related services to wealthy clients, and sees the current turmoil in the market as a potentially defining moment for the digital asset class.

The Commonwealth Bank of Australia, a Sydney-based bank with multinational operations, has halted testing features allowing cryptocurrency sales on its app amid a crypto market downturn and regulatory uncertainty.

Sponsored: In 2017, Invictus set out to fundamentally change the asset management industry. Invictus' officially regulated funds are now institutional-grade products with industry-leading fees and very accessible minimum requirements.

Top stories in the Crypto Roundup today:

• Tether Reduces Commercial Paper Reserve in Q1
• 132-Year-Old Swiss Asset Manager to Offer Crypto Services
• Leading Australian Bank Halts Crypto Pilot amid Market Downturn
• Crypto Market Movers – KNC, XMR, KAVA
• Sponsored: Invictus Capital spearheads the world's first regulated and tokenised mutual fund

Tether Reduces Commercial Paper Reserve in Q1

Leading stablecoin issuer Tether has reduced its commercial paper holdings by 17% from $24.2 billion to $20.1 billion in the first quarter of the year, with around $18 billion of that being comprised of A-1 and A-2 commercial paper, which qualify as investment grade.

The data comes from the company’s latest attestation report, which does not mention the geographic location of the commercial paper issuers. According to the firm, the reduction in commercial paper has continued by a further 20% since April 1, and will be reflected in the company’s second-quarter report.

On June 30, 2021, commercial paper and certificates of deposit totaled $30.8 billion, or 49%, of Tether’s assets at the time. The company has now also reduced its cash deposits slightly while increasing U.S. Treasury bond holdings from $34.5 billion to $39.2 billion,

The “other asset category,” said to include digital tokens, fell slightly from $5.02 billion to $4.96 billion.

132-Year-Old Swiss Asset Manager to Offer Crypto Services

132-year-old Swiss asset manager Julius Baer has revealed its working on offering cryptocurrency-related services to wealthy clients, and sees the current turmoil in the market as a potentially defining moment for the digital asset class.

The Zurich-based private bank has said it wants to place itself at the intersection of “digital assets and the fiat world,” and is now running pilot programs eyeing to offer advice, trading, and investing in cryptocurrencies.

The bank’s Chief Executive Officer, Philipp Rickenbacher, said during a presentation:

“It could well be that at this very instant we are witnessing a bubble-burst moment of the crypto industry, and we all know what happened after the dot-com bubble burst 30 years ago.”

Rickenbacher added that the dot-com bubble “paved the way for the emergence of a new sector that indeed transformed our lives,” and that he believes “digital assets and decentralized finance hold that same potential.”

Bear’s move to offer crypto services is in stark contrast to Zurich-based rival UBS, which has said it isn’t interested in advising clients on speculative” assets. Bear bought a stake in one of two fully-regulated crypto banks in Switzerland in 2019.

Leading Australian Bank Halts Crypto Pilot amid Market Downturn

The Commonwealth Bank of Australia, a Sydney-based bank with multinational operations, has halted testing features allowing cryptocurrency sales on its app amid a crypto market downturn and regulatory uncertainty.

Commonwealth announced the pilot crypto program in November 2021, allowing users to purchase 10 assets including Bitcoin, Ethereum, Litecoin, and others. The bank was potentially looking to add more features later this year.

The bank started halting the program this week and has no plans of resuming it. Commonwealth’s CEO Matt Comyn has cited UST and LUNA as the main reason for the current market volatility and called for more regulation before activating and advancing the bank’s crypto features.

Crypto Market Movers – KNC, XMR, KAVA

Several tokens are leading the charge in the last 24-hour period while generally leading the market’s recovery. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Kyber Network (KNC) - KyberNetwork is an on-chain protocol that allows instant exchange and conversion of digital assets (e.g. crypto tokens) and cryptocurrencies (e.g. Ether, Bitcoin, ZCash) with high liquidity.

Monero (XMR) - Monero uses ring signatures, ring confidential transactions, and stealth addresses to obfuscate the origins, amounts, and destinations of all transactions. Transactions on the Monero blockchain cannot be linked to a particular user or real-world identity. Monero is private by default

Kava (KAVA) – The Kava Protocol is the set of rules and behaviors built into the Kava Chain that enables advanced Decentralized Finance (DeFi) functionality like permissionless borrowing and lending. Kava Chain is a decentralized, permissionless, censorship-resistant blockchain built with the Cosmos SDK.

Invictus Capital spearheads the world's first regulated and tokenised mutual fund

Invictus Capital has become the world’s first fully regulated, tokenised, and administered mutual fund in the world.

In 2017, Invictus set out to fundamentally change the asset management industry. Invictus' officially regulated funds are now institutional grade products with industry leading fees and very accessible minimum requirements.

Invictus fund tokens now represent legal ownership of the underlying fund shares and a wide range of benefits are now available:

• In the new fund structure, tokens represent shares of the mutual funds, providing investors with security and peace of mind.

• An independent board of directors has been appointed, ensuring a strong corporate governance system.

• Fund assets and the financial health of the funds are verified regularly by independent external auditors.

• Fully compliant with global AML and KYC regulations.

Disclaimer:

Cryptocurrency trading involves high risk, and is not suitable for all investors. Before deciding to trade cryptocurrencies, tokens or any other digital asset you should carefully consider your investment objectives, level of experience, and risk appetite.

Its content does not constitute financial advice. Please remember that the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. If you are unsure of the suitability of your investment please seek advice.

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