🚀 Robinhood Expands Cryptocurrency Offerings with Futures and Index Options

📈 Robinhood has announced its expansion into the cryptocurrency futures market by introducing Bitcoin and Ether futures trading within its app. This move aims to attract a wider range of investors, particularly those interested in advanced trading options. Traditional commodities like oil and the S&P 500 will also be included in this rollout of derivatives products.

⚡️ During the HOOD summit conference on October 16, Robinhood revealed its plans to offer Bitcoin and Ether futures trading directly through its platform. JB Mackenzie, Vice President and General Manager of Futures and International at Robinhood, emphasized the platform's low fees and user-friendly design. He stated that these new features will make trading “more straightforward, quick, and efficient.”

💰 In addition to competitive fees, users can benefit from the 60/40 tax rule, which allows 60% of gains to be taxed as long-term capital gains. They will also enjoy nearly 24-hour trading access. Robinhood has also launched its desktop platform, Legend, designed for active traders. This customizable, browser-based platform offers eight charts in a single window, diverse chart settings, and various chart types at no extra cost.

📊 Legend provides in-depth analysis tools for monitoring and evaluating assets, open orders, positions, and options contracts. It will be rolled out to all eligible customers in the coming months, alongside the launch of futures and index options.

🌍 Recently, Robinhood expanded its global crypto services by launching crypto transfers in Europe, allowing users to deposit and withdraw over 20 cryptocurrencies. In addition to futures, the platform will also support index options in response to requests from experienced traders. These options come with attractive tax advantages similar to futures and are cash-settled with a European-style approach, eliminating early assignment risk.

🚀 CAT Price Blows Up Over 40% As Binance Launches Perpetual Contract 📈

Simon's Cat (CAT) price noted a phenomenal 40% uptick as leading cryptocurrency exchange Binance launches USD-Margined perpetual contract.

👉 Read more

🚀 EU's Trusted Investors Network: A $100 Billion Boost for Deep Tech Startups

🌍 On October 21, the European Commission launched the "Trusted Investors Network", a new initiative aimed at supporting the growth of Europe’s deep tech sector. This network, backed by the European Innovation Council (EIC) Fund, aims to unite a group of investors dedicated to co-investing in innovative European companies.

💰 The network comprises 71 investors, including notable names like Bpifrance, Atomico, and Sofinnova, who collectively manage over €90 billion (approximately $98 billion) in assets. They will collaborate closely with the EIC Fund to provide funding to deep tech startups, particularly those involved in blockchain technology.

🗣 Commissioner Iliana Ivanova highlighted the significance of this initiative in bridging the funding gap faced by many tech companies. She stated,

With the launch of the Trusted Investors Network, we are making an important step forward in strengthening Europe’s innovation ecosystem and ensuring that our most promising companies have the capital and support they need to scale up

📈 The EIC Fund has already invested nearly €1 billion (almost $1.1 billion) in over 250 startups, and the Trusted Investors Network aims to enhance these co-investments. Its launch coincided with the inaugural EIC Scaling Summit, which gathered 120 startups with the potential to become European technology leaders. 72 of these companies joined the EIC Scaling Club, a program designed to support startups in their growth journey. The EIC aims to scale 20% of these startups into unicorns valued at over €1 billion.

🔗 The European Union is a strong advocate for blockchain technology through various initiatives. The Trusted Investors Network will also support startups utilizing this decentralized technology. In 2018, the EU invested in establishing the European Blockchain Services Infrastructure (EBSI), a pan-European public blockchain infrastructure. Additionally, from 2016 to 2020, the European Commission provided approximately €180 million (around $195 million) in grants for blockchain research and innovation through the Horizon 2020 program.

🟢 Furthermore, the EU actively collaborates with the blockchain community through partnerships like the International Association of Trusted Blockchain Applications (INATBA) and the European Blockchain Observatory and Forum.

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🚫 Microsoft Urges Shareholders to Reject Bitcoin Investment Proposal

➡️ Microsoft is advising its shareholders to oppose a proposal from a think tank advocating for Bitcoin investments. The tech giant argues that such an investment does not align with their long-term interests and is unnecessary as their management already considers this topic carefully.

Past evaluations have included Bitcoin and other cryptocurrencies among the options considered, and Microsoft continues to monitor trends and developments related to cryptocurrencies to inform future decision making

said the company.

📉 Microsoft emphasized the importance of stability in corporate treasury decisions, especially given the volatility of cryptocurrencies. Major shareholders like Vanguard, BlackRock, and State Street must take this factor into account when evaluating investments for corporate treasuries, which rely on predictability to maintain liquidity.

Microsoft has strong and appropriate processes in place to manage and diversify its corporate treasury for the long-term benefit of shareholders and this requested public assessment is unwarranted

it further stated.

➡️ The National Center for Public Policy Research plans to present its Bitcoin diversification proposal at Microsoft’s upcoming annual meeting on December 10. The think tank cites MicroStrategy as an example, noting that its Bitcoin investment strategy led to a 300% increase in stock performance despite less business activity compared to Microsoft.

And they’re not alone. The institutional and corporate adoption of Bitcoin is becoming more commonplace

it added, pointing out that BlackRock, Microsoft’s second-largest shareholder, offers a Bitcoin ETF to its clients.

💰 The think tank suggests that companies should consider investing at least 1% of their assets in Bitcoin. Earlier this year, Microsoft made a significant investment of $1.5 billion in UAE-based AI company G42 to enhance its presence in the AI sector.

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⚠️ India's Central Bank Governor Warns Against Cryptocurrencies

👀 Shaktikanta Das, the Governor of India's central bank, has reiterated his concerns about cryptocurrencies, emphasizing their potential to disrupt financial systems. Speaking at the Peterson Institute for International Economics during Macro Week 2024, he explained why the Reserve Bank of India (RBI) approaches crypto with caution.

💬 Das pointed out that cryptocurrencies were designed to circumvent traditional financial systems. He raised a critical question:

Are authorities or governments comfortable with privately issued cryptocurrencies possessing all the features of currency?

He argued that issuing currency is a sovereign function and that allowing cryptocurrencies to thrive could remove parts of the economy from central bank control, leading to monetary instability.

⚠️ He elaborated on the risks, particularly how crypto could undermine the central bank’s ability to manage the money supply, which is essential for controlling inflation and managing economic cycles.

If the central bank loses control of money supply in the economy… how does the bank check liquidity available in the system?

he queried, highlighting the potential chaos in financial and monetary systems if cryptocurrencies were to become prevalent.

⚡️ India has adopted a cautious and regulated approach to cryptocurrencies. Initially, it banned banks from dealing in these assets, but this restriction was later lifted. Despite this change, India’s stance on crypto remains largely conservative. Finance Minister Nirmala Sitharaman introduced a 30% tax on crypto earnings with no deductions allowed, reflecting a regulatory shift that suggests cryptocurrencies are recognized in India’s financial framework but remain under strict oversight.

🤔 Governor Das has often questioned the intrinsic value of digital assets, suggesting they could be part of a speculative bubble. International developments, like the US SEC’s approval of Bitcoin ETFs, have not altered his stance on cryptocurrencies. However, he has not completely dismissed the idea of digital currencies. The RBI is actively exploring a Central Bank Digital Currency (CBDC) or digital rupee, which would operate under the RBI’s control to maintain the integrity of monetary policy.

🌍 Furthermore, Das has called for international coordination due to the cross-border nature of cryptocurrencies. He envisions a global understanding and possibly regulation of cryptocurrencies to mitigate risks comprehensively.

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🛠 VanEck and Kiln Collaborate for Regulated Solana Staking

➡️ VanEck, a crypto-friendly asset manager known for its spot Bitcoin exchange-traded funds (ETFs) in the U.S., has teamed up with Kiln, an enterprise staking service provider. This partnership aims to provide regulated access to Solana staking rewards as part of VanEck's broader Solana strategy, which includes various investment products like exchange-traded notes (ETNs) and ETFs.

🔗 Staking allows Solana (SOL) holders to earn rewards by participating in the blockchain's validation process. With Kiln's integration, VanEck's institutional clients can incorporate Solana staking into their portfolios without the need to manage or stake SOL tokens directly. Kiln, which manages over 2.5% of the Solana network, offers competitive staking rates through its Jito-Solana integration, all supported by a SOC 2 Type II certified infrastructure.

📈 This announcement comes after a successful year for crypto, driven by the approval of spot Bitcoin ETFs in the U.S. Since January, these products have attracted over $23.35 billion in investments, pushing Bitcoin to a new all-time high in 2024. However, Ether ETFs have not seen the same enthusiasm, experiencing a cumulative net outflow of $485 million.

🌍 The next potential area for crypto ETFs could be Solana, which has a market capitalization exceeding $83 billion and a total value locked (TVL) of over $6.3 billion. Both VanEck and 21Shares have applied for spot Solana ETFs this summer, but discussions with the Securities and Exchange Commission (SEC) have reportedly stalled due to concerns about Solana's classification as a security under U.S. regulations.

➡️ In contrast, Europe offers a more favorable market for regulated Solana investment products. 21Shares’ Solana staking ETP, ASOL, has over $1 billion in assets under management (AUM), while competitors like CoinShares and Valour each manage around $300 million. VanEck’s European Solana fund, VSOL, is smaller with about $86 million in AUM but is positioned for growth through staking rewards.

🚀 The partnership with Kiln enables VanEck to tap into the increasing demand for regulated access to Solana and its staking rewards, especially in Europe. The future of the U.S. market in this regard will likely depend on regulatory clarity and the results of the upcoming presidential election.

🌐 Cross-Border Finance Revolution: Three Nations Pioneer Digital Asset Integration

➡️ The Hong Kong Monetary Authority (HKMA) has announced two major partnerships with the Bank of Thailand (BOT) and Brazil’s Banco Central do Brasil (BCB) to enhance cross-border tokenization. These collaborations are part of HKMA’s Project Ensemble and aim to integrate central bank digital currency (CBDC) infrastructures for streamlined tokenized transactions.

🔗 With the BOT, the HKMA plans to explore Payment versus Payment (PvP) and Delivery versus Payment (DvP) scenarios to facilitate trade payments and manage carbon credits. This builds on a 2019 fintech cooperation agreement. Alisara Mahasandana, Deputy Governor of Corporate Development at the BOT, emphasized the initiative's benefits:

Through our collaborative efforts in exploring the interoperability of tokenisation, mutual benefits for both Hong Kong and Thailand could be reaped.

🌍 In its partnership with BCB, the HKMA will connect the Ensemble Sandbox with Brazil’s Drex pilot platform to investigate PvP and DvP transactions across borders. The Drex CBDC is central to this effort. The HKMA stated:

The Drex pilot aims to support the development of a tokenised financial market in Brazil.

➡️ Alibaba's Metaverse Unit Faces Layoffs Amid Industry Shift

➡️ Alibaba has recently laid off employees at its metaverse unit, Yuanjing, reflecting a broader trend of diminishing interest in metaverse projects among major Chinese corporations. The layoffs primarily affected operations in Shanghai and Hangzhou.

Despite the cuts, a source indicated that Yuanjing will continue to operate but will shift its focus towards metaverse applications and tools.

📉 This move aligns with the strategy of U.S. tech giant Meta, which has persisted in investing in its loss-making Reality Labs division despite significant financial losses. Reality Labs reported a staggering $4.4 billion loss in the third quarter alone, bringing its total losses since 2019 to over $50 billion. Meta founder Mark Zuckerberg continues to emphasize the potential of Reality Labs even as it also laid off some employees in October 2023.

⚖️ Chinese tech companies that have invested in the metaverse, including Tencent, have faced regulatory challenges and a declining economic environment, prompting a reevaluation of their strategies. Tencent has encountered issues related to user data and content regulation since embracing the metaverse trend in 2021.

🔄 In contrast, some Chinese tech firms like Baidu are scaling back their metaverse-related activities to concentrate on artificial intelligence (AI), which is currently generating significant hype.