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Northstake Announces Tokenized Staking on Ethereum Testnet with 3iQ, CoinFund and CoinDesk Indices
The firm aims to build a tokenized staking marketplace for institutional investors to improve yield performance in their funds
COPENHAGEN, Denmark, April 17, 2024 /PRNewswire/ — Northstake, a regulated custodial virtual asset service provider offering compliant staking products for institutions, has announced the launch of a tokenized ETH staking pilot on the Ethereum testnet, Holesky. The pilot is conducted in collaboration with leading digital asset manager 3iQ, a Canadian investment fund manager, alongside CoinFund and CoinDesk Indices, contributing CESR™, the composite ether staking rate. Industry-leading liquidity providers are currently onboarding with Northstake and will be announced shortly.
Northstake demonstrates the capability of tokenized staking to allow regulated institutions to liquidate their Ethereum validator nodes within hours instead of days, while satisfying regulators’ requirements. Northstake envisions a frictionless marketplace for tokenized Web3 infrastructure and expects the Holesky testnet launch to pave the way for a Mainnet launch later this year.
Pascal St-Jean, President of 3iQ, stated, “We are happy to be an early testing partner with Northstake on tokenized ETH staking. Our goal is to significantly improve the capital efficiency of our ETH funds in a regulatory-compliant manner.”
Institutional interest in Ethereum staking and other digital assets has been steadily increasing over the past few years, with 68% of investors indicating intentions to start staking or increase their staked amounts following the Shanghai upgrade. As of April 2024, more than $109 billion worth of ETH has been staked on the chain, with institutional investors among the largest cohorts of participants. Northstake’s pilot with 3iQ caters to a specific demand from institutional investors for the rapid liquidation of staked Ether in compliance with regulatory requirements.
Jesper Johansen, Founder and CEO of Northstake, said, “We are looking forward to supporting 3iQ on several initiatives from our stronghold in Europe. In the short term, tokenized staking aims to improve capital efficiency in staking funds by increasing the assets they are allowed to stake. In the long run, tokenized staking opens up unprecedented opportunities for institutions to join a fully regulated marketplace for Web3 infrastructure.”
Northstake intends to leverage CoinDesk’s standardized USD-denominated reference rate for spot Ether and the Composite Ether Staking Rate to ensure transparent settlement prices between buyers and sellers.
Alan Campbell, President of CoinDesk Indices, commented, “CESR, which the marketplace has adopted for benchmarking, OTC derivatives, and research, is ready to enhance stability and risk management in staking products like those offered by Northstake.”
CoinFund, a Web3 and cryptonative investment firm and registered investment adviser, recognizes the regulatory considerations that exist for fund managers when engaging in staking. Chris Perkins, President of CoinFund, remarked, “We are excited about tokenized staking as one of the pathways to regulatory-compliant staking for exchange-traded funds like 3iQ and other financial institutions. This is facilitated by having an institutional reference rate for the crypto asset class, like CESR.”
As a next step, Northstake is in talks with digital asset ETF providers and liquidity providers, and is onboarding new partners to expand its offerings and customer base. Additionally, Northstake is actively negotiating the distribution of tokenized staking solutions with leading digital asset custodians.
Since beginning operations in 2021, Northstake has experienced remarkable growth. Having raised $3M in funding in 2023, the company has since announced collaborations with Fireblocks, Chainalysis, NEAR Protocol, Flare Network, and Polygon. Coupled with its expanding network presence and strong financial backing, the company is well-positioned for further growth and success.
Jesper Johansen, CEO & Founder of Northstake is available for interviews.
About Northstake A/S
Northstake A/S is a regulated, custodial, virtual asset service provider offering compliant staking products for institutions. Northstake offers a variety of investment vehicles including single, multi-asset, thematic staking, and yield-generating products in addition to a suite of OTC and algorithmic trading services. Based in Denmark, Northstake acts as a bridge between traditional finance and the crypto world, simplifying and securing the way institutions invest in crypto. Through its proprietary multi-chain crypto staking platform, it carves out accessible pathways for investors to build yield-generating crypto products, giving investors the opportunity to be part of building the economies of tomorrow. Northstake A/S (VASP, FTID: 17520) is regulated under the Danish Financial Supervisory Authority (DFSA) and the 5th EU Anti-Money Laundering Directive (AMLD5) and have recently achieve initial approval for its VASP licens under Virtual Asset Regulatory Authority (VARA) in Dubai.
About 3iQ
Founded in 2012, 3iQ is one of the world’s leading digital asset investment fund managers, offering investors convenient and familiar investment products to gain exposure to digital assets. 3iQ Corp. was the first Canadian investment fund manager to offer public bitcoin investment funds: The Bitcoin Fund, and the 3iQ Bitcoin ETF, as well as public ether investment funds: The Ether Fund, and the 3iQ Ether Staking ETF. To learn more, visit 3iq.io.
About CoinFund
CoinFund is one of the world’s first cryptonative investment firms and a registered investment adviser founded in 2015. The firm champions the leaders of the new internet, powered by foresight as active investors to achieve extraordinary outcomes. CoinFund invests in seed, venture, and liquid opportunities within the blockchain sector with a focus on digital assets, decentralization technologies, and key enabling infrastructure. For more information, visit CoinFund.io, LinkedIn or join us on X.
About CoinDesk Indices
CoinDesk Indices has led the digital asset revolution, empowering global investors since 2014. Our indices are the cornerstone of the largest digital asset products worldwide. Precision-driven and compliant, indices like the CoinDesk 20 set the standard for measuring, trading, and investing in crypto. Over $30B in assets are benchmarked to CoinDesk Indices’ products. CoinDesk Indices’ trend signals empower smart beta and alpha-seeking strategies. Ready to achieve your digital asset goals? Visit coindeskmarkets.com for more.
View original content:https://www.prnewswire.co.uk/news-releases/northstake-announces-tokenized-staking-on-ethereum-testnet-with-3iq-coinfund-and-coindesk-indices-302119381.html
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Bosera HashKey Bitcoin and Ether Spot ETFs Officially Launch on HKEX with Two-Way Investment Flexibility
HONG KONG, April 30, 2024 /PRNewswire/ — The Exchange Traded Funds, Bosera HashKey Bitcoin ETF and Bosera HashKey Ether ETF (the “ETFs”) have officially launched on the Hong Kong Stock Exchange today. In respect of the ETFs, Bosera Asset Management (International) Co., Limited and HashKey Capital Limited are the Investment Manager and Sub-Investment Manager respectively. The ETFs are part of the first batch of Bitcoin and Ether spot ETFs to launch in a major financial hub in Asia and they are now listed under the tickers BTC: 3008.HK (HKD); 9008.HK (USD) and ETH: 3009.HK (HKD); 9009.HK (USD) respectively.
One of the key features of these ETFs is that they introduce an ‘in-kind’ subscription mechanism, which allows investors to directly subscribe for ETF shares using Bitcoin and Ethereum. Investors can purchase the ETFs with Bitcoin or Ethereum and subsequently sell them for cash, or vice versa, enabling seamless two-way investment flexibility.
Additionally, the Bosera HashKey Bitcoin ETF and Bosera HashKey Ether ETF track the CME CF Bitcoin Reference Rate – Asia Pacific Variant and the CME CF Ether-Dollar Reference Rate – Asia Pacific Variant respectively.
“The launch of the Bosera HashKey Bitcoin ETF and Bosera HashKey Ether ETF marks a significant leap forward in democratizing access to cryptocurrencies,” said Deng Chao, CEO of HashKey Capital. “These innovative ETFs not only provide a convenient entry point for investors but also underscore our commitment to driving innovation in the virtual asset ecosystem.”
Importantly, non-Hong Kong nationals can also subscribe for or purchase units in the ETFs if they meet local regulatory requirements, such as passing customer due diligence.
The Bosera HashKey Bitcoin ETF and Bosera HashKey Ether ETF are now available for trading on the Hong Kong Stock Exchange.
Note: The tickers BTC: 3008.HK (HKD); 9008.HK (USD) and ETH: 3009.HK (HKD); 9009.HK (USD)are now officially listed on the Hong Kong Stock Exchange (HKEX).
About HashKey Capital
Global in influence and crypto-native, HashKey Capital is a digital asset and blockchain leader helping institutions, founders and talents advance the blockchain industries.
As one of the largest crypto funds and the earliest institutional investor in Ethereum, HashKey Capital has managed over US$1 billion in client assets since its inception, with over 500 investments in infrastructure, tools, and applications.
With our deep knowledge across the blockchain ecosystem, HashKey Capital has built a robust network connecting founders, investors, developers, and regulators.
For media enquiries, please contact [email protected] ; [email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/bosera-hashkey-bitcoin-and-ether-spot-etfs-officially-launch-on-hkex-with-two-way-investment-flexibility-302130349.html
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Xceptor advances APAC growth plans with appointment of Keith Man as General Manager for the region
- Xceptor strengthens commitment to the region with appointment of Keith Man as APAC General Manager; with responsibility for expanding Xceptor’s sales, business development and operations in the region while advancing expansion into new markets and segments
- With over 15 years of experience in fintech, Keith brings a wealth of expertise in the capital markets space as well as hands-on experience in the APAC region
NEW YORK, LONDON and SINGAPORE, April 30, 2024 /PRNewswire/ — Xceptor, the intelligent automation platform for financial markets, today announced the appointment of Keith Man as General Manager (GM) for Asia Pacific (APAC), based in Singapore. The appointment underscores Xceptor’s continued investment and further penetration into the APAC region.
As APAC GM, Keith will play a critical role in driving client success, as well as strategic partnerships and alliances in the region. He will also have responsibility for expanding Xceptor’s sales, business development and operations in the region while advancing growth into new markets and segments.
Keith brings a wealth of expertise in the capital markets space, coupled with extensive experience in the APAC region. He was most recently Head of APAC at Duco and has also held senior roles in Standard Chartered Bank and TriOptima (now OSTTRA).
“The APAC region is dynamic and has tremendous potential. We have made a strategic decision to continue investing in the APAC region to ensure we are well-positioned to serve our clients effectively. While we see some firms scaling back, we believe in the long-term growth potential of this market, and are delighted to welcome Keith to the Xceptor team as we embark on a new chapter of growth in this dynamic region,” said Michiel Verhoeven, CEO of Xceptor.
On his appointment, Keith Man, APAC GM, Xceptor, said, “Xceptor is the industry leader that is trusted by leading financial institutions. I am excited to join an established team that is poised for successful expansion in this region, and look forward to setting the direction for our long-term growth as we deepen engagement to support client success.”
Xceptor first opened its Singapore office in 2017. It has since expanded to serve as its APAC hub, including sales, client success, delivery and support teams that serve local, regional and global clients.
About Xceptor:
Xceptor is the intelligent data automation platform for financial markets providing data ingestion, standardization, normalization, and validation services. Catering to thousands of unique use cases, its highly configurable and enterprise-grade platform offers proprietary solutions for tax, reconciliations, confirmations, client onboarding, and allocations. Since 2003, Xceptor has been empowering businesses worldwide to trust their data and digitize their operational workflows. With offices in London, New York, Singapore, and Cape Town, Xceptor serves nearly 125 clients and over 11,500 users across 60 countries, including banks, asset managers, hedge funds, custodians, and asset servicers. For more information, visit www.xceptor.com.
View original content:https://www.prnewswire.co.uk/news-releases/xceptor-advances-apac-growth-plans-with-appointment-of-keith-man-as-general-manager-for-the-region-302130477.html
Latest News
EPAA forms working group with IBM, HSBC, AP+, and PayPal to explore quantum-safe cryptography
The EPAA (European Payments Acceptance Association) has taken a significant step towards enhancing cybersecurity in the financial sector by forming a working group in collaboration with industry giants IBM, HSBC, AP+, and PayPal. This partnership aims to explore the adoption of quantum-safe cryptography, a critical measure to safeguard financial systems against emerging cyber threats posed by quantum computing.
As quantum computing technology advances, traditional cryptographic methods used to secure financial transactions face the risk of being compromised. Quantum computers have the potential to unravel existing encryption algorithms, posing a serious threat to the security of sensitive financial data.
In response to this looming challenge, the EPAA has joined forces with leading technology and financial institutions to investigate quantum-safe cryptography as a proactive security measure. Quantum-safe cryptography utilizes algorithms that are resistant to attacks from both classical and quantum computers, ensuring robust protection for sensitive financial information.
By establishing this collaborative working group, the EPAA aims to drive research and development efforts in quantum-safe cryptography, with the goal of implementing robust security measures across the financial industry. The involvement of key stakeholders such as IBM, HSBC, AP+, and PayPal underscores the importance of addressing cybersecurity challenges proactively and collaboratively.
Through this initiative, the EPAA and its partners are committed to staying ahead of the curve in cybersecurity and ensuring the integrity and confidentiality of financial transactions in an increasingly digitized world. By leveraging the expertise and resources of industry leaders, the working group aims to pave the way for the widespread adoption of quantum-safe cryptography, safeguarding the future of financial systems against emerging threats posed by quantum computing.
Source: fintechfutures.com
The post EPAA forms working group with IBM, HSBC, AP+, and PayPal to explore quantum-safe cryptography appeared first on HIPTHER Alerts.
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