Three noteworthy items this month:
1. A prominent institutional study revealed:
• 58% of global institutional investors have invested in digital assets
• Price volatility is the primary barrier to investor interest among 50% of those surveyed
• Most of these investors consider digital assets as an independent asset class.
2. A new digital asset classification system
• Coin Metrics, MSCI and Goldman Sachs designed an institutional standard classifying digital assets by: Class/Sector/Sub-sector similar to how S&P classifies stocks.
3. FTX exchange turmoil sends shockwaves
• FTX, one of the largest crypto exchanges by volume, is the focus of an SEC and Department of Justice investigation.
• Its overlapping business and ownership interests with Almeda Research present potential implications of fraud.
• This story is rapidly developing and will be covered in a separate publication soon.
- Google is launching cloud-based blockchain software to store and validate Ethereum transactions enabling enhanced security for Web 3 developers. They also will partner with Coinbase for custody.
- Meta’s (Facebook) metaverse, Horizon Worlds, lowered expectations for user growth after its initial user base decline.
- The Texas State Securities Board has alleged that crypto exchange FTX is offering unregistered securities
- Regulators CFTC and SEC are examining Three Arrows Capital, the bankrupt crypto hedge fund, for misleading investors with misrepresented financials.
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