Stax makes it possible: WCA shares can be paid for on the Sydney Stock Exchange (SSX) with Australian dollars and, for the first time, with the stable coin tether.
An initial public offering (IPO) is nothing unusual in itself
It becomes interesting, however, when traditionally securitized securities can also be paid for with tokens instead of just fiat money. This is now possible in Australia. Behind this is Australia’s crypto-friendly capital-raising platformStax. She and her client West Coast Aquaculture Group (WCA) have announced such a project. This is the first IPO in the country to accept a virtual currency as a means of payment.
Investors participating in WCA’s offering can purchase the company’s equity through Tether (USDT) or Australian dollars, as reported in media reportsis called. Since tether, as a stable coin, is naturally subject to slight fluctuations, it was given preference over other crypto currencies such as Bitcoin (BTC) or Ethereum (ETH). The speed was also a decisive criterion. Bitcoin Legacy shares are expected to begin trading on the Sydney Stock Exchange (SSX) around November 19, 2020.
The acceptance of USDT in an IPO is a transformative move in Australia and a significant advance in the adoption of cryptocurrencies in general. It paves the way for the future of the capital markets Down Under. We are democratizing access to a market that has previously been difficult for foreign investors to access, which will only be beneficial for Australian companies in the long term.
IPO is expected to raise at least A $ 5 million
WCA is based in Melbourne and operates one of the largest marine farms in Langkawi, Malaysia. Their main products are live and fresh grouper species. WCA’s clientele includes wholesale and retail customers in Malaysia, Hong Kong and Singapore.
As stated in the IPO’s prospectus, WCA is offering between 10,000,000 and 14,000,000 shares at a price of $ 0.50 each. That is between 8.78 and 11.87 percent of the total available shares. The minimum target is 5 million Australian dollars. WCA chose the Sydney Stock Exchange (SSX) as its trading venue because of the support it gives companies with smaller market capitalizations. The requirements are also generally more transparent and easier to meet. After its IPO, WCA plans to use investments to expand. This includes the purchase of hatchery and rearing facilities in order to further optimize the supply chain for fresh fish. The IPO was led by Agile Legal and STAX to ensure
Secondo un recente annuncio, le Quote di Classe A di 3iQ’s The Bitcoin Fund hanno iniziato le negoziazioni in dollari canadesi alla Borsa di Toronto con il simbolo „QBTC“. L’operazione è stata avviata il 20 ottobre.
Si tratta di uno sviluppo cruciale
Si tratta di uno sviluppo cruciale, la cui importanza è stata sottolineata da Fred Pye, Presidente e CEO di 3iQ,
„Infine, gli investitori canadesi hanno l’opportunità di negoziare il Bitcoin Fund nella loro valuta nativa e attraverso i loro conti dominati localmente, eliminando così i costi interminabili e seppur fastidiosi della conversione delle valute“.
3iQ è stato il primo gestore di fondi d’investimento canadese a ottenere l’approvazione da parte delle autorità di regolamentazione canadesi per gestire un fondo pubblico Bitcoin Compass e un fondo patrimoniale multi-crypto.
Infatti, il fondo, lanciato il 9 aprile 2020, ha appena superato un importante traguardo di oltre 100 milioni di dollari di capitalizzazione di mercato. Gemini è un sub-custode per The Bitcoin Fund ed è l’unico custode per il 3iQ Global Crypto-asset Fund che investe in Bitcoin, Ether e Litecoin.
Il Valore Patrimoniale Netto per quota per il Bitcoin
Il Valore Patrimoniale Netto (NAV) per quota per il Bitcoin Fund era di 9,24 dollari all’inizio, con lo stesso importo di 14,42 dollari al momento della stampa. In confronto, il NAV del fondo multi-crypto asset fund di 3iQ all’inizio era di $10 nel 2018, con le stesse negoziazioni all’incirca allo stesso valore, al momento della stesura del presente documento.
L’aumento di valore del Bitcoin Fund nell’arco di pochi mesi sembra implicare che la mancanza di diversificazione sia stata favorevole in questo caso. Il successo della strategia del singolo asset arriva sul retro di 3iQ che riceve la ricevuta del Prospetto Preliminare di The Ether Fund dalle autorità di regolamentazione dei titoli in Canada.
Il valore del Bitcoin Fund si basa sul MVIS CryptoCompare Institutional Bitcoin Index (MVIBTC) gestito da MV Index Solutions GmbH (MVIS). Il fondo è stato quotato alla Borsa di Gibilterra alcune settimane fa – una località che può offrire ETF ad un mercato europeo più ampio non appena le normative lo consentono.
A quanto pare, gli investitori mainstream hanno apprezzato la svolta dell’azienda verso le criptovalute.
PayPal (PYPL) ha raggiunto $ 215,87 il 21 ottobre, pochi dollari oltre il suo precedente massimo storico di $ 212,38, fissato il 2 settembre 2020, secondo i dati di TradingView
Questa azione sui prezzi è avvenuta poco dopo che la società di pagamenti ha annunciato che presto avrebbe incluso risorse crittografiche sulla sua piattaforma. PayPal prevede di integrare le offerte di Bitcoin ( BTC ), Etheruem ( ETH ), Litecoin ( LTC ) e Bitcoin Cash ( BCH ) nella propria rete nel 2021.
Aprendo la giornata di negoziazione a $ 206,20, PayPal è rapidamente salito oltre il suo massimo storico, ma di poco, superando il livello di circa $ 0,14. Successivamente l’asset è sceso più in basso prima di rompere il massimo precedente con convinzione, superando $ 215.
Bitcoin ha anche raccolto i frutti delle notizie di PayPal, raggiungendo brevemente $ 12.900 , un aumento di prezzo di $ 1.000 in 24 ore. Il prezzo è sceso a $ 12.750 al momento della pubblicazione
Tuttavia, non tutti sono colpiti. L’analista di criptovaluta PlanB ha descritto la notizia come deludente in un tweet , sottolineando che i clienti non saranno in grado di trasferire le proprie risorse digitali da PayPal, sulla base di una pagina delle domande frequenti sul sito Web dell’azienda. „Al momento, puoi tenere solo la criptovaluta che acquisti su PayPal nel tuo account“, dice la pagina. „Inoltre, la criptovaluta nel tuo account non può essere trasferita ad altri account su o fuori PayPal.“
PlanB ha riconsiderato il suo sentimento in un tweet di follow-up , notando l’azione dei prezzi di Bitcoin in risposta allo sviluppo, così come il potenziale accesso alla crittografia mainstream che PayPal potrebbe aggiungere.
PlanB è noto nel settore delle criptovalute per il suo modello stock-to-flow che prevede che il prezzo di Bitcoin potrebbe superare i $ 100.000 per moneta.
Wednesday saw further rises after conflicting reactions to PayPal’s decision, which in 2021 will support four cryptocurrencies
On October 21, Bitcoin (BTC) peaked at $12,865 after news on PayPal that the payments company will support cryptocurrency continued to push the markets.
Daily overview of crypto markets
BTC’s price approaches 2019 highs
Cointelegraph Markets, Coin360 and TradingView data confirmed Bitcoin’s best day for over a year, with gains of 7% in 24 hours.
At the time of writing, a few hours after arriving at $12,400, BTC/USD exceeded $12,500 to meet resistance just under $13,000.
BTC/USD time chart
BTC/USD time chart. Source: TradingView
As reported by Cointelegraph, starting next year PayPal plans to support Bitcoin and three altcoins: Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
Reactions continue to emerge, showing heterogeneous feelings in the crypto sector. Some analysts criticise the company for not giving potential investors the freedoms associated with normal crypto wallets.
PayPal aims to provide crypto-currency custody services, but will impose limits on how funds can move to and from its products.
„So, this news about PayPal is all hot air, just entries in a central PayPal database, nothing to do with Bitcoin,“ replied the PlanB analyst.
Anyway, the impact on market sentiment became apparent immediately after Reuters broke the news, with Litecoin leading the altcoin in terms of rises, earning 11.1% to $52.30.
Bitcoin vs. Ethereum: Which Miners are ahead?
In the wake of the recent hype of decentralized finance projects (DeFi), the tokenization of Bitcoin on Tron and Ethereum is progressing inexorably.
Bitcoin is rapidly establishing itself in the DeFi sector. In the last two months alone, more than $900 million worth of Immediate Bitcoin app has been transferred to Ethereum Blockchain through the Wrapped Bitcoin (WBTC) tokenization protocol. Overall, the amount of bound Bitcoin on the Ethereum network has increased by 900 percent in the last two months.
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With WBTC, users can exchange BTCs for wrapped Bitcoin, an ERC-20 token that is coupled to Bitcoin. Similar to Tether (USDT), which is linked to the US dollar, the WBTC token represents the current Bitcoin exchange rate.
Wrapped Bitcoin booming in the Ethereum DeFi sector
This gives Bitcoin Hodler access to the diverse DeFi ecosystem. In addition, tokenization enables the Bitcoin network to scale, since Bitcoin on Ethereum can take advantage of all the benefits of an ERC-20 token.
In addition, WBTC is currently the fifth largest DeFi protocol and accounts for almost ten percent of the capital deposited on the Ethereum block chain.
DeFi Pulse Ranking
In the first half of 2020, the number of Bitcoin bound on the Ethereum network grew from 4 million dollars to 36 million dollars. The DeFi hype in the third quarter, significantly demonstrates the extreme increase in demand in the DeFi sector.
Furthermore, the hype about tokenized Bitcoin has benefited tokenization protocols such as Ren (REN). Ren’s Virtual Machine (VM), which was launched at the end of May, now comprises more than $300 million of tokenized Bitcoin. Over the same period, the REN exchange rate has increased by approximately 180 percent.
Tron DeFi project takes part in the hype about tokenized Bitcoin
Tron CEO Justin Sun has made several recent attempts to attract investors to Tron’s DeFi sector. On September 16th, Tron announced that community-driven DeFi protocol Sun (SUN).
SUN serves as a governance token for the creation of new mining pools and is the center of the DeFi ecosystem of the Tron block chain.
Similar to Uniswaps UNI tokens, SUN can be minted by providing liquidity. Since a few days it is possible to mine SUN tokens using tokenized Bitcoin.
According to a medium post of the Tron Foundation, the SUN token will also serve as a „transit center“ for block-chain-wide transactions in the future.
Bitcoin on the Tron block chain
Since Tron released its TRC-20-bitcoin on September 30, total committed capital has already exceeded $20 million.
The trend toward Bitcoin tokenization is advancing at a rapid pace. Until a few years ago, probably few would have suspected that this would partially solve the scaling problem of Bitcoin over a second-layer network.
Nevertheless, there are some risks involved in tokenizing Bitcoin on a different block chain.
Blockchain agnostisk protokoll og desentralisert oracle-leverandør Chainlink vil nå bli brukt av crypto depottjeneste BitGo for å gi verifiserbart bevis på sistnevntes $ 1 milliard verdt av Wrapped Bitcoin i lagring, i henhold til en utgivelse.
Flyttet er enda et høyt profilert partnerskap for Chainlink den siste uken alene, etter at det kunngjorde utviklingen med Theta Network og Blockstack tidligere.
Chainlink er $ 1 milliard bevis
I et blogginnlegg sa BitGo at over 1 milliard dollar låst i form av WBTC – et ERC20-token som representerer underliggende Bitcoin – viste at etterspørselen etter kryss-kryptokapital innen DeFi var „veldig reell.“
For å ytterligere skalere WBTCs pålitelighet og støtte den økende etterspørselen, sa BitGo at de ville samarbeide med Chainlink-teamet for å „effektivisere revisjonsevnen til WBTC-reserver.“ DeFi-applikasjoner kan nå motta definitivt bevis på kjede om full støttet sikkerhet i WBTC, bemerket firmaet.
„Denne romanen bevis på reserve er mulig på grunn av Bitcoin-nettverkets åpenhet, gjennomsiktigheten fra BitGo og det meget sikre desentraliserte orakelnettverket som Chainlink driver,“ forklarte BitGo.
„BitGo har tatt i bruk Chainlink’s Proof of Reserve-mekanisme. Nå, live på testnet (og snart mainnet), muliggjør denne Chainlink-funksjonaliteten desentraliserte applikasjoner på Ethereum. ”
Firmaet la til at farten hjelper til med å automatisere byrden med å revidere BTC-verdien som deponeres av BitGo på en pålitelig og sensurbestandig måte, som „fjerner behovet for å stole på manuelle off-chain-prosesser som å lese revisjonsrapporter.“
Hvordan bevis på reserver fungerer
Bevis for reserver fungerer som følger: Chainlinks orakler oppdaterer kontinuerlig og gir informasjon om WBTCs reserver på forespørsel, som kan brukes av andre DeFi-applikasjoner på Ethereum.
Smarte kontraktsapplikasjoner på Ethereum kan deretter spørre om bevis for reservekontrakt for øyeblikkelig å verifisere at hver WBTC-mynt er fullt støttet av en lik reservebalanse på BTC i BitGos depotadresse på Bitcoin-blockchain, forklarte BitGos leder for produktet Kiarash Mosayeri i innlegget.
WBTC Proof of Reserve-referansekontrakten bruker et desentralisert Chainlink-orakel for å sjekke saldoen på BitGos WBTC-forvaringslommebøker hvert tiende minutt (gjennomsnittlig tid mellom Bitcoin-blokker), bemerket han og la til:
„Hver gang et avvik blir oppdaget utover en bestemt definert terskel (f.eks. 1%), vil Chainlink-orakler skyve en oppdatering på kjeden til referansekontraktene med den nye saldoen.“
En slik mekanisme gjør det mulig for BitGo å påviselig bevise sine massive reserver, noe som igjen bidrar til å tiltrekke seg nyere kapital, regulering og sårt tiltrengt kapitalstyring til det spirende kryptorommet.
Is DeFi also possible on Bitcoin? Discrete Log Contract (DLC) could represent the first step towards a truly decentralised and peer-to-peer finance
Over the last few months there has been a growing hype in the world of DeFi, i.e. „Decentralised Finance“, a fairly generic concept in itself, but one that has been used very intensively for the promotion of various projects on Ethereum. Decentralised finance, however, is by no means a new phenomenon; on the contrary, one could argue that it is even older than centralised finance, as historically most financial exchanges took place without intermediaries. Suffice it to say that for millennia, value has been exchanged all over the world simply using gold coins, without financial intermediaries or central banks, and that most loans were peer-to-peer within households or local communities.
In the modern era, however, partly with the aim of achieving higher performance and efficiency and partly due to progressively stricter regulations, financial exchanges have become increasingly centralised, both with the advent of central banks and the evolution of commercial banks and the development of payment intermediaries. In fact, Bitcoin was born as an attempt to reverse this trend, eliminating the need to rely on trusted third parties to manage our economic interactions and exploiting the state of the art of cryptography to be able to exchange value securely even with strangers.
As a result of Bitcoin’s success, many people have begun to look for ways to manage even more complex financial transactions in a decentralised manner, with the aim of being able to replicate all the activities of traditional finance without the need for intermediaries. It was with this objective in mind that Ethereum was promoted and developed, which sought to offer advanced smart contracts using a more generic and less specialised transaction scripting language than Bitcoin’s, thus creating its own ecosystem which then adopted the term „DeFi“ for the marketing of many of its projects.
However, what was developed on Ethereum was achieved with trade-offs that were in some ways very limiting. First of all, Ethereum’s choice to keep all the logic of smart contracts on the blockchain with global consensus immensely limits the scalability of the system, making it increasingly difficult for users without high-performance hardware to validate the Ethereum blockchain without having to rely on external services, and increasingly expensive, in terms of fees, to execute contracts with complex conditions. Furthermore, by keeping all the data for the execution of contracts in a public ledger, the level of confidentiality for users is obviously very low, which makes the system less attractive for those who need privacy (e.g. a company that does not want its competitors to know what derivatives it is exposed to).
Fortunately, while many projects were born on Ethereum, other working groups have invested time and resources to build, in parallel, a more scalable and confidential smart contract infrastructure, working directly on Bitcoin, which is a cheaper blockchain to validate and with a more security oriented approach to innovation. Although some people criticize the Bitcoin ecosystem for this excess of prudence and slowness in innovation, in recent years it is undeniable that the technological infrastructure built on it has grown immensely. Just think of the enormous progress on Lightning Network and Sidechain, the less appreciated but equally important tools for developers like Miniscript and the many ambitious projects under development, such as RGB to enhance tokens on Bitcoin and Statechain to further improve scalability complementary to the Lightning Network.
However, the most relevant development for the DeFi and smart contract world on Bitcoin is undoubtedly the Discrete Log Contract, or in short DLC, proposed for the first time in a 2017 paper by Thaddeus Dryja (also author of the first paper on the Lightning Network). The term refers to discrete logarithms which, without going into too much technical detail, are the basis of the elliptical curve cryptography used in these special smart contracts. What is more important, however, is what they allow. In fact, DLC smart contracts allow two or more counterparties to make generic bets whose result will be determined by an oracle (i.e. data source), without this oracle ever knowing the existence of the bet and how the data it provides about events in the real world will affect the execution of the contract.
Now, to better understand how this mechanism works, let us try to see a practical example. Let’s assume that Alice and Bob want to bet 1 BTC on the outcome of the US elections in November, with Alice betting on Trump and Bob betting on Biden’s win. To create the contract first both parties put the collateral of 1 BTC each in a multisig address 2 of 2, of which they control one key each. From this address three transactions will be created: one to a smart contract that can be unlocked by Alice if the oracle certifies that it has won Trump, one to a smart contract that can be unlocked by Bob if the oracle certifies that it has won Biden and one that sends back 1 BTC each if the oracle does not certify either.
But how can the oracle certify within a smart contract without being aware of the existence of the smart contract itself? The innovation brought by DLCs is precisely in exploiting a cryptographic trick within the elliptical curves used for digital signatures in Bitcoin, which allows the oracle to treat the signature of a message by the oracle (where the message would be the output of the bet, „TRUMP“ or „BIDEN“), as if it were a private key that can in turn sign the transaction that unlocks the funds to the winning side.
This way, if Alice wins Trump, she can unlock the funds using her private key plus the oracle signature of the „TRUMP“ message to sign the transaction; if Biden wins, Bob can do the same using his private key plus the oracle signature of the „BIDEN“ message. If, on the other hand, the oracle disappears, or is unable to sign either output because the election result remains disputed and there is no obvious winner, Alice and Bob can take back the collateral put in the contract with the refund transaction.
This is clearly an extremely simplified explanation that omits several mechanisms necessary to mitigate some malicious behaviour that the two parties might undertake in particular situations, but it is still sufficient to understand the potential of this scheme.
In fact, beyond betting on political or sporting events, DLCs can also be used to create real financial derivatives where the object of the bet can be the price of an asset (e.g. Alice and Bob bet on the bitcoin price at the end of the year) and the outputs can be not only binary but also granular, through the preparation of hundreds of different payouts for hundreds of different price ranges for the future BTC/EUR rate, thus creating very censorship resistant futures, confidential and with an extremely reduced need of trust towards third parties. Precisely with regard to the problem of the trust also, to mitigate the risk that an oracle makes an incorrect reporting on an event, it is possible to rely on several oracles, so that the payout between the two parties is distributed according to the average prices reported by the various oracles.
Last but not least, DLCs are also compatible with the Lightning Network, at present only within bidirectional channels but, thanks to the next evolutions of LN (i.e. payment points), it will also be possible to routing economic relationships regulated by contracts of this type, thus allowing to obtain great scalability and reduced costs.
The first experimental DLC was performed in 2019 between CryptoGarage and Blockstream, who bet on BTC’s future price by creating a forward peer-to-peer contract. Subsequently, other companies and researchers began to experiment, working on shared formal specifications and implementing DLCs in some open source bitcoin libraries. But what will probably unlock the potential of DLCs for good is the next soft fork on Bitcoin, which will introduce a new type of digital signature called Schnorr and the new Taproot smart contract scheme. These innovations will significantly increase the complexity of creatable contracts without increasing the size of their settlement transactions.
It is important to note that what distinguishes Bitcoin’s approach to smart contracts more than the Ethereum approach is the fact that Bitcoin holds most of the complexity at the application level: it is the clients who will have to store the transactions for all possible contract outputs in the user’s local memory, thus using the blockchain only for the final settlement of the winning outcome. On Ethereum, on the other hand, smart contracts are executed in their entirety on the blockchain with global consensus, thus limiting their future development and users‘ ability to carry out independent auditing of the system due to the excessive amount of data to be validated.
DLCs are the first step in creating truly decentralised and peer-to-peer finance, where it will be possible to engage in arbitrarily complex financial relationships with untrustworthy counterparties without having to switch from traditional finance gatekeepers. It is important to keep in mind that building the technological infrastructure to make this possible without compromising the decentralisation of the system is an enormous undertaking, which will require years of work and the allocation of many resources to finance its development, but the way to create a real alternative finance is now marked.