Yearn Ecosystem Gets a Meta-Governance Token from PowerPool

Yearn Ecosystem Gets a Meta-Governance Token from PowerPool

In the recent reports, the firm ‘PowerPool’ has launched a new product into the crypto-ecosystem known as YETI. PowerPool is a project that is...
Since the rally in the crypto markets in 2020, it is safe to say that crypto-backed financial products have had a good year. 3iQ, the investment management firm based in Canada, has announced the launch of its exchange-traded fund (ETF), which will be backed by Ether. It will be listed on the Toronto Stock Exchange, thereby enabling investors to get exposure to the crypto asset class. Investors will be able to use the Ether ETF for gaining exposure to ETH without buying, storing or selling the asset on their own. The Gemini Exchange’s custodial arm, Gemini Custody will hold the coins that back the shares. The product has also joined 3iQ’s Bitcoin Fund, which had been added to the Toronto Stock Exchange in April. Upon its launch, it had listed a total of 1.5 million Class A shares. Upon its launch, the Bitcoin Fund had been priced at $11 per unit, but it had seen an increase in value soon enough. 3iQ had announced in October that the Bitcoin Fund had managed to cross the $100 million market cap level. While there was a lot of initial fanfare at the announcement of the Ether ETF, things didn’t go completely as planned for the investment management firm. The investors were concerned that the fund hadn’t been available for trading at the opening bell, but it had only been halted because the closing of its IPO prospectus had been delayed. Eventually, trading had commenced, albeit it was two hours late. Throughout the rest of the day, a total of 345,331 shares of the fund had been traded. The performance of the fund had been quite acceptable for the first day, as it had managed to reach an intraday high of $11.48 before it ended at a value of $11.02. Considering the fact that there had been a 0.5% drop in Ether on the day, investors would certainly be pleased with a 3.5% gain where the ETF is concerned. It is understandable that the interest in the proliferation of instruments backed by cryptocurrencies will increase within the crypto space. The first Bitcoin ETF had also been launched in September. Hashdex, a Brazilian fund manager, had announced that they were launching the ‘Hashdex Nasdaq Crypto Index’ in partnership with NASDAQ on the Bermuda Stock Exchange. According to the announcement, there will be a total of 3 million Class E shares in the launch. Infomoney, the local news source reported that the launch would happen before the end of the year. However, these funds have not made any move into the US market. There is an extensive history of the US Securities and Exchange Commission (SEC) of denying all crypto ETF applications, a number of which had been submitted late last year. However, there is a possibility of a change in stance. The Commissioner of the agency, Jay Clayton will be stepping down from his position at the end of 2020. Even though there is no news about who will replace him, but the new appointee just might look at crypto ETFs favorably.

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