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Latin America’s First Approved Bitcoin ETF to raise $90 Million to Buy BTC

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Following the recent approval of QR Capital’s Bitcoin exchange-traded fund (ETF), the Brazillian company is looking to raise $90 million to buy the bitcoin needed before trading commences.

Working Towards Acquiring Bitcoin

QR Capital made history after Brazil’s Securities and Exchange Commission (CVM) approved its application for a Bitcoin ETF, becoming the first of such in Latin America. As reported by CryptoPotato, the 100% Bitcoin ETF would trade on the Sao Paulo stock exchange, B3, under the ticker QBTC 11.

While trading is scheduled to commence in June 2021, the company behind the Bitcoin ETF stated that it was aiming to raise 500 million BRL ($90 million) to acquire bitcoin, according to a Forbes report.

Meanwhile, Fernando Carvalho, founder, and CEO of QR Capital said the company was looking to leverage on B3’s four million Brazilians who access the stock exchange. For Carvalho, the figure would mean that its Bitcoin ETF would see a surge in demand when trading begins.

Also, the QR Capital head said the firm would purchase bitcoin in overseas regulated cryptocurrency exchanges. In addition, the ETF would use CME Group’s CME CF Bitcoin Real Time Index (BRTI), to calculate the price.

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Furthermore, Carvalho stated that BitGo and Coinbase Custody would act as custodians for the Bitcoin ETF. Commenting on QR Capital’s choice of custodians, Annemarie Tierney, a blockchain consultant, and former SEC regulator said that it was ironic that U.S.-based crypto companies would custody a Brazilian Bitcoin ETF, while U.S. regulators were yet to approve any.

Tierney added that with more Bitcoin ETFs getting greenlighted in different jurisdictions, companies in the U.S. seeking similar approval are at a competitive disadvantage.  Presently, the VanEck Bitcoin ETF filing awaits a decision from U.S. Securities and Exchange Commission (SEC).

“Bitcoin ETF is a Game Changer”

Carvalho also believes that the emergence of Bitcoin ETFs would allow individuals to gain entry into legacy markets and also to invest in the number one crypto asset without worrying about securing their private keys. The QR Capital CEO also noted the difference in the demand for BTC between 2017 and the present, attributing bitcoin’s current growth to increased institutional interest.

While Carvalho stated that there was more room for growth in terms of integrating Bitcoin into the legacy capital markets, he expected other countries to approve Bitcoin ETFs.

North America received its first Bitcoin ETF back in February 2021, after Canadian regulators approved the Purpose Bitcoin ETF. Since then, Canada has had two other BTC ETFs from Evolve Funds Group and CI Global Asset Management.

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Source: https://cryptopotato.com/latin-americas-first-approved-bitcoin-etf-to-raise-90-million-to-buy-btc/

Blockchain

Dogecoin Resumes Fresh Uptrend as Buyers Recoup Above $0.40 Support

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May 15, 2021 at 11:20 // News

DOGE is resuming upward after a minor retracement

For the past 48 hours, Dogecoin has been rising after its recent fall to $0.35. The altcoin reached a high of $0.59 but faced rejection at the $0.60 resistance zone.

On May 4, Dogecoin faced similar rejection, but buyers overcame the resistance level. The market rose to a high of $0.65 and pulled back to a $0.60 low before reaching the previous high of $0.70. Today, DOGE is resuming upward after a minor retracement. The altcoin is likely to rise and retest the previous high of $0.73. Conversely, if buyers fail to overcome the $0.60 resistance, the market will be compelled to sideways move below the resistance level. DOGE/USD is trading at $0.536 at the time of writing.

Dogecoin indicator reading 

Despite the retracement, the DOGE price is above the 21-day and 50-day SMAs. This indicates that the altcoin is in the bullish trend zone and capable of rising. The market is above the 40% range of the daily stochastic. The price indicator is contrary to the price action as the market is in a bearish momentum at the time of writing.

DOGE - Coinidol.png

Technical indicators:  

Major Resistance Levels – $0.80 and $0.85

Major Support Levels – $0.45 and $0.40

What is the next direction for Dogecoin?

DOGE/USD has resumed a fresh uptrend. If the altcoin breaks above the $0.60 resistance, it will signal the resumption of the uptrend. On May 7 uptrend; a retraced candle body tested the 50 % Fibonacci retracement level. This retracement indicates that the altcoin will rise to level 2.0 Fibonacci extension or the high of $1.29. 

DOGE - Coinidol 2 chart.png

Disclaimer. This analysis and forecast are the author’s personal opinions, are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coinidol.com/dogecoin-040-support/

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CoinZoom Joins Visa’s Fintech Fast Track Program 

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Leading U.S based cryptocurrency exchange CoinZoom has announced that it has joined Visa’s Fintech Fast Track Program. This development is expected to speed the process of integrating with Visa and expand CoinZoom’s capability to leverage the capabilities and security of the Visa global payment network. 

CoinZoom to Launch New Products in Collaboration With Visa

The crypto exchange made this announcement in a press release on Friday, May 14, 2021, with key details. CoinZoom customers will be able to send funds from their wallets to their debit cards in real-time using the Fast Track technology. The collaboration will also enable CoinZoom to integrate Visa Direct, a real-time push payment platform. 

CoinZoom will utilize Visa Direct and launch a new service called CoinZoom Instant. With CoinZoom Instant, users will be able to convert their crypto to fiat and send funds to their debit cards. The innovative service will also allow money to be sent to eligible debit card and prepaid card accounts to complete payouts, P2P transfers, app withdrawals, and many more. CoinZoom estimates that the service will reduce the confirmation times for transactions from 2-3 days to within a few hours. 

CoinZoom customers will also be eligible to receive up to 3% moneyback in crypto when they send their funds using CoinZoom Instant. Currently, CoinZoom offers Visa debit card that allows U.S customers to exchange their crypto for fiat and spend in over 53 million merchants and ATMs globally. This development is expected to take the level of collaborations between the two companies to the next level. 

Visa’s Fintech Fast Track Program is a bootstrap program that provides startups with the ability to access Visa’s partner network and resources. Startups like CoinZoom will be able to build new products with the support of Visa and expand payment services in the most efficient way possible. 

Speaking on the partnership with Visa, CoinZoom CEO Todd Crosland revealed his delight and stated that it represents a major milestone for the exchange.

“Our customers can currently send fiat or crypto instantly to other users for free via our peer-to-peer transfer feature, ZoomMe, and now through our expanded collaboration with Visa, we will be able to provide a premier service to global customers in the peer-to-peer marketplace that totals over $20T per year.’’

He also added that the integration would reduce the wait time for crypto to fiat transfers.

“Through the integration with Visa Direct, our U.S. customers will be able to convert crypto and send their fiat to their eligible debit cards in real-time, as opposed to waiting 2-3 days for a bank wire. With CoinZoom Instant, customers will be able to easily send fiat or crypto from one account to another, one bank to another, or one country to another in real-time,” Crosland concluded. 

Terry Angelos, SVP and Global Head of Fintech, stated that CoinZoom had a lot to gain within the Visa Fast Track program.

“Fast Track lets us provide new resources that rapidly growing companies need to scale with efficiency.” 

About CoinZoom

CoinZoom is a U.S registered exchange and available in 50 states. The exchange also has subsidiaries in Australia and Ireland. The digital asset exchange uses novel technology to provide a user-friendly experience for traders. It offers customer-focused tools and trading features to ensure that customers can access the best trading opportunities. CoinZoom offers buying, selling, and transaction services for crypto assets and supports popular assets like Bitcoin, Ripple, and Ethereum. Its primary product is the CoinZoom Visa card that allows users to instantly convert crypto to fiat and use it in over 100 countries globally. 

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Source: https://btcmanager.com/coinzoom-visa-fintech-fast-track-program/

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Blockchain

Crypto Scam Watchdog Group Wants To Get Back At Vitalik Buterin

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A crypto scam watchdog group wants to get back at Ethereum’s creator after he got rid of all of his SHIB token holdings. Now, the group created a token that dumps ETH for rival BNB as we can see more in our latest Ethereum news today.

The market for SHIB collapsed after Buterin got rid of all of his tokens and now one crypto scam watchdog group wants revenge. The Telegram group War on Rugs hates rug pulls but now they are trying to rug pull Ethereum. The group says it’s composed of developers and auditors that created the Rug Ethereum token in retaliation for the ETH co-founder Vitalik Buterin’s decisions o transfer millions of his SHIB tokens to charity while at the same time he crashed the market for the token:

“Vitalik rug pulled Shiba, innocent investors have been hurt. He should never be shown as a hero for this.”

Binance CEO Changpeng Zhao agreed to list the token on Binance’s Innovation Zone and called SHIB high risk. War on Rugs which looked at the smart contract said that this year Buterin had a huge stake in the token which meant it could be vulnerable. A rug pull is a type of scam where developers leave a project and take investors’ money with them. They are most common in the DeFi space where people can go to get crypto loans, earn interest, and trade assets without getting the help of a financial intermediary or insurance that intermediaries provide.

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Buterin didn’t develop the token so now the creators of the meme token sent trillions of the asset to Buterin who is reversed among ETH acolytes for his intellectual capacity and lack of concern for the things money can buy. Sending the funds to Buterin’s wallet lent the project a veneer of legitimacy while also decreasing the supply because he wouldn’t touch the funds. DeFi researcher Chris Blec said:

“If you consider a ‘rug pull’ to be quickly, without notice, removing a damaging amount of liquidity from a pool, then I guess that’s what Vitalik did. The fact that he never asked for the liquidity in the first place definitely changes things though.The SHIB token project was originally deployed with a specific set of risks and a whole lot of inherent problems. Vitalik didn’t change any of that. He simply exposed the token for what it was.”

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.dcforecasts.com/ethereum-news/crypto-scam-watchdog-group-wants-to-get-back-at-vitalik-buterin/

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