SkyBridge enters Bitcoin market with $310 million, largest purchase ever and banks are allowed to use stablecoins

Crypto2Cash
2 min readJan 6, 2021
Photo by Pierre Borthiry on Unsplash

SkyBridge enters Bitcoin market with new Fund

SkyBridge Capital announced the launch of the SkyBridge Bitcoin Fund LP. It provides investors with an institutional-grade vehicle to gain exposure to Bitcoin. The company of founder Anthony Scaramucci is a leading global alternative investment firm.

Additionally, on behalf of its flagship funds, SkyBridge initiated a position, valued at approximately $310 million at the time of this release, in funds investing in Bitcoin during November and December 2020.

“We believe Bitcoin is in its early innings as an exciting new asset class. With the institutional quality custody solutions available today, we believe the time is right to allocate capital and provide our clients access to the digital assets space.”

Source: PRnewswire

Largest trade in history of Bitcoin by Coinbase and One River

Coinbase and One River Asset Management claim that they did the largest purchase of Bitcoin ever of the cryptocurrency.

One River worked with Coinbase to invest an undisclosed amount in digital assets, resulting in one of the largest digital asset trades in history. The initial trades were completed over the course of five days and executed at different speeds to work through varying market conditions.

“The controls offered by Coinbase met our rigorous operational and compliance standards,”

According to on-chain analysis from CryptoQuant, around the same date a total of $1,7 billion is being withdrawn from the exchange. If these 55.000 BTC are linked to One River is not confirmed.

Once trading was completed, they used Coinbase Custody to store the digital assets.

Source: Medium

Banks allowed to conduct payments using stablecoins

Federally regulated banks can use stablecoins to conduct payments and other activities, the Office of the Comptroller of the Currency (OCC) said Monday.

The federal banking regulator published an interpretive letter addressing whether national banks and federal savings associations could participate in independent node verification networks (INVNs, otherwise known as blockchain networks) or use stablecoins. The letter said these financial institutions can participate as nodes on a blockchain and store or validate payments.

“The letter states that blockchains have the same status as other global financial networks, such as SWIFT, ACH and FedWire.

Any banks that do participate in an INVN must be aware of the operational, compliance or fraud risks when doing so, an OCC press release warned.

Source: Coindesk

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