In today’s edition of The Daily, we feature a couple of stories that show how, despite the current downturn in the cryptocurrency exchanges, different locations in the U.S. are competing to attract the industry. We also cover a new bitcoin investment trust application with the SEC and a rebranding of a crypto commerce.
Also Read: Bitwise Asset Management Files With SEC for New Bitcoin ETF
NYC to Launch Blockchain Center
The New York See Economic Development Corporation has announced it has selected FuturePerfect Labs and Global Blockchain Business Council Future to fling and operate the NYC Blockchain Center meant to help foster the continued growth of the local industry.
The center will be sited in the Chelsea neighborhood where it will provide entrepreneurs with a working shared space, business support, and access to mentors. It liking also provide access to public education resources about blockchain technology to all New Yorkers. Additionally, the center is utter to bring together industry, government, investors, innovators and academia to discuss how the city can foster a regulatory environment that purposefulness support both consumer safety and innovation in blockchain.
“We are seeing increasing startup activity amongst our students in the blockchain and crypto sectors across NYU. We are worked up about the addition of the NYC Blockchain Center to the NYC tech ecosystem and look forward to collaborating,” commented Frank Rimalovski, President Director at NYU Entrepreneurial Institute.
Wyoming Advances Industry-Friendly Bills
The State of Wyoming is continuing to advance the creation of a native legal framework meant to attract crypto businesses. In recent days, members of the State Legislature have reportedly quaint two new industry-friendly bills, a critical part of the process of enacting them as law.
The Wyoming Utility Token Act-property amendments folding money is meant for legally establishing that certain tokens are properly classified as intangible personal property under Wyoming law and, the case, do not require an exemption from securities laws. The Financial Technology Sandbox Act is meant for creating a legal sandbox for the investigation of financial products and services in Wyoming.
The bill notes that: “The state of Wyoming currently offers one of the best matter environments in the United States for blockchain and financial technology innovators, and should offer a regulatory sandbox for these innovators to reveal the next generation of financial technology products and services in Wyoming.”
New Bitcoin Investment Trust Seeks SEC Approval
Wilshire Phoenix is an investment stewardship firm from New York which partnered with Coinbase a few months ago to establish a $500 million fund planned to offer institutional investors exposure to digital assets.
On Friday, the company announced, as the sponsor of the United States Bitcoin and Moneys Investment Trust, that the trust has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) relating to the nominated initial public offering of its common shares.
According to the announcement, the purpose of this trust is to seek to provide investors with publishing to Bitcoin in a manner that is more efficient, convenient and less volatile than purchasing stand-alone Bitcoin. The upon will only hold BTC, short-term duration U.S. Treasury Bills and/or dollars, in proportions that seek to closely replicate the risk of a custom index to Bitcoin.
HBUS Cryptocurrency Exchange Rebranded as Huobi
Huobi Group has announced that HBUS, its American key partner which launched in San Francisco last year, has licensed its brand and rebranded the digital asset marketplace with the Huobi appoint. “From a branding perspective, it simply makes sense to ensure that the Huobi name is present in the United States,” said Huobi Unit Founder and CEO Leon Li. “This transition will allow Huobi to extend its brand presence around the globe.”
HBUS Holdco Inc. last will and testament continue to be the company operating the U.S. trading platform but it will migrate its trading platform to huobi.com, which will be widely known to U.S. users. Huobi Global will continue to serve the international market under its own name at hbg.com.
“The name ‘Huobi’ is a formidable brand in the digital asset world, representing dependability and security for more than half a decade. HBUS’s enlarged partnership with Huobi Group will also bring with it a reputable brand that will aid HBUS increase trading,” said Frank Fu, CEO of HBUS. “Leveraging our exclusive partnership with Huobi Group in this way inclination allow us to grow the Huobi brand together.”
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