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DAiM Unveils First Bitcoin-Focused 401(k) Plan in US

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DAiM will work closely with the companies as their advisor in order to help them create a 401(k) plan with a Bitcoin allocation of up to 10%.

Digital Asset Investment Management alias DAiM has announced that it has launched the first Bitcoin-focused 401(k) plan in the United States. The firm, which prides being the first licensed Registered Investment Advisor for Bitcoin and Digital Assets noted that the new services are fully compliant with the Employee Retirement Income Security Act (ERISA).

“DAiM serves as the plan fiduciary and is responsible for selecting, managing, monitoring, and benchmarking the investment offerings,” the company noted in the press release.

On the Leadership Board

According to Adam Pokornicky, COO of DAiM, since the inception of the company two years ago, there has been a huge demand for bitcoin-focused 401(k) plan around the country. Traditionally, the 401(k) retirement plan has not offered employees diversified investment options. As a result, the returns are fixed and mind due the dollar is depreciating at a fast rate as the Fed floods the market with new dollar bills to offset the coronavirus crisis.

Pokornicky noted that Bitcoin has demonstrated beyond a reasonable doubt that it can withstand market pressures thus a good store of value.

Notably, the firm launched its first employer-sponsored 401(k) plan in October 2019 to test its market viability. Henceforth, DAiM has opted to scale the test program all over the United States with Bitcoin at the center stage.

“We’re proud to be a leader in regulated Investment Management services for Bitcoin and are excited to lend our fiduciary capacity to enable access to Bitcoin in 401(k) plans in this way,” states Pokornicky in the press release.

DAiM 401(k) Bitcoin Plan

Apparently, DAiM will work closely with the companies as their advisor in order to help them create a 401(k) plan with a Bitcoin allocation of up to 10%. Notably, the allocated Bitcoins will be held by Gemini Trust in cold storage custody.

Therefore ensuring the customers’ funds are safe from the highly risky crypto market and more importantly accessible if need be. Particularly, the DAiM noted should any employee leave the company and need to access their stored Bitcoins, it will be made instantly to them. In addition, the cold storage is readily accessible if the customers want to allocate more Bitcoins in their 401(k) plan.

Notably, DAiM has noted that interested customers who need to have a Bitcoin focused 401(k) plan by next year should arrange the plans by mid-December, 2020.

This is a huge breakthrough both for Bitcoin and the crypto industry at large. It is a clear indication that regulators have accepted Bitcoin and the crypto industry is here to stay and should embrace it for good.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
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Crypto.com Lands Australian Financial Service License (AFSL)

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The Crypto.com company currently serves up to 5 million customers providing them with a powerful alternative to traditional financial services.

Payment service provider Crypto.com has secured the Australian Financial Service License (AFSL), further advancing the platform’s reach to expand its services to the Australian populace. According to a press release shared with Coinspeaker, Crypto.com secured the Australian Financial Service License following the acquisition of The Card Group Pty Ltd, a New South Wales payment firm that is licensed by the Australian Foreign Investment Review Board.

Finding favor with regulators around the world has proven to be a bit of a task for cryptocurrency-based firms around the world. With different country’s regulators having different regulations when it comes to cryptocurrencies, it is apparent that a company that thrives in one nation may experience hurdles somewhere else. The move by Crypto.com to secure the Australian Financial Service License through the acquisition of a homegrown company is one strategic move that is worth applauding.

“We are extremely proud to secure an AFSL and look forward to having a direct relationship with our Australian customers. We are committed to accelerating the world’s transition to cryptocurrency; working within the regulatory frameworks of the markets we operate in is a key pillar of achieving our mission,” said Kris Marszalek, co-founder, and Chief Executive Officer (CEO) of Crypto.com.

As the company noted, securing the AFSL will make it possible for the company to roll out its crypto-backed cards in Australia. The company also noted that the AFSL license will afford it the opportunity to have a direct relationship with the Australian regulators and the broad financial ecosystem. “Crypto.com looks forward to working with local network schemes to speed the development of new features and functionality of products and services available to Australian customers,” the company noted in the shared press release.

Crypto.com AFS License, Another Milestone Recorded

Since its establishment in 2016, Crypto.com has worked based on its simple principle that everyone has the right to manage their own finances particularly as it relates to their money, data, and identity. The firm has experienced unique milestones as it has rolled out unique products and offerings in all of its bases of operations in line with this principle and the AFS license is yet another Crypto.com milestone recorded.

The role of Crypto.com in the crypto space is vital. The company currently serves up to 5 million customers providing them with a powerful alternative to traditional financial services through the Crypto.com App, the Crypto.com Visa Card, the Crypto.com Exchange, and Crypto.com DeFi Wallet. 

With the latest entry into the Australian market, Crypto.com is billed to promulgate its solid foundation of security, privacy, and compliance.

You can read more updates from the crypto space here.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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Ripple’s XRP sees explosive 1,151% trading volume spike in November

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Month-over-month, XRP saw a 1,151% surge in trading activity in November on the eToro investment trading platform, according to the company’s latest report. This comes as XRP price rallied to $0.92 on Coinbase at its monthly peak and closing the month with a 283% gain at around $0.61.

Top 10 traded cryptoassets Source: eToro 

Spike in retail interest, trading activity

Bitcoin (BTC) was nearing $19,000 for the first time since December 2017 when large market cap altcoins like XRP started to surge in November.

XRP/USD daily chart (Coinbase). Source: TradingView.com

The optimistic market sentiment around Bitcoin likely led traders to explore higher-risk short-term trades. The result was a large surge in volume as traders rushed into altcoins.

Simon Peters, a market analyst at eToro, explained that XRP’s increase in month-on-month trading activity is entirely logical. He emphasized that trading volume typically accompanies large price moves. Peters said:

“Bitcoin has been the focal point for much of the crypto community, but altcoins are also making waves as investors look to alternative cryptoassets to diversify and make gains elsewhere. XRP’s increase in month-on-month trades is entirely logical in the context of November’s price rise. The token rose from $0.240 at the start of November to $0.661 at the end of it.”

Other likely factors include historic market trends and a spike in retail interest. In January 2018, the altcoin market saw a mania driven by retail investors. At the time, XRP and Ether (ETH) were the biggest drivers of the altcoin market’s rally.

Google search volume for “XRP.” Source: Google Trends

In fact, over the past month, the Google search term “XRP” surged to its highest levels in three years, suggesting that retail traders were returning. The most likely reasons for this include XRP breaking out of a multiyear downtrend and the perceived “cheaper” value compared to Bitcoin in the eyes of the public. 

As Cointelegraph reported, the demand for XRP also rose so quickly that Coinbase suffered a temporary server outage to the ire of its users.

Altcoins following Bitcoin’s lead in a bull market

Altcoins tend to rally and play catch-up when Bitcoin steadies during a bull market. This trend occurs because traders often look for higher-risk plays when the BTC price is consolidating.

Peters noted that Bitcoin saw an explosive price movement in November, and has seen minor, if not predictable, pullbacks. For altcoins, this is an ideal period for gains as it makes them more compelling for retail traders. Peters added:

“Bitcoin exploded in November, smashing through resistance level after resistance level, with only minor and relatively predictable retracements.

On the other hand, altcoins are always at risk of a major crash in the event of a BTC price correction. During bull markets, altcoins are likely to follow the price movement of BTC albeit with more volatility, which puts altcoins at risk of extreme short-term price swings.

Nevertheless, technical analysis shows a bright outlook for XRP, whose price is now at the highest levels in over two years. 

“The higher time frames give a clearer indication of where XRP is located in the market cycle,” trader Michael van de Poppe noted in his latest XRP price analysis. “A multiyear downtrend was broken to the upside, meaning that dips will likely be considered as entry opportunities for traders.”

With this in mind, if XRP holds $0.45 as support, continuation toward $1.00 is likely, particularly if Bitcoin price hits a new all-time high.