Fintech overview for May 30, 2021

Billionaire Ray Dalio owns Bitcoin and thinks it’s better than bonds
Speaking at the Coindesk Consensus conference, Dalio said he held “Bitcoin”.

He did not specify how much of his wallet is allocated to cryptocurrency or other digital assets, but he admitted that he prefers Bitcoin to government bonds.

“The more savings we create, the more you could say, I prefer Bitcoin over bond. Personally, I prefer Bitcoin over bond,” he explained.

Former White House adviser joins Coinbase as policy director
Crypto exchange Coinbase Global Inc has recruited former White House deputy national security adviser Faryar Shirzad to become the new exchange policy official.

Shirzad joins Coinbase after stepping down from a 15-year tenure as Global Co-Director of the Office of Government Affairs at Goldman Sachs Group Inc, where he managed government relations and the company’s public policy strategy.

In the past, Shirzad has held a number of prominent positions, including international trade advisor to the US Senate Finance Committee and US G-8 Sherpa.

PayPal-, the celebrity-backed investment app Acorns announces PSPC deal: what investors need to know
Acorns merges with Pioneer Merger Corp in a deal valuing the company at $ 2.2 billion.

The deal includes an oversubscribed and oversized PIPE.

The merger is expected to close in the second half of 2021, with shares of the new company trading as “OAKS” on the Nasdaq.

Acorns CEO Noah Kerner plans to contribute up to 10% of his stake in a new program that gives shares of the company to qualifying Acorns customers. An additional 10% stake in Acorns will also be offered by sponsors as part of the program.

The company’s investors include PayPal Holdings, BlackRock Inc, Ashton Kutcher, Jennifer Lopez and Dwayne “The Rock” Johnson, according to CNBC.

Gary Gensler says crypto slips between loopholes, proposes regulation of crypto exchanges
Gary Gensler, the new chairman of the United States Securities and Exchange Commission (SEC), believes that the best point for putting in place protections for investors is like on cryptocurrency trading platforms.

“I think there are loopholes in our current system … there are many crypto tokens that fall under securities laws, and our agencies are trying to enforce the laws but there are thousands of tokens. and we were only able to bring seventy-five shares of it, (sic), ”Gensler said in a hearing Wednesday.

Here’s why Kevin O’Leary is investing in DeFi, doubling his crypto, and thinks everyone should too
During a recent episode of Anthony Pompliano’s “The Pomp Podcast”, O’Leary said he was a “major shareholder” in a company called DeFi Ventures and that he planned to use DeFi to lend. assets in exchange for yield, with a target rate of 4.5 to 8% per year.

“Imagine if I could have had a 5% return on my gold over those years it would have been amazing. Well I can on my crypto so that’s really what I do in DeFi and I think I have the best team in North America, ”he explained.

O’Leary also added that he intends to increase his exposure to cryptocurrencies up to 10% of his entire portfolio.

He recently revealed that he allocated 3% of his investments to Bitcoin.

Fidelity’s First Bitcoin Fund Raised Over $ 100 Million In Nine Months
According to recent SEC filings, Fidelity Investments’ Wise Origin Bitcoin Index Fund I, LP has raised $ 102 million from high net worth investors over the past nine months.

The fund is a passively managed investment vehicle managed by Chief Strategist Peter Jubber and offered to accredited investors through the subsidiary Fidelity Digital Funds.

Since August, 83 investors have pooled their funds to raise a total of $ 102,350,437 according to SEC filings. In order to invest in Fidelity’s Bitcoin fund, investors had to offer a minimum investment of $ 50,000.

Vitalik Buterin says Ethereum’s move to proof of stake addresses environmental concerns: ‘It’s an important part of a new era’
Proof of stake is a solution to [environmental issues] of Bitcoin – which needs a lot less resources to maintain, ”Fortune Buterin said at the StartmeupHK virtual festival in Hong Kong.

“This thing that we are building is no longer just a game. It’s an important part of a new era,” he said.

Pointing out that Proof of Stake operates on a “fundamentally different principle” from Proof of Work (PoW), which is the mining mechanism currently used to mine Bitcoin and Ethereum, Buterin believes that Ethereum’s power consumption could be reduced by a factor of 100 or even 10,000.

Tired of zooming? Here’s how Spot Meetings lets you engage with professionals on the go
The average American is active less than 20 minutes a day.

That’s according to Greg Caplan, who founded Spot this year alongside Hans Petter Eikemo as a platform to foster productive meetings on the go.

“I think the challenge is that a lot of our lives are digital now and we spend so much time being inactive,” Caplan told Benzinga during a discussion on how to make people happier and more productive through physical activity.

“We really need to help people get out there and be active; it makes them happier and healthier, as well as more focused, engaged and creative. “

How the growth of leveraged finance affects all investors, according to credit expert Bob Kricheff
Even if you are an investor in stocks, there is a huge advantage in understanding credit risk.

That’s according to Bob Kricheff, portfolio manager and global strategist at Shenkman Capital Management.

In a new edition of his book “A Pragmatist’s Guide to Leveraged Finance: Credit Analysis for below Investment-Grade Bonds and Loans“, Kricheff reveals the emerging dynamics in the high yield bond and leveraged loan market , now valued at over $ 4 trillion.

Kricheff spoke with Benzinga about the implications of rapidly changing markets, as well as what to look for in the world of issuance, valuation and investment for high-grade debt securities. yield.

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