Exchanges Roundup: Devere Launches Crypto Fund, Binance Uganda Claims 40,000 Users
Also Read: Regulations Roundup: Ebang IPO Challenged by Probe, Plattsburgh Passes Mining Guidelines
Nigel Green, the founder and chief executive officer of Devere Group, described cryptocurrencies as “now undeniably” comprising a “part of mainstream finance,” adding that mass adoption is “on the horizon.”
Green stated that the Devere fund will invest in a “diversified portfolio of digital assets via algorithmic trading” on cryptocurrency exchange and over-the-counter markets, adding that Devere will seek to take advantage of arbitrage opportunities present across multiple cryptocurrency trading platforms.
Zachary Cefaratti, the chief executive officer of Dalma Capital, stated: “Crypto Asset Markets abound with durable inefficiencies – creating opportunities … that we have not seen in conventional markets for decades.” Cefaratti added: “Arbitrage opportunities abound – the prices of the top 25 crypto assets vary across over 400 liquidity venues.”
Wei Zhou, the chief financial officer of Binance, indicated that the company will soon expand into Kenya, Nigeria, or South Africa next, stating: “Uganda is our pivot to reach out to other African markets.”
The report states that 70 percent of funds invested into the company came from institutional investors, with Grayscale receiving an average of $6.2 million each week during Q3, $4.5 million of which went into the Bitcoin Investment Trust. Grayscale saw a total of $81.1 million invested in its products during Q3.
Despite the increased share of institutional investment seen during the third quarter, the report notes that “the dollar-value invested [by institutions] was lower than in the two previous quarters.”
Do you think that more mainstream financial institutions will soon launch cryptocurrency funds? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Devere Group.
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