It’s been a while since we have not given you some update on the project. And lots has happened in the crypto market since!!! Hurray, we’re on the rise again, and this time the trend looks promising.
Since the beginning of the year, BTC is up 108% while ETH is up by a more modest 46%. Beyond the figures, it is really the trend that has been interesting and the newsflow with a lot of traditional financial actors making the headlines such as Fidelity opening access to cryptos for financial institutions, JPMorgan launching its JPM coin or SocGen issuing a covered bond on the blockchain.
Since our last Newsletter:
1. We have released new strategies on EOS, XRP, and LTC.
2. We have upgraded our BTC.USD strategy to incorporate the possibility to short.
3. We have announced a partnership with eToro for a dedicated strategy to attract more visibility in their community of traders.
4. We have announced a partnership with Daneel to bring more quality content on our platform.
5. We have launched our bot, A beta version on Kraken and Bitmex of our new offering.
Loi Pacte in France
As some of you may be aware, a new law has been voted in France, that set a legal framework for entities that want to operate in the financial industry for dealing with crypto products. There are some provisions for exchanges, custodians and asset managers among them.
This will be fully transcripted in the AMF code general in June after a public consultation, which is the standard process in France. Post full implementation, we will ask for an extension of our activity program accordingly. This should give us a little more freedom to operate our set of strategies.
We know that most of you are most interested in the launch of our DAF in order for you to get some revenues. We understand your impatience, but once again we are professional in the fundraising world, and given that we can only target professional investors, things have to be done in the right way and without rushing, since you only have one shot with these kinds of clients.
We said consistently that we needed to see a double bull run that would make the tide turn on BTC and ETH. This has now been achieved for BTC on our point of view. We need a sustained confirmation on ETH above the 220–240 zone that lasts for a week or two. We’re almost there.
Now we have hired the legal firm that will work with us on the first DAF. We have discussions for a potential regulated custodian solution next week, and hopefully, we could be ready by summertime to launch the first regulated DAF!!! Once again, given the targeted customers, we have no choice but to get this regulation for the fund itself.
We have also started to have more active conversations with potential investors on the strategy that should be launched initially to attract a maximum number of AUM for this first DAF.
To do that, we have to understand the investment environment of these investors and prepare the legal format of the DAF accordingly. We have found a solution, that will be possible thanks to the French Loi Pacte we talked above. It is called an FPS for those who are in this business.
We are excited to enter this phase of our project and will communicate as soon as we have breakthrough information.
Today is the day we are releasing our new service that will help clients to automatically execute the trades generated from our platform on their personal accounts for a selection of crypto exchanges. At the beginning, we only offer the ETH.BTC.USD strategy but will expand the set of strategies in the next few days to give you more choice.
The service will be available on Kraken and Bitmex initially, and we will expand the eligible exchanges over time. We are currently discussing with some of the big names in this space, and we envisage to make some co-marketing in this space. This will also attract a lot of new eligible users to our project if we succeed at no cost for us.
A dedicated communication will be released on this subject. Please make some noise for us.
We again thank you all for your patience and support in this project. As we just said, we are committed to bringing new products to our platform to attract new eligible users and give them some incentive to buy some of our tokens. Moreover, we are entering the last steps of the race to launch the first regulated DAF. We will make a lot of noise in the next few weeks.