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JPMorgan Launching New Way To Invest in Companies With Exposure to Cryptocurrency

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JP Morgan is offering a new way for investors to get skin in the crypto game.

The investment banking giant is launching a structured note offering linked to the “J.P. Morgan Cryptocurrency Exposure Basket,” consisting of 11 stocks of U.S. listed companies that the bank believes are related directly or indirectly to crypto assets.

According to a new filing with the U.S. Securities and Exchange Commission (SEC), the included companies have exposure to crypto via “Bitcoin holdings, cryptocurrency technology products, cryptocurrency mining products, digital payments or Bitcoin trading.”

Twenty-percent of the basket is stock in MicroStrategy, 18% is stock in Square, 15% is stock in Riot Blockchain, 15% is stock in NVIDIA Corporation, and 10% is stock in PayPal.

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The remaining six stocks, all weighted at 5% or less, are in Intercontinental Exchange, CME Group, Overstock.com, Silvergate Capital, as well as American depositary shares in Taiwan Semiconductor Manufacturing Company Limited.

The notes cost a minimum of $1,000 and will mature on May 5th, 2022. JP Morgan will deduct 1.5%.

This isn’t the bank’s first interaction with the crypto space: Earlier this week, news broke that JPMorgan is reportedly outlining opportunities in the crypto markets for its private banking clients who hold a minimum of $10 million in their accounts.

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And in February, both JPMorgan and Goldman Sachs were reported to have been gaining exposure to 21Shares’ Polkadot ETP (exchange-traded product), which trades on the Swiss Stock Exchange under the ticker ADOT:SW.

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Binance

Binance’s Trading Volume Hits $100 Billion in Just One Day

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Binance continues to see unprecedent trading activity while attempting to sail through regulatory hurdles

Binance’s daily volume hit an eye-popping $100 billion on Oct. 20, according to a tweet by CEO Changpeng Zhao.

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The leading crypto exchange recorded this crucial milestone on the day Bitcoin, the largest cryptocurrency, reached a new all-time high of $67,276.

Despite introducing stricter measures for users due to severe regulatory scrutiny, Binance enjoys a comfortable lead over other crypto exchanges in both spot and derivatives trading, according to data provided by CoinMarketCap.

Eerier this month, the trading platform also announced a $1 billion ecosystem fund.         

Meanwhile, the decentralized finance sector is catching up with centralized behemoths. The total value locked in DeFi protocols has hit $100 billion for the first time.

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Crypto Exchange

Binance Smart Chain DeFi protocol PancakeHunny suffers flash loan attack

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As the users argue “what’s better,” Ethereum or Binance Smart Chain, the latter saw another decentralized protocol being exploited. PancakeHunny on BSC was attacked by a flashloan and no, this wasn’t a first for the protocol.

Blockchain security and data analytics company Peckshield Inc. announced the attack on Twitter.

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The last time that this protocol was exploited, was in June, wherein the team had noted the creation of a smart contract to exploit the Hunny Minter Smart Contract. The contract was subsequently executed 91 times, as per the team.

The team took a long time to respond to the hack this time but assured the users that their funds were safe. The team added in a preliminary report,

“On 20 October 2021, at 0920 UTC. A smart contract was created to exploit the Hunny TUSD vault. The Contract was subsequently executed 26 times.”

PeckShield provided some details about the same noting,

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According to the agency, this hack was possible due to a profit inflation bug, which converts the relatively small amount of harvested ALPACA, to a large amount of TUSD for staking. PeckShield added,

“These converted TUSDs are then counted as profit, now inflated to mint large amount of $HUNNY!”

Source: Twitter

Actions taken by the team

The PancakeHunny team has stopped the minting process for the TUSD vault while assuring that funds in Hives were all SAFE. The exploit did not affect other Hives and Vaults but the price of HUNNY.

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They added that the issue has been identified and the team will change its rooting to higher liquidity pools to prevent the aftereffects of price manipulation of LP pools.

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Coinbase

NBA Makes Coinbase Its Exclusive Crypto Partner

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Coinbase has joined FTX in scoring major partnerships in the sports industry     

The National Basketball Association has announced a multi-year deal with Coinbase, America’s biggest crypto trading platform in an Oct. 19 press release.   

Coinbase will act as the exclusive partner of the NBA, NBA G League, Women’s National Basketball Association (WNBA), and other leagues. 

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As part of the deal, the exchange will have a brand presence during televised games as well as unique content and activations that are meant to boost crypto awareness.  

Kate Rouch, Coinbase’s chief marketing officer, says that the company is proud of joining forces with the NBA:

The freedom to participate and benefit from the things you believe in is at the heart of Coinbase’s mission.  Nobody believes this more than NBA and WNBA fans. We’re proud to become the Leagues’ official cryptocurrency partner.

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The shares of Coinbase are up roughly 3% at press time. 

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