A grant from the Caisse de Dépôt et Placement du Québec has enabled Celsius Network to expand its operations (CDPQ). Canadian pension fund manager Laurence Tosi has joined WestCap, the firm founded by former Airbnb and Blackstone executives Laurence Tosi and Peter Thiel. Celsius is a cryptocurrency loan company that has come under fire from state authorities in the United States. Celsius' $400 million equity round, which valued the firm at $3 billion, has attracted the participation of public pension management CDPQ. The fund is primarily interested in making "diamond in the rough" investments in early-stage businesses that are using blockchain technology. Synnett, on the other hand, warned that his excitement for cryptocurrency is not without its limitations. Celsius got caught up in a US regulatory crackdown on cryptocurrency businesses that give consumers interest on deposits of digital assets, which began last month. In a statement, CEO Bruce Synnett said that the business is dedicated to cooperating with authorities and wants to be seen as the "good people."
Blockchain technology could prove transformative for industries, including financial services. A primer on technology, sponsored by the Organization for Economic Co-operation and Development, was recently published. It highlights the array of opportunities and challenges that blockchain's popularity could have on the financial industry, among many other fields. A blockchain is a shared ledger of transactions between parties in a network. It can diminish the role of intermediaries in the transfer of data. The Organization for Economic Cooperation and Development (OECD) sees far-reaching potential for blockchain in the global economy. Blockchains can vary in the way they operate. One of the prime strengths of a blockchain is its immutability. Once a transaction is made to the ledger, it can not be undone. The first U.S. bitcoin futures exchange-traded fund became available in October 2021. Forty percent of fund selectors report that clients are increasingly demanding cryptocurrency
Comments
Post a Comment