$102,555.00
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1.17%$391.50
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0.67%$6.37
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0.00%$35.05
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13.81%$0.998993
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54.44%$23.86
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-11.58%Reading
Investment bank Goldman Sachs has edged toward Ethereum and decentralized finance (DeFi) in recent months.
According to a filing today with the Securities and Exchange Commission (SEC), it's ready to offer an exchange-traded fund (ETF) linked to companies in the sector.
The Goldman Sachs Innovate DeFi and Blockchain Equity ETF will provide investors with exposure to companies "aligned with the themes" of blockchain technology and the "digitalization of finance," says the bank.
The cryptocurrency giant Coinbase has sounded a bullish note on the prospect of the Securities and Exchange Commission approving a Bitcoin ETF—a long-awaited development that is expected to increase overall demand for Bitcoin and likely provide a price pop. According to a forthcoming report for institutional investors seen by Decrypt, Coinbase believes there are signs that U.S. policy towards crypto is "softening" and that an ETF approval is likely inevitable. "We believe that given clear public...
An ETF is an investment product that tracks an asset or group of assets and can be traded like stock on traditional exchanges. While the SEC has a backlog of applications for Bitcoin ETFs—which would give investors access to BTC without having to store and secure the digital asset themselves—the regulator has yet to approve such a fund.
Goldman Sachs' proposal, being linked to company stocks rather than crypto assets, may stand a better chance of success, even though investors and the SEC alike don't yet know what's in it.
Goldman says the fund will be designed to correspond to "the performance of the Solactive Decentralized Finance and Blockchain Index." However, the German index fund maker doesn't list such an ETF on its website.
Goldman Sachs’s “DeFi” Fund contains only legacy companies and has 0 crypto-native companies.
They’re trying to deceive the public into thinking we already have decentralized finance.
Fix the money, fix the world
(h/t @hfangca ) pic.twitter.com/9b22kh2Qdw
— Charlie Shrem (@CharlieShrem) July 27, 2021
That said, Solactive's Blockchain Technology Performance Index features such heavy-hitters as Nokia, Facebook, Google parent company Alphabet, Mastercard, and Paypal. While some of these corporations have crypto aspirations or projects, notable Facebook and Paypal, their exposure to blockchain isn't necessarily to the degree of, say, Microstrategy or Square. Moreover, their embrace of DeFi—which removes intermediaries such as large financial institutions and companies from processes such as banking, lending, and trading—is suspect.
That hasn't stopped Goldman from actually investing in the sector. It joined a $28 million funding round for blockchain infrastructure firm Blockdaemon in June. Later that month it revealed plans to open trading for Ethereum options in the coming months.
AI infrastructure firm CoreWeave reported revenue more than five times higher than a year ago, fueled by surging demand for computing power across the sector. In the company’s first earnings report since going public in March, released Wednesday, CEO Mike Intrator said CoreWeave is "scaling as fast as possible" to meet "accelerating" needs for the booming AI sector. The New Jersey-based AI builder brought in $981.6 million in revenue for the first quarter this year, up roughly $793 million from...
Mastercard has inked another partnership with a crypto company to provide stablecoin-powered cards, enabling users and businesses to make and receive payments in stablecoins worldwide. Working with MoonPay, the rollout will rely on infrastructure from Iron, a stablecoin payment firm acquired by MoonPay in March. Transactions will be automatically converted into fiat. Stablecoins have become popular tools in crypto trading and payments for their price stability, as each is pegged to a fiat curren...
Lyft has partnered with Bee Maps, a decentralized mapping platform built on Hivemapper infrastructure, to support its internal mapping efforts, the company has confirmed to Decrypt. The rideshare firm began working with Bee Maps in 2024 and is using the platform’s street-level mapping data to help improve routing and navigation as it expands its autonomous vehicle strategy. Bee Maps publicly announced the relationship in a blog post on Wednesday, describing Lyft as a customer of its crypto-incen...
