Music Tokenization is in The House

Photo by bruce mars on Unsplash

December 14, 2020

  1. Utopia Genesis Foundation Partners STOKR To Enable Music Tokenization
  2. Major Spanish Bank Launches Bitcoin Trading and Custody in Switzerland
  3. Fidelity Investments is Accepting Bitcoin As Collateral for Cash Loans
  4. German Private Bank, Hauck & Aufhäuser, Launching Crypto Fund

Utopia Genesis Foundation Partners STOKR To Enable Music Tokenization

Photo by Simon Noh on Unsplash

Utopia Genesis Foundation, a blockchain-powered music data providing platform, entered into a partnership with STOKR, a blockchain-based digital market place to help artists tokenize and securitize their work to give listeners access to unique investment vehicles, as announced in a press release.

According to the press release, Utopia Genisis states that the partnership with STOKR will allow artists and music owners to sell a portion of the music to the community as revenue and allow them to tokenize their assets for crowdfunding for music album launches and the likes.

In an interview with Cointelegraph, Chief Strategy Officer of Utopia Genesis Daniele Sestagalli, states:

“Artists can get crowdfunded by fans instead of record labels who give the artists shady deals, so the artists can be more open in what they are doing […] For the fans side they can finally be apart from their favorite artists music and hopefully in the near future get revenue from their investments,”

The partnership with STOKR is Utopia’s first step towards decentralizing the stock market for music that will benefit both artists and fans. 

Source | Cointelegraph

Major Spanish Bank Launches Bitcoin Trading and Custody in Switzerland

Photo by Matt Foster on Unsplash

Spain’s second-largest bank, BBVA, has announced through its Swiss subsidiary that it is launching a bitcoin trading and custody service in Switzerland. 

Trial runs have begun for the rollout of the bitcoin trading and custody service. Alicia Pertusa, 

Head of Client Solutions Strategy at BBVA, recognizes the vast potential of digital assets and its capabilities to change the common perception of value and information exchange through the technology of blockchain.

“Starting in 2021, BBVA will offer its clients a service of trading and custody of digital assets, with all the guarantees of any other banking service, with a transparent system that is very simple to operate.”

However, BBVA stressed that it would not be an advisory for cryptocurrencies. 

The launch will the bank’s first step to expand its service to cryptocurrencies, and it is beginning in Switzerland as it is the most advanced country in terms of regulation and digital asset adoption in Europe. 

Source | Bitcoin.com

Fidelity Investments is Accepting Bitcoin As Collateral for Cash Loans

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Fidelity Digital, a subsidiary of Fidelity Investments, has entered into a partnership with BlockFi, a crypto lending platform, to launch a service that allows customers to pledge bitcoin as collateral for cash loans. 

This partnership is Fidelity’s effort to continue reporting the growing institutional interest in digital currencies like Bitcoin, as shown in their research results with 36% of respondents holding bitcoin and 60% interested in bitcoin (a 30% increase from 2019).

BlockFi will risk-manage the votality of bitcoin by offering 60% of BTC’s cash equivalent in loan. As stated by Zac Prince, CEO of Blockfi, the platform has plenty of room to improve in terms of client-level customization and meet bigger firms’ requirements.

Source | Bitcoin.com 

German Private Bank, Hauck & Aufhäuser, Launching Crypto Fund

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In collaboration with Berlin fintech firm, Kapilendo, German Private Bank, Hauck & Aufhäuser is launching its first cryptocurrency fund, the HAIC Digital Asset Fund I, in 1st of Jan 2021. The fund will cover 85% of the total cryptocurrency market and pursue a passive investment strategy. 

Hauck & Aufhäuser is responsible for fund management, while Kapilendo will act as the crypto depository. The bank will target institutional and semi-institutional investors looking to invest in a portfolio of crypto assets that include Bitcoin, Ether, and Stellar. 

Holger Sepp, board member of Kapilendo, states:

“We are seeing that digital assets and cryptocurrencies are becoming increasingly attractive with institutional investors. With the launch of our first crypto fund, together with Kapilendo, we have created an innovative investment vehicle that gives our customers inexpensive and secure access to the new crypto asset class while meeting the established quality standards and high demands of Hauck & Aufhäuser.”.

Source | Cointelegraph

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