Digest

• Grayscale file for ETFs in crypto and fintech to help launch an enterprise-grade service
• Reddit spends $100 Million to Build Social media decentralization
• Beeple’s first physical NFT sells for $29 million.
• Apple’s CEO, Tim Cook, confirms he owns cryptocurrency.

Ripple launches Enterprise-Grade Service and Grayscale Files to Support Cryptocurrency and Fintech ETFs

Ripple has continued to grow and develop new products despite the SEC battle. Ripple announced the Liquidity Hub as a new service aimed at enterprise and institutional clients. Ripple Liquidity Hub launches in 2022.

Ripple’s Liquidity Hub will allow finance companies to buy, sell and hold digital assets at competitive prices from exchanges, market makers, and over-the-counter (OTC) trading desks. Ripple’s new service will grant institutional investors access to BTC, ETH, LTC, ETC, and BCH

Grayscale, one of the biggest proponents of crypto in 2021, has filed for a new fund that will “shape the future” of crypto. Digital asset manager filed an application with the SEC for their “Future of Finance” ETF to trade under the ticker, GFOF.

Grayscale is an alternative method for crypto investors as it tracks shares of FinTech companies and other crypto-related firms. GFOF will also track crypto equity if approved by SEC.

Flipsider

• Grayscale was reportedly stopped by the SEC Bitcoin ETFThe approval of the Accord was expected to take place in November.

Why you should care

Grayscale and Ripple have launched new services to help more individuals and businesses enter the cryptocurrency industry.

Reddit invests $100M to Create Decentralized Social Media On Solana

Alexis Ohanian, the co-founder of Reddit, has teamed up with Solana’s co-founder, Raj Gokal, to announce a $100 million investment into a decentralized social media platform that will be built on the Solana blockchain. This announcement was made during the Solana Breakpoint conference, which is currently taking place in Lisbon.

Ohanian had initially planned to invest $50 million through his venture fund called Seven Seven Six, however, Solana’s co-founder reasoned that the amount might not be enough. He indicated that the total investment would amount to closer to $100 millions.

Ohanian commented on Solana’s partnership, which is a high-performance, blockchain company that will build the Internet of Tomorrow, and noted:

We are now at an important turning point in the early days of Web3, so I could not be more excited to work with Solana in support of companies that are building for this new age of social.

Flipsider

• Solana’s September blackout exposed some technical issues of the network and raised questions about the ability of the project to handle the Decentralized social mediaTomorrow.

Why you should care

The funds will be used to build a decentralized social media platform, which experts believe will solve the problems faced by today’s social media, and scale DeFi to millions.

Beeple’s First Physical NFT Sells for $29 Million

In March, Michael Winkelmann, who goes by the moniker Beeple, sold his “Everydays: The First 5,000 Days” for an unprecedented $69.3 million, igniting the first NFT mania.

Beeple is back and has just sold his first work in physical form for $28.9million. The work, “HUMAN ONE,” is a hybrid physical and digital piece, and has generated the second-largest sum paid for an NFT to date.

The seven-foot-tall box playing looped footage of an astronaut walking through extraterrestrial-inspired backdrops was bought for $25 million ($28.9 million including hammer fees) by an online bidder in Switzerland.

Flipsider

• However, digital art and Non-fungible tokens are expected to boom in 2021. The sector is still dominated by men.
• Records show that women account for only 5% in all NFT sales during the past 21 months.

Why you should care

NFT’s continued success has challenged the ways people see, purchase, and then sell art.

Apple’s CEO, Tim Cook, Confirms He Owns Cryptocurrency

The adoption of cryptocurrency is unprecedented in 2021. It has been embraced by top executives at megacorporations. The CEO of Apple (NASDAQ) Tim Cook confirmed that he owns cryptocurrency in an interview Tuesday, November 9th.

Tim Cook confirmed that he has been interested in cryptocurrency “for a while” and has been researching the topic. When asked if he specifically possessed any crypto, he added, “I do. I think it’s reasonable to own it as part of a diversified portfolio.”

Flipsider

• Although its CEO is a crypto entrepreneur, Apple doesn’t currently have any cryptocurrency products or servicesIts books.

Apple allows only crypto wallet apps in its iPhone App Store. However, it does not allow mining apps. Cook confirmed, however that there are no plans for the company to invest immediately in crypto.

Why you should care

While it shouldn’t be considered investment advice, owning crypto has been hailed as a hedge against inflation, and a way of diversifying one’s portfolio.

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