First Crypto Fund in Japan

The diversification benefits of cryptocurrencies

Japanese financial conglomerate SBI Holdings Inc. hopes to launch the country’s first cryptocurrency fund by the end of November.

The fund could include cryptocurrency staples such as Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, and grow to several hundred million dollars. The fund aims for investors who understand risks associated with cryptocurrencies. Due to these risks, investors will likely have to put down a minimum of 1-3 million yen ($9,000-$27,000). President of an SBI affiliate Tomoya Asakura particularly emphasized the diversification benefits of cryptocurrencies, rather than their speculative qualities. Asakura even acknowledged this “overwhelming perception that cryptocurrencies are highly volatile and speculative,” in regard to his mandate.

https://finance.yahoo.com/

PayPal to allow UK users to buy and sell cryptocurrencies

Payment platform offers service for bitcoin, ethereum, litecoin and bitcoin cash

PayPal is to allow users in the UK to buy, hold and sell cryptocurrencies through the payment platform for the first time.

The firm said it would allow customers to choose from four types of cryptocurrency – bitcoin, ethereum, litecoin and bitcoin cash – and that the service would be available via the PayPal app and its website. A crypto tab will be added to the platform, showing real-time currency prices as well as offering educational content to help answer common questions and learn more about cryptocurrencies, including the potential risks, PayPal said.

The payment company said it hoped that the move to embrace the currency would help improve knowledge and understanding of it.

https://www.theguardian.com/

NFT art: the bizarre world where burning a Banksy can make it more valuable

The blockchain art

A blockchain company has bought a piece of Banksy artwork and burnt it. But instead of destroying the value of the art, they claim to have made it more valuable, because it was sold as a piece of blockchain art.

The company behind the stunt, called Injective Protocol, bought the screen print from a New York gallery. They then live-streamed its burning on the Twitter account BurntBanksy.

But why would anyone buy a piece of art just to burn it? Understanding the answer requires us to delve into the tricky world of blockchain or “NFT” art.

It blends the niche subculture of cryptocurrencies with long running philosophical questions about the nature of art. No wonder people have difficulty explaining it all.

https://theconversation.com/