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MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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Record first quarter for institutional crypto investment products: CoinShares

Assets under management for institutional funds have hit a record high of $59 billion.

According to digital asset investment manager CoinShares, the first quarter of 2021 has hit a new record for institutional crypto product inflows.

As reported in the April 6 CoinShares Fund Flows Weekly bulletin, Q1 of this year hit a new record with $4.5 billion in inflows compared with $3.9 billion in the final quarter of 2020.

It added that inflows for the past week recorded, ending on April 2, totaled $106 million helping push the total for the three-month period 11% higher than the previous quarter. The inflow was down on previous weeks, however, as the week ending Mar. 12 recorded a $242 million inflow.

While institutional inflows have slowed, CoinShares believes it is not indicative of a broader slowing trend as quarterly growth rates tend to be varied.

Inflows for the past week have been dominated by $83 million in Bitcoin products, or 78% of the total, and $20 million in Ethereum. Overall volumes for Bitcoin investment products comprise a relatively  small share of 6.7% of the total trading volume for regulated or ‘trusted’ cryptocurrency exchanges.

Assets under management for both active and passive crypto investment products are at an all-time high of $59 billion. Grayscale makes up the lion’s share of this AUM figure with $46 billion, or 78% of the total. The second-largest crypto asset fund is CoinShares itself with $5 billion in assets under management.

The European digital asset investment firm has expanded its institutional products this week with the introduction of a physically-backed Litecoin exchange traded product. The new CoinShares investment product will be initially listed on Switzerland’s regulated crypto exchange, SIX Swiss Exchange.

The Litecoin ETP is the third institutional-grade product the firm has launched in 2021. It follows a physically-backed Bitcoin ETP in January and a similar one for Ethereum in February.

On April 1, Cointelegraph reported that CoinShares had entered a partnership with Canadian investment fund manager 3iQ in order to launch a Bitcoin exchange-traded fund (ETF) in Canada.

3iQ launched Canada’s first institutional Bitcoin fund in April 2020, and it currently has $1.7 billion in assets under management according to the CoinShares report.

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