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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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German asset manager Union Investment seeks BTC exposure for several funds

German funds and asset managers are expanding their horizons crypto investments now that the nation has more favorable laws governing Spezialfonds.

$500 billion asset manager Union Investment is planning to add Bitcoin (BTC) to several investment funds as part of a targeted pilot program for its institutional clients, offering compelling evidence that crypto is becoming more mainstream in Europe's largest economy. 

The Frankfurt-based institution told Bloomberg Monday that it is considering adding BTC to a small number of investment funds that will only be available to private investors. For each fund, Bitcoin exposure will be limited to no more than 2% of total assets. Portfolio manager Daniel Bathe said the new investment strategy is likely to commence in the fourth quarter, though no fixed timetable was given.

Union Investment is the investment arm of DZ Bank Group, an institution with over 800 cooperative banks. As of June 30, 2021, Union Investment had $507 billion in assets under management, making it one of Germany’s largest asset managers.

Germany is quickly becoming a hotbed for crypto investments, especially among institutional players. On Aug. 2, a new law allowing institutional funds to hold crypto came into effect, setting the stage for wider uptake of digital assets, even among German pension funds. Meanwhile, German security broker S Broker recently announced a suite of crypto-focused product offerings.

Related: What the SEC can learn from the German regulator

At the retail level, Germans don’t rank as highly for crypto adoption, according to a recent survey by financial comparison website Finder. The 42,000-person survey estimated that only 11% of Germans had exposure to digital assets. Although that’s higher than the United States and the United Kingdom, it ranked well below emerging markets and other European nations.

Bitcoin is turning heads again as the first-born cryptocurrency pushes towards $52,000. Price has recovered roughly 79% from its summer trough. In the process, Bitcoin’s total market capitalization is once again approaching $1 trillion.

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