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Amazon to launch NFT trading platform in April

You will only be able to buy NFTs through your Amazon account with a bank card. Crypto-Upvotes expert review

The Amazon NFT Marketplace will launch on April 24, according to TheBigWhale. At first, a service called Amazon Digital Marketplace will be open only to U.S. users. But in future, customers from other countries, including Europe, will have access to it.

At launch, the site will feature 15 NFT collections. It will only be possible to buy NFTs through an Amazon account with a bank card. This method of payment was chosen to make it convenient for customers to use the service in the traditional way. At the same time not tying cryptocurrencies like Metamask to it.

To host a marketplace, Amazon chose a private blockchain platform that is not compatible with Ethereum. Therefore, developers who want their NFTs to be available on the new platform will have to use blockchain bridges (tools to transfer tokens between different networks).

Our experts note that Amazon is preparing to launch its own NFT-platform, it was reported in early January. At the time, it was known that US online retailer was considering launching blockchain games. Participants in such games will be able to receive digital tokens, and it plans to hold at least one NFT airdrop.

 

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Crypto-Upvotes Team 09.03.2023 0 Comments
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ETF funds based on cryptocurrency futures will start trading in Hong Kong

Two exchange traded ETF funds raised a total of $73.6 million on the eve of their debut on Hong Kong Stock Exchange. Crypto-Upvotes expert review

Two exchange-traded funds (ETF) will begin trading on the Hong Kong Stock Exchange (HKEX) on December 16. They are based on cryptocurrency futures. These are the first funds of their kind in Hong Kong. CSOP Asset Management’s ETF invest in Bitcoin and Ethereum futures. Which are listed on the Chicago Mercantile Exchange (CME Group) in the United States. They are the only cryptocurrency assets allowed by the Hong Kong Securities and Futures Commission (SFC).

Two funds raised a total of $73.6 million before their debut on the Hong Kong Stock Exchange. The larger one, CSOP Bitcoin Futures ETF (3066.HK), raised $53.9 million, according to the management company. That’s more than the ProShares Bitcoin Strategy ETF, the first U.S. Bitcoin futures ETF. Which began trading on the New York Stock Exchange (NYSE) in October 2021 with an initial capital of $20 million.

Crypto-futures ETF demonstrate that Hong Kong remains open-minded about the development of virtual assets. This is despite recent problems in crypto-industry, said Yi Wang, head of quantitative investment at CSOP. He noted that since ETF do not invest directly in Bitcoin and are traded on regulated exchanges in the U.S. and Hong Kong. Investors will have more regulatory protections than tokens traded on unregulated platforms.

The first futures-based Bitcoin-ETF were approved in the U.S. back in 2021. However, the U.S. Securities and Exchange Commission (SEC) has so far rejected all applications to launch a spot exchange-traded fund (ETF). SEC head Gary Gensler attributed this to the fact that applications for such funds do not meet the Securities Act’s standards for cracking down on fraudulent or manipulative practices.

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Crypto-Upvotes Team 16.12.2022 0 Comments