Digital assets outperformed global markets in October due to approval of bitcoin futures ETFs in the US and ongoing inflation concerns. Bitcoin reached its highest ever monthly close in October. Decentralized finance continued strong growth with total value locked reaching $200 billion. The 13th anniversary of the bitcoin white paper was also marked in October.
The purpose of this directory, which the FSB has delivered to the April 2019 G20 Finance Ministers and Central Bank Governors meeting, is to provide information on the relevant regulators and other authorities in FSB jurisdictions and standard-setting bodies who are dealing with crypto-assets issues, and the aspects covered by them. Contacts information with regard to the below functions has been shared among the authorities mentioned.1.
Https://digitalis.id
What Family Business Advisors Need to Know About ValuationMercer Capital
Family business advisors help companies and leaders navigate a wide range of business and family challenges, ranging from corporate governance to succession planning to family relationship dynamics and all points in between. This whitepaper helps fill in that gap.
DeFi Technologies builds and manages assets in the rapidly emerging decentralized financial market, providing institutional and retail investors easy access to previously unseen returns through innovative projects and groundbreaking protocols that are fundamentally reshaping the global financial system.
Mercer Capital's Value Focus: FinTech Industry | Third Quarter 2021 Mercer Capital
Mercer Capital’s quarterly newsletter, FinTech Watch, provides an overview of the FinTech industry, including public market performance, valuation multiples for public FinTech companies, and articles of interest from around the web. This newsletter focuses on FinTech segments, including payment processors, technology, and solutions companies, examining general economic and industry trends as well as a summary of M&A and venture capital activity.
The purpose of this directory, which the FSB has delivered to the April 2019 G20 Finance Ministers and Central Bank Governors meeting, is to provide information on the relevant regulators and other authorities in FSB jurisdictions and standard-setting bodies who are dealing with crypto-assets issues, and the aspects covered by them. Contacts information with regard to the below functions has been shared among the authorities mentioned.1.
Https://digitalis.id
What Family Business Advisors Need to Know About ValuationMercer Capital
Family business advisors help companies and leaders navigate a wide range of business and family challenges, ranging from corporate governance to succession planning to family relationship dynamics and all points in between. This whitepaper helps fill in that gap.
DeFi Technologies builds and manages assets in the rapidly emerging decentralized financial market, providing institutional and retail investors easy access to previously unseen returns through innovative projects and groundbreaking protocols that are fundamentally reshaping the global financial system.
Mercer Capital's Value Focus: FinTech Industry | Third Quarter 2021 Mercer Capital
Mercer Capital’s quarterly newsletter, FinTech Watch, provides an overview of the FinTech industry, including public market performance, valuation multiples for public FinTech companies, and articles of interest from around the web. This newsletter focuses on FinTech segments, including payment processors, technology, and solutions companies, examining general economic and industry trends as well as a summary of M&A and venture capital activity.
Detailed overview of First Data's IPO including its funding history, business operations, financial performance, public company comparables and relevant industry transactions
Takeaways from the Financial Action Task Force's Guidance on Virtual Assets a...Lesa Moné
On Thursday, October 28th, the Financial Action Task Force (FATF) released its latest guidance for virtual assets, introducing new and updated requirements for the industry.
These slides are from a webinar where the Notabene team summarized the most important takeaways from the updated FATF guidelines, discussed their implications, and highlighted how Notabene can help cryptocurrency businesses comply with the latest guidance.
Founded in 2018 and with offices in New York & Toronto, Reklaim is a company driven by the evolution of data and privacy. Reklaim aims to democratize data for consumers by providing them with an ecosystem where they can view, edit, opt-out, and be compensated for the use of their data. Today there is no destination for consumers to participate in the use of their data. Reklaim aspires to be the destination that consumers visit to reclaim control of their online data.
Detailed overview of Square's IPO including its funding history, business operations, financial performance, public company comparables and relevant industry transactions
Detailed overview of First Data's IPO including its funding history, business operations, financial performance, public company comparables and relevant industry transactions
Takeaways from the Financial Action Task Force's Guidance on Virtual Assets a...Lesa Moné
On Thursday, October 28th, the Financial Action Task Force (FATF) released its latest guidance for virtual assets, introducing new and updated requirements for the industry.
These slides are from a webinar where the Notabene team summarized the most important takeaways from the updated FATF guidelines, discussed their implications, and highlighted how Notabene can help cryptocurrency businesses comply with the latest guidance.
Founded in 2018 and with offices in New York & Toronto, Reklaim is a company driven by the evolution of data and privacy. Reklaim aims to democratize data for consumers by providing them with an ecosystem where they can view, edit, opt-out, and be compensated for the use of their data. Today there is no destination for consumers to participate in the use of their data. Reklaim aspires to be the destination that consumers visit to reclaim control of their online data.
Detailed overview of Square's IPO including its funding history, business operations, financial performance, public company comparables and relevant industry transactions
At CoinShares, we believe it's critical to define, analyze, and disseminate data to tell the story of why this industry matters and how it might impact industries, markets, and the broader world.
As investors, we take this one step further and use this data, our insights, and our expertise to identify who, where, and when this change might happen.
This report describes the macro environment, trends, and companies that are driving the space, and provides an outlook for the broader crypto ecosystem.
Alaska Communications (NASDAQ: ALSK) is a premium telecom asset with embedded growth.
ALSK has limited competition and is a strong, growing #2 player vs. its primary competitor, GCI Communications (NASDAQ: GLIBA).
On November 3, 2020, Macquarie and GCM Grosvenor announced an all-cash deal to take-private ALSK for $3.00/share, valuing the enterprise at ~$310 million.
This valuation amounts to:4.65x TTM Adjusted EBITDA;10.15x TTM Adjusted EBITDA less CapEx;1.0x tangible book (no goodwill on balance sheet).
This is a ridiculously low price for a premium asset. 30-day go-shop period currently in progress, expires 11:59pm ET on December 3rd, 2020.
BTCS Inc. (“BTCS”) is an early mover in the blockchain and digital currency ecosystems and the only “Pure Play” U.S. public company focused on blockchain technologies. The blockchain is a decentralized public ledger and has the ability to fundamentally impact all industries on a global basis that rely on or utilize record keeping and require trust. BTCS secures the blockchain through its rapidly growing transaction verification services business and plans to build a broader ecosystem to capitalize on opportunities in this fast growing industry. BTCS continues to evaluate and build additional blockchain technology consumer solutions. BTCS also actively partners and integrates with strategic digital currency and blockchain technology companies who provide products or services that are complementary to its business strategy.
What is happening with the Crypto Market. Could it be than course correction or is the bubble busting on the market? You need to answer it for yourself.
Overview & analysis of the market from Pre-Seed, to Seed, Later Stage Seed / Seed Extension, Series, A, B, C, D to the private IPO phenomenon - understanding trends - which are crowded, overpriced, underpriced and key risk points
Why investing now is more attractive than ever before
What industries, sectors, company stage and geographies are best for you
Convertible notes - key points and the meaning beyond the moving parts
Priced equity rounds - key points and the meaning beyond the moving parts
Valuation concepts on pricing valuations when investing, exiting and risk tied to perceived exit multiples
Portfolio construction strategies for angels and VCs - how to allocate your capital
Best practices for sourcing deal flow and conducting due diligence
Tactics to get into oversubscribed deals
Strategies for continuing to invest in portfolio companies a 2nd, 3rd, 4th, 5th time, etc
Best practices for post investment information rights, governance, adding value and Different options to invest ranging from Angel List, to other investor platforms, angel groups, demo days, accelerators, VC funds, SPVs, tax breaks for UK, EU and Israeli taxy payers
Different options to get liquidity on the secondary market before definitive liquidity event for startup / how to sell some stock before the final exit
Today, with an exchange in almost every country, stock exchanges provide vast marketplaces for the buying and selling of currencies and commodities across the globe.
Created to facilitate the buying and selling of cryptocurrencies, cryptocurrency exchanges are an even newer addition to the global marketplace.
Cryptocurrency exchanges and stock exchanges have one key thing in common, which is they facilitate trade. However, the way assets are traded, the volatility of the market, as well as a number of other factors, are where the two types of exchanges differ.
In this article, we’re going to explain the key differences between cryptocurrency and stock exchanges.
1. Assets traded
Asset Classification
The main distinction between cryptocurrency exchanges and stock exchanges is this. A stock exchange deals in corporate stock or shares, whereas a cryptocurrency exchange deals with digital currencies like bitcoin, Ethereum, and others.
Ownership of assets
On stock exchanges, shares reflect a company's equity. When you purchase stock in a firm on the stock exchange, you become a part owner of that company. The value of your shares is also determined by the company's performance.
The purchase of cryptocurrencies, whether in the form of coins or tokens, does not always imply partial ownership in the firm that created it. Because it's digital money, its worth is debatable. Cryptocurrency is a lot simpler to get your hands on than stocks.
Assets are issued.
A publicly listed corporation may issue shares at any time to obtain funds, subject to local laws and corporate requirements. Most cryptocurrencies, on the other hand, have a limited amount of coins or tokens. As a result, fundamental economics would indicate that the value of viable, capped cryptocurrencies will rise as demand for them develops (all other circumstances being equal).
2. The market's maturity
Stock exchanges have been in operation for much longer than bitcoin exchanges, making them more mature. Their actions are governed by regulations and local laws, and stock exchanges are backed by the government. Companies must also give shareholders transparency by making market activities, such as quarterly financial statements and general meeting minutes, public.
Stock markets feature huge volumes and a wide range of transactions due to their maturity. The stock market's maturity, on the other hand, has provided abundant opportunities for some traders to dominate trading circles. Smaller investors may suffer as a result of this since the stock market rewards larger investors with cheaper trade costs or commissions.
Cryptocurrency exchanges, on the other hand, are still in their infancy and are continually evolving. Despite efforts to improve exchange regulation in order to boost investor trust, much of their activity now takes place outside of the regulatory and political realms.
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Empowering the Data Analytics Ecosystem: A Laser Focus on Value
The data analytics ecosystem thrives when every component functions at its peak, unlocking the true potential of data. Here's a laser focus on key areas for an empowered ecosystem:
1. Democratize Access, Not Data:
Granular Access Controls: Provide users with self-service tools tailored to their specific needs, preventing data overload and misuse.
Data Catalogs: Implement robust data catalogs for easy discovery and understanding of available data sources.
2. Foster Collaboration with Clear Roles:
Data Mesh Architecture: Break down data silos by creating a distributed data ownership model with clear ownership and responsibilities.
Collaborative Workspaces: Utilize interactive platforms where data scientists, analysts, and domain experts can work seamlessly together.
3. Leverage Advanced Analytics Strategically:
AI-powered Automation: Automate repetitive tasks like data cleaning and feature engineering, freeing up data talent for higher-level analysis.
Right-Tool Selection: Strategically choose the most effective advanced analytics techniques (e.g., AI, ML) based on specific business problems.
4. Prioritize Data Quality with Automation:
Automated Data Validation: Implement automated data quality checks to identify and rectify errors at the source, minimizing downstream issues.
Data Lineage Tracking: Track the flow of data throughout the ecosystem, ensuring transparency and facilitating root cause analysis for errors.
5. Cultivate a Data-Driven Mindset:
Metrics-Driven Performance Management: Align KPIs and performance metrics with data-driven insights to ensure actionable decision making.
Data Storytelling Workshops: Equip stakeholders with the skills to translate complex data findings into compelling narratives that drive action.
Benefits of a Precise Ecosystem:
Sharpened Focus: Precise access and clear roles ensure everyone works with the most relevant data, maximizing efficiency.
Actionable Insights: Strategic analytics and automated quality checks lead to more reliable and actionable data insights.
Continuous Improvement: Data-driven performance management fosters a culture of learning and continuous improvement.
Sustainable Growth: Empowered by data, organizations can make informed decisions to drive sustainable growth and innovation.
By focusing on these precise actions, organizations can create an empowered data analytics ecosystem that delivers real value by driving data-driven decisions and maximizing the return on their data investment.
Levelwise PageRank with Loop-Based Dead End Handling Strategy : SHORT REPORT ...Subhajit Sahu
Abstract — Levelwise PageRank is an alternative method of PageRank computation which decomposes the input graph into a directed acyclic block-graph of strongly connected components, and processes them in topological order, one level at a time. This enables calculation for ranks in a distributed fashion without per-iteration communication, unlike the standard method where all vertices are processed in each iteration. It however comes with a precondition of the absence of dead ends in the input graph. Here, the native non-distributed performance of Levelwise PageRank was compared against Monolithic PageRank on a CPU as well as a GPU. To ensure a fair comparison, Monolithic PageRank was also performed on a graph where vertices were split by components. Results indicate that Levelwise PageRank is about as fast as Monolithic PageRank on the CPU, but quite a bit slower on the GPU. Slowdown on the GPU is likely caused by a large submission of small workloads, and expected to be non-issue when the computation is performed on massive graphs.
2. Digital assets outperformed global markets in October,
driven by futures-based bitcoin ETF approvals in the U.S.
and concerns about inflation, which topped 5% for four
consecutive months from July through October.
The U.S. Securities and Exchange Commission (the “SEC”)
approved the launch of three futures-based bitcoin ETFs,
including the ProShares Bitcoin Strategy ETF. It debuted as
the fastest ETF to reach $1B in AUM, achieved in two days.
Another tailwind for bitcoin: interest rates are weighing on
traditional markets, suggesting a slowdown into the end of the
year, with many predicting that the Fed is looking to hike rates
soon. The U.S. yield curve, as measured by the gap between
two-year and ten-year Treasury yields, flattened the most
in the last week of October since the summer of 2020. And
bitcoin finished October with its highest monthly close ever.
In the broader asset class, the decentralized finance (DeFi)
space continued to show strong growth: Total Value Locked in
DeFi apps reached the $200B mark in October.
The bitcoin white paper was released
13 years ago, on October 31, 2008, by
an anonymous person or entity named
Satoshi Nakamoto. The white paper,
titled Bitcoin: A Peer-to-Peer
Electronic Cash System, defined a
peer-to-peer online payment system
that is self-governing, secure, and
limited in quantity. The Bitcoin
network launched on January 3, 2009.
2
GALAXY FUND MANAGEMENT • GALAXY DIGITAL RESEARCH REPORT
MARKET COMMENTARY
PAUL CAPPE LLI
Portfolio Manager
3. 3
GALAXY FUND MANAGEMENT • GALAXY DIGITAL RESEARCH REPORT
Outside of finance, we continue to see the digital asset ethos
gaining traction across industries. Most notably, Facebook
announced during its Facebook Connect virtual reality
conference that the company plans to change its name to
Meta (Ticker: MVRS). The rebranding reflects its growing
ambitions beyond social media. Meta plans to spend about
$10B over the next year building the technologies required for
further developing the metaverse.
Universities, too, are taking note of the increased importance
of the digital assets space. The Wharton School of the
University of Pennsylvania is launching an executive
education program around blockchain. In addition,
they will let students pay for it in crypto—making it the
second American college to accept bitcoin (the first being
Massachusetts Institute of Technology Sloan School of
Management, which launched online courses in blockchain
and digital currency).
Turning to regulation, the President’s Working Group
on Financial Markets released its anticipated report on
stablecoins. The report urged Congress to regulate issuers of
stablecoins like banks and called upon financial agencies to
assess whether the role of these fast-growing digital assets
in the country’s payments system posed a systemic risk.
In addition, the Republican Leader of the House Financial
Services Committee, Patrick McHenry, introduced the
“Clarity for Digital Tokens Act.”
DIGITAL ASSETS
OUTPERFORMED
GLOBAL MARKETS
IN OCTOBER.
4. 4
GALAXY FUND MANAGEMENT • GALAXY DIGITAL RESEARCH REPORT
NOTABLE NEWS
NOTABLE DEAL FLOW
• Ethereum’s Altair Upgrade went into effect. It added
features to the Beacon chain, a proof-of-stake chain running
on the mainnet parallel to the proof-of-work chain.
• The Financial Action Task Force (FATF) updated its 2019
crypto guidance. The update states that DeFi developers
and maintainers can be considered Virtual Asset Service
Providers (VASPs).
• A large investment firm, PIMCO, is exploring trading spot
cryptocurrencies.
• U.S. Bank launched a cryptocurrency custody service.
• CBOE acquired the ErisX Exchange.
• FTX raised $420.69M from 69 investors at a $25B valuation.
• Consensys’ most recent raise values the company at $3B.
• Lender Celsius raised $400M at a $3B valuation.
• Tiger and Coatue led a $400M round for MoonPay valuing
the company at $3.4B.
• CoinList’s Series A landed $100M for a value of $1.5B.
• SoftBank and Wells Fargo led a $60M funding round
for Elliptic.
• The Houston Firefighters’ Relief & Retirement Fund made
a $25M investment in bitcoin and Ethereum.
• FTX.US launched a collectibles protocol on Solana.
• U.S. Senator and bitcoin bull Cynthia Lummis called
bitcoin an “excellent store of value” and announced that
she will be buying more.1
• Tether and Bitfinex settled with the CFTC for $42.5M.
• Eric Adams, the mayor-elect of NYC, will receive his first
3 paychecks in bitcoins, with the goal of making NYC the
center of the cryptocurrency industry.
1) Source: news.bitcoin.com
5. 5
GALAXY FUND MANAGEMENT • GALAXY DIGITAL RESEARCH REPORT
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Market index information shown herein, such as that of the Bloomberg Galaxy Crypto
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