Stellar partners with Korean exchange GOPAX

The price of Stellar Lumens coin rose more than 50% after the announcement regarding Stellar partnership with a developing Korean exchange GOPAX
06 December 2017   2045

The previous week was quite successful for Stellar Lumens as the coin has shown a significant price jump increasing almost 120% and the market capitalization of the coin exceeded $1 billion, as we reported on December 2.

On December 6, Stellar, the open-source network that lets users build low-cost financial products for their community, has made an announcement about its partnership with new and developing cryptocurrency exchange GOPAX, based in Seoul, Korea.

At the moment of press, these are main market parameters of Stellar Lumens:

  • Average price: $0.15
  • Marketcap: $2 767 764 423
  • 24h volume: $338 747 000

Previously, we reported that Korea is making plans to cancel the ban on ICO.

New Morgan Creek Fund to Exclude Pre-Mined Crypto

Ripple and Lumen won't be included to Morgan Creek Digital Asset Index Fund
28 August 2018   237

Morgan Creek, which manages $ 1.5 billion in assets, launched its own crypto fund, the Morgan Creek Digital Asset Index Fund, but refused to include some large crypto-currencies. This is reported by Forbes.

For example, in the new fund, which was managed by the American company Bitwise Asset Management, such cryptocurrencies as XRP, developed by the Ripple, and Lumen (XLM) of the Stellar project, are not represented, as their release was carried out through the so-called pre-goal.

If there’s a central party that owns 30% or more of supply then we withhold those from the index. Because we think that introduces a lot of additional risk that may not be there if it was a more decentralized network.
 

Anthony Pompliano
Partner, Morgan Creek Digital 

The index fund includes a set of 10 major cryptocurrencies weighted by market capitalization, which is rebalanced monthly. There are some other requirements, such as the presence of custodial solutions and a restriction on the concentration of trade.

When forming the fund, the risks of centralization of crypto assets were taken into account because of the increased probability of manipulating their prices and possible issues of regulators if such assets were recognized as securities.

We’re fully prepared and feel we’ve built something that institutional investors will find attractive regardless of how the assets are categorized. Whether they’re securities or not.
 

Anthony Pompliano
Partner, Morgan Creek Digital 

According to the co-founder of Bitwise co-founder Hunter Hosley, the main difference between the Morgan Creek Digital Asset Index Fund and the HOLD 10 fund launched by his company is the availability of the first inspection committee, which included Morgan Creek CEO Mark Yusko, Pompliano and Bitwise Research Department head Matt Hogan.

Hosley said that the decision of the committee to limit cryptocurrencies with pre-currency is caused by two main factors: fears about the opportunities for fraud, which are possessed by large holders of assets, and the doubts of regulators for which a high degree of centralization is an additional basis that allows to recognize crypto currency as a security.

The Morgan Creek Digital Asset Index Fund is already available for institutional and accredited investors. Hosley promised that the fund will be audited by Cohen & Company from this fall, the results of which will be published on an annual basis. The first report will be submitted in early 2019