The Crypto Report
Crypto exchange Coinbase is at the heart of the cryptoverse and one of the first start-ups to make its mark on the space.
The exchange is close to an $8 billion valuation if a $500 million investment from New York-based Tiger Global comes to fruition, according to a Recode report.
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Coinbase is expected to pocket $250 million while the other half of the investment may go to buying out existing investors.
Chris Dodds of brokerage firm Charles Schwab Corp (NYSE:SCHW) recently joined the company’s board, spurring chatter that Coinbase would IPO, following in the footsteps of fellow exchange Robinhood.
Coinbase is a household name for crypto enthusiasts, but there may be a new kid in town.
TD Ameritrade Holding Corp (NASDAQ:AMTD) is teaming up with some big names on Wall Street to back a new crypto exchange called ErisX, as per a report by The Block.
The venture is being led by Thomas Chippas, the former head of quantitative execution at banking giant CitiGroup Inc (NYSE:C).
“In our opinion there is no lack of interest in building out markets for people wishing to trade digital assets and there is plenty of space for people to come in with a regulated exchange and clearing house,” said Chippas in a phone interview with The Block.
The exchange plans to offer futures trading for Bitcoin, Bitcoin cash, Ethereum and Litecoin, but will begin with spot trading, which is set to start in the second quarter of 2019.
ErisX may prove to be tough competition for Bakkt, the cryptoc platform launched by Intercontinental Exchange, the parent company of the New York Stock Exchange.
The Cann Report
While TD Ameritrade expressed interest in crypto, its warning investors to be cautious about cannabis stocks.
The brokerage firm posted a video on its YouTube channel bringing viewers through a visual history of legalization in North America and highlights the risks of the cannabis market.
READ: MedMen branches out into the Chicago market through its latest dispensary acquisition
The video draws comparisons between the cannabis market and the crypto craze, the 2008 housing market bubble and the dot.com bubble of the 2000s.
TD Ameritrade brought particular attention to Tilray Inc (NASDAQ:TLRY), pointing to the Canadian cannabis producers’ wild swings in share price.
The US market hasn’t been entirely welcoming to cannabis companies, leading to a slew of reverse takeovers, or a takover of publicly-traded company by a smaller company.
Dixie Brands is the latest US company to move into the Canadian market via a takeover of shell company Academy Explorations, as per a Marijuana Business Daily report.
The Denver-based edibles maker has raised a total of $25 million ahead of its public debut on the Canadian Securities Exchange.
Its products include THC-infused gummies, chocolates, mints and tart candies.