The Crypto Report
British banking giant Barclays plc (LSE:BARC) is reportedly scrapping its plans for a cryptocurrency trading desk, as per a Financial News London report.
Reports surfaced in April that the bank was considering opening a crypto trading desk, but Barclays CEO Jes Staley denied the rumors. Staley said that while the bank was keeping an eye on crypto, it had no solid plans.
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“Cryptocurrency is a real challenge for us because, on the one hand, there is the innovative side of it and wanting to stay in the forefront of technology’s improvement in finance,” said Staley at the bank’s annual meeting. “On the other side of it, there is the possibility of cryptocurrencies being used for activities that the bank wants to have no part of.”
Despite Barclays stance against digital assets, the bank did file two cryptocurrency-related patents in July.
Barclays’ head of digital assets Chris Tyrer left the bank in September, reportedly because the crypto plans were being put on the back burner.
While the market may be bearish on digital assets, cryptocurrency hedge funds don’t seem to be fazed.
Cryptocurrency funds now comprise 20% of the total hedge fund launches in 2018, according to a report by Crypto Fund Research.
“In the midst of 2018’s decline in traditional hedge fund launches, crypto hedge funds are a notable aberration. Cryptocurrency prices have been in a bear market for the better part of the year and regulatory uncertainty persists in much of the world…While we don’t believe the rate of new launches is sustainable longer-term, there are currently few signs of a significant slowdown,” said Crypto Fund Research founder Joshua Gnaizda in the report.
A total of 90 cryptocurrency funds launched by the end of the third quarter this year. The report predicts that number to jump to 120 by the end of the fourth quarter.
The Cann Report
The countdown clock is ticking with Canadian cannabis legalization just two days away.
Ride-hailing apps Uber and Lyft are encouraging Canadians to celebrate responsibly, offering discounts to deter people from driving while high, as per a Civilized report.
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Lyft is partnering with Toronto-based cannabis shop Tokyo Smoke to offer riders C$10.17 off their ride if they enter the promo code “TOKYOSMOKE1017”.
Uber is offering a promo code for C$5 off a ride when users visit a list on their website outlining 101 things you can do instead of driving high. The list includes taking an Uber, popping some bubble wrap, giving your grandparents a call or birdwatching.
Uber’s deal was co-sponsored by Canopy Growth Corp’s (NYSE:CGC, TSX:WEED) brand Tweed and non-profit group Mothers Against Drunk Driving.
With legalization just over the horizon, the market is expanding to offer new and innovative products for cannabis connoisseurs.
The edibles market is growing especially quickly with cannabis edibles spending expected to reach US$1.4 billion this year, according to a report by ArcView Market Research.
The packaging has been a challenge with Washington state banning edibles, fearing that the bright and colorful wrappings was appealing to children.
However, ArcView editor Tom Adams doesn’t think Washington’s decision will be detrimental to the edibles market as a whole.
“Gummies and chocolates are two of the most popular product categories in the edibles sector, so Washington state’s decision to crack down could have a short term effect on the state’s market,” said Adams in the report.
“Overall, Washington state is a small piece in the broad scale of the cannabis industry and this will likely have a trivial impact on a revenue that is growing at a 22 percent CAG (Compound Annual Growth).”
Total sales could reach more than $4.1 billion by 2022, as per the report.
Contact Lenore Fedow at lenore@proactiveinvestors.com
Follow her on Twitter: @LenoreMariee