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Equity Tokens

“Fractional ownership is not unique to blockchain, in fact, it’s not even unique to this century. Joint ownership dates back to the Roman Republic, or the Dutch East India Company in more modern times. However, some assets classes such as commercial real estate and fine art continue to be characterized by high unit costs. A…

Legal Challenges for Blockchain-Based Capital Markets

“Blockchain technology can achieve what governments wanted to achieve for a long time: a fair, secure and attractive capital market for start-ups, SMEs and investors.” Christian Meisser, LEXR AG Key Takeaways Tokenization seems to be interesting for small and medium-sized enterprises, as the cost of raising capital via tokens is sometimes lower than on the…

Institutional Requirements for an Investible Crypto Index

“Creating an index that accurately tracks the market requires consideration of three main factors: reflecting market dynamics, maintaining/governing the respective rules, and preventing manipulation.” Patrick Valovic   Key Takeaways Indices that act as benchmarks must be investable and replicable. In order for institutional investors to be able to invest, crypto currencies must be able to…

A Bitcoin Standard? Saifedean Ammous Musing with the Crypto Research Report

“Sound money is money that gains in value slightly over time, meaning that holding onto it is likely to offer an increase in purchasing power” Saifedean Ammous   Key Takeaways One reason gold has been used as a store of value and medium of account is because of its low annual supply growth. The optimal…

Solutions for Crypto Currencies

“The next level for the crypto community is for additional institutions to enter the space. They will only do so if there is a super secure way of storing the assets or the private key.” Philipp Vonmoos, CEO of Swiss Crypto Vault AG   Key Takeaways At no point should a crypto custody solution provider…

Quarterly Review Q4 2018: Crypto Winter Edition

“The idea of having an alternative to traditional fiat money is attractive, especially today, when major currencies’ savings value is in jeopardy and the trust they require to work is declining. Central banks are no longer focused on their duty to protect money’s value and have instead bowed to the pressure spendthrift governments have put…

Quarterly Review Q3 2018: Cell Phone Theft Edition

Satoshi’s vision is very much alive. Nobody wants to miss out on the journey even though it is going to be one hell of a ride. A Heist With Perfect Timing Hindsight is an incredible thing. We now know that a Bitcoin investor could have easily sold back in January 2018 when the price was…

The Network Effect As a Valuation Methodology

“… ether itself will retain a strong and steady value as a cryptofuel, and as a store of value for Ethereum-based security deposits, simply because of the combination of the Ethereum blockchain’s network effect (which actually is a platform network effect, as all contracts on the Ethereum blockchain have a common interface and can trivially…

Liechtenstein’s Blockchain Strategy: Insights from the Financial Market Authority

“Payment tokens can only be issued to companies with an FMA license, e. g., an electronic money license or a bank license. However, there are certain exceptions that do not require a permit. With securities tokens, it depends on whether the company uses the token to create a financial instrument for investors or to raise…

Liechtenstein’s Blockchain Strategy: Prime Minister’s Outlook

“All these measures we are talking about are meant to maintain Liechtenstein’s quality of life for the future and to preserve as well as creating new jobs. This is the main goal we are pursuing in the long run.” Prime Minister of Liechtenstein Adrian Hasler For the past two years, the government of Liechtenstein has…

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