Blockchain

Crypto investment firm Grayscale sees 900% jump in assets to $20 billion amid bitcoin frenzy

Grayscale kicked off last year with $2 billion in assets under management and ended with more than $20.2 billion, driven by demand from institutional investors such as hedge funds, endowments and pension funds.
Grayscale’s Bitcoin Trust became a popular, publicly traded way for investors to get exposure to cryptocurrency without owning the coins themselves.
“There’s no longer professional risk of investing in the digital currency asset class — there’s probably more career risk in not paying attention to it,” said CEO Michael Sonnenshein.

Record $1 billion worth of bitcoin linked to the Silk Road seized by U.S. government

Thousands of bitcoins — worth $1 billion — were seized by law enforcement this week in what the Justice Department said was the largest seizure of cryptocurrency in the history of agency.
The cryptocurrency is linked to sales of illicit drugs and goods on Silk Road, a dark web marketplace that shut down in 2013.
“Silk Road was the most notorious online criminal marketplace of its day,” says U.S. Attorney David Anderson of the Northern District of California. “The successful prosecution of Silk Road’s founder in 2015 left open a billion-dollar question. Where did the money go?”

Fintech app Robinhood is driving a retail trading renaissance during the stock market’s wild ride

The start-up, launched in 2013 with a free-trading model, has been mimicked by incumbent brokerage firms including Charles Schwab, Fidelity and TD Ameritrade.
Retail brokers are seeing record new account openings this year despite the pandemic.
In May, Robinhood brought in $280 million of fresh capital, boosting its valuation to $8.3 billion, even after its trading technology stumbled badly during the coronavirus crash.