The Crypto Roundup: 15 May 2024 | CryptoCompare.com

The U.S. state of Wisconsin has become the first government entity to disclose an investment in Bitcoin, having purchased 94,562 shares of BlackRock’s iShares Bitcoin Trust (IBIT), worth nearly $100 million, in the first quarter of the year.

Deutsche Bank has partnered with the Monetary Authority of Singapore (MAS) on its Project Guardian, in a collaboration that will see the German banking giant contribute to trials exploring the tokenization of assets for wealth and asset management.

El Salvador has significantly increased its national Bitcoin holdings by leveraging geothermal energy from its volcanoes, according to official data, which reveals the country mined nearly 474 BTC since 2021.

Top stories in the Crypto Roundup today:

• Wisconsin Becomes First State to Disclose Bitcoin Investment
• Deutsche Bank Joins Singapore’s Asset Tokenization Project
• El Salvador’s Bitcoin Holdings Hit 5,750 BTC With Aid From Volcano Mining Venture

Wisconsin Becomes First State to Disclose Bitcoin Investment

The U.S. state of Wisconsin has become the first government entity to disclose an investment in Bitcoin, having purchased 94,562 shares of BlackRock’s iShares Bitcoin Trust (IBIT), worth nearly $100 million, in the first quarter of the year.

The State of Wisconsin Investment Board (SWIB) revealed its Bitcoin exposure in a recent filing with the U.S. Securities and Exchange Commission (SEC).

SWIB, which was founded in 1951, manages over $156 billion in assets for the Wisconsin Retirement System, State Investment Fund, and other state trust funds, also revealed it purchased shares of Grayscale’s GBTC worth around $64 million.

The move sees the state of Wisconsin join several Wall Street giants, including JPMorgan Chase and Wells Fargo, in revealing BTC exposure through investment in spot Bitcoin exchange-traded funds, according to 13F filings.

JPMorgan revealed an investment of $731,246 in BlackRock’s IBIT ETF, Bitwise’s BITB, Fidelity’s FBTC, and Grayscale’s GBTC, while Wells Fargo disclosed $141,817 in GBTC holdings. BNP Paribas and BNY Mellon have also made similar disclosures.

Deutsche Bank Joins Singapore’s Asset Tokenization Project

Deutsche Bank has partnered with the Monetary Authority of Singapore (MAS) on its Project Guardian, in a collaboration that will see the German banking giant contribute to trials exploring the tokenization of assets for wealth and asset management.

Project Guardian is a multi-year effort spearheaded by the MAS that brings together policymakers and financial institutions to test the feasibility and implications of tokenizing assets on a blockchain.

The technology has the potential to streamline financial processes and unlock new investment opportunities, but also raises questions about security and potential risks to financial stability.

Deutsche Bank will participate in the asset and wealth management workstream of Project Guardian, in a role exploring the use of an interoperable blockchain platform to service tokenized and digital funds. The bank will leverage its expertise to propose standardized protocols and best practices for the industry.

Project Guardian boasts a diverse group of participants, including policymakers from the Monetary Authority of Singapore, the Financial Conduct Authority (UK), the Swiss Financial Market Supervisory Authority, and Japan’s Financial Services Agency. It also includes industry giants like Franklin Templeton, BNY Mellon, HSBC, UBS, Citi, and JPMorgan’s Onyx.

El Salvador’s Bitcoin Holdings Hit 5,750 BTC With Aid From Volcano Mining Venture

El Salvador has significantly increased its national Bitcoin holdings by leveraging geothermal energy from its volcanoes, according to official data, which reveals the country mined nearly 474 BTC since 2021.

The government’s “Bitcoin Office,” an official government entity, reported that El Salvador’s total national Bitcoin holdings have now risen to 5,750 bitcoins, valued at nearly $357 million at current prices.

This recent influx, comprised of 473.5 bitcoins mined since September 2021, was powered by a dedicated allocation of geothermal energy generated by the Tecapa volcano. President Nayib Bukele, a vocal Bitcoin proponent, has championed this approach as an environmentally friendly method to accumulate the cryptocurrency.

To facilitate the mining operation, the government installed 300 processors near the volcano’s geothermal power plant. While the plant generates 102 megawatts (MW) of electricity, only 1.5 MW is currently directed towards Bitcoin mining.

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