Raffles Family Office’s platform is purpose-built to help UHWNIs access digital asset-based investments.

Revo Digital Family Office (Revo), which was launched on 13 October by Raffles Family Office in partnership with Huobi, supports major custodians and digital wallets.

Revo provides asset management services for both traditional (USD, structured products, investments) and digital (USD coin, bitcoin, non-fungible token) assets. The platform will also be introducing a plethora of future offerings that include artificial intelligence (AI)-based safety protocols, integrated fiat-cryptocurrency dashboards and interoperability features that enable access to a broad range of digital assets.

[Revo DFO has] the potential to synergise with the arrival of central bank digital currency - Ray Tam, Revo

The innovation and technological infrastructure that underpins the launch of Revo DFO will be conducive to the further adoption and integration of digital assets and blockchain technology in wealth management and finance, according to Ray Tam (pictured), chief executive officer, Revo.

'[Revo DFO has] the potential to synergise with the arrival of central bank digital currency, which many jurisdictions in Asia are making significant progress,' he said.

Coinhako Treasure to roll out structured products

Singapore-based crypto platform Coinhako has launched Coinhako Treasures to offer structured products for institutional investors and high-net-worth individuals (HNWIs).

'These structures will be familiar to our clients as they are also being offered in the traditional finance space. With the launch of these institutional products, we are taking a risk-adjusted return approach with our goal of growing our institutional clients’ assets values over the long term,' says Kelvin See, head of trading at Coinhako.

The firm, headed by CEO Yushuo Liu (right), is also developing quantitative investment strategies (QIS) to generate enhanced alpha for its institutional investors. Its pipeline includes additional structured products such as principal protected crypto notes and crypto index funds.

Grayscale files opening brief in lawsuit against the SEC

On 11 October, Grayscale Investments, a US digital currency asset manager filed its opening legal brief in the US Court of Appeals for the District of Columbia Circuit arguing that SEC’s denial of Grayscale’s conversion of Grayscale Bitcoin Trust (GBTC) to spot Bitcoin ETF was arbitrary, capricious, and discriminatory.

The test the SEC has applied to Bitcoin-related ETFs, and only Bitcoin-related ETFs, is flawed and has been inconsistently applied with a 'special harshness' to spot Bitcoin ETFs, according to the brief.

In the past two years, the SEC approved several Bitcoin futures ETFs, but repeatedly rejected ETFs that hold Bitcoin directly or spot Bitcoin ETFs, including Grayscale’s application to convert GBTC. The brief highlights that Bitcoin futures and spot Bitcoin both generate their price based on overlapping indices, so the spot price of Bitcoin in each product is subject to the same risks and protections.

“That stark arbitrariness cannot be justified or reconciled with the SEC's mandate to treat like cases alike. Rather, it can be only understood as a substantive judgment on the merits of a spot Bitcoin investment — the kind of substantive judgment that is outside the SEC's authority,' the brief reads.

Amicus briefs in support of Grayscale are due to be filed by October 18.

SIX partners with CryptoCompare

CryptoCompare’s cryptocurrency data is now available for the broad customer base of SIX, which covers more than 85% of all cryptocurrency market activities worldwide.

As market participants are expanding their digital asset offering, they need access to high quality data, stated the firms in a joint statement.  ‘This is especially important as regulatory bodies place digital assets under greater scrutiny to protect investors and ensure transparency in these markets, evidenced by the European Securities and Markets Authority (Esma) with the introduction of the Markets in Crypto-assets (Mica) Regulation.’

SIX provides real-time and historical pricing data, order book and crypto derivatives data built on the UK data provider's proprietary aggregate pricing methodology. It highlighted the ease of integration through a single API source, enabling it to provide digital asset data to its clients via the same delivery channels as its leading reference, pricing, corporate actions, regulatory, tax and ESG data.

'Our clients will be able to access the information they need to realize the opportunities and manage the risks in cryptocurrency markets, as well as comply with emerging regulations, through a trusted and reliable data partner,' said Berta Ares Lomban (right), head of digital assets financial information at SIX.

CME and CF Benchmarks to roll out reference rates and real-time indices

US derivatives marketplace CME Group and CF Benchmarks, a UK provider of cryptocurrency benchmark indices, will launch three new cryptocurrency reference rates and real-time indices on 31 October. They will be calculated and published daily by CF Benchmarks.

These reference rates and indices are not tradable futures products. They include Avalanche (Avax), Filecoin (FIL) and Tezos (XTZ).  'These new benchmarks are designed to allow traders, institutions and other users to access a much broader range of cryptocurrencies through a suite of products they are already familiar with, allowing them to confidently and more accurately manage cryptocurrency price risk, value portfolios or create structured products like ETFs,' said Giovanni Vicioso, CME Group global head of cryptocurrency products.

Crypto exchanges and trading platforms including Bitstamp, Coinbase, Gemini, itBit, Kraken, and LMax Digital will provide pricing data for these new benchmarks. Each coin will trade on a minimum of two of these constituent exchanges.