Crypto News 8/16/22

Financial institutions launching crypto-related ETFs, Samsung to use NFTs and Mark Cuban facing a lawsuit! All the crypto and web3 news out there, every day.

Schwab Launches Thematic ETF, Despite Market Conditions 

The funds inception was the first week of August, with a goal of offering exposure to companies that will be benefited by the use and development of digital assets and business activities being on the blockchain. 

The low cost, passively managed fund that offers intra-day trading and has the potential to be tax efficient, is ideally meant to be a diversifiier in an investors portfolio. Investors can use the fund to gain exposure to digital assets without all the risk that comes with entering the asset class directly themselves. Blockchain ecosystem exposure includes trading, mining, banking, app development and more. 

The fund can be found on the NYSE, has the ticker $STCE and an expense ratio of 0.3%. The top holdings include Marathon Digital, Microstrategy, Riot Blockchain, Coinbase and Silver Gate Capital. This news comes just days after the worlds largest asset manager announced a partnership with Coinbase, to offer their own spot-price fund. Joining financial institutions like JP Morgan and Bank of America offering digital assets to wealthy clientele. 

Banks and major financial institutions are one of the most vital aspects of adoption that was needed for digital assets ot become mainstream. These companies are giving the asset class authority and legitimacy, while making the investment process much more simple and convenient for their clients. This will help the entire blockchain ecosystem, bringing in higher net-worth individuals and further attention from the traditional world.

Mark Cuban Facing Lawsuits

Mark Cuban and the NBA team he owns, the Dallas Mavericks, have been named in lawsuits involving Voyager Capital. The billionaire and his team advertised the platform that went bankrupt over the summer, with some of the plaintiffs claiming Voyager was an unregulated and unsustainable fraud, like a Ponzi scheme. 

The company Voyager, filed bankruptcy after loaning 600 million dollars to 3 Arrows Capital, who was forced into bankruptcy due to an over exposure to Terra Luna. Terra, 3AC and Voyager all went down in a fiery fashion, very closely tied to eachother and causing ripples across the entire cryptocurrency market.

Cuban is being accused of pushing Voyager because he personally recommended it “as a customer” and also used the service through the Mavericks. The professional team signed a five year partnership with the platform less than a year go, and used the service to provide fans with cash rewards. The partnership with the Mavericks was announced, although current accusations claim Cuban never disclosed his personal compensation for promoting. 

Back in February, Cuban came close to getting in similar trouble. The most popular NFT-based instagram account was run by a partner and Cuban, while the account received a permanent ban due to repeatedly posting sponsored content that was not disclosed. 

Cuban has been a big advocate for cryptocurrency and Web3 after making his billions during the Internet bubble and selling his technology company to Yahoo. An admitted fan of Ethereum and other digital currencies, Cuban has even used DeFi platforms like Aave. Will his crypto-run be short lived or are investors trying to place blame? Either way, his success in technology and business make him someone worth listening too.

Samsung To Use NFTs 

Samsung has made deals with physical retailers in korea to promote Samsung New Galaxy NFTs, witch dropped in February of 2022. Samsung plans to offer offline discounts in partner stores and other services and perks for customers. The NFT collection was the result of a collaboration between the global electronics corporation and Theta Labs. 

Customers who pre-ordered the Galaxy S22, GalaxyTab S8 and the most recent product drop, are all eligible for the NFTs. Samsung claims to be using these for more than a marketing tactic, explaining that they “use them for royalty and rewards that could become key to the long term adoption of NFTs.”

“By providing practical services to NFT-holding customers, the customers will be able to gain an in-depth consumer experience of digital assets.” – a Samsung official. 

Samsung is diving head first into Web3 with this being far from the first venture. Samsung was an early investor in blockchains like Dapper Labs and Yuga Labs, and even used blockchain for a reforestation project in Madagascar. The company launched a TV NFT display with Nifty and even jumped into the Decentraland metaverse. Even further than all this, Samsung phones are actually integrated with blockchain keystone, allowing the keys to be stored more securely.

Schwab joins SoFi and BlackRock offering wealthy clients Bitcoin and digital asset exposure, Samsung dives even deeper into blockchain and Mark Cuban is being sued over Voyager promotions. Deep dives on influencers/celebrities in the space and a closer look at Samsungs blockchain activities coming soon!

For media, content or writing inquiries please contact Patrick Hagerty at

2 thoughts on “Crypto News 8/16/22

Leave a Reply