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Ethereum Classic [ETC] to be publicly-quoted on OTC market by Grayscale

Sthuthie Murthy



Ethereum Classic [ETC] to be publicly-quoted on OTC market by Grayscale
Source: Flickr

The latest tweet from Ethereum Classic [ETC] announced Grayscale filing to list ETC trust on Publicly-Quoted Over-the-Counter [OTC] market. As per CCN reports, this move will allow investors to buy this fund through a retail brokerage.

Ethereum Classic’s tweet earlier this morning:

Ethereum Classic's tweet

Ethereum Classic’s tweet

This news was released during an interview conducted by CNBC with the Managing Director of Grayscale, Michael Sonnenshein who revealed that Canaccord Genuity, the trust’s broker-dealer had filed an application to have ETC Trust quoted on the OTCQX market earlier this year.

Individual trusts for Ethereum, Ripple, Litecoin, and Bitcoin Cash were also launched earlier this month by Grayscale which added to the lineup of previously included Bitcoin, Ethereum Classic, and ZCash trusts.

The announcement clarified that once the trust is publicly-quoted, shares can be purchased by retail investors through brokerage platforms. They can hold them in tax-advantaged accounts like IRAs but at present, shares are only offered through a private placement. It is limited to accredited investors who purchase a minimum of $10,000 worth shares.

Ethereum Classic [ETC] has declined by a negligible percent since yesterday. It is worth a net of $17.72 after the 3.80% downfall and has a market capital of $1.78 billion. Ranked 16th in the market, ETC is traded on OKEx, Huobi, and Bithumb among the top market volume exchange platforms. The ETC Trust will be the second product from Grayscale to be listed on an OTC market. Before this, the firm’s most popular product Bitcoin Investment Trust [OTCQX: GBTC] had been quoted publicly back in 2015.

A Twitterati comments:

“Go To the moon”

Another Twitter user commented:

“Litecoin is a very flexible currency. Seem ETC is your favorite or just pumping it!”

According to CCN reports, Grayscale has also launched a slew of new funds this year which has doubled the size of its product line, the most notable being the opening of a fund that holds the 5 largest digital currencies by capitalization, exposing investors to roughly 70% of market value aggregate.

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Sthuthie Murthy is a full-time reporter at AMBCrypto. She has been researching and writing about the Blockchain technology for a year now. Her passion for blockchain has led her to be a part of AMBCrypto's news reporting team. She does not hold value in any cryptocurrencies currently.


Ripple executive elected to United States Faster Payment Council’s Board of Directors

Sarvesh Kumar



Pat Thelen: Elected by U.S Faster Payments Council as one of their directors, a Bane for XRP?
Source: PixabaY

Pat Thelen, Ripple’s VP of Strategic Accounts, has been recently appointed as one of U.S Faster Payment Council’s (FPC) directors. He was also among the first elected board members of the Council. The list of the selected members was out on Monday and Thelen was chosen from a list of people in the larger technological sector industry. Thelen will be serving a one year term.

The appointment of the directors, including Thelen, was met with a lot of positive reaction online. This enthusiasm was shared by the Council itself, whose Executive Director and interim board Chairman, Kevin Christensen, said

“The new board represents the industry’s inclusiveness which is an integral part of the organization.”

FPC is leading the way for presenting avenues for faster payment methods. Hence, Thelen and other representatives on the Council are expected to take greater initiative in fulfilling the Council’s objectives. Ripple was created for a similar goal, with XRP born to do transactions at a faster speed than what Bitcoin, or any other present-day payment settlement system, is doing.

With Pat Thelen becoming a part of the FPC, many doors and opportunities are now open to Ripple, XRP and companies in the field of making global payment settlement more secure, quicker and more accessible for a diverse set of consumers. With CEO Brad Garlinghouse claiming that he did not expect banks and governments to be “obliterated by new technologies,” Ripple’s work within the FPC may accelerate its goal to reduce the friction in global commerce.

With Ripple now as a part of FPC, it has also opened doors for other cryptocurrencies as well. The FPC is a newly-formed organization, one that aims to provide a platform for Americans to do transactions in a safe, instant and cost-effective manner.

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