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Understanding the digital asset market: blockchain, cryptocurrency, and today’s institutional landscape

PKF O’Connor Davies hosted a webinar with featured speakers. The program covered a plethora of timely topics within the digital asset market space. The webinar reviews the market place, the various digital asset instruments, and how one can get exposure, among others.

Speakers:

PKF O’Connor Davies

  • Marc Rinaldi, CPA, Partner-in-Charge, Financial Services
  • Kevin Keane Jr., CPA, Senior Manager, Financial Services

Digital Asset Research

  • Doug Schwenk, Chairman

Alpha Sigma Capital

  • Enzo Villani, Founder, CEO & CIO

Archax

  • Graham Rodford, CEO & Co-Founder

The following is the complete agenda:

Introduction (2:30)

Current market structure (6:40)

  • Digital Asset Primer
  • What is a digital asset?
  • Public vs. private blockchain
  • Fungible vs non-fungible tokens (NFT’s)
  • Blockchains vs. Tokens
  • Layer 1 vs layer 2
  • Proof-of-stake vs Proof-of-work
  • Universe of Institutional Interest
  • How can I get exposure to this asset class?
  • Spot exchanges, derivatives, OTC, ETPs, private placements
  • Market Structure basics
  • Liquidity, circulating supply

Available investment vehicles (48:34)

  • Private Placement market:
  • Trusts
  • ETPs:
  • Current marketplace of ETPs, including exchange-traded funds (ETFs)
  • Internationally
  • Canada
  • United States
  • Venture Capital
  • Futures, options, swaps:
  • Traded on CME, ICE, and some crypto exchanges
  • Over-the-counter (OTC) options
  • Future instruments

Institutional infrastructure (1:07:34)

  • Define prime brokerage in the digital asset and cryptocurrency industry
  • Pricing and valuation
  • How to determine value?
  • “Clean pricing”
  • Valuation on products that are not heavily traded
  • Importance of valuation
  • Lending and borrowing and the related collateral

Major trends (1:14:52)

  • Decentralized finance defi
  • Centralized vs. decentralized
  • Future of DeFi
  • Potential ramifications on industries due to Defi
  • Progression of digital asset exchanges
  • Tokenized assets
  • NFTs

Changing state of reputational and regulatory risks (1:23:26)

  • United States
  • Current regulatory status
  • Special purpose broker dealers: Background & Potential changes to the market landscape
  • On the horizon

Quotes from Enzo Villani:

  • “I would be careful of decentralized exchanges… If you want to be in the altcoin market, I would say you should go through a sophisticated fund or you want to do it on exchanges that you trust or are in your jurisdiction.”
  • “The great thing about this market is that it is changing the way exchanges actually compete.”
  • [Alpha Sigma Capital] spends a lot of time doing research… we produce our research now because there was no fundamental research approach to these companies [and] we found some real hidden gems… Great exciting firms and some really exciting things.”
  • “Our research index is up 434% this quarter.”
  • “We are all in this for the long term. We all want to see this blockchain economy grow and be utilized.”
  • “What I see is this… The digital asset technology is going to be applied to every single asset class because it’s going to be an easier transaction.”

To watch the full webinar please click on the link below:

https://www.pkfod.com/wp-content/uploads/2021/04/Understanding-the-Digital-Assets-Market-The-Current-Institutional-Landscape_4.6.2021.pdf

Jordana Cohen,

Associate

Alpha Sigma Capital

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