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Christie’s to auction 9 rare CryptoPunks, Meitu completes crypto investment plan

2021.04.11 Adam James

Another high-profile NFT auction will take place through Christie's, while Charles Schwab seeks a compliance expert with virtual currency experience.

As always, it's been an eventful week in the blockchain and cryptocurrency industry. Financial services giant Charles Schwab is seeking a compliance expert with virtual currency experience, while publicly listed tech company Meitu completes its planned cryptocurrency investment. Meanwhile, hardware wallet manufacturer Ledger is facing a class action lawsuit after last year's massive data breach, and Christie's is set to auction nine rare CryptoPunks after completing it's famous Beeple sale.

Here's everything you need to know in the world of crypto in this week's edition of OKEx Insights' News of the Week.

Charles Schwab's new job posting highlights virtual currency

Charles Schwab's cryptocurrency plans are becoming clearer after the American multinational financial services company posted a job listing for a compliance director to lead its futures and forex team.

Of particular note is that the job's duties include the formation of "a virtual currency compliance program." The term "virtual currency" also appears on multiple other occasions throughout the job listing.

Key takeaways

  • As previously reported by The Block, Charles Schwab is already known to be examining the possibility of launching its own cryptocurrency brokerage.
  • The new job posting suggests that the company may be planning on entering the cryptocurrency space as early as this year.

Christie's to auction nine rare CryptoPunks

Christie's plans to sell a collection of nine CryptoPunks — one of the earliest and most-famous nonfungible token art projects — in May, according to an announcement published by the major auction house on Thursday.

The CryptoPunks for sale are all from founders Matt Hall and John Watkinson's own personal collections, and bids and payments will be accepted in ETH.

Key takeaways

  • The CryptoPunks auction from Christie's follows the auction house's previous sale of Beeple's 5,000-day digital art collection — which marked the first time NFTs were sold at a major auction house.
  • CryptoPunks are widely considered to be the first and most important NFTs created on the Ethereum blockchain. Christie's auction may increase the floor price of the expensive 8-bit style pixel images via more mainstream exposure.

Meitu completes initial cryptocurrency investment plan

Meitu has completed its original goal of investing $100 million in cryptocurrency after purchasing an additional 175 BTC, as per a disclosure filed on Thursday. 

The Hong Kong-based, publicly traded app maker now holds 31,000 ETH and 940 BTC in its treasury — totaling approximately $50 million per cryptocurrency.

Key takeaways

  • Though MicroStrategy, Tesla and Square have previously acquired BTC reserves, Meitu is one of the first China-based publicly-listed companies to follow suit.
  • Meitu plans to use a portion of its ETH for its own to-be-developed decentralized app projects.

Ledger facing class action lawsuit following data breach

Ledger and Shopify are now being subjected to a class action lawsuit after the cold wallet manufacturer suffered a data breach — caused by a Shopify employee — last summer, which ultimately led to a database of more than 250,000 users' personal information being posted online.

The lawsuit was filed on April 6 and comes from law firm Roche Freedman.

Key takeaways

  • As one of the most popular hardware wallet manufacturers, the class-action lawsuit will remain a high-profile and closely followed case in the blockchain and cryptocurrency industry.
  • Roche Freedman is no stranger to cryptocurrency-related lawsuits, having previously filed class actions against Binance, Tron and iFinex.

Revolut adds support for 11 more cryptocurrencies

Revolut, a "neobank" based in London, has announced the addition of 11 more cryptocurrencies to its platform, namely:

  • ADA
  • UNI
  • SNX
  • YFI
  • UMA
  • BNT
  • FIL
  • NMR
  • LRC
  • OXT
  • GRT

The new coins and tokens join the likes of the already supported BTC, ETH, LTC, XRP, BCH, XLM, EOS, OMG, XTZ and ZRX.

Key takeaways

  • Revolut has been a popular on-ramp for retail cryptocurrency buyers. However, the platform does not offer traditional trading services, nor does it support deposits or withdrawals.
  • The new coin and tokens are not available to U.S. users, who may only buy and sell BTC, BCH, ETH and LTC.

OKEx Insights presents market analyses, in-depth features and curated news from crypto professionals. Follow OKEx Insights on Twitter and Telegram.

Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.