NYDIG co-founder warns against non-Bitcoin investments

NYDIG co-founder warns against non-Bitcoin investments

Ross Stevens, the co-founder of NYDIG, recently issued a press release in which he cautioned traders against investing in a non-Bitcoin asset and emphasized that the company has always been and will continue to be a Bitcoin-first firm. The release was in response to a question about whethe


The risks that are connected with investing in products other than Bitcoin are highlighted in a statement that was released by NYDIG, a subsidiary of the holding company Stone Ridge.

Stone Ridge is a committed industry participant that has been involved in the establishment of creative enterprises throughout the technology landscape and the digital financial ecosystem. As a result, Stone Ridge is well positioned to take advantage of current opportunities. In addition to this, the company provides organizations such as banks, insurance firms, and fintech with products that are based on Bitcoin.

The mission of NYDIG is described as "strict regulatory requirements and top-notch technology to boost Bitcoin acceptance," and this is the vision that guides the organization.

In addition, the warnings arrived just a few days after the demise of the once-powerful FTX empire, which was brought on by the liquidity issues that have engulfed the struggling cryptocurrency exchange. Sam Bankman-Fried, the CEO of FTX, revealed on November 11 that the company has begun the process of declaring bankruptcy under Chapter 11 in the United States.

The most recent blog post by NYDIG highlighted the fact that there has been an increase in the number of attacks on the decentralized finance (DeFi) area. As a direct consequence of this, the authors of the study issued a stern caution against making investments in cryptocurrencies other than Bitcoin as well as DeFi.

Over the course of the previous few years, NYDIG has forged partnerships with a number of significant industry companies. On the other hand, the document said that the company is led by people who have a demonstrated track record of excelling in their fields. As a result, the corporation is in a better position to mitigate the amount of failed investments, which have been commonplace in the digital asset industry.

Making Due Diligence

According to the information provided in the article published by NYDIG, the company has had a plethora of chances to engage in cryptocurrency projects that will result in tremendous earnings. Nevertheless, the data demonstrates that efforts of this nature are doomed to fail. In addition, engaging in such activities constitutes a violation of the Securities Act of the United States.

In the text, it was claimed that "Life as it is intended to be lived is too short to participate in short-term gains." Additionally, the greatest thing to do is to collaborate with people in whom one can place their faith and have the courage to assert that it is promising even when danger is present.

At the beginning of the previous month, NYDIG made the announcement that Tejas Shah and Nate Conrad had been promoted to the positions of CEO and President, respectively. In addition, the company's press release for the month of October shows that its Bitcoin balance for the third quarter of 2022 has reached an all-time high with an increase of nearly 100% over the previous quarter's balance.

In a similar manner, the company's net revenue increased by 130% in the second quarter of the year, followed by still another increase at the conclusion of the third quarter. The newly hired leaders will focus on accelerating NYDIG's investments in order to capitalize on the momentum that has already been established.

The company plans to concentrate its efforts on its Mining Solutions franchise, which is the most successful mining business in North America. In addition, it plans to make its Lightning Network available to banks and other businesses so that they can assist in the development of wallets for the next generation and global payment solutions.

In the meantime, institutions that are looking to diversify their investment portfolios into digital currencies have a high demand for investment tools that are based on Bitcoin. Bitcoin exchange-traded funds (ETFs), which are considered to be investment tools with lower levels of risk, are the vehicles of choice for establishments that want to enter the cryptocurrency industry.

Ojike Stella

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