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The US investment bank that will offer a Bitcoin fund

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Golden bitcoin fund logo

J.P. Morgan Chase is offering customers an actively managed Bitcoin fund. Two of the funds on offer are from Galaxy Digital. The third is a joint effort from asset manager FS Investments and bitcoin company NYDIG.

The Bitcoin fund will be targeted at private wealth clients

JP Morgan will offer the fund to customers with “an aggressive risk tolerance.” They also must have at least $2 million in assets. Investment firms need at least $5 million at the bank to qualify for the new stakes.

The move signals a significant change for traditional banks

Perhaps one of the most unlikely candidates to embrace cryptocurrency as an asset class, JP Morgan’s CEO has a well-documented distaste for Bitcoin.

This comes after the company’s CEO called Bitcoin a “dangerous fraud,” threatening to“fire in a second” any trader who touched the stuff. “If you’re stupid enough to buy it, you’ll pay the price for it one day,” he said. 

Although the CEO quickly walked back the “fraud” label, he continues to argue that government regulation of cryptocurrencies is inevitable, 

The fund could be rolled out as soon as mid-year. New York Digital Investment Group will serve as J.P. Morgans custody provider for the project.

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Business

Jaguar Land Rover is developing a hydrogen-powered car

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Jaguar Land Rover will develop a new hydrogen-powered prototype of its iconic Defender SUV

The prototype program, known as Project Zeus, is part of JLR’s larger aim to only produce zero-tailpipe emissions vehicles by 2036.

Hydrogen only emits water making it ideal for larger vehicles with longer driving ranges, according to the car-maker.

It follows the company working towards cutting its tail-pipe emissions to zero by 2036.

The venture will be partly funded by the UK Government and will begin testing by the end of this year.

The UK plans to ban car sales that run entirely on combustion engines from 2030.

JLR has also made a commitment to have zero carbon emissions across its supply chain, products, and operations by 2039.

The automaker has also tapped AVL, Delta Motorsport, Marelli Automotive Systems, and the UK Battery Industrialization Center to help develop the prototype.

The testing program is designed to help engineers understand how a hydrogen powertrain can be developed that would meet the performance and capability (like towing and off-roading) standards that Land Rover customers expect.

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Emirates posts biggest loss in three decades

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Emirates has recorded its biggest yearly loss in three decades.

In a tweet the Emirates group announced it lost $6 billion USD for the 2020/2021 past year.

The airline blamed the worldwide travel restrictions as the main driver of the slump.

The group’s revenue was $9.7billion USD, a decline of 66 percent over last years results.

Emirates revealed their current cash balance is now at $5.4 billion USD which is down 23 percent from last year mainly due to the weak demand in air travel caused by multiple pandemic-related lockdowns.

Emirates also confirmed in a statement that they did receive a capital injection of $3.1 billion USD from the Dubai Government who is the ultimate shareholder of the Middle Eastern Carrier.

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Business

Way of the future: The Flying Taxi

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Instead of booking an Uber to an airport how about a flying taxi to get to your flight on time?

Virgin Atlantic is the latest company to explore whether it could launch a flying taxi service.

The airline suggests electric vertical take-off and landing vehicles could fly between towns and major airports.

Several companies have promoted the idea of “flying taxis” that could pick passengers up from rooftops in city centres and take them to a variety of locations but Virgin Atlantic’s suggestion is slightly sleeker.

The proposed craft will carry four passengers and a pilot up to 100 miles as well as being emission-free and quieter than a traditional helicopter.

What is the idea?

Several companies have promoted the idea of autonomous “flying taxis” that could pick passengers up from rooftops in the city and then take them to the main transport hub such as an airport.

Virgin Atlantic’s suggestion is slightly tamer.

It has proposed that an eVTOL aircraft could pick people up from a city such as Cambridge and fly them to a major airport such as Heathrow Airport in London.

Vertical Aerospace says its VA-X4 craft will be able to carry four passengers and a pilot up to 100 miles, as well as being emissions-free and quieter than a helicopter.

The company claims it will be “near silent” when cruising.

It has already partnered with American Airlines to bring out these new taxi’s as well as Avolon, an aircraft-leasing company.

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