Connect with us

Published

on

VanEck to launch Avalanche ecosystem fund

VanEck plans to launch a private digital assets fund in June targeting tokenized Web3 projects built on the Avalanche blockchain network, the asset manager said in a statement shared with Cointelegraph.

The VanEck PurposeBuilt Fund, available only to accredited investors, aims to invest in liquid tokens and venture-backed projects across Web3 sectors, including gaming, financial services, payments, and artificial intelligence. 

Idle capital will be deployed into Avalanche (AVAX) real-world asset (RWA) products, including tokenized money market funds, VanEck said.

The fund will be managed by the team behind VanEck’s Digital Assets Alpha Fund (DAAF), which oversees more than $100 million in net assets as of May 21. 

“The next wave of value in crypto will come from real businesses, not more infrastructure,” Pranav Kanade, portfolio manager for DAAF, said in a statement.

VanEck to launch Avalanche ecosystem fund
RWAs are among crypto’s fastest-growing segments. Source: RWA.xyz

Related: Tokenized stocks could top $1T in market cap — Execs

Thematic crypto funds

VanEck’s PurposeBuilt Fund is the latest in a series of funds from the asset manager and rivals designed to offer exposure to projects and companies in fast-growing segments of Web3. 

On May 14, VanEck launched a new actively managed exchange-traded fund (ETF) to invest in stocks and financial instruments providing exposure to the digital economy.

In April, VanEck launched another ETF investing in a passive index of companies operating in the crypto space. 

Asset managers such as VanEck are requesting the US Securities and Exchange Commission’s (SEC) permission to list upward of 70 crypto ETFs. 

The wave of ETF filings is in response to US President Donald Trump softening the agency’s regulatory stance toward crypto after Trump took office in January.

VanEck to launch Avalanche ecosystem fund
Avalanche TVL as of May 21. Source: DefiLlama

Avalanche RWA ecosystem

Avalanche has emerged as a hub for real-world assets (RWAs) and other institutional-oriented crypto projects.

Its interrelated networks, called subnets, allow institutions to run Ethereum-style smart contracts in a controlled environment. On May 16, Solv Protocol launched a yield-bearing Bitcoin token on the Avalanche blockchain, targeting institutional investors

Avalanche has around $1.5 billion in total value locked (TVL) as of May 21, according to data from DefiLlama. 

“We’re seeing a shift away from speculative hype toward real utility and sustainable token economies,” John Nahas, chief business officer at Ava Labs, said in a statement.

Magazine: Danger signs for Bitcoin as retail abandons it to institutions — Sky Wee

Continue Reading

Politics

UK weighs if China fraud scheme victims get current value of seized 61K Bitcoin

Published

on

By

UK weighs if China fraud scheme victims get current value of seized 61K Bitcoin

UK weighs if China fraud scheme victims get current value of seized 61K Bitcoin

UK officials are weighing whether to keep about $6.4 billion in gains from Bitcoin seized in a 2018 Chinese fraud case, instead of passing it on to victims.

Continue Reading

Politics

Baroness Mone should resign from Lords, after order to pay back £122m over COVID PPE

Published

on

By

Baroness Mone should resign from Lords, after order to pay back £122m over COVID PPE

Michelle Mone should resign from the House of Lords, a senior Conservative MP has told Sky News.

Speaking to Sky News, shadow energy secretary Claire Coutinho said Baroness Mone of Mayfair should do the “honourable thing” and “resign” as a member of the House of Lords.

Yesterday the Mone-linked firm PPE Medpro was ordered to pay close to £122m of taxpayer cash back to the government after it was found to have breached a contract for supplying PPE during the COVID pandemic.

Politics latest: No ‘golden ticket’ for refugees

The Department of Health and Social Care (DHSC) brought the case, saying it provided 25 million “faulty”, non-sterile gowns.

Baroness Mone was a Tory peer, although she currently has the whip suspended, meaning she isn’t a member of the official grouping in the chamber.

Speaking to Wilf Frost, Ms Coutinho said: “We’ve taken away the Conservative whip, she’s no longer a Conservative peer.

More on Covid

“And I think the honourable thing to do, particularly in light of this, would be to resign.”

Please use Chrome browser for a more accessible video player

Coutinho says Mone should resign

Removing a peerage from someone requires an act of parliament, although members of the House of Lords can be permanently excluded by a vote in the upper chamber if an investigation finds they have committed wrongdoing.

Currently, the parliamentary investigations into Baroness Mone are paused while other inquiries – including from the National Crime Agency – play out.

In her interview with Sky News, Ms Coutinho emphasised that it was the last Conservative government that started the lawsuit against PPE Medpro.

She defended the procurement methods employed by the government during the pandemic – saying it was an “incredibly frantic environment”.

Taking decisions quickly also led to successes like the vaccine rollout, Ms Coutinho added.

But she said the public was “rightly disgusted” by some of the outcomes including people who “didn’t live up to their promises and pocketed huge amounts of money”.

Please use Chrome browser for a more accessible video player

£122m bill that may never be paid

Read more:
Can PPE Medpro afford the bill?
Mone accuses government of ‘scapegoating’

PPE was a consortium led by Baroness Mone’s husband, businessman Doug Barrowman, and was awarded the government contract after she recommended it to ministers.

The legal hearing between the business and the government was centred on the 25 million surgical gowns PPE Medpro sold to the NHS for £122m, rather than the way the contract was awarded.

The judge found the gowns were not sterile and deemed this a breach of contract.

Baroness Mone was given a peerage by Lord David Cameron when he was prime minster, having worked as an entrepreneur running a lingerie firm.

👉Listen to Politics at Sam and Anne’s on your podcast app👈

Mr Barrowman incorporated PPE Medpro on the same day in May 2020 that Baroness Mone began using her political contacts – including to Tory minister Michael Gove – to bring the firm to the government’s attention.

The day before the judgement was handed down this week, PPE Medpro was put into administration, meaning recovery will be handled by the administrator, not Mr Barrowman.

Continue Reading

Politics

Finances feeling tight? New figures on disposable income help explain why

Published

on

By

'A disaster for living standards': We now have just £1 more of disposable income than in 2019

Monthly disposable income fell by £40 per person between Boris Johnson’s election victory in December 2019 and Rishi Sunak’s defeat in July 2024.

It is the first time in recorded British history that disposable income has been lower at the end of a parliamentary term than it was at the start, Sky News Data x Forensics analysis reveals.

Disposable income is the money people have left over after paying taxes and receiving benefits (including pensions). Essential expenses like rent or mortgage payments, council tax, food and energy bills all need to be paid from disposable income.

Previously published figures showed a slight improvement between December 2019 and June 2024, but those were updated by the Office for National Statistics on Tuesday.

There has been an uplift in the last year, although we’re poorer now than we were at the start of the year, and today we only have £1 more on average to spend or save each month than we did at the end of 2019.

That represents “an unmitigated disaster for living standards”, according to Lalitha Try, economist at independent living standards thinktank the Resolution Foundation.

Have things gotten better under Labour?

Disposable income has increased by £41 per person per month since Labour took office in July 2024. However, that masks a significant deterioration in recent months: it is lower now than it was at the start of 2025.

In the first six months of Labour’s tenure, disposable income rose by £55, a larger increase than under any other government in the same period. In part, this was down to the pay rises for public sector workers that had been agreed under the previous Conservative administration.

But the rise also represents a continuation of the trajectory from the final six months of the outgoing government. Between December 2023 and June 2024, monthly disposable income rose by £46.

That trajectory reversed in the first part of this year, and the average person now has £14 less to spend or save each month than they did at the start of 2025.

Jeremy Hunt, Conservative chancellor from October 2022 until the July 2024 election defeat, told Sky News: “The big picture is that it was the pandemic rather than actions of a government that caused it [the fall in disposable income].

“I clawed some back through (I know I would say this) hard work, and Labour tried to buy an instant boost through massive pay rises. The curious thing is why they have not fed through to the numbers.”

The £40 drop between Mr Johnson’s electoral victory in 2019 and Mr Sunak’s loss in 2024 is roughly the same as the average person spends on food and drink per week.

By comparison, since 1955, when the data dates back to, living standards have improved by an average of £115 per month between parliamentary terms.

Vital services, things like energy, food and housing, that all need to be paid for out of disposable income, have all increased in price at a faster rate than overall inflation since 2019 as well.

This means that the impact on savings and discretionary spending is likely to be more severe for most people, and especially so for lower earners who spend a larger proportion of their money on essentials.

Responding to our analysis, the Resolution Foundation’s Lalitha Try said: “Average household incomes fell marginally during the last parliament – an unmitigated disaster for living standards, as families were hit first by the pandemic and then the highest inflation in a generation.

“We desperately need a catch-up boost to household incomes in the second half of the 2020s, and to achieve that we’ll need a return to wider economic growth.”

Analysis by the Joseph Rowntree Foundation, which also takes into account housing costs, says that disposable income is projected to be £45 a month lower by September 2029 than it was when Labour took office.

We approached both Labour and the Conservative Party for comment but both failed to respond.

Read more:
Is PM making progress towards his key policies?

How are Labour performing in other areas?

Labour have made “improving living standards in all parts of the UK” one of their main “missions” to achieve during this parliament.

Sam Ray-Chaudhuri, research economist at the Institute for Fiscal Studies, told Sky News: “Labour’s mission to see an increase in living standards over the parliament remains a very unambitious one, given that (now) almost every parliament has seen a growth in disposable income.

“Doing so will represent an improvement compared with the last parliament, but it doesn’t change the fact that we are in a period of real lack of growth over the last few years.”

As well as the living standards pledge, the Sky News Data x Forensics team has been tracking some of the other key promises made by Sir Keir and his party, before and after they got into power, including both economic targets and policy goals.

Use our tracker to see how things like tax, inflation and economic growth has changed since Labour were elected.

The policy areas we have been tracking include immigration, healthcare, house-building, energy and crime. You can see Labour’s performance on each of those here.

Click here to read more information about why we picked these targets and how we’re measuring them.


The Data and Forensics team is a multi-skilled unit dedicated to providing transparent journalism from Sky News. We gather, analyse and visualise data to tell data-driven stories. We combine traditional reporting skills with advanced analysis of satellite images, social media and other open source information. Through multimedia storytelling we aim to better explain the world while also showing how our journalism is done.

Continue Reading

Trending