Canada, the Land of the Free
Good morning. Today we've got another crypto unicorn, another non-US spot-bitcoin ETF, some upcoming Congressional input, and more! And if you missed it, Square is now Block.
What this is:
A "Top 5" of crypto, digital asset, and other blockchain related news sent to your inbox on a daily basis
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Top 5:
- 1inch Network Raises $175 Million At $2.25 Billion Valuation To Bring Traditional Finance Into DeFi
1inch, the decentralized exchange (DEX) aggregator, raised $175 million in a Series B round of funding with more than 50 investors participating in the sale of 1INCH tokens. The firm serves as a platform that sources liquidity from other decentralized exchanges to provide users with the best pricing. "The next $1 trillion of assets entering DeFi will come from institutions rather than retail users," said Sergej Kunz one of the co-founders of 1inch. To service that next trillion dollars in capital the 1inch team is rolling out a "Pro" service that will employ a compliance protocol to provide institutional investors direct access to an array of DeFi products and services. DEX aggregators currently hold about 20% of total decentralized exchange trading volume, with the remaining 80% occurring directly on DEX platforms. - Cutting a Banksy Into 10,000 (Digital) Pieces
Banksy's "Love Is in the Air" will be sold off into 10,000 "NFTs" at the beginning of next year by Particle, "a firm that merges art and technology with a goal of reaching a broader pool of potential buyers." The painting was purchased in May for $12.9 million dollars and will be split into a 100 x 100 grid with each piece being sold off for around $1,500 ($15 million in total). Each "particle" of the painting represents a minority ownership and comes with a collector's card showing the whole piece of art as well as the particle's location on the piece. I'm personally skeptical of calling this an NFT. To me this is the tokenization of an illiquid asset, with the NFT aspect being more of a marketing play. If you'd like to see the piece of art, check out my right-click save work below.
3. Fidelity Heads North — to Canada — With Bitcoin ETF as U.S. Fund Awaits SEC Approval
A spot-bitcoin ETF could be launched this week (potentially as early as today) in Canada. The Fidelity Advantage Bitcoin ETF (ticker: FBTC) will invest directly in bitcoin or through derivative instruments and will trade on the Toronto Stock Exchange. Fidelity had previously met with SEC Chairman Gary Gensler in an unsuccessful effort to get approval for a spot-bitcoin product in the U.S. FBTC will not be the first ETF of its kind offered in Canada, where authorities have already embraced bitcoin and attracted billions of dollars in investments. “This should be embarrassing for the SEC that one of America’s biggest, most storied names in investing is forced to go up North to serve its clients,” Bloomberg Senior ETF Analyst Eric Balchunas said on Twitter.
4. Crypto CEOs to Testify Before House Financial Services Committee
Leaders from six major crypto companies, including Coinbase, FTX, Paxos, and Circle, will testify at a Dec. 8th House Financial Services Committee meeting. The committee is chaired by Maxine Water (D-CA) who has been an outspoken critic of the crypto industry due to the lack of regulation currently in place. The session is entitled “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States.”
5. Facebook retreats from crypto ad ban
Facebook/Meta announced on Wednesday a decision to reverse their long-standing policy that prevented most cryptocurrency companies from running ads on their platform. The move comes after the company tried and failed to launch a cryptocurrency (Libra, then Diem) that could be used to send money online to anyone in the world via Facebook products. Additionally, the head of Facebook’s cryptocurrency efforts, David Marcus, announced on Tuesday that he will be leaving the company at the end of the year.
Top Sharers of the Crypto Top 5:
1. Cameron S. - New York, NY
2. Jake Y. - Greenville, SC
3. Lauren A. - Nashville, TN
Disclaimer: The information contained in this newsletter shall not be understood or construed as financial advice. I am not an attorney, accountant or financial advisor, nor am I holding myself out to be, and the information provided is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.