Coach K NFT

Good morning. Today we've got crypto coverage on the Russian invasion of Ukraine, a new sports-focused NFT marketplace, Tether adjustments to holdings, and more!

Market Update (as of 8:04am ET):

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Top 5:

1. Bitcoin crashes more than 7% in 24 hours as Putin announces 'Special Military Operation' in Ukraine. The invasion of Ukraine has begun with Russian President Vladimir Putin announcing military hostilities to achieve the “demilitarization and denazification of Ukraine." Cryptocurrencies broadly fell around 5% with equities also down around 1.5%. Gold and oil prices both shot up following the announcement.

2. Reserves attestation shows Tether cut commercial paper holdings. The stablecoin reduced the amount of commercial paper (an unsecured debt) backing the product by 21% after receiving significant amounts of criticism during their last attestation. The company has reallocated most of those assets to Treasury bills increasing their total T-bill holdings from $19.4 billion to $34.5 billion. Currently, Tether's total assets exceed its total liabilities slightly. $78.67 billion to $78.53 billion.

3. BNY Mellon is integrating Chainalysis to help with risk management. The world's largest custody bank ($46 trillion in assets under custody) is integrating Chainalysis compliance software into its risk management process. The partnership will allow BNY Mellon to track transactions and identify high risk withdrawals and deposits (e.g., crypto funds are flowing to an address that's on an international sanctions list). The bank is already a major crypto custodian and is putting themselves in the position to be fully compliant with future AML/KYC regulations directed specifically at crypto.

4. OneOf expands sports NFT presence with new collection on Polygon. The NFT platform known for music is expanding to sports collectibles the launch of its “Sports Pass” collection this Thursday. The launch will include one-of-one NFTs that grant holders exclusive perks on OneOf’s new sports-NFT marketplace. The company also announced partnerships with professional and collegiate teams including the Duke Blue Devils. An NFT featuring Mike Krzyzewski is in the works to honor his final year coaching the team.

5. Teller raises $6.9 million to develop protocol to enable unsecured digital asset lending and borrowing. The company is working to build a DeFi platform that allows users to borrow and lend without collateral. "We're an open order book so that borrowers can come through, request the loan, and they can append data to that loan. On the flipside, lenders can view the data and make an analytical decision as to whether or not they want to underwrite and then lend... But we operate as that back-end infrastructure, supporting entrepreneurs that make categories of these loans on top of us," said Ryan Berkun, Teller CEO. To me that sounds like a facilitation of a lot of risk for users and a great opportunity for scammers.

Updates and other stories:
- Sotheby’s CryptoPunk auction canceled after seller withdraws...Read More
- South Korea’s top bank to launch crypto ETFs...Read More
- JPMorgan crypto exec Christine Moy is leaving the firm...Read More

Top Sharers of the Crypto Top 5:
1. Donna Y. - Nashville, TN
2. Jake Y. - Greenville, SC
3. Forrest H. - Evansville, IN

External Resources:
1. Cryptopedia from Gemini - if you see a word, acronym, or phrase in this newsletter that you don't understand, there's a good chance you can find an explanation here
2. Crypto Explainer+ - intro level courses on Bitcoin, Ethereum, decentralized finance, NFTs, and more
3. Crypto Jobs! - looking for a new job? Check out this page from Anthony Pompliano with hundreds, if not thousands of listings

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.