Crypto Top 5: Cats Move Into Crypto, Industry Previously Dominated by Canines
Good morning. Why are planes so hot? I am profusely sweating while writing this from seat 30E (middle seat). Anyway, the crypto markets are almost as hot as this plane right now and everyone from NYC's mayor-elect to a company named after the sound a cat makes are hopping in.
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:
- Crypto World Hits $3 Trillion Market Cap as Ether, Bitcoin Gain
You get an all-time high! And you get an all-time high! Yesterday was a good day for crypto investors as the market did its best Oprah impression .The total crypto market cap crossed the $3 trillion mark as Ethereum and Bitcoin both reached all-time highs driven by broader market adoption, the launch of ETF products, and increased investor comfort with cryptocurrencies. Other large cap coins like Binance Coin (#3 market cap) and Solana (#4 market cap) are up 20% over the last week, helping quadruple the total crypto market value in 2021 alone. - Meow Raises $5M to Connect Corporate Treasurers to Crypto Markets
Meow (yes, that's the company's name) has raised $5 million in a seed funding round led by Coinbase Ventures, Gemini Frontier Fund, Lux Capital, and others. The firm's value prop for corporate treasurers: 1) increased yields via crypto exposure 2) compliance with existing regulations and 3) no locking up of funds. From Coindesk:
"Corporate treasuries deposit cash and Meow partners with institutional crypto lending desks to make short-term high yield loans. Meow then collects yields and passes part of the returns back to its customers, who can access the funds within three business days."
Corporate treasurers also bypass the need to custody their own crypto, set up wallets, and/or partner with third parties to provide these services. Meow is currently in an early-access phase and is onboarding customers to the service. The company says they are ready to scale and a Series A round is expected in the next few months. - BlockFi, Neuberger Berman File for Spot Bitcoin ETF
The crypto lending firm, BlockFi, and the investment management firm, Neuberger Berman have applied to the SEC for a spot Bitcoin ETF via a joint venture. The shares would trade on the NYSE and provide investors with direct exposure to Bitcoin held by the fund. This differs from existing products in the U.S. which currently only provide exposure to Bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME). - Rich Millennials to Financial Advisers: Thanks for the Golf Invite, But You Can’t Invest My Money
Young investors are shunning financial advisors in favor of managing their own money. According to research by firm Aite-Novarica Group, 70% of households in 2019 that were headed by a person under 45 and that had a net worth of at least $500,000 maintained an investing style that was either strongly or mostly self directed, up from 57% in 2010. Almost half of these households also preferred to take an above average level of risk in exchange for the potential of an above average level of return. Many of these young investors prefer to put their money in cryptocurrencies that most traditional investment managers don't provide access to. - NYC mayor-elect on businesses accepting bitcoin: 'We're going to look at it'
During an interview with CNN, Eric Adams, New York City's mayor-elect, said that he is potentially going to look at encouraging businesses to accept cryptocurrency as a form of payment. And while there are a lot of qualifiers in the previous statement, Adams said that he wants to "send a signal" that New York is a center of innovation. When asked by the interviewer if he could explain Bitcoin, Adams responded, "even experts will have a challenge doing that." Our suggestion for Mr. Adams to learn more, start here.
Top Sharers of the Crypto Top 5:
1. Cameron S. - New York, NY
2. Jake Y. - Greenville, SC
3. Ross M. - Memphis, 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.