Google GOAT

Good morning. Today we've got crypto retirement products (exciting), an NFT platform from TB12, crypto policies in South Korea, and more!

Bonus Content Coming: I'm targeting early next week the end of the month to have my notes out from Messari's Crypto Theses for 2022. I'll include a link to my notes in this newsletter, however, the full report is definitely worth a read. The report is now in podcast form and can be found here.

Market Update (as of 8:11am ET):

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Top 5:

1. Google Creates Blockchain Unit, Hires New ‘Founding Leader’
Google is finally waking up to join the party. The search engine giant, famous for innovation and experimentation, has been unexpectedly uninvolved (at least publicly) when it comes to blockchain technology. However, on Wednesday the company announced two big moves that suggest they are ready to get to work. First, the appointment of Shivakumar Venkataraman as the lead of a new unit focused on “blockchain and other next-gen distributed computing and data storage technologies.” Second, the hiring of Arnold Goldberg, former PayPal executive, to head their payments division that will focus on financial services including cryptocurrencies. While Google is certainly a ways behind rivals Meta and Twitter, there's still a long runway for innovation in the space.

SSS (sat-sized summary): Google is finally entering the blockchain and crypto game. The company has previously sidelined themselves from any investment in the space (at least publicly), but is now making a push to get involved. They are the latest in the line of Big Tech/web2 firms moving into crypto/web3/blockchain technologies.

2. Tom Brady’s NFT Startup Gets $170 Million in Silicon Valley Funding
Autograph, an NFT platform co-founded by the GOAT, Tom Brady, raised $170 million in a Series B funding round led by Andreessen Horowitz and Kleiner Perkins. The company helps athletes and artists launch and promote their NFTs and already has a formidable stable of celebrity deals, including: Tiger Woods (another GOAT), Noami Oasaka, and Tony Hawk (another one). I'm personally interested to see if NFTs might change how celebrities interact with fans. Some initial thoughts: meetups for NFT holders, free tickets to games/shows, early access to content, etc. An NFT could essentially serve as a contract between celebrities and their fans.

SSS: Tom Brady's NFT platform, Autograph, raised $170 million in a Series B round of funding. The platform helps celebrities launch and market their own NFTs. It's another way for celebrities to capitalize on their image and could potentially change how some celebrities engage with their fans in the future (ex: meetups for NFT holders, free tickets to games/shows, early access to content, etc.)

3. IRA Platform iTrustCapital Raises $125M to Expand Bitcoin Retirement Options
Crypto-IRA company, iTrustCapital, has raised $125 million in a Series A funding round putting the company's valuation at $1.3 billion. Their flagship products are individual retirements accounts (IRA) that allow customers to #HODL Bitcoin, Ethereum, Solana, Cardano, and other cryptocurrencies all while reducing their tax bill. The company and others like it are filling a gap left open by traditional IRA providers like Fidelity and Charles Schwab. iTrustCapital recently launched an iPhone app and plans to roll out staking services and support for governance tokens that are held on their platform. iTrust currently has 25,000 funded accounts.

SSS: iTrustCapital and other similar firms are innovating in the IRA space by offering crypto-IRAs. These products allow customers to invest in cryptocurrencies while also taking advantage of the tax benefits offered by an IRA. Traditional IRA providers like Fidelity or Charles Schwab do not currently offer crypto-IRA products.

4. South Korea’s Presidential Candidates Look to Reintroduce ICOs Following 4-Year Ban
Presidential candidates in South Korea are attempting to boost turnout with young voters by unbanning initial coin offerings (ICOs).

Quick refresh on ICOs from Investopedia: "An initial coin offering (ICO) is the cryptocurrency industry's equivalent to an initial public offering (IPO). A company seeking to raise money to create a new coin, app, or service can launch an ICO as a way to raise funds."

ICOs have been banned in South Korea since 2017 with "stern penalties" applicable to those found in violation of the policy. With both leading candidates taking a similar stance on ICOs it will be difficult to determine any impact, but crypto taking center stage in politics may be a preview of things to come in the 2022 US midterm elections.

SSS: South Korea presidential candidates are considering unbanning ICOs in order to attract voters to their campaigns. It's a strategy I think we will see play out more and more in the US, with the first big opportunity for politicians to flex their crypto chops coming in this year's midterms.

5. MicroStrategy Market Cap from @DylanLeClair_
The value of Bitcoin held by MicroStrategy currently exceeds the company's market cap. @DylanLeClair_ points out below that by buying MicroStrategy right now you are basically getting a spot-Bitcoin ETF plus the MicroStrategy business value thrown in for free.

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

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.