KYC Required to Get to the Otherside

Good morning. Today we've got coverage on the contentious New York State mining moratorium bill, a new crypto options trading platform, and FX hedging coming to crypto this summer. All that and more in the CT5!

Summer Vacation: the CT5 will be off starting Friday, April 29th through Friday, May 13th.

Market Update (as of 8:15am ET):

My asks from you:
- Forward to your friends, family, and anyone that would be interested (check the Top Sharers leaderboard at the bottom of this email to see where you stand!)
- If you're new, hit that pink subscribe button just below this section
- Send any and all feedback to jmaxxyoungii@gmail.com
- Add us to your Contact List so this newsletter doesn't end up in your spam folder

Top 5:

1. Bybit to offer crypto options trading to customers. The crypto trading platform will begin offering options trading to customers in addition to the existing futures contracts trading currently available. While an official launch date has not been announced, customers will be able to trade USDC options and perpetuals using portfolio margin. Last month, Bybit's Head of Communications indicated the company's goal is to achieve 50% market share in crypto options in the next 18 months.

2. NFT aggregator acquired by OpenSea. Gem.xyz is now part of OpenSea. The acquisition comes just a couple of weeks after a co-founder and core developer at the company was removed following allegations of rape, sexual harassment, and grooming of minors. Gem's product serves as a NFT marketplace aggregator, allowing traders to buy NFTs across multiple marketplaces and and to pay with any ERC-20 token. The product is tailored to address "pro" NFT traders' needs. Gem will continue to operate on a standalone basis for the time being.

3. Yuga Labs’ Otherside metaverse land auction imposes KYC checks. Know-your-customer (KYC) checks will be required to take part in the Otherside metaverse land auction later this week. It's an unusual move in the crypto space as many crypto users view KYC as an invasion of privacy that should reside in the realms of traditional finance. It's the first project from Yuga that will require this type of identity verification. Existing holders of BAYC or MAYC NFTs will be able to claim land without KYC checks.

4. Soon-to-launch FX trading platform secures $8.5M in seed funding. Vertex, a decentralized foreign exchange protocol for multi-currency spot and derivatives trading, closed their seed funding round with plans to launch this summer. The company plans to expand the market for trading between fiat-linked tokens in order to provide international traders a way to hedge currency risk from trading in USD-denominated products. Currently, 90% of DeFi liquidity is held in USD linked stablecoins.

5. New York bill banning proof-of-work crypto mining poised to advance. Earlier this week a bill passed the New York State Senate that would put a two-year moratorium on the issuance of new permits for proof-of-work mining operations that propose to use “electric generating facility that utilizes a carbon-based fuel.” The bill would also require a study by the New York State Department of Environmental Conservation on proof-of-work mining’s impact to the state's climate goals. The bill will likely move to the New York Assembly later this week for another vote.

Updates and other stories:
- Ola GG raises $8M to expand P2E in Spanish-speaking markets...Read More
- Fort Worth becomes first city to mine bitcoin...Read More
- Ethereum scaling project Optimism launches DAO...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.