Miners dumping BTC

Good morning. Uniswap Labs makes a play in the NFT space, BlockFi secures a line of credit from FTX, and miners don't have diamond hands. All that and more today in the CT5!

Market Update (as of 8:20am ET):

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Top 5:

1. Uniswap Labs buying Ethereum NFT aggregator Genie. The company behind decentralized exchange Uniswap announced on Tuesday that they will acquire NFT aggregator Genie. Genie allows users to purchase multiple NFTs in one transaction and provides aggregation tools for traders to see listings across marketplaces. "We’re trying to bring everything we brought to the ERC-20 space to the NFT space," said Hayden Adams, Uniswap CEO in an interview with Bankless. The full announcement can be found here and the interview with Bankless gets into the acquisition beginning at the 24 minute mark.

2. BlockFi receives $250M credit facility from FTX. The crypto lender announced early Tuesday morning that they have secured a $250 million credit facility from FTX. The move "bolsters" BlockFi's balance sheet and "the proceeds of the credit facility are intended to be contractually subordinate to all client balances across all account types..." according to BlockFi's CEO, Zac Prince. It's the second time in the last few days that a Sam Bankman-Fried company has bailed out a crypto lender, with crypto broker Voyager Digital receiving a line of credit from Alameda Research late last week.  

3. Crypto miner Bitfarms sells bitcoin to reduce debt, boost liquidity. Toronto-based bitcoin miner Bitfarms has ditched the "hodling" strategy in favor of selling off their mined BTC in order to pay off debts and strengthen their balance sheet. According to Arcane Research analyst, Jaran Mellerud, Bitfarms is not the only miner rethinking their strategy, with the top 28 publicly-traded miners selling 4,271 BTC in May, a 329% increase from April. Tanking crypto prices along with levered miners means this may just be the beginning of a mined bitcoin dump.

4. FTX US is acquiring equities clearing startup Embed Financial. The American arm of global crypto exchange FTX is acquiring Embed Financial an equities clearing startup. The acquisition bolsters FTX US's newly launched stock trading offering called FTX Stocks. Embed was previously announced as the custody, execution, and clearing service provider for the new business line. FTX Stocks is currently operating in a private beta with a public release in the US expected later this summer.

5. BitGo launches first NFT custody platform for US institutions. The custody platform is being launched in tandem with a hot wallet product and will be the first US-qualified custody solution that can be paired with hot wallets. The product is tailored to institutional investors with multi-signature security and 24/7 support. Clients can interact with NFT marketplaces like OpenSea or LooksRare through the wallet while still maintaining a high level of security when compared to other wallets like MetaMask. From Chen Fang, Chief Product Officer at BitGo:

When there is an institutional investor that’s throwing in twenty or thirty million dollars, or even $100 million worth of value... obviously you don’t really want to keep it on single-signature wallets

Updates and other stories:
- Chainalysis launches 24/7 hotline for crypto crime victims...Read More
- Tether is launching a British pound-pegged stablecoin...Read More
- Wyoming's Black Hills Energy inks first deal under new blockchain tariff...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.