Red Bullish

Good morning. Today we've got an update from Canada eh (couldn't help it), a Coinbase remittance payments pilot program, F1 racing, and more!

Bonus Content Coming Soon: I'm close to having 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 7:49am ET):

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Top 5:

1. Canada sanctions 34 crypto wallets tied to trucker 'Freedom Convoy'. Well, it didn't take long for the Canadian government to use those emergency powers. On Wednesday, the Ontario Provincial Police and Royal Canadian Mounted Police ordered all regulated financial firms to stop transactions to 34 crypto wallets tied to the funding of the trucker-led protests. While the order won't completely shut off the flow of funds to these addresses (I could still send crypto from my wallet that is not controlled by a regulated financial firm) it will certainly slow the stream. Two crucial points from Nic Carter below:

SSS (sat-sized summary): The Canadian government has ordered all regulated financial institutions to stop transactions to 34 crypto wallets tied to the funding of the trucker-led protests. This won't stop payments outside of regulated financial institutions, but it's an aggressive measure from the government that's not winning any friends in the crypto community.

2. Coinbase Launches Crypto Remittance Pilot for Mexico. The service allows Coinbase users to send funds to friends and family in Mexico via the app and provides recipients with the option to either cash out at 37,000 retail outlets and convenience stores or keep the funds on Coinbase where they can be converted to crypto. The global remittance market is valued at $700 billion and is currently dominated by a handful of legacy players. Coinbase claims that by using their service users will save 25-30%  versus traditional remittance methods. The company plans to expand to other regions over time.

SSS: Coinbase is making a play to streamline the global remittance payments market by offering a pilot program in Mexico where recipients of remittance funds on the app can cash out at retail locations across the country. Traditional remittance payments can be slow and come with high fees and crypto presents an opportunity to completely revolutionize (or potentially eliminate) that industry.

3. Red Bull signs 'largest crypto deal' in sports. First, if you haven't watched Drive to Survive, the F1 docuseries on Netflix, you are missing out. I have never in my life watched an F1 race, but am absolutely hooked on the show. Getting back to the story itself...the Red Bull racing team has signed a three year $150 million deal with crypto exchange Bybit, in what is being marketed as the "largest crypto deal in sports." The partnership will facilitate Red Bull's issuance of fan tokens and further distribute their collection of digital assets. Between Super Bowl commercials, stadium naming rights, and athlete NFTs it doesn't seem like the crypto-sports connection will be slowing down anytime soon. Push! Push!

SSS: Crypto sponsorships in sports won't stop coming. The latest move sees Bybit sponsoring the Red Bull F1 racing team in a $150 million dollar deal.

4. Mastercard to offer consulting for crypto, digital currencies. The payments giant is expanding its consulting offering to include crypto & digital currencies mirroring Visa's announcement late last year. Both companies recognize crypto as a threat to their business models and have partnered with or acquired crypto native companies in order to stay relevant in the payments industry moving forward.

SSS: The crypto battle between Visa and Mastercard continues with Mastercard rolling out digital asset consulting services this week. Each firm is attempting to maintain their position in the payments industry in the face of challenges presented by crypto.

5. Australian broker SelfWealth taps BTC Markets to offer clients crypto. The company will become the first traditional stockbroker in the country to offer clients cryptocurrency. The partnership with BTC Markets will allow SelfWealth clients to access and manage their entire portfolio including equities, fixed income, crypto, etc. on a single platform. SelfWealth decided to offer crypto products to their clients after research indicated that 30% of their existing client base was already trading digital assets. As a country, Australia has been proactive in establishing crypto regulations that provide clarity and allow investors access to a variety of products via traditional financial institutions.

SSS: Australian broker SelfWealth, is partnering with a crypto exchange to offer clients access to cryptocurrencies through the broker's platform. It's a great way to keep clients that are already trading crypto in SelfWealth's ecosystem and offers a more familiar pathway into crypto for those who may not have exposure to the asset class as of yet.

Updates and other stories:
- Warren Buffett invests $1B in Bitcoin-friendly neobank...Read More
- YouTube is hiring for director to lead Web3 push...Read More
- Accused Bitfinex Bitcoin launderer Heather Morgan released on bail...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.