New Port Open for Trade

Good morning. I'm glad I picked some pretty slow news weeks to take vacation. Oh well...the CT5 is back!

Today we've got coverage on a new NFT platform from OpenSea, an Australia bank running for the hills, some interesting data from the Terra collapse (wanted to get in a little coverage), and more!

Market Update (as of 9:27am ET):

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Top 5:

1. OpenSea launches new marketplace protocol dubbed 'Seaport'. The new protocol will operate using a barter method, differing from the current platform where only cryptocurrencies can be used to purchase NFTs. Bidders who use Seaport can now bundle different assets in exchange for an NFT. For example, "say you own a 40 ETH doodle and you want a 100 ETH ape. You can offer your doodle NFT and 60 ETH." Other features of the new platform include tipping and bidding on specific traits from a collection (e.g., NFTs that are smiling).

2. GameStop unveils crypto and NFT wallet, shares jump 3%. The video game retail company has released a beta version of their self-custodial Ethereum wallet that can be downloaded on their website. The product will allow gamers to transfer in-game assets including cryptocurrencies and NFTs. The company is still targeting July for the launch of their NFT marketplace.

3. Waning institutional demand is forcing high-yield crypto accounts to slash rates. Crypto lending platforms such as BlockFi have experienced staggering growth since 2020, by providing yields to individual investors that have reached as high as 17%. But, a recent lack of demand from institutional borrowers is forcing these platforms to cut rates. Joe Hickey, head of trading at BlockFi, said that in addition to reduced borrowing, key indicators including the implied rate and open interest are substantially lower than last year.

4. Top Australian bank ceases crypto pilot amid market downturn. According to reports from The Guardian, Australia’s largest bank by total assets has shuttered the rollout of a pilot that had briefly allowed select users to make in-app crypto purchases. The Commonwealth Bank (CBA) has decided to pause the pilot and has given no timeframe for when the program will resume. The bank previously became the first major financial institution in the country to allow in-app crypto purchases for customers. From CBA:

“Our intention still, at this stage is to restart the pilot, but there is still a couple of things that we want to work through on a regulatory front to make sure that that is most appropriate.”

5. Stablecoin sellout from two weeks ago...

Updates and other stories:
- Wormhole announces $10 million bug bounty payout...Read More
- Why Maker's DAI is surviving after Terra's stablecoin collapse...Read More
- Bankman-Fried donated $16 Million to super PACs in April...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.