TRUST Growing
Good morning. Today we've got coverage on potential FTX acquisitions, insights on the Ethereum Merge, and a crypto custodian expanding services via integration with Fireblocks. All that and more today!
Market Update (as of 8:37am ET):
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Top 5:
1. FTX Reportedly Seeks Acquisitions in Brokerage Space. The crypto exchange, which announced its move into US stock trading last week, has reportedly already been in talks with stock trading startups Webull, Apex Clearing, and Public.com about possible acquisitions. FTX has existing investment stakes in Robinhood, stock exchange operator IEX Group, and last year acquired digital currency futures and options exchange, LedgerX.
2. Coinbase-led Travel Rule group Grows Members, expands to Canada and Singapore. The Travel Rule Universal Solution Technology (TRUST), originally a group of five U.S. companies building an anti-money laundering (AML) system for cryptocurrency transactions, has expanded its jurisdictional footprint to include Canada and Singapore. The group was originally kickstarted by Coinbase and is actively working to expand to other global jurisdictions, including Germany and other countries in the European Union.
3. Blockchain-based securities exchange ADDX gets $58M to scale operations. Blockchain-based private market exchange ADDX said Tuesday it has raised $58 million from some of Asia’s largest financial institutions in an effort to scale operations and invest in future product innovations. The Singapore-based company acts as a full-services capital markets platform and leverages blockchain and smart contract technology for the tokenization and fractionalization of private market opportunities such as pre-IPO equity.
4. Crypto custodian Zodia integrates with Fireblocks Network. Zodia serves as the institutional crypto-asset custody firm for UK-based Standard Charter. The integration with the Fireblocks Network allows Zodia to connect with more than 1,000 liquidity providers, 35 exchanges, lending platforms and other counterparties. While the firm is still a long way from its goal of providing a full service custody solution for all customers, the Fireblocks integration is a huge step forward in providing liquidity for institutional crypto investors.
5. Great podcast episode from Bankless on the Ethereum Merge and one investor who is 'Betting the Fund' on it. Hal Press, founder of North Rock Digital, listens in to all Ethereum Core Developer calls and thinks there's a 75% chance the Merge will happen by September. His investment thesis is that the Merge will drastically change existing supply and demand dynamics for ETH, sending the price way up (he has ETH calls in December for $8,000).
Updates and other stories:
- ‘Move-to-earn’ Solana app StepN is latest crypto gaming craze...Read More
- NFT artist Beeple's Twitter account hacked in phishing scam...Read More
- Korean crypto exchanges facing supervision after Terra collapse...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.