Industry Updates - October 18th

Jack Dorsey's Square announces plans to build an open-source BTC miner, Coinbase to challenge OpenSea with the launch of their NFT platform waitlist, and the fabled Bitcoin ETF gets SEC approval. 

Sources

https://cointelegraph.com/news/jack-dorsey-s-square-plans-to-build-an-open-source-bitcoin-mining-system

https://cointelegraph.com/news/shapeshift-hopes-to-create-rarest-and-most-historical-nfts-with-80-trading-card-supply-burn

https://cointelegraph.com/news/coinbase-unveils-its-digital-asset-policy-proposal-to-spark-conversation-around-comprehensive-crypto-regulation

https://cointelegraph.com/news/elon-musk-s-tesla-is-already-1-billion-in-profit-from-holding-bitcoin

https://cointelegraph.com/news/breaking-proshares-follows-valkyrie-in-approval-for-listing-bitcoin-strategy-etf 

https://www.coindesk.com/policy/2021/10/15/crypto-finally-makes-the-cut-in-occs-2022-bank-supervision-operating-plan/

https://techcrunch.com/2021/10/12/coinbase-is-launching-its-own-nft-platform-to-take-on-opensea/

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The markets have been green for weeks at this point. After such an intense market correction between May & the end of July, a pullback is long overdue. On the surface this certainly seems healthy, but some have expressed greater caution warning of a potential bull trap. Only time will tell...

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The lighter fluid that ignited the "meme stonk" revolution in early 2021 has revealed what may be the biggest news this year  - the launch of the GameStop NFT platform. While details are still sparse, the landing page prominently features the Ethereum logo being inserted into a GameBoy-esque player. Speculation would wager that GME leverage the royalty mechanism inherent to NFTs to enable digital game resales, empowering open markets with verifiable on-chain data to construct fair prices for pre owned content. There's also a chance GME will include a dividend-esque yield component to its native crypto token once launched. It seems soon-to-be GME Charimain Ryan Cohen's suggestions of a digital pivot were received loud and clear. The M.O.A.S.S may have gotten the fundamental catalyst it never needed - but always wanted.

Sources

https://www.coindesk.com/gamestop-nft-platform-ethereum

https://nft.gamestop.com/

https://gmedd.com/transformation/gamestop-unveils-official-nft-project/

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As BTC struggles to regain its ATH amidst the furry of FUD, institutional investors have been opting for ETH instead. It could be the promise of the energy savings from ETH 2.0s P.O.S consensus mechanism, or perhaps its the utility and adoption that appeals to the "Smart Money". Whatever the case, the number of ETH investment products now represent more than 25% of digital AUM within institutional portfolios, according to Coinshare's June 1 Digital Asset Fund Flows Weekly report. The report cites that of the $74 million flowing into crypto products for institutions, $46.8 million flowed into ETH products. ETH has already surpassed BTC in transaction count, volumes, fees and trade volume. What's left but price and market cap?

Sources

https://cointelegraph.com/news/institutional-investors-load-up-eth-with-its-share-of-aum-hitting-a-new-record

https://coinshares.com/research/digital-asset-fund-flows

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A recent proposal made by the Harvard Law School Blockchain and FinTech Initiative seeks to create a fund to finance a Uniswap-led lobby to defend against unfounded, uneducated DeFi regulations. Aside from the proposal being initiated by an Ivy-League group, it has also received backing from ConsenSys, a prominent Ethereum full-stack solutions developer. Matt Corva, general legal counsel at ConsenSys called the initiative "one of the best...to date" and hinted that some big players within the firm's investment portfolio, such as BlockFi, Starkware + Compound, may be willing to chime in and support the vote. 

Sources

https://cointelegraph.com/news/consensys-throws-its-weight-behind-uniswap-defi-lobbying-proposal

https://consensys.net/

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The latest in their #NexoTransparency campaign, Nexo updated its website to showcase its current financial licenses and registrations across several countries and more than a dozen US states. With this move Nexo not only sets a transparency benchmark for crypto banks, but perhaps for all crypto + blockchain companies. For some DeFi enthusiasts, this reveal may be moot at best and repulsive at worst. However, considering Nexo is the centralized digital asset banking choice for 1.5M+ users, they should be held to a much higher standard of fiduciary and fiscal responsibility and transparency as to what protocols and procedures they abide by to best asuagee possible concerns. Regulatory disclosures from BlockFi, Celcius, Crypto.com + others coming soon? We certainly hope so. Competition is good for the market, and so far as legitimacy goes, the gap just grew even wider. 

Sources: https://nexo.io/licenses-and-registrations?j=155248&sfmc_sub=42559156&l=950_HTML&u=2711413&mid=500009431&jb=15003

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Arcx Sapphire announced it's "DeFi Passport" after a recent Improvement Proposal was passed. The DeFi Passport will track transaction history such as loan duration, liquidation events, collateral ratios and more to create an "Arcx Credit Score". Aiming to encourage DeFi users to think long-term, higher credit scores will gain access to better borrowing/lending rates than non-passport holders, rewarding the most creditworthy with under-collateralized loans, a product not currently available in the DeFi realm. While this could go under the radar, it could also foster a greater sense of safety and stability to the space should enough protocols integrate the Passport. 

Sources:

https://cointelegraph.com/news/new-defi-passport-could-enable-under-collateralized-crypto-loans

https://arcx.substack.com/p/introducing-arcx-sapphire-v3

https://solana.com/en/ecosystem/defi%20passport

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XRP's Ripple Labs could soon be concluding its fight with the SEC. A recent motion shows CEO Bard Garlinghouse and co-founder Cris Larsen requesting the SEC investigate iFinex, Bitfinex's parent company, along with 14 other international exchanges, hoping to dispute Section 5 of the 1933 Securities Act by proving that all XRP sales made overseas were conducted on the record, thus invalidating the SEC's base claim that Ripple Labs illegally sold XRP "all around the world", instead of alleging specific, domestic claims. Sure, perhaps its semantics, but that is the foundation of legalese. 

Sources: https://cointelegraph.com/news/ripple-seeks-docs-from-15-offshore-exchanges-it-says-could-be-fatal-to-the-sec-s-charges

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Canadian EV company Daymak capitalized on the energy FUD of crypto, announcing their new lineup of EVs will be able to harness solar power to mine and stake various cryptos when charging. Many have already called this a gimmick, but we believe it more a proof of concept. What if Tesla was already planning this too, but really wanted to set the stage for heightened shock-and-awe before announcing the feature? If history is any indication, expect whatever potential announcement to be exaggerated + delayed, at least a couple times. 

Sources: https://cointelegraph.com/news/pointless-but-incredible-new-electric-car-mines-crypto-while-it-s-parked

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Steve Wozniak, Apple co-founder, has lost his suit against YouTube related to the use of his likeness in crypto scams rampant across the platform. Santa Clara County Superior Court Judge Sunil Kulkarnia ruled YouTube and Google were shielded from any wrongdoing according to Section 230 of the Communications Decency Act - a federal law protecting internet platforms from responsibility for content uploaded by its users - yet another demonstration of the favor + privilege laws and governments grant monopolies. One would think YouTube would seek to protect viewers from being scammed out of millions of dollars. Instead, they're busy censoring and cancelling creators if they say the wrong word or have a differing opinion from the selectively applied "fact-checker" banner. Oh, how the Ministry of Truth would be proud!

Sources: https://cointelegraph.com/news/apple-co-founder-steve-wozniak-loses-bitcoin-scam-case-against-youtube

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