The biggest crypto news and ideas of the day |
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Celsius’ Top 3 Execs Cashed Out $42M in Crypto Before Bankruptcy: Ex-CEO Alex Mashinsky, ex-CSO Daniel Leon and CTO Nuke Goldstein withdrew $42 million in cryptocurrency from Celsius’ custody accounts in May, shortly before the company suspended customer withdrawals. Celsius' corporate assets are due to be auctioned later this month. However, its customers face a big obstacle in getting their deposits back, as a recent motion will likely put equity holders first in line. EU’s Russian Crypto Ban Confirmed as Bloc Tightens Sanctions: All crypto payments from Russians to European wallet providers will be forbidden under new rules. The European Union tightened sanctions on Russia in the wake of what it called “sham” secession votes in four Ukrainian regions. There’s little indication Russians have used crypto to skirt sanctions to date. Terra Founder Do Kwon's Passport 'Invalidated,' S. Korea Says: The South Korean Ministry of Foreign Affairs posted a public notice announcing it would invalidate Terra creator Do Kwon's passport, a day after it was announced bitcoin said to belong to him was seized. Kwon’s current locations are currently unknown, and he denies owning the frozen coins. Stablecoin Issuer MakerDAO Allocates $500M for Treasuries, Corporate Bond Investment: The community governing MakerDAO, the decentralized autonomous organization behind stablecoin DAI, has allocated $500 million for investing in the U.S. Treasurys and corporate bonds. The move is a way for Maker to diversify its balance sheet and make the backing of its stablecoin more stable. – Xinyi Luo |
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Putting the news into perspective |
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Can Starbucks Bring Web3 Into the Mainstream? For companies looking to dip a toe into Web3 – or take a cannonball plunge – it can be difficult to know where to start. Underlying technologies such as protocols, wallets and exchanges are still nascent compared with existing financial systems. New types of tokens are introduced on a seemingly daily basis. Web3 adoption has spiked over the past few years, but is still far behind the ubiquity of Web2. The industry has a long way to go to match the functionality of current systems, particularly for consumer purchases in developed economies with stable currencies. How long will it be until using crypto for a standard consumer purchase, such as buying a cup of coffee, is a joy rather than a gimmick? Enter Starbucks. The launch of its new non-fungible token (NFT)-based reward program, Starbucks Odyssey, may bring us one step closer to making this a reality, or at least provide some suggestions of which direction to head in. |
(Ricko Pan/Unsplash, modified by CoinDesk) Early signs of smart design Based on recent announcements, the program is very much still a work in progress, and the full details have yet to be revealed. But from what we know so far, Starbucks has made some promising decisions that can serve as guidance for other corporate Web3 initiatives. First, Starbucks Odyssey is additive, not substitutive. Starbucks’ current reward program is arguably the most successful loyalty program in the world, with nearly 60 million rewards customers globally and 30 million in the U.S. alone. The loyalty program drives approximately 50% of all Starbucks revenue through incentivizing repeat business, upselling, and customer personalization. It would be quite a leap of faith for Starbucks to discard its wildly successful traditional rewards program and replace it with a Web3-based program, given the newness of the technology and the uncertain success of an NFT-based program. By making Starbucks Odyssey an optional, additional rewards program the firm is able to build on the existing program with complementary products, yet minimize risk to the cash cow, allowing for greater flexibility in the future should the dynamics around Web3 technology change. Read the full story here. – Stephanie Hurder |
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Overheard on CoinDesk TV... |
"This goes to show that crypto is not good or bad. It's just used as a mechanism for payment or funding." – Ari Redbord, head of legal and government affairs at TRM Labs, discussing paramilitary-type groups using crypto in an attempt to raise funds, on CoinDesk TV's "First Mover" |
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Displate: Supporting the Creator Economy Through Physical Drops In the growing area of Web3, the creator economy offers new ways for individuals to directly engage with their followers, grow a community and monetize their creativity. What makes the creator economy such an exciting opportunity is that it’s available to anyone. All you need is an internet connection and 1,000 true fans and you’re on your way to living as a creator. Web3 increases this opportunity by removing the gatekeeping of social media platforms and letting creators focus on their community rather than an algorithm. Non-fungible tokens (NFTs) in particular have provided a clear example of how Web3 can remove boundaries for creators and allow for a continued, secure income through primary sales and secondary royalties. Continue reading here *This is sponsored content from Displate. |
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Dwindling Ethereum Revenue Pressures Staking Yield (The Defiant) Even Matt Damon couldn’t save 2,000 Crypto.com staff (Protos) How Twitter serves as the town hall of crypto (Axios) Asia’s crypto craze spurs swath of fund launches (FT - paywalled) |
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