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What you need to know today in crypto and beyond August 18, 2021 Sponsored by Welcome to The Node.
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–Daniel Kuhn
Today's must-reads Top Shelf DOGGED BUNCH: The Dogecoin Foundation, a nonprofit organization that aims to support the development of the memecoin through advocacy, governance and trademark protection, has been re-established. The foundation boasts some well-known board members and advisers, including Ethereum co-founder Vitalik Buterin, who is serving as the foundation’s "blockchain and crypto adviser."
COINBASE WHALES: A new SEC filing reveals that a parade of megabanks, including Goldman Sachs, JPMorgan and Bank of America, asset managers such as BlackRock, Miller Value Partners and Bridgewater; and even states such as Tennessee’s Treasury, hold COIN, or Coinbase’s stock. The investments speak to the exploding demand for exposure to the crypto economy, not just the assets themselves. But not all crypto stocks are flying: Galaxy Digital, Mike Novogratz’s merchant bank with crypto exposure, posted a Q2 net loss of $175.8 million.
WHO’S WATCHING? The Bank of Jamaica, the country’s central bank, says it has the ability to trace digital dollar transactions using its CBDC but would require a court order to do so. Meanwhile in a boon to private mobile payments, MobileCoin, has raised $66 million in venture capital to build out its service tethered to private messaging app Signal. Sam Bankman-Fried’s Alameda Research, Coinbase Ventures, BlockTower Capital and others joined the round.
EMERGING MARKET: Crypto adoption has increased 23-fold globally over the past year with India, Pakistan, Ukraine and other emerging markets driving the surge, Chainalysis said in a report Wednesday. In its “2021 Global Crypto Adoption Index,” the surveillance firm found that Chinese and U.S. positions as crypto adoption leaders have waned amid an ongoing Chinese crackdown on crypto trading and the growing role of major financial institutions in crypto markets.
BLACK & WHITE: Paradigm’s research partner Sam Sun led an effort to find and plug a bug on SushiSwap’s token fundraising platform Miso, which could have resulted in a $350 million worth exploit. Meanwhile, the Poly Network cyberattack saga has dragged into its second week with the hacker now refusing to return to full $600 million worth of crypto.
–Helene Braun & D.K.
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Overheard on CoinDesk TV Sound Bite “The crypto industry really has not done a good job empowering their users to report natively within their platform.”
–Taxbit CEO Austin Woodward, on CoinDesk TV’s “First Mover.”
What others are writing... Off-Chain Signals Pumpers, Dumpers, and Shills: The Skycoin Saga (The New Yorker) Diem is market ready, Facebook's David Marcus says (blog) Dogecoin Foundation Plans Liechtenstein HQ (Decrypt) Chinese state media brags about killing 11 companies caught using crypto (Protos) Why China’s crypto cowboys are fleeing to Texas (Rest of the World)–D.K.
A Message from BlockBank Juggling multiple crypto apps can be overwhelming. BlockBank is creating an all-inclusive app for CeFi, DeFi and tailored Artificial Intelligence. BlockBank users will enjoy key benefits including: A personalized Robo-Advisor sourcing hundreds of data points for tailored market insights. Crypto offerings like non-custodial wallets and staking opportunities for portfolio growth. Traditional banking offerings including crypto and fiat checking accounts and Visa/Mastercard debit cards.
Subscribe to the Beta testing of the BlockBank smartphone app.
Putting the news in perspective The Takeaway Cathie Wood vs. Michael Burry Isn’t About Tesla – It’s About Inflation
Wood, as chronicled in CoinDesk’s in-depth profile, was vaulted into the upper tier of investors by her unwavering faith in Tesla during the company’s dark stretch in 2018. Even before shorting ARKK, Burry had a huge $534 million short position against Tesla, aligning him with the “Tesla Q” skeptics who believe that Elon Musk’s big promises about things like full self-driving are hot air.
Inflation is a threat to the valuation of growth or “innovation” stocks largely because even moderate sustained inflation would lead the Federal Reserve to raise interest rates to rein in the money supply. Because so few of ARKK’s portfolio companies are profitable, they can be expected to need continued cash through loans or other financing as they grow. Higher base interest rates make that capital more expensive. (It would have a similar or even stronger effect on venture capital and private-equity hedge funds.)
–David Z. Morris
The CoinDesk DeFi Index (DFX), measuring the investable DeFi market, is now available for investors watching decentralized finance.
It is the latest index by CoinDesk Indexes, the market standard for crypto assets since 2014. The DFX provides a market-cap-weighted index for a representative basket of DeFi-sector cryptocurrencies that is designed to be investable and replicable for professional investors.
Find out more at coindesk.com/indexes/dfx, or email indexes@coindesk.com.
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