WEWORK? WEWAIT! The New York Metropolitan area’s surging coronavirus count is forcing more of the region’s cryptocurrency and blockchain companies to prepare for an unsavory reality: Their offices may close without warning and their employees may need to begin working remotely. Will Martino, Kadena CEO, who went decentralized, said when this pandemic blows over, more firms will have abandoned their offices outright. Read from home
STARTUP SURVIVAL: “What everyone needs to remember is the coronavirus outbreak is not the end of the world,” writes Preston Byrne, partner in Anderson Kill. In his latest column, Byrne gives six ways for founders to survive the pandemic and keep their crypto startups alive. Not legal advice
BLOCKCHAIN BUNDLE: Figure Technologies has completed a long-awaited $150 million securitization of a bundle of home equity lines of credit, billed as the first such transaction in which all aspects of the process were managed on a blockchain. In other words, everything from the origination of the loans to the issuance of the bonds to the collection of borrowers' monthly payments is run on Provenance, Figure’s blockchain, according to the company. Figure it out
INDUSTRY ASSOCIATIONS: C Labs has launched the “Alliance for Prosperity,” a Facebook-inspired industry association that counts Libra Association partners Coinbase Ventures, Andreessen Horowitz, Bison Trails and Anchorage as members. “The Alliance will use blockchain technology to reimagine the future of money and create inclusive financial tools,” Rene Reinsberg, C Labs founder, said. Full story
ILL BILL? An omnibus bill aimed at comprehensive reform of U.S. cryptocurrency regulation was introduced Monday by Rep. Paul Gosar (R-Ariz.). It is thought to have little chance of passage at present but, according to lawyers and backers in the industry, it does provide insight into what a top-to-bottom new law governing crypto could look like one day. Full story
FRAUD WARNING: Scammers have been sending fake versions of CoinDesk's daily newsletter to try to trick recipients into visiting a suspicious "XRP giveaway" site. If you received this message, which copied our logo and design and even used our executive editor's name in the "from" field, know that it did not come from us. (Note that the actual sender's address is not a CoinDesk.com domain.) Please forward to fraud@coindesk.com and nik@coindesk.com, and block the sender if received. |
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| STAY BEAR: Bitcoin's short-term outlook remains bearish with prices trading well below key resistance at $8,460. A move below Tuesday's low of $7,734 would likely encourage sellers, yielding deeper losses toward $7,100. While short-term prospects are looking bleak, a few analysts still think the cryptocurrency will repeat history by picking up a strong bid ahead of the May 2020 reward halving. Full story
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MONTHLY REVIEW: In the latest Monthly Review, CoinDesk Research looks at Binance, Cash App and Coinbase fiat onramps, at the digital gold hypothesis, and “criminality” as a use case for crypto networks. The report also looks ahead (and back) to bitcoin halving impacts, as preview to the event slated later this Spring. Full report
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| WHEN STONKS? Whatever you thought of the "safe haven" narrative a few weeks ago, it’s hard to deny that crypto is moving in lockstep with equities - even mirroring a small bounce seen yesterday morning. On this episode of The Breakdown, Nathaniel Whittemore looks at hot takes on the narrative from Bloomberg’s Joe Weisenthal and crypto investor Ari David Paul. Safe listening |
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