Big Banks Eyes Crypto Lending - The WAGMI Journal #34
Can I get a mortgage loan with my SHIBA?
In today’s issue:
The crypto market is flat with the global market cap sitting slightly above $2.7 trillion. Congress secured a deal to avoid a government shutdown and more FED officials echoed Powell’s message to scale back asset purchases.
In other news, Wall Street banks are exploring BTC-backed loans, Coinbase announces its $30B in staked assets, and BadgerDAO was exploited for $120M.
We’re continually improving our content, please reach out if you have any other ideas or would like us to recap a segment of the market.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Wall Street Banks Exploring BTC-Backed Loans
A handful of tier-one US banks is reportedly figuring out how to use BTC as collateral for cash loans. Crypto lenders gained massive popularity in the past few years while also attracting regulatory scrutinies in the past few months. That said, banks have seen the lucrative opportunity they left on the table as firms like NEXO, Celsius, and others gained massive success.
⎆Coinbase $30B AUM in Staked Crypto Assets
Coinbase announced that it has $30 billion worth of crypto assets staked across 25 blockchain networks. The amount includes crypto assets staked in a non-custodial fashion including Coinbase institutional and Coinbase ETH 2.0 staking services. As more crypto assets adopt Proof-of-Stake due to numerous reasons (ESG, scalability, etc.), we’ll continue to see the number of staking service providers grow.
⎆BadgerDAO $120M Front-End Exploit
BadgerDAO, a DeFi protocol focused on providing yield for BTC, got exploited for $120M through a front-end attack. It was reported that the front end of BadgerDAO’s website was compromised instead of the smart contracts. The investigations are currently still ongoing with an admin saying that it appears the Cloudflare API key was compromised.
👨🏻💻Decentralized Finance (DeFi)
Hybrid AMM DeversiFi Delivers Airdrop and Trading Rewards
On First Anniversary Ethereum 2.0 Beacon Chain Solidifies PoS Shift
Push to Launch Layer 2 Liquidity Mining on Uniswap Gains Steam
Iota Set to Launch Decentralized Smart Contract Platform
Filecoin Might Have a Way for Bitcoin to Fight Its Energy Critics
TVL in DAOs Almost Doubles to $15B in Q4 Surge
🏛Governance - Active Proposals
PoolTogether - PTIP-48: Grants Committee Funding (Season 2)
Gitcoin - dCompass Q4 Budget request
🦮NFT & Metaverse
Blockchain.com Follows Coinbase and FTX, Opens NFT Marketplace
Adidas Enters Metaverse With Bored Ape Yacht Club Ethereum NFT
Star Trek Creator’s Signature Goes Where No NFT has Gone Before: DNA
Deadmau5 and Portugal The Man Release Single as 1M NFTs in Bid to Go Platinum
First NFT-focused ETF Lists on NYSE Arca
Diplo, DJ Khaled, Future and Martin Garrix Snap Up NFTs Through MoonPay’s Concierge Service
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Ambire - $2.5M Unknown Round
ParaFi Capital - $30M New Crypto Fund
Maven 11 Capital - $120M Crypto Fund
TeraWulf - $200M Debt and Equity Financing
⚖️Regulatory Update
South Korea Delays Plans to Tax Crypto to 2023
SEC Rejects WisdomTree’s Spot Bitcoin ETF Application
Senator Warren Targets Bitcoin Miner Greenidge’s Environmental Footprint
SEC Charges Operator of ICO and Cloud Crypto Mining Schemes
📚Noteworthy Reads
Sam Trabucco’s Thread on Efficiency
Delphi Digital’s Thread on Introducing Lockdrop + LBA
Beachon Chain Updated Roadmap
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.
DISCLAIMER:
All the information presented on The WAGMI Journal publication and its affiliation is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, and any other forms of advice. Writers, authors, and contributors of The WAGMI Journal may hold any assets mentioned in the issue.