🖼️Binance's $1 Billion Insurance Fund - TWJ #73
Funds are definitely still safu.
Happy Lunar New Year! — apologies for the late issue as I just consumed ten glasses of wine. Fingers crossed there isn’t any typo below.
In today’s issue:
The crypto market is up with the global market cap sitting at ~$1.7-1.8 trillion. DeFi legend Synthetix (SNX) is the weekly performance winner amongst the top 100 assets after it released a new roadmap. Global markets stay mixed but earnings helped offset Fed hawkish sentiment.
In other news, Shopify’s CEO joins Coinbase’s Board of Directors, Wall St. banks expand their crypto research, and Binance builds up a $1 billion insurance fund.
We’re continually improving our content, please reach out if you have ideas or would like us to recap another segment of the market.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Shopify’s CEO Joins Coinbase’s Board of Directors
Shopify CEO Tobias Lütke will join Coinbase’s Board of Directors subject to formal board approval later in the week. As Coinbase expands its other line of businesses such as commerce, Lütke will be critical at guiding Coinbase products, perhaps in order to better integrate with online payments. Shopify has been an early adopter of crypto payment, integrating Coinbase commerce with more than 175 countries.
⎆Wall St. Banks Expand Their Crypto Research
Perhaps unsurprisingly, Wall St. banks are expanding their crypto research arms in order to better serve clients’ demands amidst the massive crypto market growth. Notable names such as Jefferies, Credit Suisse, and Morgan Stanley have recently either announced job openings or announced new crypto research hires.
⎆Binance Builds up a $1 Billion Insurance Fund
The world’s largest crypto exchange by volume has just announced a ~$1 billion insurance fund, in case there’s a security issue that resulted in an event such as the $40M Binance hack in 2019. The insurance fund collected 10% of all trading fees to grow the stack and is famously called SAFU (Secure Asset Fund for Users) after a meme about Binance’s CEO that went viral.
👨🏻💻Decentralized Finance (DeFi)
Wonderland Votes Out Co-founder Sifu & Considers Shutting Down
DeFi Tops Coinbase Ventures' 2021 Portfolio Breakdown
Terra's LUNA Dumps After Wonderland Controversy
Fei Lab Introduces Tribe Turbo
SPELL and Popsicle Future Development
Introducing The Jet Association and The Collateral Onboarding Proposal
01 Exchange is Live on Solana Mainnet
CoinGecko Introduces “DeFi 101” NFT Campaign on Project Galaxy
Hashflow is Live on Polygon
Cyber Vigilante Hunts Down DeFi Scammers Running Away with $25M
FriesDAO Wants to Start a Crypto-Crowdfunded Fast-Food Franchise
🏛Governance - Active Proposals
Babylon Finance - BIP-10: Heart Tokenomics
Compound - Add Market: FEI
Gitcoin - Workstream Accountability Flow Ratification
🦮NFT & Metaverse
OpenSea Email Over Inactive NFT Listings Sparks Twitter Debate
Ubisoft Executive Responds to the Backlash Over New NFT Platform
OpenSea Reverses Limits on Minting after Community Backlash
OpenSea Refunds $1.8M in Ethereum to Users Who Lost NFTs
LooksRare Has Reportedly Generated $8B in Ethereum NFT Wash Trading
Monthly NFT Trading Volume Reaches All-time High of $6 Billion in January
Top Sales (Last 24-h); Source: https://dappradar.com/nft
It was suspected that these trades were wash trading on the LooksRare marketplace.
📈Deal Flow & Capital Raise
BlockPI - $3M Seed Round
Chainlink Capital - $100M 2 Crypto Funds
Gibraltar Stock Exchange - 90% Acquisition by Valereum
Phantom Wallet - $109M Series B
FTX - $400M Series C
⚖️Regulatory Update
Crypto Industry Heavyweights Form Political Action Committee
Russian Government Agrees on Road Map to Regulate Crypto
The Unhosted Crypto Wallet Rule Is Back
State Senator Introduces Bill to Make Bitcoin Legal Tender in Arizona
Trezor Backtracks on ‘Travel Rule’ App for Self-Hosted Crypto Wallets
📚Noteworthy Reads
@0xkydo’s Thread on ve(3,3) Constructive Criticisms
Haseeb Qureshi’s Read on 4 Reasons Privacy Coins Haven't Taken Off
Zhu Su’s Thread on Crypto Bull Case
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.