💼FTX Seeks a Path to Buy Robinhood - TWJ #174
FTX is literally playing Robin Hood.
In today’s issue:
The crypto market is flat with its total market cap at ~$900 billion. Synthetix (SNX) is the worst performer in the top 100 in the past 7-d. China relaxes its zero covid policy, which brought back positive sentiment to the global market for growth.
In other news, FTX seeks a path to buy Robinhood, Grayscale prepares for its ETF application ruling scenario, and CoinFLEX plans a new token after halting withdrawals. Meme credits: @Blockworks_
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- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆FTX Seeks a Path to Buy Robinhood
Crypto exchange giant FTX has been on a spree of acquisitions recently when it was reported that the exchange is also seeking to potentially buy Robinhood. FTX has a massive war chest as a profitable business combined with a suite of high-profile investors on its cap table. I won’t be surprised if they acquire even more firms to become a trading-house giant.
⎆Grayscale Prepares for Its ETF Application Ruling Scenario
Grayscale has reiterated that it is preparing for a decision on the conversion of its GBTC to an ETF next week. The firm has shown times and times again that they need this conversion to do their investors right and close the discount gap, to the point of potentially suing the SEC if they get rejected. Some predictions by Selkis:
⎆CoinFLEX Plans a New Token After Halting Withdrawals
Crypto exchange and lender CoinFLEX halted withdrawals a few days ago before announcing its plan to issue a new yield-bearing token. The firm plans to use the new token, named Recovery Value USD (rvUSD), to restart withdrawals on its platform. In order to raise the fund, the new rvUSD token promises a 20% annual return (nothing can go wrong!).
👨🏻💻Decentralized Finance (DeFi)
MakerDAO Power Struggle, Rune Losing on Several Polls
Crypto.com Removes Dogecoin, Shiba Inu, Others From Earn Program
Harmony Hackers Begin Laundering Ethereum Stolen From Horizon Bridge
XCarnival Hit With $3.8M Exploit, Recovers 50%
ZDK: Zora Development Kit
🏛Governance - Active Proposals
Compound - OpenZeppelin Security Partnership - 2022 Q3 Adjustment
Tribe NopeDAO - Veto for TIP 116: Pod Executor Upgrade
Tribe NopeDAO - Veto for TIP 115: Collateralization and Operations Updates
🦮NFT & Metaverse
EY: Metaverse Can’t Be Built on the Corporate Business Model
Casper: Metaverse Fractional Ownership to Form Similarly to Property Loans
Catalonia is Building Its own Metaverse
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
FTT DAO - $7M Unknown Round
Azuro - $4M Strategic Round
Molecule - $12.7M Seed Round
Kaiko - $53M Series B
Unizen - $200M Capital Commitment from Investment Group GEM
⚖️Regulatory Update
SEC Chair Gensler Again Says Bitcoin Is Not a Security
Recent Crypto 'Bloodbath' Is Not Necessarily Bad, Regulators Say
📚Noteworthy Reads
Frogs Anonymous’s Read on On Non-Dilutive Yield
BowTiedNightOwl’s Thread on A crash course in debt, insolvency and capital structures
Simon Chamorro’s Thread on Web3 Growth
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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, or any other form of advice.