👴Jamie Dimon Disses Bitcoin Again - TWJ #235
We're at that stage of the bear market again.
Hi folks,
A few days ago, Fred Wilson of USV wrote a brilliant piece on the importance of public perception about controversial technologies. In his piece, he made a point that there have been many promising technologies that suffer a lack of growth due to negative public opinion. Nuclear, vaccines, and web 3.0 are examples of how negative branding could lead to underinvestment and unsophisticated regulations. I’ve been commenting on crypto branding issues for a while and finally decided to dedicate an issue to this topic since I’m not seeing any significant improvements or initiatives from industry leaders. Crypto needs a better brand strategy.
In today’s issue:
The crypto market is flat with its total market cap above ~$900 billion. XRP (XRP) has been the best performer in the top 100 in the past 7-d. Fed officials are meeting today and the market is expecting the 5th rate hike.
In other news, Jamie Dimon disses Bitcoin again, Nasdaq starts a crypto custody service, and FTX plans to raise $1 billion.
We’re continually improving our content, please reach out if you have ideas or want us to recap another market segment.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Jamie Dimon Disses Bitcoin Again
In his testimony before US lawmakers, JPM Chase CEO Jamie Dimon once again reiterated his old talking points, calling himself a major crypto skeptic and labeling “crypto tokens that you call currency like Bitcoin,” as “decentralized Ponzi schemes.”
⎆Nasdaq Starts a Crypto Custody Service
The second-largest US stock market operator will start to offer its crypto custody service. Nasdaq hired Ira Auerbach, who ran prime brokerages at Gemini, as its new Head of Digital Assets unit.
⎆FTX Plans to Raise $1 Billion
Crypto giant FTX plans to raise $1 billion at the same $32 billion valuation as its latest round.
Coindesk previously reported on a coming investment at flat valuation, following FTX’s last capital raise in January. Existing investors include Singapore’s Temasek, SoftBank’s Vision Fund 2 and Tiger Global.
👨🏻💻Decentralized Finance (DeFi)
Tribe DAO Votes in Favor of Repaying Vctims of $80M Rari Hack
Hacker Saves Abritrum From Ethereum-Draining Bug
Helium Ditches Own Blockchain in Favor of Solana
Pyth Launch on Aptos Blockchain
Hxro USDC Collateralized Perpetual and Expiring Futures Live on Solana
UXD Launches on Sei
Optimism New Quests
🏛Governance - Active Proposals
Compound - Gauntlet <> Compound Renewal
🦮NFT & Metaverse
Draft EU Law Could See NFTs Regulated as Securities: Law Prof
Ethereum NFTs Are Driving Crypto Adoption in Central and South Asia
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Immortal Game - $15.5M Unknown Round
Smoothie - $1.2M Seed Round
Azuki - $30M Series A
⚖️Regulatory Update
Australia’s Financial Watchdog Expands Team to Better Regulate Crypto
SEC Wants to ‘Remake the Law,’ Rather Than ‘Apply it,’ Says Ripple GC
Crypto Remains a Priority for UK Under New Leader
📚Noteworthy Reads
Daniel’s Thread on 10 Things Crypto Founder Needs to Know
Shual’s Spreadsheet on Gigachad Due Diligence Questionnaire
eGirl Capital’s Read on Liquidity, Capital, and Bank Runs
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.