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What you need to know today in crypto and beyond June 2, 2021 Sponsored By: Welcome to The Node.
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Today's must-reads Top Shelf CBDC GOES GLOBAL: The Bank of Thailand has hired German technology company Giesecke+Devrient to develop a CBDC prototype, and plans to release a digital currency on a three- to five-year timeline. Meanwhile, the former head of the digital currency initiative at the People’s Bank of China (PBoC) said CBDCs could one day run on Ethereum. ONLINE SHOPPING? The Overstock-incubated tokenized securities venue tZERO is looking for a private buyer or possibly a SPAC. The move is reportedly to take the alternative trading system (ATS) to the next level and comes as Overstock looks to exit its blockchain-related investments. VENTURES AND HEDGES: Master Ventures launched a $30 million fund for Polkadot-based crypto projects. AU21 Capital started a $21 million fund to invest in projects built on Ethereum layer 2 Polygon. Hedge fund manager Commonwealth Asset Management bought $15 million worth of tokens from Solana-based derivatives platform Hxro. THE WAY TO KNOWLEDGE: Major DeFi players have launched AladdinDAO, a decentralized asset management marketplace to help new or less-informed investors generate returns through liquidity mining. Led by a former Huobi executive and including the participation of investors including Multicoin Capital and Polychain Capital, the DAO will help identify the “most promising” DeFi projects for investment. GOLD FOR PENNIES: Institutional investors are exiting bitcoin positions for gold, following a 35% drop in May, according to JPMorgan analysts. Meanwhile, a Goldman Sachs commodities researcher said BTC is more like digital copper: “[Bitcoin and copper] are pro-risk, risk-on assets. They are substitutes for risk-on inflation hedges, not risk-off inflation hedges." –D.K.
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A message from CoinDesk CoinDesk's new reward token soft-launched at Consensus 2021, but $DESK lives on. Attendees can still cash in at the $DESK store, or hodl and accumulate. Join the Telegram group for announcements and airdrops.
What others are writing... Off-Chain Signals Israel-Gaza Conflict Spurs Bitcoin Donations to Hamas. “For the Palestinian organization, the virtual currency has the advantage of avoiding traditional banking systems while being anonymous and almost untraceable.” (WSJ) A fight over New York's emergent bitcoin mining industry raises questions about retired power plants and the environmental impact of bitcoin. (Decrypt) Pepe the Frog Reclaimed as an NFT by Creator Matt Furie (Decrypt) SEC delays decision on WisdomTree's proposed bitcoin ETF (The Block) According to data analyzed by Protos, just $19.4 million in NFT sales were processed in the past week, down from a peak $102 million traded on a single day in May. –D.K.
A message from Masterworks Circle your calendar. Art collectors are projected to make $900 BILLION by 2026. From CEOs to Wall Street scions, everyone's piling on. One exclusive platform is poised to be at the center of it, and they want you to be part of it. Instead of obsessing over the fluctuations in the crypto market, you can secure your wealth in the $1.7 trillion art market. Skip their 25,000-person waitlist with this special Node link.*
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Putting the news in perspective The Takeaway How Do You Know Crypto Is Winning? Look Where the Talent Is Going Crypto really is eating the software that ate the world. This isn’t just seen in the amount of capital being deployed in BTC or DeFi, which might have gone elsewhere, but also in the human beings who choose to work in the industry.
–D.K.
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