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The biggest crypto news and ideas of the day Sept. 24, 2021 If you were forwarded this newsletter and would like to receive it, sign up here. Sponsored by Welcome to The Node.
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–Daniel Kuhn
Today's must-reads Top Shelf DEJA VU? Chinese authorities ordered a fresh crackdown on crypto mining and outlawed virtually all crypto trading activities on Friday. The People’s Bank of China posted a list of forbidden activities – reiterating much of what was said in May, and adding new restrictions. Simultaneously, China's National Development and Reform Commission set out a plan to phase out mining entirely. In short: Banks and other financial institutions cannot offer crypto services, websites and apps cannot host cryptocurrency information and staff for overseas-headquartered crypto companies may be investigated for knowingly participating in the industry. More on the “Notice on Further Preventing and Disposing of the Risk of Hype in Virtual Currency Trading” signed by China’s top financial and cyberspace regulators.SOUTH KOREA: Just hours before the clock runs out, dozens of crypto exchanges in South Korea have yet to register with the nation’s anti-money laundering authority under new virtual asset regulations. Full registration requires security certification with the Financial Intelligence Unit as well as partnerships with banks for security purposes. The rules seem to benefit incumbents: As of 2 a.m. ET, only the country’s four biggest exchanges, Upbit, Bithumb, Coinone, and Korbit, had inked deals with banks, CoinDesk’s Eliza Gkritsi reported. TWITTER TIPS: Twitter rolled out BTC tipping on Apple’s iOS yesterday, allowing users to link Bitcoin addresses and Lightning Network addresses to their profiles to easily send and receive the cryptocurrency. Android functionality is coming “soon,” as well as NFT verification for profiles. Strike, the company that built the technological layer behind Twitter’s tipping feature, is releasing it as an open API. TIMELESS ISSUES: Yesterday afternoon, TIME Magazine announced a new NFT collection offering “unlimited access” to its website through 2023. Dubbed “TIMEPieces,” the collection consists of 4,676 tokens tied to digital artworks, each priced at .1 ETH, or around $310. The mint clogged Ethereum – one buyer paid $70,000 in gas fees, more than the value of the series – demonstrating the growing problem of bots and scalpers in NFT markets. LIFELINE: The Future of Life Institute, a non-profit organization whose endgame seems to be immortality, has named two fellowship programs after Ethereum creator Vitalik Buterin. The Vitalik Buterin Ph.D. and postdoctoral fellowships, granted for work on safety issues in artificial intelligence, will provide up to $40,000 a year for five years and will cover tuition fees.
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Overheard on CoinDesk TV... Sound Bites "This really shows a diminishing power of China over the market and also a maturation of crypto and bitcoin as well."
–Arca CEO Rayne Steinberg, on the market’s reaction to the latest China crypto crackdown, on CoinDesk TV’s “First Mover.” What others are writing... Off-Chain Signals Crypto investors are asking big institutions for loans against their virtual assets, even in the staid world of bond investing, said TCW Group portfolio manager Bryan Whalen. While TCW doesn’t want to meet such requests, other types of firms, including hedge funds and alternative asset managers, may be more receptive, he said. (Annie Massa/Bloomberg, paywalled but the nut is here.) WSJ’s Dave Michaels looks at Grayscale’s “DeFi trust” in light of an increasingly aggressive SEC Decentralized Pictures – a new project from Frances Ford Coppola’s fabled American Zoetrope production company – is itching to leave beta (R. D. Danes/The Defiant) Jeff John Roberts profiles the power couple behind Tezos (Decrypt)
A message from ADALend Cardano native DeFi protocol ADALend sells out seed round in 1 hour.
ADALend protocol based on Cardano will power flexible finance markets by providing for a larger instant loan approval, automated collateral, trustless custody and liquidity.
ADALend seed round was 400% oversubscribed. Those who did not make it into the seed stage have been white listed for the private sale.
Putting the news in perspective The Takeaway Twitter Just Became Crypto’s Biggest Flywheel
–David Z. Morris
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