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What you need to know today in crypto and beyond April 19, 2021 Sponsored By: If you were forwarded this newsletter and would like to receive it, sign up here.
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Today's must-reads Top Shelf COINBASE CASH: Coinbase insiders and early investors sold about $5 billion in shares during the exchange’s direct listing on Nasdaq, according to filings with the U.S. Securities and Exchange Commission (SEC). CEO Brian Armstrong sold approximately 1.5% of his stake while Fred Wilson and his venture firm Union Square Ventures accounted for more than two-thirds of the total shares sold to public investors (a direct listing does not create new shares, but sources liquidity from existing equity). LIQUIDATION EVENT: Crypto markets had a meltdown in Saturday night trading, with bitcoin dropping 15% overnight to a low of $52,144. This precipitous drop liquidated a record $10 billion worth of crypto futures on Sunday. CoinDesk’s Kevin Reynolds traced the collapse to misunderstood and unconfirmed news events, including rumors that Coinbase’s Brian Armstrong had cashed out nearly all his company equity, bitcoin's declining hashrate and an all-caps tweet stating U.S. financial watchdogs would soon crack down on institutions using crypto to launder money. This claim is largely bunk, Managing Editor Nikhilesh De clarified this morning on CoinDesk TV’s “First Mover.” (Though even the WSJ Editorial Board thinks U.S. crypto regulations need clarification.)
ETFS ABOUND: Canada approved two ethereum exchange-traded funds (ETFs) on Friday while the nation’s fourth bitcoin ETF, from Canadian digital asset manager 3iQ Corp and CoinShares, will begin trading today. HEATING UP: The world’s largest DAO signed a 10-year deal with the Open Bank Project to bring fintech and banking customers into DeFi. Dapper Labs, behind the NFT platform NBA Top Shot, raised an additional round at a $7.5 billion valuation just weeks after being valued at $2.6 billion. – Daniel Kuhn
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Introducing Unlocked 101 at Consensus by CoinDesk 2021 New to crypto? Here's a crash course. Unlocked 101 is a free educational series of sessions designed to give you the tools to navigate crypto. Sessions will be hosted May 4–20 to prepare you for Consensus by CoinDesk 2021, our virtual big-tent event.
Register for Unlocked 101 this May.
Overheard on CoinDesk TV Sound Bite “A lot of it is obviously speculation. There's no way that my newspaper column is objectively worth $700,000.”
– New York Times reporter Kevin Roose, on an NFT of one of his articles, on CoinDesk TV's "First Mover."
A message from CoinDesk Can't Beat Them? Join Them: Why Crypto Company Anchorage Became a Bank Perhaps the old adage "every tech company wants to be a bank — someday, at least" is true. But why would a crypto company, given Bitcoin's philosophical roots, want to become a bank? And what does a crypto bank even look like, let alone do?
Join us for a chat with leaders from Anchorage, the Office of the Comptroller of the Currency and the Blockchain Association for an inside look on why and how Anchorage became the first crypto company to secure an OCC bank charter. We'll dive deeper into the topic at Consensus by CoinDesk, our big-tent event May 24-27.
Join us on Clubhouse on April 20 at 5 p.m. ET.
What others are writing... Off-Chain Signals A Unified Monetary Theory of Beeple and Biden ... or are memes money? (NY Magazine)CME Group is not launching dogecoin futures (The Block) “Bull market, bear development,” Andre Cronje’s take on the pervasive incentives to tokenize projects during a market rally. The ‘metaverse’ bet: Crypto-rich investors snap up virtual real estate. Reuters looks at virtual realities: “In Decentraland there were 334 buyers in March, sending monthly land sales volumes past $4 million." – D.K.
Putting the news in perspective The Takeaway Consolidations Are Coming to Crypto If I were going to guess on an acquisition in the cryptocurrency business, I'd pick the newly listed Coinbase picking up Dharma, the user-friendly on-ramp to decentralized finance (DeFi).
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