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What you need to know today in crypto and beyond April 26, 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 BANKS BACK: JPMorgan Chase is preparing to offer an actively managed bitcoin fund for private wealth clients, becoming the largest bank to embrace crypto as an asset class, people tell CoinDesk. The bank’s approach, which could launch this summer, is a notable break from passive funds operated by the likes of Pantera Capital and Galaxy Digital. Separately, U.S. Bank and State Street have signed on to Securrency, an institutional cryptocurrency infrastructure provider’s, $30 million Series B. REBOUND RELIEF: Bitcoin has rebounded and has found short-term stability above $50,000 after last week’s sell-off. However, MATIC, the native token of Polygon, has been the top-performing cryptocurrency over the past 24 hours (climbing 40% to a high above $0.50). Over the past year, the Ethereum layer 2 scaling solution has integrated with Aave, Pooltogether, Sushiswap, among a number of other ETH-based apps. WITH, NOT AGAINST: The head of Turkey’s central bank addressed rumors of a nationwide crypto ban, ruling out the possibility. A new batch of regulations seeking to clarify the legal definition of cryptocurrencies and regulate how institutions store these assets is expected in coming weeks. Meanwhile, details of Ant Group’s four-year relationship with the People’s Bank of China to develop a CBDC surfaced during the recent Digital China Summit, according to a report. CRYPTO DONATES: Ethereum co-founder Vitalik Buterin and venture capitalist Balaji Srinivasan have donated $600,000 and $50,000, respectively, to a COVID-19 relief fund organized by Indian crypto entrepreneur Sandeep Nailwal. NAIL BITING: A former chairman of Bithumb Korea has been turned over to prosecutors on charges of fraud, according to CoinDesk Korea.
– Daniel Kuhn
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Overheard on CoinDesk TV Sound Bite "If you get scared by that type of move, this is not an asset class for you."
– Kapil Rathi, CEO at CrossTower, on the crypto market capitalization falling below $2 trillion last week, on CoinDesk TV's "First Mover."
A message from CoinDesk CoinDesk Research: Does Bitcoin Have an Energy Problem? Is Bitcoin bad for the environment? This CoinDesk Research report looks at the data behind the most common critiques and shows that, while Bitcoin uses a lot of energy, the mix is evolving toward renewables. Bitcoin also incentivizes investment in clean energy sources, can convert pollution into value, and redistributes wasted power production. Download the free report.
What others are writing... Off-Chain Signals From curiosity to punchline to viable investment, “we’re all crypto people now” (New York Times)Tether's market cap tops $50 billion; supply on Tron ($26 billion) surpasses Ethereum ($24.4 billion); separately, seven seemingly inactive USDC wallet addresses were blacklisted Wednesday, a first since July, 2020 (both: The Block) NFL’s Trevor Lawrence signed a multi-year, multi-million-dollar Blockfolio endorsement deal, with a bonus paid in crypto (Decrypt); Chiefs tight end Sean Culkin will convert his entire $920,000 salary into BTC using Zap’s Strike (CoinDesk) A mutual fund that invests in banks and financial firms was downgraded by Morningstar Inc., with the rating firm saying the fund was taking too much cryptocurrency risk (WSJ) Bitcoin creator Satoshi Nakamoto's disappeared 10 years ago today (Bitcoin Magazine)
- D.K.
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Putting the news in perspective The Takeaway Hate to Say I Told You So I have been writing about EOS, once a top-10 blockchain, now in the top 30, since before the network launched.
What no one ever did, though, was show where any of my reporting was substantively wrong on the facts. In fact, on occasion members of the community would admit the facts had been correct even if they pointed to an uncomfortable truth.
– Brady Dale
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