Crypto Daily News from ZBG Exchange

1. Crypto Long & Short: Bitpanda’s Raise Is About More Than Market Infrastructure

The $170 million funding round highlights the explosive growth of crypto as an asset class — and the potential of the European market.

The pace of startup raises in the crypto industry, especially for businesses involved in building or operating crypto market infrastructure, has passed from a gentle canter to what feels like a gallop. I keep a note of the raises and did some counting this morning: 14 in January, 24 in February, and so far this month — with a week and a half still to go — we’re at 32. That’s acceleration.

While most raises are under $10 million, so far this year there have been four (that I am aware of) that were greater than $100 million. Two of them were this week. One was crypto custodian Fireblocks, which raised $133 million. The other was a $170 million Series B round for a crypto market-infrastructure player that I confess had not been on my radar as much as it probably should have been.

2. Scaramucci Says More Companies Should Be Holding Bitcoin on Their Balance Sheets

Asked he if sees SkyBridge having an Ethereum-based product some day, Scaramucci said “Yes, I see that happening.

More companies should be holding bitcoin on their balance sheet due to the explosive growth of the U.S. monetary supply, former White House Communications Director and hedge fund founder Anthony Scaramucci said.

In a wide-ranging interview, the founder of SkyBridge Capital on Friday called the increase in the money supply a “silent tax on American savers.”

“A responsible CFO or responsible treasurer will have to think about other assets to hold as a potential story of value for their companies.”

The reason he’s so bullish on bitcoin is that it’s a “solution” to the undercutting of the Bretton Woods agreement that back in the early 1970s. Bitcoin has the potential to “start to standardize money again and that will be better for the working poor and the middle class.”

Because of this, bitcoin could quite possibly one day be the currency of the world someday unless the U.S. dollar becomes digitized and is “no longer going to be influenced by politicians and policymakers.” But that would need to happen quickly, he said.

SkyBridge now holds more than $600 million in bitcoin.

Asked he if sees SkyBridge having an Ethereum-based product some day, Scaramucci said “Yes, I see that happening.

Asked if he’s looking at decentralized finance, Scaramucci said, “Yes, so stay tuned.”

He’s even more optimistic about the price of bitcoin than his year-end prediction of $100,000 would indicate but won’t change his forecast to avoid making this clients think he’s crazy. “I think they’ve grown to think that I am nuts.”

His foray into politics has hurt him with both Republicans and Democrats but if his fund keeps performing it will cease to matter, noting his core fund is up almost 40% since last April and up 12 1/2% year to date. “I think if we continue to perform like that I think people are going to become indifferent to my political views.”

Scaramucci registered SkyBridgeBitcoin.com the day after he was fired from the White House.

He likes bitcoin at $20,000, $30,000 more than he liked it at $400 “because of the scaling nature of it.”

He’s less worried about former U.S. President Trump’s negative views on bitcoin than he is about U.S. Treasury Secretary Janet Yellen, U.S. Federal Reserve Chairman Jerome Powell and European Central Bank President Christine Lagarde all of whom have said negative things about bitcoin.

3. Financial Watchdogs Have DeFi in Their Sights, Alter Wording Around NFTs

The FATF guidance makes a careful change of terminology, which appears to nod in the direction of NFTs.

Innovative areas within cryptocurrency such as decentralized finance (DeFi) are firmly on the radar of global regulators, according to draft guidance released on Friday by the Financial Action Task Force (FAFT), a global anti-money laundering (AML) body.

As well as clarifying its wording on decentralized exchanges (DEXs), the mechanisms that power DeFi platforms and apps, the FATF also made an oblique reference to non-fungible tokens (NFTs) that are exploding in popularity.

NFTs and DeFi present added challenges to FATF, which is already struggling to graft AML rules onto pseudonymous-by-design transactions in the flourishing cryptocurrency industry.

4. AMD, Unlike Nvidia, Won’t Try to Block Crypto Miners From Using Its Chips

Chipmaker Advanced Micro Devices said it’s not going to restrict its graphics cards from being used for mining cryptocurrencies after rival Nvidia installed a limiter on some of its chips to prevent their use in mining ether (ETH, +0.34%), according to a report in PC Gamer.

“The short answer is no,” PC Gamer quoted a product manager at AMD as saying regarding a potential mining limiter during a call.

That stance is in contrast to Nvidia which last month installed a limiter to ensure its GeForce RTX 3090 graphics cards “end up in the hands of gamers” instead of cryptocurrency miners after gamers complained how mining demand was causing shortages.

Of course, AMD may not have had much of a choice in not trying to limit how its chips are used. Not only is Nvidia’s 24GB GeForce RTX 3090 the best GPU chip for mining, because AMD’s drivers are all open-source, it limits the company’s control over them, PC Gamer noted.

5. Coinbase Delays Highly Anticipated Direct Listing to April

No reason was given for the delay, but Bloomberg noted the SEC has been reviewing the exchange’s plan for a direct listing.

Cryptocurrency exchange Coinbase’s highly anticipated public offering has been shifted to April after its plan for a March listing “slipped,” according to a Bloomberg report citing people familiar with the matter.

No reason was given for the delay, but Bloomberg noted the U.S. Securities and Exchange Commission (SEC) has been reviewing the San Francisco-based exchange’s plan for a direct listing.

Coinbase formally announced its plans to go public on the Nasdaq in January and this past week registered for as many as 114.9 million shares to be traded.

Coinbase Class A shares will debut on the Nasdaq Global Select Market under the ticker “COIN.”

Yesterday, it was announced Coinbase will pay $6.5 million in a settlement with the Commodity Futures Trading Commission (CFTC) over allegations the exchange “self-traded” digital assets between 2015 and 2018.

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March 22, 2021

Launched in 2018, ZBG is a Hong Kong-based crypto exchange, a subsidiary of ZB.COM. ZBG is focused on providing a trading platform for new and innovative tokens