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Daily Newsletter of Aiello Investments - Issue #81

Robert Aiello
Robert Aiello
Crypto Exchange FTX Buys Its Way Into Canadian Markets
Crypto exchange FTX plans to acquire the Canada-based Bitvo exchange to expand into the Canadian crypto market. Bitvo is one of the few crypto exchanges regulated by all 13 provincial and territorial securities commissions across the country.
FTX Acquires Bitvo Crypto Exchange
Bahamas-based FTX crypto exchange plans to officially launch in Canada by acquiring Calgary, Alberta-based crypto exchange Bitvo Inc., reported The Globe and Mail on June 17.
CoinLoan's partnership with Elliptic: Investing in trust and security
Reasons for choosing Elliptic
Blockchain analytics firms are not created equal. According to Max Sapelov, CoinLoan’s co-founder and CTO, “Elliptic offers an optimal combination of recognition, trustworthiness, and coverage of blockchains and digital assets.”
Currently, 66% of the crypto volume runs through exchanges using Elliptic. It covers over 98% of the global trading volume, providing actionable insights for 500+ cryptoassets and 100 billion+ data points. Crypto service providers, financial institutions, and even regulators depend on it to combat fraud and monitor risk.
What benefits does Elliptic bring to CoinLoan?
As the crypto market grows, so do the frauds that plague its participants. Halting transfers to compromised wallets is a matter of compliance and user protection, but it stems from a broader vision. Blockchain analytics helps CoinLoan grow, drive the industry forward, and bolster trust in digital assets.
CoinLoan’s emphasis on compliance is an important competitive strength. As Max Sapelov explained, “Playing by the rules from day one has allowed us to offer convenient fiat gateways and give users peace of mind.” With Elliptic, CoinLoan enhances its proactive approach to risk management.
Polygon price jumps 60% in four days amid 'pretty big' MATIC accumulation
Polygon (MATIC) took a break from its prevailing bearish course, posting one of the sharpest rebounds in the crypto market this week.
Notably, MATIC’s price has risen to $0.50 this June 23, four days after hitting $0.317, its lowest level since April 2021. This amounts to roughly a 60% gain, surpassing the performances of even Bitcoin (BTC) and Ether (ETH) in the same timeframe. 
Citibank Building Crypto Custody Service, Says Mass Digitization of Traditional Investments Taking Place
Financial services giant Citibank is creating a crypto custody service, saying that a mass digitization of traditional investments is already underway.
According to a new press release, Citi has chosen Swiss-based crypto custody firm METACO as its partner to develop digital asset custody capabilities.
This collaboration brings together METACO’s technology and digital solutions with Citi’s expansive custody network to develop a platform to enable clients to store and settle digital assets seamlessly and securely.
Citi intends to fully integrate METACO’s bank-grade digital asset custody and orchestration platform, Harmonize, into its existing infrastructure, to develop and pilot digital asset custody capabilities…
This strategic partnership enables Citi to extend its existing capabilities to digital assets while leveraging its current technological, operating and servicing model.
Harmonize Your Digital Asset Operations | Institutional Digital Asset Custody, Trading and DeFi Orchestration | METACO
Here’s What’s Ahead for Solana, Avalanche and One Low-Cap Altcoin, According to Top Crypto Analyst
“SOL: -90% from the peak. This isn’t a bad area to start accumulating for longer terms if you are looking for an alternative layer-1. I think it’s one of the best choices given its non-Ethereum Virtual Machine, to be honest.
Low timeframe, it looks decent to be honest. $45 could come in the mid-term if BTC plays nice.”
SOL Price Today
Solana price today is $37.10 with a 24-hour trading volume of $1,386,246,838. SOL price is up 7.3% in the last 24 hours. It has a circulating supply of 340 Million SOL coins and a total supply of 508 Million. If you are looking to buy or sell Solana, Coinbase Exchange is currently the most active exchange.
AVAX Price Today
Avalanche price today is $17.29 with a 24-hour trading volume of $462,272,178. AVAX price is up 4.9% in the last 24 hours. It has a circulating supply of 280 Million AVAX coins and a total supply of 405 Million. If you are looking to buy or sell Avalanche, BKEX is currently the most active exchange.
Next up is fellow smart contract platform Avalanche, which Altcoin Sherpa predicts is poised for a relief rally with targets at $22 and $28.
“AVAX: It’s not a bad idea to want to accumulate and my $12 target never hit. I think a bearish retest is probably coming, not the macro bottom quite yet in my opinion.”
LOOKS Price Today
LooksRare price today is $0.373504 with a 24-hour trading volume of $21,135,338. LOOKS price is up 0.5% in the last 24 hours. It has a circulating supply of 470 Million LOOKS coins and a total supply of 617 Million. If you are looking to buy or sell LooksRare, Gate.io is currently the most active exchange.
The last coin on the trader’s radar is the utility token of the Ethereum-based NFT marketplace LooksRare (LOOKS). According to Altcoin Sherpa, LOOKS is short-term bullish after taking out its immediate resistance at $0.30.
“LOOKS: Lol…nice break. This is one to consider longing on a dip. Still highly bearish market structure but this is showing a lot of strength.”
Wire Network's new protocol aims to end Web3 interoperability woes
Layer-1 blockchain platform Wire Network announced the launch of its blockchain interoperability protocol called the Universal Polymorphic Address Protocol (UPAP).
Blockchain interoperability is the ability to share information across different blockchain networks without restrictions. With the evolution of the blockchain industry, hundreds of new protocols and blockchain standards have emerged. Thus, the interactions among different blockchains become complex. This is where interoperability helps in bridging that gap.
The new UPAP protocol aims to address the interoperability problem in the Web3 ecosystem. While there have been several interoperability solutions in the past, most of them were limited to a particular ecosystem or a particular issue such as liquidation and fund transfers. 
After four years of waiting, THORChain’s new mainnet “marks the achievement of a fully functional, feature-rich protocol with a large ecosystem and strong community.”
THORChain is a cross-chain exchange and proof-of-bond network that enables users to swap assets by liquidity pools across various networks such as Binance Smart Chain, Ethereum, Dogecoin and Bitcoin. The exchange also supports the trading of synthetic assets (tokenized derivatives that mimic the value of other assets).
FTX may be planning to purchase a stake in BlockFi: Report
Crypto exchange FTX is reportedly in talks to acquire a stake in BlockFi after the company issued a $250 million credit to the lending firm.
According to a Friday report from the Wall Street Journal, FTX is currently in discussions with BlockFi regarding the crypto exchange purchasing a stake in the firm, but no equity agreement has been reached. The reported ongoing talks followed BlockFi signing a term sheet with FTX to secure a $250 million revolving credit facility on Tuesday.
80,000 Bitcoin millionaires wiped out in the great crypto crash of 2022
More than 80,000 Bitcoin (BTC) investors have had their millionaire status revoked due to the crypto market downturn, but lower prices mean the number of whole coiners is growing. 
Back on Nov. 12, just days after Bitcoin hit a new all-time high of around $69,000, a total of 108,886 BTC addresses reported a balance greater than $1 million, according to data from BitInfoCharts.
Fast forward to the present day, with the price of Bitcoin struggling to hold above $20,000, a mere 26,284 addresses are reported to contain holdings valued at upward of $1 million, meaning that the number of paper millionaires has declined by more than 75% throughout the last nine months.
Circle Partners With New York Community Bancorp — Bank to Custody USDC Reserves
Circle Partners With New York Community Bancorp
On Tuesday, Circle announced that it is collaborating with NYCB, the parent company of the U.S. Bank National Association. According to the announcement, NYCB’s subsidiary, New York Community Bank, will custody reserves for Circle’s popular stablecoin usd coin (USDC).
The partnership with NYCB follows Moneygram launching a USDC crypto-to-cash program in specific markets. Furthermore, Circle recently launched USDC on the Polygon blockchain network and issued a second major stablecoin backed 1:1 with the euro.
Moneygram Implements USDC Ramp Program
Traditional remittance companies are now trying to include crypto in their operations and offer more crypto-related services. Moneygram, a remittance and payments company, recently announced it would start allowing its users to include USDC, a dollar-pegged stablecoin, as part of its crypto off and on-ramping program. The company will make use of the Stellar network as a settlement layer to make the needed USDC transactions for the operation of the program.
The program established that customers needing to exchange USDC for fiat currencies, or that are selling and looking to acquire crypto with their fiat currencies will be able to use the Moneygram app to arrange an exchange, and they will be able to go to any of the offices of the company in the Canada, Kenya, the Philippines, and the U.S. to complete the operation
Microstrategy Buys More Bitcoin After SEC Says BTC Is a Commodity — Company Now Hodls 129,699 Bitcoins
Microstrategy has purchased more bitcoin amid a heavy market sell-off. The announcement followed a clarification by the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, stating that bitcoin is a commodity.
Introducing Altitude
Over-collateralizing your loan is a good way of preventing liquidation, but it will make a large portion of your capital dormant instead of being put to work in other ways.
So, what’s the solution?
This is where Altitude comes in. Offering the safety of an over-collateralized loan combined with the capital efficiency of an actively managed position, Altitude removes the hassle and risk of micro-managing your loan manually.
Altitude automates the management of user loans and collateral in real time, across established lending pools and yield aggregators. When you take out loans from the Altitude vault, Altitude will optimize everything by:
  1. Continuously refinancing your loan at the best available rates
  2. Actively managing your dormant capital to generate yield
  3. Channeling the generated yield towards reducing your debt
Ledn Moves For BlockFi Following Bankman-Fried Offer
The race to acquire distressed crypto lender BlockFi heats up, as Ledn, the crypto loans and savings platform offers to lead a funding round and provide equity in order to leverage a significant share of the company.
Ledn is a Canadian-based platform that provides a 7.5% yield to its customers from lending out their bitcoin and USDC stablecoins, as well as taking out loans. Unlike the likes of Celsius and others, it does not make any yield by way of decentralized finance.
Ledn - Do more with your digital assets
Risk Warning - Disclaimer
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Robert Aiello
Robert Aiello

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