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Satoshi&Co Daily Crypto Newsletter

April 29 · Issue #167 · View online
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Check out past issues of the newsletter along with more interesting crypto content as well as short (but great) conversations with leading crypto industry participants at our newly-launched website www.satoshiand.co

After last week’s Tether and Bitfinex debacle that was cause for some concern, this week started off with some positive news for crypto faithful.
According to Bloomberg, E*Trade Financial - a leading brokerage firm with over 4 million customers - is ready to offer trading services for Bitcoin and Ethereum, with plans to potentially list more cryptocurrencies in the future. The firm is in the final stages of finalizing a custody partner for holding the private keys, after which E*Trade customers can start trading in Bitcoin and Ethereum. The foray of a traditional brokerage services firm (in addition to pioneering Fidelity of course) into cryptocurrencies is a key validation for  the long-term value proposition that cryptocurrencies offer and the belief that institutions have in the future of cryptocurrencies.
For a majority of this decade, the infrastructure component of the crypto ecosystem, especially Trading, has been primarily supported by crypto-native firms such as Coinbase, Gemini, etc. However, over the past year and a half, we are witnessing more and more traditional financial institutions express launching crypto services to complement their existing businesses. Just a few days ago, another leading brokerage firm TD Ameritrade confirmed that they were testing crypto trades on their platform before opening them up for all of their customers. In addition, TD Ameritrade, along with Fidelity, is also a leading investor in ErisX, which is building a derivatives exchange for cryptocurrencies. Stock trading app Robinhood, which is preparing for its IPO, launched zero-commission trading cryptocurrencies in 2018 and reportedly has 5 million users trading in cryptocurrencies.  
Meanwhile in Crypto Wonderland....
“Galaxy Digital Posts a Net Loss of $272 Million”
Crypto investment bank Galaxy Digital had a net loss of $272.7 million in 2018, the company announced in a news release on April 29. At the end of November, the company had confirmed it had lost $136 million in the first nine months of last year, meaning these financial results show the losses effectively doubled in the space of three months. Nonetheless, Novogratz has been bullish aboutbitcoin’s (BTC) long-term potential. In February, he predicted the cryptocurrency will become digital gold and said $8,000 was a feasible medium-term price point.
“Bakkt Acquires a Crypto Custody Company”
Pending bitcoin futures exchange Bakkt has acquired the Digital Asset Custody Company (DACC), secured insurance for assets it will hold in cold storage and revealed a partnership with BNY Mellon. Bakkt did not reveal how much it spent to acquire the custodian. To further aid its storage solutions, Bakkt has been working with global bank BNY Mellon to set up “geographically-distributed” private key storage.
“MakerDAO CTO Quits”
Andy Milenius, formerly the chief technology officer at MakerDAO, published an open letter dated April 3 explaining his concerns over the project’s internal conflicts. MakerDAO is the  company behind the decentralized algorithmic Ethereum-based stablecoin DAI as well as the governance token Maker (MKR). In his 24-page-long letter, Milenius describes a conflict between his ideas of equal workspace and democratization true to a Decentralized Autonomous Organization (DAO) and his fellow executives’ desire for a traditional corporate efficiency.
“JLR to Partner with IOTA”
Jaguar Land Rover, Britain’s largest auto manufacturer, said on Monday it is testing software that will allow drivers of its cars to earn the IOTA cryptocurrency as a reward for sharing data. The company is developing what it calls “smart wallet” technology to be installed in its automobiles. This would reward Jaguar car drivers with IOTA coins for actions such as enabling their vehicles to automatically report useful data, such as traffic congestion or potholes to navigation providers or local authorities.
Crypto Twitter Pick
Vijay Boyapati
India attempting to "ban" #Bitcoin (good luck with that!) only serves to prove one thing: the Indian state does not trust its own citizens to make informed decisions for themselves.

Guess what guys: that's how you imposed half a century of abject poverty on your own people.
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This newsletter does not constitute an offering of securities in any jurisdiction. The contents of this note should not be construed as investment advice or as a recommendation to purchase securities. This note is intended for the consumption of the recipient alone and not for public distribution. Please consult a certified financial advisor or other appropriate practitioner as may be appropriate as per your jurisdiction.
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