EddieJayonCrypto
28 Jun 23
Prime Trust bites the dust after mishandling keys. This is why I say you need to self-custody. Here is what is on my mind today.1. Nevada-based Prime Trust was forced to shut down due to massive liquidity issues. Word is they mishandled and lost the keys to a lot of crypto. You read that right. We c...
Prime Trust bites the dust after mishandling keys. This is why I say you need to self-custody. Here is what is on my mind today.1. Nevada-based Prime Trust was forced to shut down due to massive liquidity issues. Word is they mishandled and lost the keys to a lot of crypto. You read that right. We can look at this from two sides. The first would be that yet another custodian has messed up and that could have an adverse effect on the market. The second way to look at it is that there has been a lot of crypto that just got burned. That means that crypto is gone forever in this inadvertent burning. Worse yet, they knew what they did way back in January 2021 and have been trying to cover it up ever since. Not your keys, not your crypto (NYKNYC). 2. It was just a few days ago that I reported that Fidelity may be interested in snatching up Grayscale. I haven to heard anything else on that, but I am seeing movement on the notion that Fidelity does want to get into the Bitcoin spot ETF game and is preparing their own filing. Again, this is on the heels of BlackRock's filing. Although about half the size of BlackRock, you must pay attention to what Fidelity does. That said, the SEC is going to have a hard time saying no to all of these heavy-hitters. I say this not just because of the power they wield, but also because they are smart enough to dot all the i's and cross all the t's. Meaning, I think they have addressed any and all regulatory concerns. 3. New Powerhouse-backed EDX Markets reportedly drops Paxos as a custodian and is in talks with Anchorage Digital as a replacement. You may be wondering why. Well, EDX Markets has a non-custodial model and having a custodial partner ensures there is no conflict of interest. 4. I like to keep tabs on what is going on in the world of Shiba Inu and today did not disappoint. The Shibarium testnet has reached 25 million transactions. That is a major milestone. Will it have an immediate impact on the price of SHIB and BONE, not yet in my opinion. That said, I think we will look back and see this as a spark that helped to light the fire. 5. Back on April 28th I mentioned that Circle was introducing its Cross Chain Transfer Protocol (CCTP). I told you there would be more news to come from that and today they have unveiled their CCTP on Arbitrum. The integration enables Decentralized Applications (DApps) and smart contracts built on Arbitrum to leverage CCTP to enable Cross-Chain Swaps, Cross-Chain Deposits, and Cross-Chain Purchases and other features. This is going to increase the reach of USDC as well as add a reason for Arbitrum to have a bullish future.