EddieJayonCrypto
1 Feb 23
• The Fed will be releasing what most expect to be a 25bp rate increase; all ears on Powell and listening for dovish or hawkish rhetoric• ImmutableX is introducing a non-custodial wallet to store gamer profiles• BlackRock increases its share of Silvergate to 7.2%• Toyota taps Astar Network for their...
• The Fed will be releasing what most expect to be a 25bp rate increase; all ears on Powell and listening for dovish or hawkish rhetoric• ImmutableX is introducing a non-custodial wallet to store gamer profiles• BlackRock increases its share of Silvergate to 7.2%• Toyota taps Astar Network for their Web3 hackathon• Hamilton Lane taps Polygon to tokenize its $2.1B flagship fund• German DekaBank ($428B AUM) to offer digital assets services via Metaco to institutions• Jim "Flip Flop" Cramer has called a bull market and people are left scratching their heads• CoinTracker is in trouble and lays off 20% of staff, mostly customer serviceSome big news has dropped, but not many are paying attention to it. Here is what is on my mind today.1. Powell is going to be speaking today. Keep in mind the market has already priced in 25bp. Anything else would send the market in a frenzy in either direction. The next thing people are paying attention to and is arguably more important is his tone during the Q&A that comes afterward. I think he will be dovish, but realistic. It would be a boon if he says a pause is possible. 2. The fact is Web3 is a gamers' world and ImmutableX is looking to create an all-in-one passport system to onboard gamers more easily. In the form of a non-custodial wallet, it will hold profile information for respective Web3 gamers. Think about it as the Web3 version of an Apple ID or an Xbox Gamertag. The new product is expected to drop in April of this year. 3. Amidst a lot of negative news, including a congressional inquiry over what they think is evasion, Silvergate sees BlackRock increase its stake to 7.2%. That move says a lot about both firms and this guy is paying attention. 4. Toyota, looking to embrace Web3 taps Astar Network for its Web3 hackathon. The partnership will see Astar, Polkadot's #1 parachain, to develop a proof-of-concept DAO tool for Toyota's employees to make Web3 use cases. The company is looking to use the technology to increase the company's operational efficiencies. Honestly, I am underwhelmed with the partnership choice, but interested to see what comes from Toyota's vision. 5. Back on October 6th I told you about how Hamilton Lane will be tokenizing its assets. Now we know that tokenization of their $2.1B flagship direct equity fund, Equity Opportunities Fund V, will happen on Polygon. I keep telling people you MUST pay attention to what is going on with Polygon. 6. Germany-based DekaBank, with over $428B in assets under management, has inked a deal with Metaco to begin offering digital assets services to its institutional investors. More news that demonstrates traditional finance is further embracing crypto. Those that don't could find themselves on the chopping block. 7. Jim "Flip Flop" Cramer has called a bull market and people are left scratching their heads because everyone knows about the inverse Cramer moves. Frankly, I do not listen to the entertainer because I think he is inconsistent and changes his mind like he changes his underwear. That said, he is also not stupid. So, I will be doing my own research to see if the crypto market is headed in the wrong or right direction for me. 8. CoinTracker has announced they will be letting go of 20% of its staff. When a company cuts that much of its staff you must realize they are facing insolvency. The bulk of the cuts will be felt by its customer service workers. That ought to tell you a lot.