EddieJayonCrypto
18 Nov 22
• Genesis is not a small venture and they failed to secure a $1B bailout; is it worth less than the sum of its parts?• VeChain announces the new 2.0 proof-of-authority blockchain• Australian Commonwealth Bank (CommBank or CBA) is adopting the ISO 20022 standard and transitioning to Ripple; Ripple ap...
• Genesis is not a small venture and they failed to secure a $1B bailout; is it worth less than the sum of its parts?• VeChain announces the new 2.0 proof-of-authority blockchain• Australian Commonwealth Bank (CommBank or CBA) is adopting the ISO 20022 standard and transitioning to Ripple; Ripple applies for license in Ireland• FINRA requests all retail communications made between July 1st and September 30th from crypto exchanges• Emurgo is expected to launch a stablecoin pegged to the US dollar early 2023Industry failures seem to be rampant, but it is all about growing up. Here is what is on my mind today.1. Genesis is not a small venture and they are failing. They provide services to many institutional investors. So the impact of them going under could be a far-reaching event. They are citing the over $2.4B hit they took from Three Arrows Capital and the over $175M hit from FTX as the reasons for their current situation. They had sought a $1B bailout, but no one has yet to step up to the plate. It is their lending unit that is having the direct problem, but it is being felt company-wide. In case you did not know, Genesis is connected to Grayscale, Digital Currency Group and CoinDesk, to name a few. Truth be told, Genesis could be worth less than the sum of its parts and that would make it a target. 2. VeChain announces the new 2.0 proof-of-authority blockchain. This is a huge step for the eco-friendly project. VeChain is a strong project with a lot of promise as they continue to improve on their technology. Increased sustainability means they will appeal to the eco-friendly projects. I am expecting more from this community as they move forward. 3. Australian Commonwealth Bank (CommBank or CBA), the country's largest bank, announced they are adopting the ISO 20022 standard. That is news, but them transitioning to Ripple, who already meets the standard, is even bigger news! The transition is expected to complete in 2025. This was quiet news compared to the announcement from Ripple they are looking to continue expanding in Europe and are seeking licensing in Ireland. 4. It looks like FINRA is about to get into regulating centralized exchanges as it requests all retail communications made between July 1st and September 30th. FINRA also requested copies of their compliance policies, manuals, training materials, and compliance bulletins. They also requested written agreements between them and any respective affiliates. Having experience in the financial industry, I know this is an in-depth probe. I would expect results from findings in the first quarter of 2023. That should be telling. 5. In a first shoe to fall, Emurgo is expected to launch a stablecoin pegged to the US dollar early 2023. I say it is the first shoe is because the next shoe will be its launch. I am not expecting any big movement for ADA now, but when it launches I think it will definitely have a big positive impact.