EddieJayonCrypto
21 Jul 22
• Vauld basically goes bankrupt• Singapore seems to be a common location for failure with Zipmex joining the crowd• Crypto adoption in emerging markets continues to gain steam• After major staff cuts Gemini gets licensed in Ireland• Several whale moves could affect Bitcoin prices in the near term• I...
• Vauld basically goes bankrupt• Singapore seems to be a common location for failure with Zipmex joining the crowd• Crypto adoption in emerging markets continues to gain steam• After major staff cuts Gemini gets licensed in Ireland• Several whale moves could affect Bitcoin prices in the near term• In a big move Spotify partners with OneOf to integrate NFTs• Whining Avalanche CEO goes after PolygonToday has me taking a little bit more of a narrow view. Specifically, I am looking for companies that may still have exposure to the current list of bankrupt (or about to be) debtors. Here is what is on my mind today.1. Vauld, apparently based in Singapore, files for creditor protection. In the US, that is known as bankruptcy. It is said they owe over $400M to creditors. Supposedly, management is looking for a solution to their current circumstances, but one has to wonder if they are capable of doing so. I mean, isn't it the same team that got them into this mess to begin with. Being that Three Arrows Capital is also based in Singapore, I am wondering about the what the industry is doing there. 2. Here is more good news out of Singapore. Zipmex, who you might remember I first mentioned in early June. They were an acquisition target for Coinbase and FTX. Coinbase invested in the Series B round of funding totaling about $40M. Well, Zipmex has halted transactions in a sign the Singapore-based crypto exchange will not make the cut in what seems to be a firm shaking out of projects in the Cryptoverse. Things are so bad in the centralized crypto exchange space that Coinbase had to release a statement saying they have no exposure to bankrupt crypto companies. True but Zipmex comes close.3. I was having a conversation with my nephew last night about the adoption and usefulness of crypto. He was asking what is the overall significance of crypto in general. A very insightful question from a 27yo. I explained how this could lead financial freedom on global scale. Increased profit margins and no additional charges for the consumer. Emerging markets are latching on to crypto in a major fashion because of the freedom and ease of use crypto provides to the public. And there is more to come! 4. In other crypto exchange news, Gemini becomes the first crypto exchange to be licensed as a Virtual Asset Service Provider (VASP) in Ireland. This is on the heels of laying off about 900 of its employees over the past month or so. I am still wondering what their overall plan is as I continue to question their long-term viability. 5. Over the past week or so we have seen a major selloff of Bitcoin by Tesla of over 75% of their holdings. Now we have the impending return of the Mt GOX funds. Which one could say there is no guaranty those people that receive their funds back will actually sell. There is also the fact that the third largest Bitcoin whale has moved more than 207K Bitcoin to Coinbase over time, according to BitInfoCharts. 6. Well, it looks like Spotify is the latest to join the NFT space, integrating technology from NFT platform from OneOf. Green The NFT platform specializes in providing access to exclusive drops from artists and musicians around the world. This is a cool integration for Spotify, but I do wonder about the future of the partnership. There is a lot of potential there. 7. What has got to be the worst way to get attention, CEO of Ava Labs (Avalanche), Emir Gun Sirer, took a big swing at Polygon saying they bought at least part of their technology while Ava Labs has built their own solution similar to zkEVM in-house. That's cute, bud. Who the hell cares? That's like crying that the NY Yankees buys players to win the World Series. Please tell me what is wrong with that model. As we say in my community, Emir needs to take many seats!