tl;dr
• As per a report by Deloitte, 85% of retailers expect digital currency payments to be ubiquitous in 5 years• Binance is planning to re-enter South Korea• BlockFi confirmed they liquidated a "large client" that couldn't make margin calls• Huobi, one of the largest crypto exchanges, co-founder, Du Ju...
• As per a report by Deloitte, 85% of retailers expect digital currency payments to be ubiquitous in 5 years
• Binance is planning to re-enter South Korea
• BlockFi confirmed they liquidated a "large client" that couldn't make margin calls
• Huobi, one of the largest crypto exchanges, co-founder, Du Jun, and Web3 investor "BMAN" Lee, say they have created a $400M fund
• The SEC has released the Hinman memos
There is so much going on. Here is what is on my mind today.
1. As per a report by Deloitte, 85% of retailers expect digital currency payments to be ubiquitous in the next 5 years. According to Deloitte, it was an overwhelming amount of US retailers that have this sentiment. Every time someone comes at me with some sort of lame adoption argument, I giggle and reply with "Build it and they will come."
2. In what could be a major move, Binance is planning to re-enter South Korea. Remember, there are currently only five licensed crypto exchanges in South Korea. It would be smart for them to fix their US problems, too and change their overall approach to global expansion to cover all regulatory hurdles on the books and not skirt rules or make assumptions. Binance is the global powerhouse, but they currently carry a lot of baggage. They are mature enough to at least begin cleaning that all up, a la Microsoft.
3. Block Fi, who I didn't know is backed by Coinbase Ventures (that explains why they simultaneously announced layoffs), confirmed they liquidated a "large client" that couldn't make margin calls. At the same time Three Arrows Capital was unable to make margin calls and was liquidated. We've heard this song before.
4. Huobi, one of the largest crypto exchanges, co-founder, Du Jun, and Web3 investor "BMAN" Lee, say they have created a $400M fund to focus on growth projects. Dubbed ABCDE Capital, the fund will invest in 10-20 projects per year who are primarily focused on blockchain infrastructure, open finance, and digital apps.
5. Well, it has finally happened. The SEC has released the Hinman memos. They have submitted the documents stemming from Bill Hinman's telling speech in 2018. The way the SEC submitted them makes it seem like they are trying to use them to bolster their case against Ripple. I am definitely grabbing my popcorn!