Sam Bankman-Fried became the regulators' "face of crypto" supposedly bringing clarity to the space - despite this, confusion is rife.
We look at a recent report from Protos that traces the issuance of USDT to the institutional players in the centralized crypto capital markets. The data reveals the market share of players like Alameda, Cumberland, Jump, and others in powering trading in exchanges. We try to contextualize this market structure with what exists both in (1) investment banking and (2) decentralized finance. The analogies are helpful to de-sensationalize the information and calculate some rough economics.
Leading the news this week is Sam Bankman-Fried giving a public appearance, Larry Fink like tokenization, BlockFi filed for bankruptcy and more
Making news this week was FTX expanding into stock trading, Plaid getting into identity verification, Klarna raising money at a lower valuation, Nubank adds 5.7 million new customers in Q1, Robinhood launching self-custodial wallets and more.
FTX continued to dominate the headlines for another week as their downfall reverberates around the crypto world
A casualty of FTX's "ripples" or another cog in a crypto's poorly regulated CeFi machine that is casting a shadow on the industry?
Leading the news this week was the incredible demise of Fast that imploded this past week. Also making news was a big M&A deal from Fast archrival Bolt, Jamie Dimon's shareholder letter discusses tech, the UK go all-in on crypto, the SEC wants to regulate crypto exchanges and more.
The crypto contagion continued this week with BlockFi being the center of attention. There was also news from FTX on Robinhood, Celsius continued to flounder, Three Arrows Capital is toast, and amid all this turmoil the EU agreed to a crypto regulatory framework.
FTX led the news all week with the fastest fall in crypto history. This story crowded out any other major news story.
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