What you need to know today in crypto and beyond July 9, 2021 Welcome to The Node.
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–Daniel Kuhn
Today's must-reads Top Shelf ‘WE’RE DOING IT’: Square is building a bitcoin hardware wallet, CEO Jack Dorsey tweeted yesterday. The company announced it has started assembling a team to build a mobile-friendly, “assisted-self-custody” solution, emphasizing it’s in the drawing-board stage.
CRYPTO WARY: A recent survey suggests the majority of El Salvador citizens are wary of their president’s push to implement the country’s newly crafted and legislated Bitcoin Law. Around 54% of respondents viewed the law as “not at all correct” and 24% thought it was “only a little correct.” CIRCLING IN: Circle announced Thursday it is listing on the New York Stock Exchange via an acquisition by a SPAC, in a move that may add transparency to the stablecoin market. A peak at Circle’s internals – i.e., its SEC regulatory report – reveals some curiosities. Circle lost over $156 million on its buyout and subsequent jettisoning of the crypto exchange Poloniex, disclosed a $2 million loss to email fraudsters and reportedly makes more from “transaction and treasury services,” with clients including Dapper Labs, Compound Labs and FTX, than its main USDC business.
–Helene Braun
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“[Stablecoins] do deserve a greater degree of transparency.”
–Circle CEO Jeremy Allaire, on CoinDesk's "First Mover"
A message from CoinDesk The Investor’s Perspective on the Bitcoin Taproot Upgrade Taproot is a bundle of three upgrades to Bitcoin aimed at improving network security, privacy and scalability. At the same time, it poses some potential drawbacks to Bitcoin including risks of low adoption, unintended privacy shortcomings and Bitcoin community disappointment and fracturing.
CoinDesk Research's newest report dives into the economic impact and investment implications of the Taproot upgrade. Download the full report.
What others are writing... Off-Chain Signals
–D.K.
A message from DeversiFi You’ve heard of DeFi, but have you heard of DeversiFi? DeversiFi is the easiest way to access DeFi opportunities on Ethereum: invest, trade and sendtokens without paying gas fees. This summer we’re launching our full suite of tools – from managing your portfolio, to providing liquidity through our AMMs and earning rewards. DeversiFi is the place to be. So go on, what are you waiting for?
Putting the news in perspective The Takeaway Should You Buy Circle Stock When It Goes Public?
USDC, Sector Risk and Regulation
These offerings have lower reporting and transparency requirements than a traditional IPO, and saw a huge surge during 2020 as the coronavirus pandemic somehow sent the NYSE into overdrive.
–David Z. Morris
The cryptocurrency movement has never been so sprawling, reaching every corner of the planet.
Crypto State by CoinDesk aims to connect with local communities to explore this movement of financial disruption and how it trickles down to every corner of the globe, from DeFi investment opportunities to alternative ways to transact and store wealth.
We're making virtual stops with audiences in Nigeria, the Middle East and Southeast Asia this year. Register for the Crypto State virtual tour.
The Chaser...
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