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Weekly Wrap Up #45

Quote of the week: “The past month’s crypto market correction looks more like capitulation relative to last January/February and going forward we see upside for Bitcoin and crypto markets more generally.”- Note from JPMorgan to Clients. Source: https://cointelegraph.com/news/jpmorgan-places-btc-fair-price-at-38k-declares-crypto-a-preferred-alternative-asset

Eyes on Polkadot (DOT):  This week Polkadot parachains rallied after the launch of a $250 million USD stablecoin fund. Despite increasing market volatility, cryptocurrencies within the Polkadot ecosystem began to rally, indicating the possibility of some sub-sectors of the cryptocurrency market breaking from market trends. Source:  https://cointelegraph.com/news/polkadot-parachains-spike-after-the-launch-of-a-250m-ausd-stablecoin-fund

Andreessen Horowitz Continues Raising Money for its Fourth Crypto Fund:  Amidst market turmoil, Andreessen Horowitz announced that the venture capital giant has raised $4.5 billion for its fourth cryptocurrency fund. Its total funds raised for digital currency investments are now upward of $7.6 billion. Source: https://www.fxempire.com/news/article/andreessen-horowitz-raises-4-5-billion-for-fourth-crypto-fund-1012932

GameStop Debuts Cryptocurrency and NFT Wallet:  On May 23, GameStop launched its beta version of its new wallet, which allows holders to access, spend, and trade cryptocurrencies and other digital assets without leaving a game. Upon the announcement of its wallet, shares jumped approximately 3% in the pre-market trading. Source:  https://finance.yahoo.com/news/gamestop-digital-wallet-launches-amid-202130078.html

International Cryptocurrency Policy Featuring Portugal:  Portugal’s Congress rejected two bills that would have taxed cryptocurrencies. Portugal has an effective capital gains rate of zero on cryptocurrencies; but, it has a current capital gains tax rate for financial investments of 28%. The Socialist Party, which holds the majority of legislative assembly seats, has not put forth any tax bill of its own quite yet.  Source:  https://finance.yahoo.com/news/portuguese-congress-rejects-two-bills-004515344.html

Founder of WeWork Creates $70 Million Cryptocurrency Carbon Credit Platform:   Adam Neumann, founder of WeWork, is attempting to recreate himself in the cryptocurrency space, and he just recently raised $70 million for his blockchain-powered climate technology platform called Flowcarbon. The Platform is attempting to make carbon trading more accessible and efficient by putting carbon credits on the blockchain. Source:  https://cointelegraph.com/news/wework-founder-reinvents-himself-with-70m-crypto-carbon-credit-platform

And, that’s a wrap!

 

Jordana Cohen,

Associate

Alpha Sigma Capital

jcohen@alphasigmafund.com

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Daniel Siciliano

F. Daniel Siciliano is an Independent Director of the Federal Home Loan Bank of San Francisco and Chair of the American Immigration Council. He is the former faculty director of the Rock Center for Corporate Governance at Stanford University and former Professor of the Practice and Associate Dean at Stanford Law School. His work has included expert testimony in front of both the U.S. Senate and the House of Representatives and for 2009, 2010, and 2011, alongside leading academics and business leaders such as Ben Bernanke, Paul Krugman, and Carl Icahn, Professor Siciliano was named to the “Directorship 100” – a list of the most influential people in corporate governance.

Siciliano was also co-founder, CEO and ultimately Executive Chairman of LawLogix Group, Inc. – a global software technology company named 9 consecutive times to the Inc. 500/5000, several times ranked as one of the Top 100 fastest-growing private software companies in the US and named to the US Hispanic Business 500 (largest) and Hispanic Business 100 (fastest growing) lists for 2010 and 2011. In 2012 he sold a majority stake of the company to PNC Riverarch Capital, continued as Executive Chairman, and led the sale of the company to Hyland Software/Thoma Bravo in 2015.

Siciliano is a co-founder and board member of the Silicon Valley Directors’ Exchange (SVDX), Chairman of the national non-partisan American Immigration Council, past-President of the League of United Latin American Citizens (LULAC) Council #1057, and an active member of the Latino Corporate Directors’ Association.


Siciliano’s related areas of expertise include executive compensation, corporate compliance, the legal and social impact of autonomous (AI/robotic) systems, and corporate technology strategy and security. He has served as a governance consultant and trainer to the Board of Directors of dozens of Fortune 1000 companies (including Google, Microsoft, Fedex, Disney, Entergy and Applied Materials), is an angel investor and consultant to several firms and companies in Silicon Valley, Hong Kong, India, and Latin America, and currently serves as an independent director on the board of the Federal Home Loan Bank of San Francisco. He lives in Los Altos, California.