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Weekly Wrap Up #51

Quote of the week: “Bitcoin could be one of the greatest bull markets in history at a relatively discounted price to start 2H. Or the crypto may be a failing experiment in the process of being made redundant, like #crudeoil. Our bias is Bitcoin adoption is more likely to continue rising” – Mike McGlone, Senior Commodity Strategist at Bloomberg. Source: https://cointelegraph.com/news/bloomberg-analyst-tips-bullish-btc-recovery-in-next-six-months

Reddit is Launching an Avatar NFT Marketplace:  On July 7, Reddit launched its new NFT-based avatar marketplace that will allow consumers to buy blockchain-based profile pictures at a fixed rate. Consumers will not need a cryptocurrency wallet to buy the NFTs; a credit or debit card will be an option to purchase the NFTs.

Source: https://techcrunch.com/2022/07/07/reddit-is-launching-a-new-nft-avatar-marketplace/

Voyager Update: This week, Voyager Digital froze trading, deposits, withdrawals, and rewards. On July 6, Voyager Digital filed for bankruptcy under Chapter 11. Sources: https://cointelegraph.com/news/voyager-digital-freezes-trading-deposits-withdrawals-and-rewards-blames-3ac-defaul

https://www.fxempire.com/news/article/crypto-lender-voyager-files-for-bankruptcy-1055162

US Government New Crypto Policy:  On July 5, a new advisory notice was released by the US Office of Government Ethics that stated that any employee who owns cryptocurrency is now banned from working on Federal cryptocurrency regulations and policies. The advisory stated that the de minimis exemption, which allows for the holders or owners of securities who hold an amount below a certain threshold to work on policy related to that security, is not applicable here.  Source: https://www.fxempire.com/news/article/us-ban-crypto-owning-government-officials-from-working-on-regulation-1056560

Three JPMorgan Executives Leave to Join Cryptocurrency Firms:  Despite a bear market, three JPMorgan executives, including Eric Wragge, Puja Samuel, and Samir Shah left the firm to join cryptocurrency and blockchain companies this week. Eric Wragge, former Managing Director at JPMorgan, joined Algorand blockchain project as the Head of Business Development and Capital Markets. Puja Samuel, former Head of Ideation and Digitization at JPMorgan, joined Digital Currency Group as the Head of Corporate Development. Lastly, Samir Shah, a former JPMorgan banker joined Pantera Capital as Chief Operating Officer. Source: https://finance.yahoo.com/news/three-execs-leave-jpmorgan-week-193321068.html

BlockFi Announced Deal with FTX for Acquisition:  The BlockFi CEO announced that the company had signed agreements with FTX US for a $400-million revolving credit facility with an option to acquire BlockFi. The option to acquire BlockFi was listed at a variable price of up to $240 million. The agreements are still subject to shareholder approval. Source: https://cointelegraph.com/news/blockfi-announces-deal-with-ftx-us-including-option-to-acquire-for-240m

And, that’s a wrap!

Jordana Cohen,

Associate

Alpha Sigma Capital

jcohen@alphasigmafund.com

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Alpha Sigma Capital
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.