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Weekly Wrap Up #62

Quote of the week: “[The price action in 2020 and 2021 was] probably 80% of the story and 20% of utility. [The next Bitcoin rally will be] 50% story and 50% utility… I see it’s people building applications, people building systems that are fast and scalable and that are user-friendly. We don’t have them yet. That’s why we’re where we are. But in the next few years, they’re coming.”-  Mike Novogratz, Galaxy Digital CEO. Source:  https://cointelegraph.com/news/next-bitcoin-bull-run-to-be-half-story-half-utility-mike-novogratz-at-token2049

Voyager Update:  On September 26, Voyager Digital announced that FTX had won an auction for its assets. FTX crypto exchange won Voyager’s assets in a bid valued at $1.42 billion. Source:  https://www.fxempire.com/news/article/crypto-exchange-ftx-to-acquire-bankrupt-voyagers-assets-1140385

Christie’s Auction House Announces its New NFT Platform: Luxury auction house Christie’s announced that it is launching an on-chain NFT platform for NFT art. The platform, called Christie’s 3.0, was created in a partnership with Chainalysis, Manifold, and Spatial, and all of its pre and post-sale transactions will be hosted on the Ethereum blockchain. Christie’s Auction House will be the first global auction to facilitate on-chain sales. Source: https://www.coindesk.com/business/2022/09/27/christies-auction-house-announces-on-chain-nft-art-platform/

The CEO of Celsius Network Ltd. Steps Down:   Alex Mashinsky, the Chief Executive Officer of Celsius Network Ltd., has stepped down as the company works through bankruptcy. Celsius has hired Chief Financial Officer Chris Ferraro for the role of interim CEO. Mashinsky said that he will continue to remain on the board of the company and help maximize the amount of money and cryptocurrencies available to the company’s creditors. Source: https://www.barrons.com/articles/celsius-ceo-mashinsky-resignation-51664293807?siteid=yhoof2

Fidelity, Schwab, and Citadel Created a Crypto Exchange:  Financial giants Fidelity, Charles Schwab, and Citadel Securities partnered to form a financial entity and launch a new cryptocurrency exchange called EDX Markets (EDXM). The new exchange will operate independently from these financial institutions. The goal of the exchange is to enable the “safe and compliant trading of digital assets through trusted intermediaries.” Additionally, the press release stated that the exchange will deliver “better prices for investors than those offered by existing cryptocurrency exchanges” by creating a “highly liquid cryptocurrency ecosystem that aggregates liquidity from multiple market makers to reduce spreads and improve transparency.”

Source: https://finance.yahoo.com/news/fidelity-schwab-citadel-create-crypto-130035044.html

Robinhood Web3 Wallet Launches its Beta Version: This week, Robinhood’s Web3 wallet entered its beta phase; the company launched the beta version of its Web3 wallet on iOS hosted over the Polygon blockchain. The wallet is available to the first 10,000 users who joined the company’s waitlist in May 2022. The wallet permits users to trade and swap cryptocurrencies with no network fees. Source:

https://cointelegraph.com/news/robinhood-web3-wallet-enters-beta-taps-polygon-as-first-blockchain

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.