Quote of the week: “I think the SEC has provided very little clarity [on NFTs]… There’s a lot of ambiguity. And in situations where there is this much ambiguity, I think people really need to be very careful. This is not the ideal state [of regulation].” – SEC Commissioner Hester Peirce. Source: Finance.Yahoo.com
“I also believe that Wall Street is facing an innovator’s dilemma. They know crypto is coming and has the potential for disruption, but at the same time, crypto is too small to currently make a real impact. Therefore, Wall Street isn’t ready to change operations, but smaller crypto companies will continue to iterate. As a result, larger companies will take much longer and won’t be able to get in as fast. This is what we have seen happen in the tech sector for decades, which is why smaller players usually beat the big guys. We are also seeing big tech companies take an interest in DeFi, while the banks sit on the sidelines. For example, Google Cloud is now deploying infrastructure for crypto. This will put banks at an even greater disadvantage.”- Mike Belshe, CEO and co-founder of BitGo. Source: Cointelegraph.com
Visa is Getting More Involved in the Crypto Space: After several large corporations and payment companies have made moves into the crypto space, payment giant Visa is doing the same. Visa filed two trademark applications related to digital wallets, NFTs, and the metaverse. Source: Coindesk.com
GameStop’s NFT Marketplace is Live: GameStop’s partnership with ImmutableX was announced in February and the company’s NFT platform has been in its public beta phase since July; this week, GameStop’s NFT marketplace went live on ImmutableX. Marketplace users will now have access to Web3 games on ImmutableX. Source: Finance.yahoo.com
Metakey and Wire Network Partnership Formed: Metakey and Wire Network, a 3rd-generation, Layer-1 blockchain, partnered to relaunch an ungated web3 education platform, Metakademy. The platform will use Wire Network’s blockchain and protocol stack, including Universal Polymorphic Address Protocol (UPAP), that solves bridgeless interoperability across all chains and avoids the bridge attack vector that hackers have been exploiting industry-wide. Source: Banklesstimes.com
Fair Disclosure: Alpha Sigma Capital Fund LP is an investor in Wire.Network.
LA Blockchain Summit: November 1-3: Gavin Gilles, CEO, Project Venkman, and Ken DiCross, CEO/Founder, Wire Network, joined an expert panel at LA Blockchain Summit to discuss the “What Does the Future of Web3 Look Like?” Pictured below (far right) are Ken DiCross and Gavin Gilles.
Fair Disclosure: Alpha Sigma Capital Fund LP is an investor in Project Venkman and Wire.Network.
India’s Cenbank Begins Pilot of Digital Rupee: On November 1, the Reserve Bank of India launched the pilot for a central-bank-backed digital Rupee for the wholesale segment. Nine banks were identified, which will participate in the project. Many are hopeful that the project will make the interbank market more efficient. Source: Fxempire.com
Philippines Bank Launches Bitcoin and Ethereum Trading: On November 2, Swiss crypto technology firm Metaco and the Union Bank of the Philippines announced a pilot program for Bitcoin custody and trading services for select retail customers. Additionally, the Union Bank of the Philippines launched Ethereum trading capabilities. Source: Cointelegraph.com
A Look Into Bear Market Psychology: A Warren Buffett Approach:
Despite some positive momentum, the cryptocurrency market is still suffering. The cryptocurrency bear market has caused continuous panic, fear, and uncertainty among investors; but awareness of common behavioral investment biases can help individuals navigate market turmoil and avoid making behavioral mistakes to the individual’s financial detriment. Source: https://jordanacohen.medium.com/a-look-into-bear-market-psychology-a-warren-buffet-approach-e42fa8f0d85c
And, that’s a wrap!
