State Street invests in institutional crypto exchange / Atari creates new blockchain division / Fresh Funding

Plus: a $70.5K NFT is at stake in DraftKings' "PGA PUTT for a Punk"

Inside.com Part of   Network April 08, 2021

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Hi Everyone, Today’s Inside Cryptocurrency newsletter is coming to you early as we prepare for Inside Presents: Understanding the NFT Opportunity at 11 AM PT. I’m really excited to get the opportunity to speak alongside Inside’s own Michael Tant, Abra CEO Bill Barhydt, Civic Technologies CEO Vinny Lingham, and NFT artist Krista Kim.  There’s also going to be two Fireside Chats hosted by Jason Calacanis with Dapper Labs CEO Roham Gharegozlou and Metakovan (yes, the same Metakovan that purchased Beeple’s “Everydays: The First 5000 Days” NFT for a record $69M). If you haven’t done so already, I highly recommend registering for the event and joining us as we break down the art, science, and technology behind Non-Fungible Tokens. There are still tickets available, and registration for the event is free. Hope to see you all there! - Griffin 🏛️ EVENT DETAILS 🎟️ REGISTER TO ATTEND   Griffin

The global crypto market cap is $1.96T 3.63%▲ with a 24hr market volume of $161.98B 25.11%▼. Bitcoin's dominance is currently 55.18% -0.68%▼.  CURRENT PRICES BY MARKET CAP # Name Price 24h % 1 Bitcoin BTC $58,023.26 1.95% ▲ 2 Ethereum ETH $2,076.10 3.51% ▲ 3 Binance Coin BNB $418.27 8.70% ▲ 4 XRP XRP $0.9783 2.21% ▲ 5 Cardano ADA $1.22 2.04% ▲ *Prices as of 12:00 p.m. ET.

State Street’s Currenex unit has partnered with Pure Digital to create technology for an institutional crypto exchange platform. The project is expected to launch sometime this year. More: Currenex provides technology for institutional foreign exchange and will supply the infrastructure for the project. Pure Digital will build the OTC trading platform. Pure Digital has described the platform as “multi-custodial,” allowing investors to work with their preferred custodian. State Street’s announcement follows the recent trend by financial institutions to offer crypto services. Other financial institutions to adopt cryptocurrencies in the last month include Goldman Sachs, Morgan Stanley, and Bank of New York Mellon.

Video game developer Atari announced the creation of a blockchain division within the company. Atari Blockchain plans to focus on the emerging opportunities presented by the intersection of blockchain technology and gaming. More: Atari’s official press release also announced that Wade J. Rosen would take over the CEO role, replacing Frédéric Chesnais, who will become head of the Atari blockchain division. ATRI token, which launched in November 2020, is expected to be integrated as a payment feature within the gaming ecosystem. Recently, the company has actively participated in blockchain, partnering with blockchain companies like Enjin and Decentral Games to further develop ecosystems for blockchain-based gaming.

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🍋 FRESH FUNDING 🍋 ChainSwap, multi-chain bridge hub: $3M. ChainSwap currently provides a bridge between the Ethereum, Binance Smart Chain, and the Huobi Eco Chain and plans to use the fresh funding to add cross-chain capabilities for Bitcoin, Polkadot, and Solana. Chiliz, fan tokens: N/A. Jump Trading has announced an investment into fan token startup Chiliz to provide liquidity for the Chiliz platform.  Coin98 Finance, DeFi: $4M. The Vietnam-based startup secured funding from Alameda Research, the crypto trading firm responsible for derivatives exchange FTX. Analysts believe that this investment, along with investments in the Klaytn, Terra, and Solana ecosystems, is a signal of growth in the Asian DeFi market.  Equilibrium, DeFi: $2.5M. The Polkadot DeFi project has raised funds for the upcoming Polkadot parachain lease auction. The startup estimates that it will need 1M DOT (~$40M) to secure the parachain slot. NYDIG, crypto investment firm: $100M. NYDIG’s newly announced funding round comes just one month after completing a $200M fundraise.

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▲ TOP GAINERS # Name Price 24h % 1 IOTA MIOTA $1.88 12.03% ▲ 2 TRON TRX $0.1232 10.43% ▲ 3 Binance Coin BNB $417.20 7.62% ▲ 4 Crypto.com CRO $0.1998 6.08% ▲ 5 FTX Token FTT $48.25 5.34% ▲ ▼ TOP LOSERS # Name Price 24h % 1 Solana SOL $26.42 3.79%▼ 2 Neo NEO $62.02 0.29%▼ 3 Monero XMR $268.80 0.28%▼ 4 Klaytn KLAY $3.18 0.11%▼ 5 USD Coin USDC $1.00 0.00%▼ *Limited to cryptocurrencies with a market cap >$4B. Prices as of 12:00 p.m. ET.

QUICK HITS: Keep these things in mind to ensure reliability and professionalism when connecting to a large, remote audience. * A recent survey conducted by The Block Research on Q1 blockchain-related investment deals found that almost 40% of projects receiving funding plan to develop within the Polkadot ecosystem. Citi and IADB successfully completed a cross-board payment of tokenized funds on the LACChain blockchain network. Coinbase CEO Brian Armstrong will be releasing co-produced EDM music as NFTs. The three songs will be made available on Coinbase Venture’s Zora in the "next few days." DraftKings’ “PGA PUTT for a Punk” contest started today. Contestants on the fantasy sports and betting platform are competing for CryptoPunk #1871, a rare NFT purchased by DraftKings for 34Ξ (~$70.5K). NBA’s Miami Heat and crypto exchange FTX have officially announced a long-term partnership that includes rebranding the Heat’s home stadium as the FTX Arena. Coinbase Pro will add 1INCH, ENJ, NKN, and OGN on Friday. You don’t need a PhD in molecular biology to understand the investment potential of this scientific breakthrough. * *This is sponsored content.

Griffin McShane is a J.D. candidate currently living in Portland, Maine. He is a graduate of Providence College, where he studied both computer science and business. Griffin aspires one day to go to the moon and bring some of his altcoins along for the ride. Editor Charlotte Hayes-Clemens is an editor and writer based in Vancouver. She has dabbled in both the fiction and non-fiction world, having worked at HarperCollins Publishers and more recently as a writing coach for new and self-published authors. Proper semi-colon usage is her hill to die on.

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