Future Finance - Issue #114: Circle Is SPAC'ing, $1b+ Was Spent Via Crypto-Linked Visa Cards In H1, And Apparently 'Compliance is a Journey'

Welcome to another issue of Future Finance, your weekly off-chain newsletter about the world of on-ch

Future Finance - Issue #114: Circle Is SPAC'ing, $1b+ Was Spent Via Crypto-Linked Visa Cards In H1, And Apparently 'Compliance is a Journey' By Alan Tsen • Issue #114 • View online Welcome to another issue of Future Finance, your weekly off-chain newsletter about the world of on-chain finance. And always, there's no shortage of news from the industry. So grab a coffee (or beer), and let's get into this week's news from the world of open and decentralised finance. 👉 Got some interesting news I should include in my newsletter? Feel free to respond to this email or hit me up on Twitter - my DMs are always open. — Alan Tsen 👊💯 Ps. If you like what I'm doing here, please feel free to share it on your favourite social media network. Also, it'd be great if you forwarded this newsletter to a friend you think might enjoy it.

📰 News This Week

USDC Stablecoin Backer Circle to Go Public in $4.5B SPAC Deal Circle is going public in a deal that values the crypto financial services firm at $4.5 billion, it said Thursday. www.coindesk.com  •  Share

Source: Circle Investor Presentation

The 2021 Crypto Crystal Ball: Halftime Edition It's that time of year again: announcing the Annual Crystal Ball. Similar to last year's Crystal Ball and the 2019 Crystal Ball, we asked some friends to do a little armchair fortune telling for the new year. Considering what we've already seen in industry trends and patterns, here's a compilation of what some of us expect in 2021. 1729.com  •  Share

Striking A Chord: DeFi's Domino Effect On NFTs And Web 3.0 Adoption As DeFi continues crafting infrastructure for things of intrinsic value on an open-source web, like NFTs, our global economy will soon be entirely digitized. cointelegraph.com  •  Share

The Riddle of Ethereum: Bullish Signals Abound As Price Starts And Stops Bullish news continues to circulate as ETH price keeps dropping. Are we merely in an accumulation phase, or has the bear market started, and we're all in denial? thedefiant.io  •  Share

Source: Dapp.com

Visa: More Than $1 Billion Spent Using Crypto-Linked Cards In 2021 Payments giant Visa has revealed that over a billion dollars was spent using its crypto-linked cards during the first half of 2021. decrypt.co  •  Share

Alchemy Will Boost The DeFi And DApp Space With Polygon We are thrilled to announce that Alchemy, one of the most powerful and highly reliable blockchain developer platforms, is launching on Polygon. Alchemy is a blockchain development platform focused… blog.polygon.technology  •  Share

DeFi Investor Platform Zerion Raises $8.2 million Series A While crypto exchanges have demystified some of the largest cryptocurrencies for retail investors, many of the intricacies of decentralized finance are still lost on even more savvy investors as a result of DeFi's weave of diverse offerings. techcrunch.com  •  Share

'Compliance Is A Journey,' Says Binance CEO Amid Regulatory Scrutiny Binance faces scrutiny from regulators in the United Kingdom, Japan, Canada and the United States. cointelegraph.com  •  Share

Visa And BlockFi Launch 2% Bitcoin Rewards Credit Card Crypto services company BlockFi is offering clients up to 2% back in bitcoin on every purchase they make through a new rewards Visa credit card. www.forbes.com  •  Share

Elon Musk's Bitcoin Bet Could Cost Tesla $100 Million Following Bitcoin's rough quarter, Tesla could face an impairment charge on its balance sheet that could cost the company up to $100 million. decrypt.co  •  Share

🎧 Podcasts Of The Week

Arweave - Store Data Forever With a New Type of Storage That Backs Data with Perpetual Endowments Kevin chats with Sam Williams, Founder of Arweave. Arweave is a new type of storage that backs data with sustainable and perpetual endowments, allowing users and developers to truly store data forever – for the very first time. Due to the holiday, show notes coming soon. pca.st  •  Share

Fintechs Are Hungry For DeFi Yields, Says Compound's Robert Leshner It's no secret that investors find themselves in a low-yield environment. And that backdrop is forcing investors to explore DeFi. That's part of the logic behind the recently announced Compound Treasury, a new company that allows investors and firms to access the yields on Compound without engaging directly with the blockchain. pca.st  •  Share

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By Alan Tsen Future Finance is a curated newsletter sent to your inbox every week. We cover all the most important news in the world of decentralised finance. It takes 10 minutes to read and provides you with all the essential news. Tweet     Share

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Circle announced $4.5B SPAC deal / SEC delayed SkyBridge BTC ETF / Fresh Funding / CBECI data showed BTC energy dropped 60%

Plus: Bank of America launched a crypto market research team

Inside.com Part of   Network July 08, 2021

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The global crypto market cap is $1.47T 2.38%▲ with a 24-hour market volume of $75.91B 4.56%▲. Bitcoin's dominance is currently 44.17% 0.14%▼. CURRENT PRICES BY MARKET CAP # Name Price 24h % 1 Bitcoin BTC $34,724.65 2.28% ▲ 2 Ethereum ETH $2,368.17 2.07% ▲ 3 Binance Coin BNB $338.10 6.13% ▲ 4 Cardano ADA $1.42 1.13% ▲ 5 XRP XRP $0.6693 1.19% ▲ *Prices as of 3:00 p.m. ET.

US Dollar Coin (USDC) creator Circle announced it's going public through a SPAC deal. The Form 8-K filing from Concord Acquisition Corp. valued Circle at $4.5B. More: Circle raised $440M in a funding round just last week. USDC is the second-largest stablecoin by supply dominance, accounting for almost 25% of all stablecoins in circulation. Circle CEO Jeremy Allaire stated that Circle would include USDC reserve attestations and detailed summaries of USDC reserves in its public filings with the SEC.

The SEC delayed its decision on SkyBridge Capital’s bitcoin ETF. An SEC notice stated that an additional 45 days is necessary to make their decision. More: SkyBridge filed for the First SkyBridge Bitcoin ETF Trust at the beginning of May. Despite several crypto ETFs approved in Canada and Brazil, the U.S. has yet to approve a crypto-related ETF. The SEC is additionally reviewing bitcoin ETF filings from Fidelity, WisdomTree, VanEck, Kryptoin, and ARK Invest.

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▲ TOP GAINERS # Name Price 24h % 1 Harmony ONE $0.09239 33.46% ▲ 2 Axie Infinity AXS $14.51 32.23% ▲ 3 Decentraland MANA $0.7538 24.48% ▲ 4 KuCoin Token KCS $13.82 23.77% ▲ 5 Enjin Coin ENJ $1.41 21.63%▲ ▼  TOP LOSERS  # Name Price 24h % 1 Synethix SNX $11.36 6.03%▼ 2 Compound COMP $463.88 4.52%▼ 3 XinFin Network XDC $0.09803 3.89%▼ 4 Telcoin TEL $0.02208 2.61%▼ 5 Celo CELO $3.12 1.65%▼ *Limited to cryptocurrencies in the Top 100. Prices as of 3:00 p.m. ET.

🍋Fresh Funding🍋 Coincover, Crypto Insurance: $9.2M ⮕  The Series A funding round was led by Element Ventures and participated in by DRW Venture Capital, CMT Digital, Avon Ventures, Valor Equity Partners, Volt Capital, and others. More: The 2018 startup provides insurance for crypto investors for loss of access from fraud, theft, user error, and business failure. Coincover’s Secure Key Storage creates an emergency backup of private keys that guarantees up to $1M in crypto protection. Current customers include companies like Curv, Fireblocks, and BitGo.

Cambridge Bitcoin Electricity Consumption Index (CBECI) released data showing BTC electricity consumption dropped 60% since May. Usage at the start of July was 62 terawatt-hours (TWh), down from May's all-time high of 143 TWh. More: The July electricity consumption is the lowest since Nov. 2020. Electricity consumption fell consistently with the fall in BTC’s price. The Bitcoin Mining Council estimated that 56% of mining power in Q2 came from a sustainable power mix.

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QUICK HITS Want to develop your team's STEM skills and understanding? Learn by doing, not lecturing, with interactive challenges and visualizations. * Sushi announced the launch of the Shoyu NFT marketplace in August. Bank of America launched a new research team dedicated to the crypto market. Nevada-based Gryphon Digital Mining purchased 7,200 BTC mining rigs (~$48M).  The Polish Financial Supervision Authority (UKNF) issued a warning of regulatory action to Binance due to lack of regulation and UKNF supervision. Meitu recorded $14.7M in gains from its Ethereum (ETH) purchase back in April. Senator Elizabeth Warren asked SEC Chairman Gary Gensler for information related to crypto exchange regulation. Shape Your Own CI/CD Virtual Event - Submit your questions to learn from an experienced panel of leaders led by Kelsey Hightower. Register now. * * Sponsored Content

Upcoming events hosted by Inside.com July 8, 2021 – Inside Cryptocurrency: Mastering NFTs (Register Here) July 19, 2021 – Angel University by LAUNCH (Register Here) July 29, 2021 – Inside NoCode: Building Without Developers (Register Here) August 26, 2021 – DAOs: Disrupting with Code (Register Here) October 26-27 2021 – Meet our Fund Fall ’21 Cohort (Register Here) To register for our events visit: events.inside.com.

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 Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford.

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