Defi ETF / Warren's letter / Binance update

Default Preview

Inside.com Part of   Network July 27, 2021

Presented by

Goldman Sachs filed with the SEC to launch a "blockchain and Defi ETF" that doesn't actually include any blockchain or Defi companies. The fund plans to invest at least 80% of its capital into the Solactive Decentralized Finance and Blockchain Index securities. More: *Securities included in the Solactive index The above photo shows that the index largely contains large-cap equities such as Facebook and Alphabet. The index even leaves out public companies that hold bitcoin on their balance sheets, such as Microstrategy, Tesla, and Coinbase. The filing followed a survey of 150 family offices published by Goldman last week that revealed ~50% were considering initiating cryptocurrency exposure in the future. The SEC is currently reviewing over a dozen Bitcoin ETFs in addition to others dealing with Ethereum. Goldman is rumored to be settling cryptocurrency exchange-traded products for some select European hedge fund clients.

Sen. Elizebeth Warren sent an open letter to U.S. Treasury Secretary Janet Yellon urging her to elicit a "coordinated and cohesive" strategy to combat the risks of crypto. The senator believes that without sufficient regulation, cryptocurrency could pose a systemic risk to the U.S. financial system. From the Letter: Hedge funds are estimated to hold an average cryptocurrency exposure of 10.6% by 2026. 27% of institutional investors (hedge funds, pension funds, and family offices) held cryptocurrencies in 2020. The volatility associated with cryptocurrencies may present liquidity, credit, market, and operational risks for banks. Stablecoins could pose risks to financial stability, especially if there is a "Stablecoin run" where many holders attempt to liquidate their stablecoins at the same time.  Some investigators partially attribute the rise in ransomware to the growth in cryptocurrencies. Due to the anonymity of the developers, DeFi could result in potential financial instability.

A message from AIRCALL How to Improve Your Customer Service Experience This Year It pays to prioritize customer service. 55% of consumers will continue supporting a brand after a positive customer service experience and 44% of them will then go on to recommend your brand to their network. Think about how that could impact your business’s bottom line. In partnership with Dynata, Aircall surveyed approximately 6,000 online shoppers around the world to understand their online shopping habits and help retailers cultivate meaningful customer relationships based on insights from the data. Download our free 2021 ECommerce Customer Service Report to learn: What defines good customer service Which customer service channels to prioritize How to create an omnichannel customer experience Your customers’ top frustrations and how to address them How customer service preferences change by industry and location  How to increase sales through customer service Get the report now and learn how to optimize your customer experience today.

Binance is lowering its daily withdrawal limit to 0.06 BTC from 2 BTC for accounts that have only completed basic verification. The change is part of the company's response to greater scrutiny from regulators. More: The update is effective immediately for all new accounts and will be phased into existing accounts through Aug. 23. CEO Changpeng Zhao said that the company is undergoing a process to acquire a license and authorization from regulators in countries where a “legal framework” for crypto exchanges exists. Already this week, Binance announced that it will cut the maximum leveraged allowed on the platform to 20x down from 100x.

🍋Fresh Funding🍋 Saber Labs ⮕ $7.7M.  The round was led by Race Capital and included participation from Chamath Palihapitiya's Social Capital along with a multitude of others. More: Saber Labs is a Solana-based cross-chain exchange designed for swapping stablecoins and wrapped tokens. The company will use the funding to expand its team of three and to grow to support more assets on its platform. The company is planning to hire an additional seven employees this year. The platform currently hosts assets from the Ethereum, Terra, Solana, and Bitcoin blockchains but plans to add assets from Polygon and Celo. Saber is the third largest Dapp on the Solano platform in terms of TVL ($126M).

A message from ALLY Make sure every employee is getting the work-life balance they need to succeed.  The goal of any business leader is to do what they can to best prepare their teams for success. Many businesses are either largely maintaining their work-from-home policies or at the very least are implementing a hybrid model, which is making things challenging. Read this report from Ally.io that includes discussion from industry leaders on managing burnout for their teams and how to make sure every employee is getting the work-life balance they need to succeed. Download Now

India is partnering with LegitDoc to verify diploma certificates on the Ethereum blockchain. LegitDoc will specifically be working with the Government of Maharashtra, a region in western India that includes Mumbai, that has opposed India's potential crypto ban. More: India now joins the Massachusetts Institute of Technology and the countries of Malta and Singapore in leveraging blockchain to implement an e-governance system for education. This solution comes as forgery of government-issued documents has become rampant over the last decade causing large financial and reputational losses in India. The partnership will continue with a manual verification process before progressing to digital verification in 2022.

Quick Hits: This fintech startup answered 9 of the most common questions employees have about startup stock options.* Burger King Brazil will now accept dogecoin for its Dogpper dog food. Mastercard has added a crypto and blockchain track to its incubator program designated for late-stage startups. FTX CEO Sam Bankman-Freid says that Bitcoin "uses a lot of energy." Consumers have fallen in love with Affirm's flexible payment options — find out how businesses are leveraging that for an +85% bump in AOV.* * Contains sponsored content

Upcoming Events July 29 – Inside NoCode: Building Without Developers (Register Here) August 18 - AMA with Lolita Taub, GP at The Community Fund (Register Here) August 24 - Growth Marketing Jam Session with Jenny Bryan and Craig Zingerline (Register Here) August 26 – DAOs: Disrupting with Code (Register Here) September 15 - Psychedelic Medicine: Fad or Phenom? (Register Here) October 26-27 – Meet our Fund Fall ’21 Cohort (Register Here) Want to see all of our upcoming events? Visit us at https://events.inside.com

Trevor is a business researcher at Inside and holds a bachelor's degree in biomedical engineering. He writes on a wide range of topics in the business and tech stratosphere with specific interests presently being cryptocurrency and electric vehicles.  Connect with him on Twitter @trevorisonline 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.

Creating the Perfect Omnichannel Customer Experience (FREE Download).

Spend less time managing goals and more time achieving them with Ally.io.

Click to Share ➞

767 Bryant St. #203, San Francisco, CA 94107 Copyright © 2021 Inside.com

Did someone forward this email to you? Head over to inside.com to get your very own free subscription! You received this email because you subscribed to Inside Cryptocurrency . Click here to unsubscribe from Inside Cryptocurrency list or manage your subscriptions.