[SPONSORED] How Institutions Are Entering Crypto & DeFi

On June 10 join Jake Dwyer and Rich Rosenblum of GSR as they discuss how institutions may purchase crypto through an algorithm, gain exposure through derivatives, or invest directly in protocols.

How Institutions Are Entering Crypto & DeFi Sign up today!   Among an increasing number of investors and portfolio managers, cryptocurrency is considered a legitimate and distinct asset class. Many institutions are entering the market for varying reasons as they look to diversify their exposure and maximize returns. The investment thesis for the wider crypto market has gathered momentum, however how these large firms enter the market is constantly evolving.   Join Jake Dwyer and Rich Rosenblum of GSR as they discuss how institutions may purchase crypto through an algorithm, gain exposure through derivatives, or invest directly in protocols. There are a host of unique challenges that new entrants must navigate before allocating capital to crypto or DeFi markets.    Tune in on June 10 at 2:00 p.m. ET to learn more!   We take a look at the trends of 2021, the performance of this infrastructure to date, and where it can improve to facilitate the next wave of entrants. REGISTER NOW Featured Speakers:  Jake Dwyer, Head of DeFi, GSR Rich Rosenblum, Co-Founder & President, GSR Nolan Bauerle | Host, CoinDesk Copyright © 2021 CoinDesk, All rights reserved.    250 Park Avenue South New York, NY 10003, USA You can manage your preferences here or unsubscribe from all CoinDesk email.

MicroStrategy Wants More BTC as Ruffer Cashes Out

Also: El Salvador may become the first country to recognize bitcoin as legal tender |

What you need to know today in crypto and beyond  June 7, 2021 Sponsored By:     Welcome to The Node.   If you were forwarded this newsletter and would like to receive it, sign up here.   Questions? Feedback? We'd love to hear from you! Simply reply to this email.   -Daniel Kuhn Today's must-reads Top Shelf MACRO MOVES? Michael Saylor's MicroStrategy is in the market to buy $400 million more bitcoin, again by issuing debt. It has also formed a subsidiary, MacroStrategy LLC, to hold its 92,079 BTC trove. Meanwhile, Ruffer, a macro-focused hedge fund, cashed out the remainder of its bitcoin for a total profit of $1.1 billion in five months. Finally, Olympia Financial, a Canada-based trust company, ended its plans to provide bitcoin custody service citing "internal risk appetite due to current market conditions." BITCOIN STANDARD: El Salvador may become the first country to recognize bitcoin as legal tender, according to a recorded speech from President Nayib Bukele at the Bitcoin 2021 conference in Miami on Saturday. A draft bill will head to the legislature this week and seems likely to pass. Bukele said he was partially motivated by the inflationary actions of central banks around the world and a desire to help the significant unbanked population in the country.  PERMISSIONED & PROGRAMMABLE: JPMorgan is looking to make its permissioned, interbank JPM Coin "programmable," according to Umar Farooq, head of the bank's Onyx suite of applications. The executive also said, "We are keeping a very close eye on the DeFi evolution." –D.K. A message from Nexo Your digital assets deserve a savings account in their BEST INTEREST. Leading crypto lender Nexo treats you, your crypto and your fiat to industry-best Crypto & Fiat services, featuring:    * Up to 12% interest on digital assets, paid out daily! * Yields available on BTC, ETH, LTC, BCH, XRP, XLM, EOS, TRX, LINK, BNB, PAXG, USDT, USDC, TUSD, PAX, DAI, HUSD, GBP and EUR. * No minimum or maximum limits on funds deposited, offering infinite opportunities to earn. * #ZeroFees on all transactions. * Military-grade wallet security and top-tier insurance on all custodial assets with SOC 2 Type 2 certified crypto custodian BitGo.   Get started at nexo.io "I think even people in the Bitcoin space underestimate where the Lightning Network is."   –Micheal Peterson, director of Bitcoin Beach, on CoinDesk TV's  "First Mover." A message from CoinDesk CoinDesk's new reward token soft-launched at Consensus 2021, but $DESK lives on. Attendees can still cash in at the $DESK store, or hodl and accumulate. Join the Telegram group for announcements and airdrops. What others are writing... Off-Chain Signals China Has Triggered a Bitcoin Mining Exodus: "Chinese miners are frantically 'fire-selling' their equipment. Even if the crackdown announcement was not immediately translated into regulation ... it appears that some miners have been put off by the hostility." (Wired) Number of daily bitcoin transactions falls to 2018 levels at 217,000 (The Block) Binance picks 100 artists to spearhead launch of NFT marketplace (The Block) Traders, analysts offer mixed reactions to El Salvador's BTC announcement (Cointelegraph) Joe Weisenthal on competing visions for crypto (Bloomberg)   –D.K. Unique One Network is a multichain interoperable platform built on Substrate that enhances NFT Marketplaces in any sector with DeFi capabilities. Powered by Polkadot, Unique One Network is a cross-chain NFT hub, enabling transfers between chains such as Eth, xDai, and BSC. Unique One Network services NFT creators, investors, collectors, and traders in all sectors – from Art to Photography, Philanthropy, Gaming, and Finance. Get the most out of your digital assets with Unique One Network. Putting the news in perspective The Takeaway Blockchain games aren't going to capture the public imagination until there's a genuinely great game – full stop. It looks like the industry thinks gamers will one day say, "Oh cool, I can own my digital items? Let's play this blockchain game!" That's not how it's going to work. This premise won't fly until gamers say, "This blockchain game is so cool! Oh, hey, neat, I guess I really own my digital items." Gamers want to play great games. If they can get additional benefits out of playing, great, but it needs to be a great game first and foremost. Play-to-Earn will always feel more like work-to-earn as long as the game is boring compared to distractions available on platforms such as the PlayStation or Nintendo Switch. And the existing game companies are not going to blockchainify their famous games. Fortnite is not going to lead here by making skins provably scarce with Ethereum or Solana or Doge. Sorry, no. Centralized control of these commodities works for their business model. A great game will need to be built from the ground up for blockchain by crypto believers. As I was working on this post, I watched a few videos for the upcoming game Chainmonsters from Dapper Labs, the company Crunchbase credits with $357 million in investment. The game is still in alpha, it should be noted, and it's updating all the time, including recently slicking up its graphics. But the game is basically one where you wander around a world gathering up little monsters, playing them in fights to increase their experience and make more badass monsters. What does that sound like? It sounds like Pokémon. Apparently this is so true that, at least according to YouTuber nondairi, folks who compare the game to Pokémon actually get kicked out of the game's Discord. Which is weird because it's not even the first Pokémon knockoff to show up on the blockchains. We covered Etheremon, for example, three years ago. And, look, I get it: A game doesn't have to be amazingly advanced to capture popular imagination. The bizarrely profitable mobile game Flappy Bird came out in a year when Assassin's Creed was on its fourth iteration. It is possible for a simple game to take off, but the popularity of Flappy Bird was a wild outlier. The popularity of any entry in the Assassin's Creed mythos is not. And, on that note: Right next to one of the videos I watched about Chainmonsters was a video about a forthcoming game for the PlayStation, Horizon: Forbidden West, from Guerrilla Games. This was an absolutely insane gameplay preview where some guy rides a cyborg elephant the size of a building and then later the player's character takes an enemy out with this insane spin-kick stab combo followed by an exploding lightning bolt bow-and-arrow finisher. It's hard to describe, in a good way. So crypto will need to make something comparably impressive and drop immutable in-game items somewhere in its guts before gamers really get excited about this industry. It takes a lot of money and a lot of talent to put together a game that really captures gamers' attention, but a few people in this industry have made a little money, or so I'm told. So far, the blockchain gaming offerings have largely been slightly lower-fidelity derivatives of past video game blockbusters, as if entrepreneurs in this space lack conviction that a truly original, crypto native game can be really good. You can find lots of videos out there about blockchain games where people brag about making money. It's a whole weird thing. What you can't find are videos of people saying, "I can't stop playing this thing" and "here's how you win." Earning is nice but it's not a game for gamers until they want to win.    –Brady Dale The cryptocurrency movement has never been so sprawling, reaching every corner of the planet.   Crypto State by CoinDesk aims to connect with local communities to explore this movement of financial disruption and how it trickles down to every corner of the globe, from DeFi investment opportunities to alternative ways to transact and store wealth.    We're making virtual stops with audiences in Nigeria, the Middle East and Southeast Asia this year. Register for the Crypto State virtual tour. The Chaser... ATTENTION: Scammers have been sending fraudulent emails with links to sites disguised to look like coindesk.com. If you are in doubt about a link, type https://www.coindesk.com directly into your browser; do not copy and paste. Remember, if something seems too good to be true, it probably is. The Node   A newsletter from CoinDesk   See Previous Editions Copyright © 2021 CoinDesk, All rights reserved.    250 Park Avenue South New York, NY 10003, USA You can manage your preferences here or unsubscribe from all CoinDesk email.