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Wall Street’s largest banks are tapping into the crypto market through derivatives

Episode 51 of Season 4 of The Scoop was recorded remotely with The Block’s Frank Chaparro and James Stickland, CEO of Elwood Technologies. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to [email protected] Elwood Technologies — an Alan Howard backed digital asset platform that is building trading infrastructure for institutional investors — closed a $70 million Series A last month co-led by Goldman Sachs and Dawn Capital. In this …

Crypto trading firm Wintermute has been incubating a new decentralized exchange aggregator

One of the largest trading firms in the decentralized finance market has been quietly incubating a product aimed at the masses.  Wintermute — the crypto firm led by high-speed trading veteran Evgeny Gaevoy — on Thursday unveiled a new decentralized trading platform, dubbed Bebop. It is a unique instance of an institutional market participant gate-crashing the retail trading world, with the product set to go head-to-head with decentralized exchange aggregators like 1inch. Wintermute makes markets on both centralized and decentralized crypto …

NFT-based game Illuvium raises $72 million in digital land sales

Illuvium, a monster-battle roleplaying game that incorporates non-fungible tokens (NFTs), announced Sunday that it raised over $72 million in digital land sales.  The land sale occurred between June 2 and June 5, 2022. Of the 20,000 plots of land available, 19,969 were sold, with the remaining 31 plots of land to be held for future giveaways.  Illuvium also notes that there were no gas wars during the land sale, which is when Ethereum gas prices increase due to heightened demand …

What’s next for FTX’s proposal for crypto derivatives trading in the US?

Despite pushback from some in traditional finance, FTX’s proposal is in the hands of the CFTC. That’s good news for the crypto exchange.  Yesterday, the Commodity Futures Trading Commission hosted a roundtable discussion on disintermediation, largely prompted by a much-discussed proposal from FTX, though the commission emphasizes that other proposal also aim to disintermediate clearing.  There’s been plenty of criticism of FTX’s proposal. Some have said it puts too many eggs in one basket when it comes to risk along …

CFTC roundtable on FTX proposal highlights barriers in clearing of digital vs physical assets

Cotton or oil markets cannot settle like Bitcoin — a fairly obvious point, but the distinction between the two was at the center of a May 25 roundtable hosted by the Commodity Futures Trading Commission. The roundtable centered on the CFTC’s consideration of a proposal from crypto exchange FTX to disintermediate derivatives trading on its platform.  Stakeholders from the derivatives trading industry appeared in force, with representatives from exchange operators CME and ICE joined by others from Citi, Goldman, FTX, …

OpenSea launches new marketplace protocol dubbed ‘Seaport’

Popular NFT marketplace OpenSea just launched a new marketplace protocol to buy and sell NFTs.  The news, which was first made apparent by an address linked to OpenSea on Etherscan earlier Friday, was confirmed in a blog post by the company. The protocol, dubbed Seaport, allows users to acquire NFTs in a range of new ways. Bidders who use Seaport can bundle different assets in exchange for an NFT, unlike now where only crypto can be exchanged for an NFT. …

Is the 24/7 crypto market good or bad for traders? Experts disagree.

As the TerraUSD stablecoin was losing its peg to the dollar last week, one high-profile crypto critic posted a tweet warning about one of the crypto market’s signature features. “Crypto trades 24/7. This is not necessarily a good thing and we may soon find out why,” said Ben McKenzie, an actor best known for his role in the crime drama Gotham, who is now working on a book about crypto and fraud. McKenzie is of course correct that, unlike equities …

Binance CEO Changpeng Zhao disappointed with how Terra handled UST’s collapse

Binance CEO Changpeng Zhao has weighed in on the collapse of the stablecoin TerraUSD (UST) and its related token Luna (LUNA). “I am very disappointed with how this UST/LUNA incident was handled (or not handled) by the Terra team. We requested their team to restore the network, burn the extra minted LUNA, and recover the UST peg. So far, we have not gotten any positive response, or much response at all,” he said on Twitter. Zhao also explained why Binance …

Quadriga co-founder Michael Patryn trades UST crash for $760,000 gain

Michael Patryn, the co-founder of now-defunct exchange Quadriga CX, took a profitable punt on the stablecoin TerraUSD (UST) as it broke its peg with the dollar yesterday.  According to transaction analysis by PeckShield, the Ethereum address associated with the ENS name Sifu.eth, which is owned by Patryn, made several UST trades in the last 24 hours — netting him $760,000. We were unable to contact Patryn for comment. UST is an algorithmic stablecoin that attempts to remain pegged to the …

Congress schedules hearing on FTX’s proposal for disintermediation

Crypto exchange FTX will be the subject of a Congressional hearing next week.  On May 5, the House Agriculture Committee scheduled a hearing for May 12 entitled “Changing Market Roles: The FTX Proposal and Trends in New Clearinghouse Models.” The Commodity Futures Trading Commission, which the Agriculture Committee oversees, is currently reviewing a proposal from FTX that would disintermediate derivatives trading, among other changes to the cryptocurrency trading platform. FTX says the proposal would reduce friction and free up capital, …