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Velvet Capital V2 Goes Live; Coinbase Battles the IRS; and more!
Velvet Capital Update
Institutional-Grade DeFi Operating System Now Live
Our game-changing, institutional-grade DeFi operating system is officially live! We have completed our 2 security audits with Peckshield and Shellboxes (Chainsulting partner), fixed all suggestions & deployed the final contracts!
We can proudly report that over 70 institutional clients have signed up for our pilot program and we have begun the process of onboarding them! And the initial feedback has been fantastic! We have deployed a version on Arbitrum (which will also go live shortly) and are ready to deploy on Ethereum Mainnet if we receive a good amount of requests. The excitement is palpable, and we cannot wait to share it with the world!
If you’re interested in being onboarded to our soft launch drop us a line in our discord: https://discord.gg/5J228CNJtY
Quick Hitting Alpha
· During her court testimony in the ongoing trial against Sam Bankman-Fried, Caroline Ellison revealed SBF’s presidential ambitions and blamed him for orchestrating fraud and risking Alameda Research’s financial stability.
· To mark the 10th anniversary of its initial Bitcoin hardware wallet launch, Trezor, has unveiled three new products: the Trezor Safe 3 crypto wallet, a Bitcoin-exclusive variant of Trezor Safe 3, and the private key backup solution, Trezor Keep Metal.
· The US grocery chain, Trader Joe’s, is suing DEX Trader Joe, for trademark infringement, cybersquatting, and unfair competition, aiming to shut down its website and claim damages.
· Coinbase is opposing the IRS’s recent proposal to officially define crypto brokers, contending that such a law would result in an unparalleled level of surveillance of the daily activities of American citizens.
· Real USD, a stablecoin primarily backed by UK rental properties, lost approximately half its value as its DAI reserves were depleted, with USDR trading at $0.53, highlighting the risks of backing fiat-pegged tokens with non-fiat assets amid the growing DeFi trend.
· JPMorgan utilized its Tokenized Collateral Network to facilitate a trade between BlackRock and Barclays, employing blockchain technology to convert shares in a collateral settlement, marking a significant step in the adoption of blockchain within traditional financial institutions.
· Lido incurred a 20 ETH slashing penalty when some of its Launchnodes-managed validators went offline, with an ongoing investigation into the issue. Lido, while downplaying the fine’s impact, acknowledges it represents a small fraction of its daily rewards and TVL.
· China Daily is set to launch its NFT and metaverse platform, partnering with a third-party blockchain specialist firm to build the ‘Zhongbao Shuzang’ platform in three months. The platform’s goal is to process 10,000 transactions per second and establish partnerships with well-known marketplaces such as OpenSea, Rarible, SuperRare, and Foundation.
· The Museum of Modern Art (MoMA) is embracing the intersection of art and technology by acquiring ‘Unsupervised — Machine Hallucinations,’ a tokenized masterpiece created by the innovative NFT artist Refik Anadol.
· Uniswap is implementing a 0.15% swap fee for certain tokens on its website and wallet, with affected tokens including ETH, USDC, WETH, USDT, DAI, WBTC, agEUR, GUSD, LUSD, EUROC, and XSGD.
In The News
A recent editorial in the Nature Science Journal celebrates the potential of DAOs in revolutionizing underfunded scientific research. These digital entities can create communities, raise funds, and streamline research processes under a single governing body. DAOs operate on blockchain technology, promoting transparency and democratizing funding in the scientific world. By eliminating geographical and institutional barriers, they empower underfunded researchers and reduce the “brain drain.” However, achieving widespread adoption of DAOs in science requires further education to help potential members recognize their dual role as both a funding source and a supportive scientific community.
Contrary to earlier reports, the US Securities and Exchange Commission (SEC) has not granted approval to the iShares Bitcoin ETF, as confirmed by various industry sources, including Bloomberg analyst Eric Balchunas and Cointelegraph. Some have even labeled the initial reports as “fake” after efforts to verify the information. Fox reporter Eleanor Terrett stated that her sources at BlackRock have denied the approval.
MetaMask has partnered with Stripe, a global payments processor, to provide a fiat on-ramp for US users, allowing them to buy digital assets with US dollars. The service is available through MetaMask’s mobile app, browser extension, and MetaMask Portfolio, and utilizes Stripe’s one-click payment solution called Link. This development follows PayPal’s similar offerings for web3 merchants in the US, and their earlier introduction of fiat on-ramps for US — based MetaMask and Ledger users purchasing ETH.
Coinbase, the leading US crypto exchange, strongly opposes the IRS proposal to regulate crypto brokers for tax purposes, citing concerns about privacy invasion and burdensome reporting requirements. The IRS has pointed out the tax gap associated with cryptocurrencies, emphasizing the need for compliance. The proposed rule aims to establish reporting obligations for various crypto entities. Some Democratic senators, including Elizabeth Warren, urge swift implementation of the rule to prevent potential revenue losses.
The Interplanetary File System (IPFS) is teaming up with Filecoin and Lockheed Martin to expand its network to space. Filecoin intends to place an IPFS node on a Lockheed Martin spacecraft in Earth’s orbit, enhancing decentralization and facilitating various applications, including NFTs. The move aligns with the growing space economy, with substantial investments in the private space sector, and predictions ranging from $1 trillion to $4 trillion in potential value by 2040. Other blockchain ventures, like Foundation Coin and SpaceChain, are also entering the space industry, while SpaceX plans to launch a Dogecoin satellite featuring customizable advertising.
Velvet Capital: Next-Gen DeFi
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Crypto can be hard. DeFi can be even harder! But it doesn’t have to be!
At Velvet Capital, we are building the world’s first institutional-grade DeFi asset management operating system! Anyone will be able to seamlessly launch and manage on-chain funds — in just a few clicks. Crypto portfolio management like never before!
We help people create diversified crypto products with additional yield — all without giving up custody of their assets! No matter your level of expertise — we got you covered!
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