Bakkt is here, ready to f*cking party. 🎉
What actually matters this week, and why.
In my humble opinion…
this may be the best pro vs. anti crypto video ever made.
Let’s get into one of the most talked about projects this week: Paxos’s PAX Gold (PAXG) token. The company claims that their product is the first crypto asset redeemable for physical gold – which is technically true. While there have been many a crypto project claiming to be backed by gold, PAXG has actually had their issuance approved by the New York State Department of Financial Services and keeps the precious metal in a London professional storage facilities. Each PAXG token will be backed by one fine troy ounce of London Good Delivery gold and is redeemable at any time. Paxos is having a great week, so don’t get this mixed up with their stablecoin they jointly announced with Binance yesterday.
Prepare for an onslaught of consumer-facing crypto products, starting with Bakkt.
Let the flood of new consumer-facing crypto and blockchain products begin! From ETFs (that aren’t technically ETFs), to payment companies like Square looking to integrate even more crypto options, to tech giants dabbling in tokenization, the market is looking hotter than ever. Bakkt, a renaissance crypto platform from the Intercontinental Exchange (ICE), launched their secure storage warehouse service today, and is planning to open two physically delivered bitcoin futures contacts later this September after receiving the go-ahead from the New York State Department of Financial Services. Though they’re marketed as a cure-all trading platform, (storing digital assets, transacting, etc.) they currently act more as a custodian. You can probably thank Bakkt for today’s bitcoin market boost and for providing us with major couple goals as we’ve just learned that the ICE and Bakkt CEO are a husband and wife, respectively.
There are some important criticisms around Bakkt, not to mention the hefty competition coming from big names such as Coinbase and LedgerX. One of Bakkt’s differentiating factors is their deep connections in institutional finance land, thanks to the New York Stock Exchange’s (NYSE) ownership of the ICE. Oh, and the whopping $182.5 million they’ve raised over the past year or so. While it’s not very smart to bet against the ICE, Bakkt is far from solving the plethora of consumer-facing crypto issues and will likely have similar growing pains like the rest of the decentralized world. You can’t beat the tech adoption game.
Ring ring, blockchain phones are calling, but most are probably too good to be true. Sorry.
It seems to us that the avid crypto trader is about to have some strong cell phone options. South Korean tech company Kakao Corp is planning on issuing free KLAY (their namesake token) in a wallet built into the KlaytnPhone, a variant of Samsung’s Galaxy Note 10. Kakao is coming up against some stiff competition in the blockchain phone arena, as Huobi is also premiering an Android blockchain phone called the Acute Angle. A huge pro for us? The Acute Angle actually has an optional plug-in cold storage wallet. Of course, we’d also like to point out that these two phone is manufactured by two omnipotent tech companies, which could pose some ethical/security issues.
While everyone’s in a rush to take a huge dump on Apple for being behind on the whole blockchain phone thing, let’s remember that phones are generally very unsafe when it comes to crypto….especially if you use a 2FA app that incorporates SMS authentication. No one is immune, even Jack Dorsey, CEO of Twitter and Square, who got his account hacked through the old SIM card switcheroo recently. Something we can be passive aggressive about? Apple’s VP bravely calling crypto “interesting.”
419 million unencrypted Facebook users’ info was stored in plain text online. The parent company of Libra, ladies and gentlemen.
America’s National Security Agency is dabbling in quantum resistant cryptography! Or a token – no one’s quite sure.
P.S. The NSA is not Satoshi Nakamoto.
Coin to Watch
(CRYPTO: DOGE) The market is crying tears of red this morning, and that’s why we’re back to an oldie but a goodie: Dogecoin.
You Laugh You Win
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