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The Bitcoin Bug

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The bitcoin bug. Pretty scary. Apparently, it would have enabled mining of new bitcoins above the 21m cap. There will likely be more. Hope the ‘good guys’ outnumber/outthink/out-code/outrun the ‘bad guys’. The fact that it was found and the community is ramping up efforts is a good sign.

Meanwhile in Crypto Wonderland….

“Regulatory actions impact crypto prices meaningfully” Crypto investors usually discount negative news such as central banks launching their own cryptos or issuing warnings about the asset class, according to a report by BIS. However, regulatory updates about the legal status of cryptocurrencies or potential bans have the highest impact on crypto prices, followed by news pertaining to AML/KYC regulations and actions to integrate crypto into the traditional financial system.

“A16z doubles down on MakerDAO” Leading Silicon Valley VC A16z invested $15 million in the stablecoin project MakerDAO. This is a16z’s follow-up investment, after they co-invested $12 million with Pantera Capital in Dec 2017, and their first investment from a16z’s $300 million crypto-dedicated VC fund that was floated earlier this year. This investment provides MakerDAO with much-needed expertise and assistance from a16z in an extremely crowded stablecoin market.

It also seems like a bit of a distressed situation for MakerDao, and it seems to have sold tokens allocated to its foundation, at an almost ~40% discount from the current market price to A16Z. Thorny corporate governance issues apart ( How can the foundation tokens be touched and how can a discount sale happen to an institution without first letting all existing token holders have an opportunity to buy in), it seems to be a good deal for A16Z, given that it is a bit of distressed situation, and a good outcome for MakerDao, given that good investors with deep pockets are increasingly hard to come by.

“Winklevoss twins eyeing cross atlantic expansion” The Winklevoss twins backed crypto exchange Gemini is apparently planning to expand their exchange operations into the UK despite a lackluster crypto market for most of 2018. Expansion outside of the US remains the company’s long-term goal, and the company is close to filing an application with the UK regulator for an exchange license.

“Strengthening the Bitcoin code review process” The Bitcoin community averted a major catastrophe when a code exploit that has been hidden in the codebase for over two years was fixed. In the aftermath, the community is now looking at new ways to improve the testing processes to avoid another disaster in the future.

108 Token NAV Update

We successfully finished the launch of our first index token – 108T. 108Token is an ETF-style product that tracks the market performance of the top 15 cryptocurrencies by supply-adjusted market cap. Our latest NAV is at $1.14, roughly 16% up since the launch.

Due to the closed-ended nature of Series I, we were unable to cater to the interest from new investors that we’ve received recently and have thus decided to launch another series of 108 Token – Series II.Unlike Series I, Series II will work as an open-ended funds. Open-ended funds imply that instead of inviting capital only within a time frame and then closing out the round to not allow further investments, investors can invest on a rolling basis (for example, week-on-week) and continue to purchase the new series of tokens. This means that new investors will be able to invest at any time, old investors will be able to both buy new tokens as well as redeem their old tokens at a given NAV at a given date. You can express your interest in 108 Token Series II here.

Crypto Twitter Pick

What We Are Reading / Listening To

Tokenized Assets and Security Token Offerings are the Future  by Reza Jafery

Programmable Tokenized Debt Markets featuring Nadav Hollander

Overnight Performance of Top 10 Cryptocurrencies

In addition to this daily newsletter, you can find more stuff to read at our news and research portal, our crypto index token and our upcoming relayer.


Satoshi&Co Daily Crypto Newsletter

By Ramani Ramachandran and Rohit Alluri

ZPX - Daily Crypto Update