Wednesday, Apr 6th 2022

Crypto Three Things (4/6)

Commentary

"Any man can make a mistake; only a fool keeps making the same one." —Cicero

1) JPMorgan CEO Jamie Dimon praises DeFi and blockchain, in marked tone shift

  • In a letter to shareholders this week, the JPMorgan boss said "decentralized finance and blockchain are real, new technologies that can be deployed in both public and private fashion.”
  • Dimon went further to say the investment bank is positioned “at the forefront” of cryptocurrency and blockchain technology.
  • Previously, Dimon had referred to Bitcoin as “a fraud.”

Titan’s Takeaway: JPMorgan is among a growing number of Wall Street mainstays who have changed their tune on crypto, and we are confident this trend will continue as global demand for crypto continues to expand.

2) Dubai seeks to cement reputation as global crypto hub, as major exchanges flock to settle a base

  • FTX, Binance, and other leading crypto companies are relocating their global HQs from Singapore to Dubai.
  • The Gulf state is putting in place a new licensing regime that would create a crypto-friendly regulatory climate.
  • Singapore, until recently favored by crypto firms, quickly lost its appeal as it has granted just four crypto licenses, out of 176 applications.

Titan’s Takeaway: As industry heavyweights establish a foothold in Dubai, we expect local regulatory frameworks to bring more transparency and security around their services and operations, ultimately resulting in elevated investor protection.

3) Bitcoin-focused firm Lightning Labs raises $70M to bring stablecoins to the Lightning Network * Lightning Labs will use the funds to build the Taro protocol, enabling stablecoins to move onto the Lightning Network, BTC’s Layer-2 solution. * The Taro protocol was made possible thanks to Taproot, an upgrade to Bitcoin’s code that also introduced smart contracts and increased security of transactions. * The Series B funding round was led by Valor Equity Partners, with participation from Baillie Gifford, Goldcrest Capital, Robinhood CEO Vlad Tenev, and more.

Titan’s Takeaway: Introducing Taro to the Lightning Network will help those with no access to banks to send and receive digital assets pegged to fiat currencies.

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