Friday, Apr 29th 2022

Crypto Three Things (4/29)

Commentary

“Our sense of justice depends on our sense of time." —Julian Jaynes

The below content and projections are the opinion of the authors. Any conclusions or takeaways are their own. This should not be considered as investment advice. Investing involves the risk of loss and returns are not guaranteed.

1) Goldman Sachs releases first Bitcoin-backed loan as Wall Street warms up to crypto

  • Bitcoin holders will be able to borrow in fiat currencies from Goldman using BTC as collateral.
  • The crypto-tied loan facility carries the risk of liquidation if Bitcoin’s price drops too low and the borrower does not increase collateral.
  • Goldman’s facility marks the first of its kind offered by a major U.S. bank.

Titan’s Takeaway: Goldman Sachs has been leading the Street’s push into the crypto space, and this latest move is no exception. The firm traded its first over-the-counter Bitcoin options in March, is offering a lending facility in April — we’ll see what May has in store.

2) BlackRock lists blockchain ETF in effort to meet growing client demand for crypto exposure

  • The fund’s largest holding is Coinbase, which makes up over 10% of the offering.
  • The ETF also owns technology companies such as PayPal, and has allocated ~9% to cash for future acquisitions.
  • The fund trades under the ticker “IBLC” and launched with just under $5 million under management.

Titan’s Takeaway: Crypto ETFs are making waves among institutional investors as an indirect path towards digital asset exposure. We expect this market to continue expanding as investors seek new growth opportunities.

3) John Legend’s Our Happy Company raises $7.5M for its foray into music NFTs

  • The seed funding round, led by Animoca Brands and Infinity Ventures, will fuel the development of OurSong – an NFT music platform.
  • The platform was launched in February and is now live as a mobile app for iOS and Android.
  • It allows users to easily create what OurSong calls “Vibes,” which are images, videos, or music NFTs that can be traded within the community.

Titan’s Takeaway: The NFT space has drawn interest from musicians and artists for some time as a new source of revenue, and we expect to see these explorations continue as the creator economy matures.

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