Tuesday, May 17th 2022

Crypto Three Things (5/17)

Commentary

"We build too many walls and not enough bridges." ― Isaac Newton

1) Titan Flagship holding, S&P Global, establishes DeFi Group

  • As the lines blur between TradFi and DeFi, the ratings division has been tasked with developing a decentralized market framework for investors.

  • The company recognizes that decentralized finance is increasingly transforming capital markets, and could have wide ranging implications for all credit market participants.

  • Long time SPGI executive, Chuck Mounts, will lead the division as Chief DeFi Officer.

Titan’s Takeaway: The pace of innovation surges ahead within DeFi markets, and legacy TradFi players are racing to maintain their place of leadership. As investors in S&P Global, we’re encouraged to see management exhibit flexible thinking and devote the human capital and resources needed to play a role in this new asset class.

2) Chainlink Labs hires ex-Google AI executive to improve the reliability of its services

  • Chainlink, a promising oracle, has hired Kemal El Moujahid, a Google veteran who oversaw product management for the machine-learning platform TensorFlow.

  • Under El Moujahid as the new chief product officer, the oracle services provided by Chainlink are expected to become faster, more sophisticated, and easier to manage.

  • Chainlink serves as a vital source of information for smart contracts as it supplies data such as price and asset location and thus needs to stay reliable in order to stay relevant.

Titan’s Takeaway: With Chainlink’s incoming chief product officer, millions of developers that use the oracle technology could see their work leveraged to a more secure and optimized level. It's encouraging to see the team at Chainlink continue to recruit top talent despite its recent price-action and lack of near-term catalysts.

3) Japan’s biggest investment bank Nomura gears up to launch a cryptocurrency unit

  • Through the crypto subsidiary, the bank will be offering its institutional clients opportunities to diversify their portfolios by adding digital assets and NFTs.

  • Nomura plans to bring a staff of about 100 working for its new crypto wing by the end of 2024.

  • Last week, the bank announced it is rolling out its first Bitcoin futures and options trades in a push to bring crypto to the mass market.

Titan’s Takeaway: Four years after Nomura first outlined plans to go into crypto, the bank is successfully getting into its new role despite the recent market meltdown. Nomura joins other investment banking heavyweights such as Goldman Sachs, Citigroup, BNY Mellon that have already stepped into the market-making side of the crypto industry and offer products linked to BTC and other digital assets.

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