1) JPMorgan replaces real estate with cryptocurrencies as its ‘preferred alternative asset. In a note to clients, the bank presented a bullish stance on crypto, placing Bitcoin’s fair value at $38,000, or 28% higher than its current price. Digital assets have re-priced following the collapse of Terra, the bank said, presenting what could be a “good entry point.”
Titan's Takeaway: Well, we should've seen this coming. Once, one of Bitcoin's biggest skeptics, Jamie Dimon and JPM, have stepped into the fray.
2) Stripe partners with crypto payments platform OpenNode to enable customers to convert incoming payments or existing balances into Bitcoin. The transactions will be powered by a new app alongside Stripe’s App Marketplace. The announcement comes four years after suspending BTC support, citing slow transaction times, volatile fees, and lackluster customer interest.
Titan's takeaway: Stripe is joining its rivals such as PayPal and Block in the broader effort to win a bigger piece of the global flow of cryptocurrencies.
3) StarkWare, an Ethereum layer-2 developer, closed a $100M Series D raise at $8B. The Israel-based company aims to make blockchain technology faster, more scalable, and affordable. This latest round was led by Coatue Management, Greenoaks Capital, and Tiger Global, among the participants, following a $50M Series C just six months ago at the price tag of $2B.
Titan’s Takeaway: Despite the recent volatility, institutional investors continue to make more long-term bets in the emerging crypto space.
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