Tuesday, May 31st 2022
"Problems are only opportunities in work clothes." ― Henry Kaiser
1) Bitcoin has best day in two months: With the U.S. stock market closed on Monday, Bitcoin's price rose more than 7%, the largest daily rise in two months. This move to the upside comes after nine straight weeks of losses that drove the price of Bitcoin down to ~$25,500, a low last seen in December 2020.
Titan's Takeaway: We're certainly not in the business of calling market bottoms, but we remain encouraged by the resiliency of the world's largest cryptocurrency compared to past corrections.
2) Binance gets the green light to operate in Italy: The world's biggest crypto exchange by daily trading volume has received regulatory approval to offer crypto products to Italian customers. Binance has also secured regulatory nods from France, Dubai, and Abu Dhabi in the last three months, indicating that more countries may be warming up to this nascent asset class.
Titan's Takeaway: Binance’s continued expansion highlights its commitment to obtaining relevant licenses globally; this arsenal of approvals could evolve into a deep moat in a crowded crypto landscape.
3) Crypto payments company Merge raises $9.5M to build banking infrastructure for Web3: The London-based startup closed its seed round led by Octopus Ventures with participation from Coinbase Ventures, Alameda Research, and Hashed. In addition to building out an API-based banking and payments platform, the funds will also be used to procure licensing coverage and regulatory approval.
Titan's Takeaway: Merge, along with dozens of other startups, are focused on building the onramp to Web3; a lot of excitement lives within the world of Web3, but if users can't access it, what's the use?
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