Tuesday, Jun 14th 2022

Crypto Three Things (6/14)

Commentary

"Ignorance is the parent of fear."-Herman Melville

1) Nexo proposes buyout of Celsius' assets after withdrawal halt: Crypto lending platform Nexo extended a formal proposal to acquire Celsius’ qualified collateralized loan receivables. The move is intended to rescue client funds with Celsius on the brink of insolvency. Celsius suspended withdrawals two days ago and has offered no timeline for resolution.

Titan’s Takeaway: Nexo claims it's in a strong financial and liquidity position after de-risking its DeFi exposure over recent months. Time will tell if the Celsius debacle could be the catalyst Nexo needed to win sustainable market share.

2) Coinbase cuts 18% of workforce: Coinbase announced plans to lay off over 1,100 employees. The company also recently made headlines after rescinding offers from new hires. Coinbase joins a chorus of large technology companies laying off material numbers of their employees.

Titan’s Takeaway: Coinbase's rapid expansion now seems far too expeditious in this fragile market. Although painful in the moment, this feels like a prudent move by Coinbase's leadership team with incredibly uncertain times on the horizon.

3) Goldman Sachs executes first trade of Ether-linked derivative: The Wall Street mainstay has started trading Ethereum non-deliverable forwards – a derivative tied to the price of ETH that pays out in cash. London-based financial services firm, Marex Financials, was on the other end of the trade as Goldman’s counterparty.

Titan’s Takeaway: Since investment banks in the US cannot provide custody to deliverable digital assets just yet, Wall Street needs to get savvy. This is another smart move by institutional investors to get exposure to crypto through derivatives without having to hold the tokens.

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