ResearchCrypto Three Things (7/12)

Crypto Three Things (7/12)

Jul 12, 2022

Doors locked, mail stuffed, founders gone

1) Three Arrows founders wanted after office found empty: Court-appointed liquidators of the bankrupt Three Arrows Capital said they found a vacant office with locked doors and piles of mail when they visited the fund’s headquarters in Singapore. Meanwhile, liquidators warned that Three Arrows may attempt to move assets to new accounts since “a substantial portion” is cash and digital assets that are readily transferable.” The founders’ whereabouts are still unknown.

Titan’s Takeaway: Three Arrows, which filed for Chapter 15 bankruptcy protection last month, crumbled under looming credit pressures. Now, with its founders allegedly on the run, this stunning story takes a Thelma and Louise-like twist.

2) GameStop rolls out NFT marketplace: The video game retailer launched its long-teased marketplace for non-fungible tokens. The new platform operates on the Ethereum network and allows users to “buy, sell, create, and trade NFTs.” In May, the company unveiled its self-custodial wallet that will be used for NFT transactions.

Titan’s Takeaway: The move into digital assets highlights the company’s expansion as it aims to snatch a share from the growing Web3 space. Competition, however, is heating up – GameStop’s NFT platform will need an edge to beat other newcomers such as Coinbase and eBay.

3) BoE Governor softens stance on cryptocurrency: In a pronounced tone shift, Bank of England Governor Andrew Bailey described cryptocurrencies as assets that may have “extrinsic value.” The central banker, who’s been a vocal critic of crypto, made the comments while speaking to UK lawmakers. He did add that the digital assets’ intrinsic value was lacking, and the reason for their growth was people’s desire to own them.

Titan’s Takeaway: We see that central bankers worldwide have begun to recognize the potential of cryptocurrency to rewire the global financial system. We are optimistic about seeing central banks embrace this new asset class and introduce a native regulatory framework to accelerate mainstream adoption.