Crypto Three Things (9/14)

Wednesday, Sep 14th 2022

Commentary

Do Kwon’s arrest warrant

  “All generalizations are false, including this one.” – Mark Twain


1) South Korea seeks arrest of Luna founder: A South Korean court has issued an arrest warrant for Do Kwon, the leading developer behind the Terraform Labs crypto ecosystem, whose implosion cratered the market and incinerated more than $60B. Do Kwon, along with five others, are accused of fraud for violating Korea’s capital markets law, according to a message from the prosecutor’s office.

Titan’s Takeaway: As the Terra ecosystem crashed, many loyal Kwon followers had their faith shaken, and fortunes crumbled. Now, with an official arrest warrant, the unraveling of crypto’s biggest blowup in years is about to deliver some much-needed answers.

2) Wall St. giants plan crypto exchange: A group of investment firm veterans – including Fidelity, Charles Schwab, and Citadel Securities – announced the upcoming launch of a new cryptocurrency exchange. Named EDX Markets, the platform is set for a November debut with only a limited number of coins initially available for spot trading. EDX aims to serve individual and institutional investors through “safer, faster, and more efficient cryptocurrency trading.”

Titan’s Takeaway: Wall Street building market infrastructure to accommodate traditional investors through trusted and familiar entry points is a grand leap for the crypto space. We expect the move to tap into a pool of enthusiastic crypto newcomers.

3) SWIFT pilots blockchain technology: The global financial messaging service SWIFT is testing a pilot project using fintech company Symbiont’s enterprise blockchain platform. The collaboration aims to make transactions, communication, and corporate workflow more efficient, automated, and accurate. The SWIFT system delivers trillions of dollars in transactions to 11,000 corporations in over 200 countries and territories.

Titan’s Takeaway: Blockchain’s use cases continue to expand, and the latest could be a key piece for the critical financial infrastructure that wires the global flow of money. If the pilot project is successful, it could significantly upgrade how messaging works across the finance world.


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