Crypto Three Things (9/23)

Friday, Sep 23rd 2022

Commentary

Helium transfers to Solana

 “The real voyage of discovery consists not in seeking new lands but seeing with new eyes.” — Marcel Proust


1) Helium moves network to Solana: Crypto-powered wireless network Helium is migrating its ecosystem to the Solana blockchain after a community vote where 81% of the members approved the move. Nova Labs, the company behind Helium, hailed the achievement and said users could expect faster and more scalable operations without the burden of managing a blockchain. The transition comes on the heels of launching Helium Mobile – a 5G wireless service in partnership with T-Mobile.

Titan’s Takeaway: The Helium network boasts over 950,000 IoT user-managed hotspot devices. Migrating to a fast, scalable, and low-cost blockchain like Solana is a decisive move that will help the network attract new users and expand into the traditional telecom sector.

2) Voyager hearing pushed back: A court hearing on the bankrupt crypto lender Voyager, initially slated for Sept. 29, has been rescheduled to take place on Oct. 19. During the hearing, Voyager was expected to announce a winning bid for its auctioned assets. Nevertheless, two leading bidders remain neck and neck trying to scoop up Voyager. Binance and FTX have each offered roughly $50M for the company.

Titan’s Takeaway: Pushing back the hearing will allow more time for Voyager to weigh the bids and pick a winner. But no matter how much the firm delays the process, the painful reality is that every bid will still pale compared to Voyager’s peak market valuation of $3.9B.

3) Coinbase counters WSJ report: Crypto exchange Coinbase denied allegations from The Wall Street Journal that it engages in proprietary trading. Shortly after the Journal reported that Coinbase had hired Wall Street traders to manage $100M of company funds, a blog post on Coinbase’s website denied the claim. It argued that the report confused “client-driven activities” with prop trading.

Titan’s Takeaway: Prop trading, where banks or funds trade for their own account, has a bad reputation in the industry, especially after the role it played during the 2008 financial crisis. If the allegations are proven to be true, Coinbase might be violating the Volcker Rule, which prohibits financial institutions from using their funds or customer deposits to trade for their own profit.

As of this writing, SOL was a portfolio holding of Titan. This security may cease to be a portfolio holding at some point in the future.
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