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Gemini’s Blind Spot; What’s on Coinbase’s Chopping Block

Gemini’s Blind Spot; What’s on Coinbase’s Chopping Block

By Aidan Ryan · Jan. 11, 2023 3:20 PM PST

The Gemini-Genesis battle has reached a boiling point.Cameron Winklevoss, the Gemini co-founder and president, published an open letter Monday that called for the Digital Currency Board to remove CEO Barry Silbert from his post and had a scathing assessment of the financial health of Genesis, DCG’s crypto lending subsidiary. The Gemini-Genesis battle has reached a boiling point.Cameron Winklevoss, the Gemini co-founder...

Is Web3 Still Trending?; Polkadot’s Bold Statement

Is Web3 Still Trending?; Polkadot’s Bold Statement

By Aidan Ryan · Jan. 4, 2023 2:30 PM PST · 1 comment

With the industry in a definitive crypto winter (for more on the 2022 chaos, read Akash’s retelling in last week’s newsletter), one notable casualty has been the term Web3 itself. The buzzword, which refers to the vision of a third generation, decentralized internet, had spread like wildfire and came to serve as shorthand for describing... With the industry in a definitive crypto winter (for more on the 2022 chaos, read Akash’s...

Art by Shane Burke

The Year That Crypto Shattered

By Akash Pasricha · Dec. 28, 2022 1:52 PM PST

It really has been a monstrous year for crypto. The sector climbed to stunning heights with check sizes swelling beyond comprehension. But now, a string of blowups—and crypto’s once-wunderkind Sam Bankman-Fried charged with wire fraud and money laundering—have plunged markets into a cold and bitter crypto winter. The story of 2022 can be... It really has been a monstrous year for crypto. The sector climbed to stunning heights with check...

Devin Finzer. Photo by Getty Images.

OpenSea CEO Devin Finzer on the Future of NFTs and Surviving the Downturn

By Aidan Ryan · Dec. 21, 2022 2:19 PM PST

Devin Finzer. Photo by Getty Images.

OpenSea CEO Devin Finzer on the Future of NFTs and Surviving the Downturn

By Aidan Ryan · Dec. 21, 2022 2:19 PM PST

At the center of the NFT boom earlier this year was OpenSea, the NFT marketplace that has been the go-to shop for buying and selling NFTs. The company announced a $300 million Series C round in January, notching a $13.3 billion valuation. But since then, trading volumes have dropped more than 90% amid a bear market that has also seen a... At the center of the NFT boom earlier this year was OpenSea, the NFT marketplace that has been...

Binance CEO Changpeng Zhao. Photo by Bloomberg.

Binance and Coinbase CEOs Go on the Defensive

By Aidan Ryan · Dec. 14, 2022 3:03 PM PST

Top executives at Binance and Coinbase have been busy penning messages to reassure their employees and customers that they’re no FTX.Binance CEO Changpeng Zhao told his staff that he expects the “next several months to be bumpy” but Binance will get through it and be “stronger for having been through it,” according to a Bloomberg report. Top executives at Binance and Coinbase have been busy penning messages to reassure their...

Robinhood CEO Vlad Tenev. Photo by Bloomberg.

Robinhood’s Crypto Trading Surges After FTX Meltdown—Boding Well for Coinbase

By Aidan Ryan · Dec. 7, 2022 2:27 PM PST

Signs are emerging that FTX’s dramatic collapse last month has benefited other major crypto trading platforms—at least in the short term. One example is stock and crypto trading app Robinhood, which reported November trading metrics on Wednesday. Most of the data it reported were similar to its October figures, with total funded accounts... Signs are emerging that FTX’s dramatic collapse last month has benefited other major crypto...

Sam Bankman-Fried. Photo by Bloomberg.

What’s Next for Aptos and Mysten; CeFi Beats DeFi in Filling FTX Hole

By Aidan Ryan · Nov. 30, 2022 4:24 PM PST

It’s hard to write about much in crypto right now without mentioning FTX. In just three years, the exchange spread influence—and money—far and wide. And its sudden implosion has created a massive vacuum. I reported on Tuesday about how FTX Ventures’ role as a significant player in crypto investments leaves its portfolio companies in limbo.... It’s hard to write about much in crypto right now without mentioning FTX. In just three years,...

Chainalysis CEO Michael Gronager. Photo by Bloomberg

Bankruptcies Boost Analytics Startups—For Now; Sequoia’s Black Eye

By Aidan Ryan · Nov. 23, 2022 1:00 PM PST

Chainalysis CEO Michael Gronager. Photo by Bloomberg

Bankruptcies Boost Analytics Startups—For Now; Sequoia’s Black Eye

By Aidan Ryan · Nov. 23, 2022 1:00 PM PST

The FTX collapse has left many customers in limbo, with billions of dollars stuck on the bankrupt exchange. And contagion has been spreading to firms including BlockFi and Genesis, as I mapped out last week. But high-profile implosions have been good for business in one corner of the crypto world: The analytics firms that are helping... The FTX collapse has left many customers in limbo, with billions of dollars stuck on the bankrupt...

Paradigm Managing Partner Fred Ehrsam. Photo by Getty Images.

What the FTX Crash Means for VCs and Startups

By Aidan Ryan · Nov. 16, 2022 4:42 PM PST · 1 comment

The FTX saga continues to move at a blistering pace, with FTX, FTX US and Alameda Research all filing for Chapter 11 bankruptcy last Friday and Sam Bankman-Fried, its co-founder, resigning as CEO. We're starting to see the contagion of the FTX collapse spread to crypto lending companies including BlockFi and Genesis, both of which have halted... The FTX saga continues to move at a blistering pace, with FTX, FTX US and Alameda Research all...

Photo by Bloomberg

The (Swift) Rise and Fall of the FTX Empire

By Aidan Ryan · Nov. 9, 2022 4:40 PM PST · 1 comment

It’s often casually thrown around that crypto moves faster than other industries. That has never been more evident than it was over the past few days.In case you’ve been living under a rock, Sam Bankman-Fried’s FTX crypto empire has fallen. On Tuesday, the world’s largest crypto exchange, Binance, signed a letter of intent to acquire FTX, a... It’s often casually thrown around that crypto moves faster than other industries. That has never...

Robinhood Co-Founder and CEO Vlad Tenev. Photo by Bloomberg.

Robinhood’s Crypto Doldrums; NFT Fyre Festival

By Aidan Ryan · Nov. 2, 2022 4:35 PM PDT · 1 comment

Robinhood’s latest financial results show that the crypto winter isn’t thawing anytime soon, at least when it comes to trading.The stock and crypto trading app generated $361 million in revenue in the third quarter, essentially flat versus the same period last year. Crypto trading revenue was flat too, coming in at $51 million. Overall... Robinhood’s latest financial results show that the crypto winter isn’t thawing anytime soon, at...

Conviction General Partner Sarah Guo. Photo by Bloomberg

Is AI Stealing Web3’s Thunder?; The Most Promising Crypto Startups

By Aidan Ryan · Oct. 26, 2022 1:00 PM PDT

Conviction General Partner Sarah Guo. Photo by Bloomberg

Is AI Stealing Web3’s Thunder?; The Most Promising Crypto Startups

By Aidan Ryan · Oct. 26, 2022 1:00 PM PDT

“In Silicon Valley, crypto and the metaverse are out. Generative AI is in,” the New York Times technology columnist Kevin Roose proclaimed last week, joining other industry watchers in weighing in on what’s top of mind for those who control the Silicon Valley war chests. But are crypto investments really out of style?It’s a tempting claim to... “In Silicon Valley, crypto and the metaverse are out. Generative AI is in,” the New York Times...

Grayscale CEO Michael Sonnenshein. Photo by Bloomberg

Inside The Bitcoin Mining Squeeze; Slow Start for Aptos

By Aidan Ryan · Oct. 19, 2022 3:05 PM PDT

Until this year, much of the crypto world had been focused on profiting from the boom in crypto prices. Now, some big investors are looking for ways to make money from the crash. A 60% drop in bitcoin prices this year, along with the increasing difficulty of mining the cryptocurrency, has hurt miners—especially those that borrowed money to... Until this year, much of the crypto world had been focused on profiting from the boom in crypto...

Photo by Shutterstock

What’s Behind Crypto’s Confusing Week of Breakthroughs and Setbacks

By Akash Pasricha · Oct. 12, 2022 1:30 PM PDT

If you spend any time on crypto Twitter, you’ve probably seen this expression pop up: “We’re still so early!” It’s a phrase that sums up all the sector’s craziness—hacks and other problems come with the territory, while industry “firsts” on mainstream adoption are seen as big signals for what’s to come. Well, this week’s news cycle—a set of... If you spend any time on crypto Twitter, you’ve probably seen this expression pop up: “We’re...

Photo by Axie Infinity

Why Blockchain Games Keep Flopping; Inside SBF’s Crypto Empire

By Aidan Ryan · Oct. 5, 2022 4:07 PM PDT

Crypto investors and executives often tout gaming as one of the best use cases for non-fungible tokens. On the surface that argument makes sense, because games encourage users to compete for NFT prizes or deck out their virtual avatars with NFT-based accessories. But where are all the blockchain gamers? Axie Infinity, one of the best known... Crypto investors and executives often tout gaming as one of the best use cases for non-fungible...

Former Celsius CEO Alex Mashinsky. Photo by Mike Sullivan. Art by Mike Sullivan.

What’s Next After the Great Crypto CEO Shuffle

By Aidan Ryan · Sept. 28, 2022 2:02 PM PDT

Former Celsius CEO Alex Mashinsky. Photo by Mike Sullivan. Art by Mike Sullivan.

What’s Next After the Great Crypto CEO Shuffle

By Aidan Ryan · Sept. 28, 2022 2:02 PM PDT

The crypto executive shuffle looks like it’s turning into a mass exodus. Just last week, Kraken co-founder and CEO Jesse Powell said he was stepping down from his post at the U.S.-based crypto exchange. Now, two more high-profile crypto leaders are heading for the exits—albeit each under different circumstances. The crypto executive shuffle looks like it’s turning into a mass exodus. Just last week, ...

David Ripley, COO of Kraken (Incoming CEO). Art by Shane Burke.

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Kraken’s Incoming CEO Wants to Reel in Retail Traders

By Akash Pasricha · Sept. 21, 2022 5:33 PM PDT

Kraken is going after smaller, retail crypto traders. That’s where David Ripley, the company’s incoming CEO, sees the future of the crypto exchange.I spoke with him Wednesday afternoon shortly after Jesse Powell, the company’s outspoken founder and CEO, said he was stepping down. Right now, much of the company’s sales come from transaction fees... Kraken is going after smaller, retail crypto traders. That’s where David Ripley, the company’s...

Art by Mike Sullivan

For Crypto VCs, the Ethereum Merge Means Business As Usual

By Akash Pasricha · Sept. 14, 2022 4:51 PM PDT

In crypto land, everyone and their uncle is talking and tweeting about the Ethereum merge, the major software update slated to happen shortly after midnight tonight. (We fielded the most pressing technical questions about the merge in our August 24 newsletter.) Much of the chatter is nervous excitement—excitement because the protocol is expected... In crypto land, everyone and their uncle is talking and tweeting about the Ethereum merge, the...

USDC and BUSD. Art by Shane Burke.

Behind Binance’s Stablecoin Shuffle; Nasdaq CEO Talks Crypto

By Aidan Ryan · Sept. 7, 2022 3:42 PM PDT

Binance said on Monday that it will start automatically converting customer holdings of USD Coin, a stablecoin issued by crypto payment firm Circle, into its own stablecoin, Binance USD. (Binance will also do the same for two less widely used stablecoins.)What does this abrupt change by the world’s biggest crypto exchange actually mean? Let’s... Binance said on Monday that it will start automatically converting customer holdings of USD Coin,...

Bill Qian. Art by Shane Burke.

The SEC’s Escalating Crypto Crackdown; Exclusive: Bill Qian’s New Role

By Aidan Ryan · Aug. 31, 2022 1:27 PM PDT

Bill Qian. Art by Shane Burke.

The SEC’s Escalating Crypto Crackdown; Exclusive: Bill Qian’s New Role

By Aidan Ryan · Aug. 31, 2022 1:27 PM PDT

If you’re a subscriber to this newsletter, you likely already know that those in the crypto industry aren’t huge fans of the U.S. Securities and Exchange Commission and its chair, Gary Gensler. That’s because the SEC has taken the view, especially during Gensler’s tenure, that many tokens are securities and thus under its purview. That... If you’re a subscriber to this newsletter, you likely already know that those in the crypto...

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