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Meta 💔 NFTs. Cathie ❤️🩹 Coin. Banks 🆘
Meta is shutting down NFTs. Cathie Wood keeps buying Coinbase stocks. Will banking crises push US crypto firms offshore? Nouns, a movie is in the making. $1 Million offer for information on hackers
Hello y'all. This is The Token Dispatch. Has the financial crises opened up a
bowl, bucket, barrel full of worms? Dispatched watching Maggots v Giant Burger.
Meta is ditching its NFT plans. They will stop minting and selling NFTs on Instagram as well as the ability to share NFTs on Instagram and Facebook 👀
They are looking for new ways to support creators, people, and businesses. Or something like that. Who knows?
Meta's new plan: Building payment rails on its platform and through its messaging apps, monetising Reels and focusing on Meta Pay - their payment platform, which in the future might support crypto if they don't "wind up" the plans. Low priority or wrong strategies?
Maybe ask Starbucks or Reddit how they did it?
Meta's defense: Last year alone, its metaverse-building division Reality Labs recorded largest-ever yearly losses at $13.7 billion. In November, Meta laid off 13% of its workforce -11,000 staff. Now, Meta plans to cut its workforce by another 10,000 people.
Why not sponsor us, eh?
No Stopping Cathie
Banks are collapsing, digital assets are wounded, and stablecoins are acting weird, but none of that comes in the way of Cathie Wood buying. Why would it be if it's sea of green - cryptos are pumping and Coinbase 🆙
Ark now owns 10.355 million Coinbase shares, around $641 million. On March 9, ARK Invest bought the biggest amount of the stock since the start of 2023.
“Regulators have focused investors on the threat that crypto poses to users, but this weekend turned that theory upside down.”
The failure of three large crypto-focused banks further cemented Wood's crypto bullish attitude. She is not surprised by the recent crypto market rebound. Voting for crypto with her wallet, she is walking the talk.
TTD Blockquote 🔊
Brian Quintenz, head of policy at Andreessen Horowitz (a16z)
"The SEC is completely out of control. They’re going rogue.”
Quintez, a former Commodities Futures Trading Commission (CFTC) commissioner reckons that the United States has to make a decision about whether or not it will embrace and support innovators in this country.
US banking crisis to push crypto firms offshore ✈️
The ongoing banking crisis in the United States is likely to push cryptocurrency firms offshore, according to industry experts.
"There is a very real risk that more crypto companies will move offshore, particularly with regulatory frameworks being proposed in the UK and the [European Union]." Dave Weisberger, CEO and co-founder of algorithmic trading platform CoinRoutes.
"Global crypto companies will definitely be looking at banking options in Europe, Hong Kong and the Middle East." Sanjay Raghavan, vice president of Web3 initiatives at real estate investment platform Roofstock onChain.
"Many crypto companies already had multiple on and off-shore banking partners. U.S. companies will likely prefer Caribbean and European banks.” Josh Frank, co-founder and CEO of information platform The Tie.
TTD Rumour Has It 🕵🏼♂️
Amazon's rumoured NFT platform has generated significant buzz in the NFT community. The company has not yet confirmed or denied about their plans.
“This will be a game-changer in the NFT, digital collectibles space. Having a company like Amazon enter with a marketplace not only helps legitimise NFTs … The only way to grow the web3 gaming and digital collectibles space is to bring the masses in." Dave Broome, CEO, Orange Comet
"We’re excited about the momentum with leaders like Amazon, and look forward to seeing what use cases they focus on. More experimentation to learn what works and can scale, is beneficial to all of us." Shiva Rajaraman chief business officer, OpenSea
“Given [Amazon’s] deep connection with games through Twitch, we could see a big win for web3 gaming." Chris Akhavan, chief gaming officer, Magic Eden
Amazon has 300+ Million active users worldwide. Will they? Will they not?
TTD Number Picker 🔢
After being exploited for $200 Million on March 13, and sending multiple on-chain messages to the attacker in the past 48 hours … the decentralised lending protocol Euler Finance has announced that it will offer a $1 Million reward for information about the attackers.
TTD WTF 🤷🏼♂️
$2.2 Billion USDC burnt in a day
The burn was reportedly initiated by Circle, the company behind USDC, as part of its efforts to maintain the its peg to the US dollar. USDC briefly depegged when Circle announced it had exposure to Silicon Valley Bank. Net redemptions of USDC crossed the $4 Billion mark. The move is seen as a positive development for USDC holders, as it helps to ensure the stability and reliability of the cryptocurrency.
TTD Cool Stuff 🧊
Nouns: A Movie
NounsDAO has passed a proposal to create a feature-length animated film featuring its popular NFT characters. The film will be created in multiple story acts that can be pieced together to "form the first feature-length cinematic content introducing Nouns to the world."
TTD Surfer 🏄
The makes-you-think reading list for the day
The US government is bailing out banks. Some people prefer to keep cash under the mattress. Should I keep my money in bitcoin or a bank?
Crypto might one day work with big banks if the industry can mature. For that to happen, crypto must do better to be banked.
The fall of Silvergate, Silicon Valley Bank and Signature has left the crypto banking segment in flux. Where will crypto firms turn?
Markets are hoping that the Fed will be less aggressive with interest rate hikes following the collapse of the banks. Could this end crypto winter?
Most depositor money is at work someplace else, so the possibility of a run is ever present. Banking is always a risky business.
So long. OKAY? ✋
The Token Dispatch is a daily newsletter that takes you on a 4-5 minute drive through the wild west of the Crypto World. Daily in your email inbox @13:00 GMT. Almost always.