June 9, 2021 / Unchained Daily / Laura Shin
Daily Bits ✍️✍️✍️
The IRS has requested $32M in additional funding to boost its crypto and cyber operations.
US Bitcoiners made $4B in profit last year.
El Salvador’s President has “sent the #BitcoinLaw to Congress.”
Blockdaemon has raised $28M, with participation from Goldman Sachs (amongst others).
Coinseed, a crypto trading app, to cease operations in light of NYAG lawsuit.
A top White House technology adviser owns millions in crypto.
MicroStrategy has attracted $1.6B worth of orders for its bonds.
Spartan Group has closed a $110M DeFi fund — triple its original target.
Hong Kong has plans for a CBDC.
- Aave founder hints that “NFT as collateral is coming” to the DeFi platform.
What Do You Meme?
BlockFi, a crypto lending platform, is finalizing a Series E of around $500 million at a valuation of nearly $5B, as reported by The Information. The new financing will be led by Third Point Management and Hedosophia, along with participation from existing investors (which include Galaxy Digital, Tiger Global, Three Arrows Capital, Paradigm, and more).
BlockFi has seen its valuation grow exponentially this year. The latest funding is nearly a 70% increase in valuation from the lending platform’s Series D in March, which raised $350 million at $3 billion. Just last August, BlockFi had been valued at $435 million.
During a lull in the crypto markets, BlockFi has continued to perform exceptionally well. According to The Information, the company expects to make over $500 million in revenue this year, with monthly revenue flows hitting $50 million back in March.
The influx of capital comes right on the heels of a marketing campaign gone wrong, where, last month, BlockFi accidentally sent some users rewards denominated in Bitcoin rather than cash. CEO Zac Prince, at the time, admitted the company’s exposure to being less than 200 BTC, as some customers went ahead and withdrew the outsized rewards. The Block notes that BlockFi has now updated that number to under $6 million in “loss exposure” and that the firm has brought on KPMG to conduct a full audit on the incident.
- Polkadot founder Gavin Woods says the platform is ready to begin auctioning off its parachain slots:
- ConsenSys put out a great summary documenting the changes to governance tokens in May:
- Forbes → “The Future Of Crypto And Blockchain: Fintech 50 2021”
On The Pod…
June 14th is the 5-year anniversary of Unchained. 🎉
On Tuesday, June 15th, we’ll publish a 5-year anniversary episode with questions or messages from you listeners to me.
- record a video or audio message of 60 seconds or less stating your name, where you’re from and your question or message.
- email it to firstname.lastname@example.org with “anniversary” in the subject line (or just respond to this email)!
The deadline to get your submissions in is Thursday, June 10 by 5 pm ET/2 pm PT.
Thanks so much for supporting Unchained all these years! 🙏
Check out the latest episode of Unchained:
Willy Woo, on-chain Bitcoin analyst and writer of the Bitcoin Forecast, a market intelligence newsletter, and Rafael Schultze-Kraft, co-founder and CTO of Glassnode, discuss Bitcoin and what the on-chain metrics tell us about the price. Here to discuss is. Episode highlights:
what factors pushed the price of BTC down in May
why Elon’s Twitter account hold so much sway over the market
why Willy believes Bitcoin is good for renewable energy
who sold during the last month
which type of BTC investors stopped purchasing in Feb/March
what trends Willy and Rafael have noticed from coins moving to/from exchanges
their thoughts on exchange-traded products, like GBTC and Canadian ETFs
how derivatives trading has played a role in Bitcoin’s price
why stablecoins were trading above their peg in the months leading up to the Coinbase direct listing
how Willy values Bitcoin (specifically using NVT ratio)
whether the trend of corporate treasuries investing in Bitcoin will continue
how they expect Ethereum’s adoption of a deflationary monetary policy to impact the price of Bitcoin
when the market could turn bullish once again and predictions for the rest of the year
My book, The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze, is now available for pre-order now.
The book, which is all about Ethereum and the 2017 ICO mania, comes out Nov. 2nd. Pre-order it today!
You can purchase it here: http://bit.ly/cryptopians