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- The Crypto Compass Issue #17
The Crypto Compass Issue #17
Coinbase and Gemini opens offshore crypto derivatives exchange? Read it in our weekly newsletter now! Brought to you by BitcoinWalletSG.
Hey Friends!
I'm back with another crypto newsletter. This week was full of interesting events that made headlines in the crypto world. We witnessed regulatory headwinds in the US leading to Coinbase and Gemini opening up offshore crypto derivatives exchanges, and Visa, Mastercard, and PayPal doubling down on the crypto industry. Let's dive into these events and explore their implications.
First off, let's talk about the regulatory headwinds in the US that are leading to Coinbase and Gemini opening up offshore crypto derivatives exchanges. The US regulators have been cracking down on crypto exchanges. This has led to several crypto exchanges, including Coinbase and Gemini, exploring offshore options to offer crypto derivatives trading. While this move allows them to avoid US regulatory restrictions, it raises concerns about the lack of investor protection and transparency.
Moving on, let's talk about Visa, Mastercard, and PayPal all making moves in the crypto industry. Last week, Visa announced that it is hiring engineers for crypto product roadmap and Mastercard announced that it would be teaming up with Polygon and Solana on a new Crypto Credential standards. Meanwhile, PayPal launched its cryptocurrency transfer services to more than 60m Venmo users. These moves show that traditional financial institutions are increasingly embracing cryptocurrencies and blockchain technology. It's a positive sign for the industry, as it could bring more legitimacy and adoption to crypto assets.
It's important to note that while traditional financial institutions are entering the crypto space, it does raise questions about the decentralization and democratization of the industry. As these large corporations enter the space, it's important to ensure that the power dynamics remain fair and equitable.
In conclusion, this (and last) week was full of significant events that highlight the ongoing regulatory uncertainty and the increasing involvement of traditional financial institutions in the crypto industry. That's it for now. Stay tuned for more updates and insights from the world of crypto.
To the moon! 🚀
Best, QH
Tweets
This weekend, we filed a letter applauding đź‘Ź the UK's efforts to provide regulatory clarity and enhance consumer protections in web3.
Here’s what to expect and our take on the future of web3 in the UK. 🧵
a16zcrypto.com/content/papers…— miles jennings | milesjennings.eth (@milesjennings)
May 1, 2023
We released the new coinjoin feature. Cool right? But what does it actually do?
Watch this video to find out👇
— Trezor (@Trezor)
Apr 25, 2023
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