Copper’s Weekly Update – 12 April 2021

Highlighting what went right, and what went wrong, in this week’s crypto news analysis.

Copper

Ahead of its highly anticipated direct listing this Wednesday, Coinbase reported monster Q1 2021 numbers last week. The exchange’s total revenue for the first three months this year was $1.8bn — an 844% year-over-year increase from $190m recorded in March last year.

Since being set up by its CEO Brian Armstrong in 2011, Coinbase has become arguably the most recognisable name associated with Bitcoin and other cryptoassets. Many are now speculating that the planned April 14 listing will bring further public attention to digital assets, which could trigger a wave of new investment into the sector.

Last week, MicroStrategy continued its Bitcoin buying spree, adding $15m to its stash. This latest acquisition comes just three weeks after the company revealed that it had bought Bitcoin worth the same figure in the second week of March. 🛍

Below is our weekly roundup of industry news. If you’d like to get in touch with us about any of our products or services, we look forward to hearing from you. Just send us a note.

This week’s top stories

XRP soars 38% after key legal wins

XRP capped off a strong week of gains with a weekend surge in price, soaring 38% in 24 hours on Sunday after Ripple scored some key legal rulings. The price jump, more than 110% over the last week so far, follows Ripple’s important wins by its legal team after a federal judge ruled that Ripple’s CEO Brad Garlinghouse and former CEO Chris Larsen do not have to provide their personal financial records to the Securities and Exchange Commission (SEC). Read more

Grayscale says it’s 100% committed to converting GBTC into an ETF

Grayscale Investments said it’s “100% committed” to converting its flagship Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF). In a blog post, the world’s largest digital asset manager confirmed its intent to re-apply with the U.S. Securities and Exchange Commission (SEC) to offer an ETF. However, the company has not indicated when it plans to file a new request with the SEC. Read more

State Street to enable crypto trading on its platform

Shortly after the oldest US-based bank entered the cryptocurrency space, so has done the second-oldest – State Street Corporation. The banking giant with $3 trillion in assets under management will allow the London-based Puremarkets to use its Currenex platform for digital asset trading. The new trading venue will offer crypto trading for investors through their existing bank relationships, with State Street’s Currenex platform providing the underlying technology. The venue is set to go live in mid-2021, the asset manager said. Read more

In case you missed it..

⚡️ Bitcoin traded near $66k in South Korea as ‘Kimchi Premium’ returned.

⚡️ Robinhood saw more crypto traders than Coinbase in Q1 2021.

⚡️ Revolut adds 11 new tokens and calls 2021 ‘the year of crypto’.

⚡️ Former BitMEX CEO Arthur Hayes surrenders to US authorities.

⚡️ Stellar enters top 10 after 25% surge.

⚡️ BNB hits new all-time high above $400.

⚡️ Binance Smart Chain daily transactions 200% more than Ethereum’s.

⚡️ Meitu buys another $10m in Bitcoin to complete its treasury allocation plan.

⚡️ CI Global Asset Management launches Bitcoin mutual fund in Canada.

⚡️ Decentralised lending protocol Liquity launches on the Ethereum mainnet.

⚡️ Japan’s central bank begins CBDC experiments.

⚡️ CoinShares launches physically-backed Litecoin ETP.

⚡️ Sacramento Kings offer Bitcoin salary option for employees.

⚡️ Football star Tom Brady to launch his own NFT platform.

⚡️ Christie’s is auctioning off a collection of 9 CryptoPunks next month.

⚡️ Bitcoin rally creates nine new crypto billionaires in a year.

⚡️ Kraken considers going public after record trading volumes in the first quarter.

⚡️ Peter Thiel: Bitcoin could be ‘Chinese financial weapon’.

⚡️ Report: Ukrainian officials own $2.67bn in Bitcoin.

⚡️ Kryptoin reignites its bid for a Bitcoin ETF with an amended S-1.

⚡️ Fidelity, Coinbase, Square form crypto council to lobby policy makers.

⚡️ Signal messaging app launches MobileCoin payments feature in beta.

From Copper

New article: Why Copper embraces a Trustless architecture

Each passing year seems to bring more challenges for CISOs. Plus, the current shift to a hybrid world of work only compounds the risk that security beaches will amplify and become more invasive. In our latest article, our CISO Jake Rogers highlights the importance of adopting a Zero-Trust security model, which is based on the premise of ‘never trust, always verify’. Read More

New partnership: Horizen is now supported on Copper

A new partnership between Copper and Horizen, the privacy-focused blockchain network, extends the availability of its ZEN currency to new institutional customers and businesses looking to hold ZEN. Full details in Horizen’s blog here.

Watch: A look at CeFi, DeFi, and TradFi – The Block, Aave & Copper 

Our CPO Alex Ryvkin recently joined Aave’s CEO Stani Kulechov and Cboe’s Head of Global Indices Bruce Traan for a webinar discussion hosted by The Block. If you missed the live event, make sure to check out the recording to hear a compelling conversation on the advantages and disadvantages of building across CeFi, DeFi, and TradFi. Listen now by clicking here.

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