Will open this week’s note with the elephant in the room. Genesis Block Ventures (gbv.capital) has acquired OMG Network. To be clear, the team is NOT exiting; shares in the entity were purchased from the previous holding company, SYNQA. This is exciting for us for various reasons:
- The partners have been investing in projects for a long time; glad to make this biz arm official and public, while acting independently to the trading biz.
- We have so much respect for the OMG team as early movers in the crypto space + having guts to successfully hold hands with traditional corps like Toyota and Mitsubishi.
- While we have things in common (eg. strong communities, presence in Thailand), we also hope to bring new value to the OMG vision.
Think the biggest difference maker will be the hours and hours we’ve spent through the years following the markets and building important relationships. We most certainly plan to share and advise with our constantly evolving insights on how to engage both average users + other builders in the space.
(Disclaimer: These are my personal takeaways and you can find the official release 按此瀏覽).
Now back to the markets!
- Equities were generally flat this week despite steps closer on distributing a COVID vaccine + new stimulus packages.
- Much of the same for BTC as retail buyers battle it out with potential whale sellers (look at BTC inflows to exchanges). Expecting new ATHs this month but could be rocky.
- Yield farming is back (?) with the launch of Basis Cash. BAC is a rebase coin that should theoretically float down to $1 so extra caution on “pool2”, where you are exposed to BAC.
- USDC partnering with Visa to support payments to non-crypto businesses. In the meantime, US regulators call for strict regulation on stablecoins.
- Lots of shoutouts on crypto becoming a legit asset class (Blackrock, S&P, Tudor Jones).
- Names to watch in DeFi: Beneficiaries of the DeFi conglomerate (SUSHI, KP3R, COVER), API3, ALPHA.