Weekly Newsletter – 30 Sep 2022

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Weekly Summary

  • Robinhood selects Polygon to launch its beta Web3 wallet
  • Pantera Capital seeking US$1.25b for second blockchain fund, despite the bear market
  • US Fed Chair Powell admits DeFi will eventually expand to retail, but it requires regulations first
  • Cosmos reveals new white paper for $ATOM 2.0

Industry Stories

Robinhood launched its new self-custody Web3 wallet in partnership with Polygon: Robinhood announced the launch of its wallet which uses Polygon network on the backend. Polygon was chosen as the blockchain network of choice due to its scalability, speed, low network fees and robust developer ecosystem. The Robinhood Wallet Beta is now live for 10,000 iOS customers out of the 1+ million who signed up for the waitlist. The price of $MATIC went up by about 5% before retracing back as SPX attempted to defend the 3600 support.

Pantera Capital looking to raise $1.25b for its second blockchain fund: Pantera Capital founder Dan Morehead, announced that the hedge fund is looking to raise $1.25 billion for a second blockchain fund, which will be used to invest in digital tokens and equity. Pantera currently offers five funds: venture, bitcoin, early-stage token, liquid-token and blockchain funds. Pantera’s initial blockchain fund, which launched in June 2021, is an actively managed offering that invests in a combination of venture equity, early-stage tokens and liquid tokens.

US Fed Chair Powell acknowledged DeFi’s impact on the retail market, urging regulation: In an event on September 27, Jerome Powell, Chair of the US Federal Reserve addressed that DeFi has very significant structural issues around the lack of transparency, and it is hard for DeFi to interact with the banking system due a lack of regulations. He also mentioned that as DeFi expands and starts to touch more retail customers, appropriate regulation needs to be in place. Powell’s comment suggested that there is a strong potential growth for DeFi even when TVL has fallen by more than 70% since its all-time high in late-December last year.

Cosmos project published its whitepaper for ATOM 2.0: The newly released whitepaper marks the transition to the next phase of Cosmos Hub and the project also proposes a new issuance schedule for ATOM with the introduction of liquid staking. Cosmos Hub 2.0 will be focused on making the network at the heart of interchain security and $ATOM being used as the preferred collateral within the Cosmos network. The 3 new features of Cosmos Hub include Interchain Scheduler, Interchain Allocator and Governance Stack.

Product Highlight

Matrixport’s popular product Range Sniper now supports investments with BTC, ETH and SOL in addition to stablecoins, returning users triple-digit yields.

Range Sniper is an innovative structured product that allows users to invest on a weekly basis, with returns tied to the price of BTC/ETH/SOL upon settlement, compared to the linked range. It performs best when the markets move sideways and prices trade within the range. Users can earn up to 400% APY in the original currency, or a minimum 5-20% APY in converted currency, even when prices trade outside the range.

You can find out more about Matrixport’s Range Sniper and take advantage of the attractive yields in a sideway market.
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Matrixport News

Matrixport attended Token2049 Singapore as a title partner on 28-29 September. Cynthia Wu, the company’s founding partner & COO, shared insights on DeFi vs. CeFi in the prime event’s “Disrupting Legacy Infrastructure: Building New Financial Rails” panel discussion.

Cointelegraph recently interviewed Matrixport’s founding partner and COO, Cynthia Wu, on digital assets tokenization. Opinion is held that all major financial asset classes could be eventually tokenized and right now we are only seeing the tip of the iceberg (3-5%). Earlier this month, a report from Boston Consulting Group (BCG) estimated that the total size of tokenized illiquid assets could reach $16.1 trillion by 2030. Read the full interview here.

Matrixport Institutional announced a new partnership with Elwood Technologies to expand its international growth strategy. Under the agreement, Matrixport Institutional will utilise Elwood’s market leading trading and execution software and roll out Elwood’s crypto-native OEMS and PMS services to its global client base.

Grow and manage your digital wealth with the Matrixport app: 

Stay connected in our community: https://t.me/matrixport