The R Roundup: Genesis In Need Of Emergency Funding — Issue #63
The FTX contagion has started to realise within the crypto markets as reports this week broke of crypto lender Genesis being in search of an emergency USD 1 billion.
It began with reports that the lending arm of Genesis would be suspending withdrawals temporarily and new loan originations following the collapse of FTX.
Interim CEO Derar Islim stated on an internal call that Genesis is exploring solutions for the lending unit to resolve the liquidity issue.
This is where Genesis then claimed that because of a “liquidity crunch due to certain illiquid assets on its balance sheet”, they would be seeking an emergency USD 1 billion loan.
Nike Launches Platform For Web 3 Wearables 👖
Nike has already established itself as one of the most successful web 3 brands that have entered the market with its major success with the acquisition of NFT collection RTFKT.
Nike announced this week the launch of a platform for web 3 wearables called.SWOOSH. SWOOSH allows Nike fans to collect and even co-create several virtual items. The platform has its domain aiming for Nike to create a ‘safe’ and ‘trusted’ place.
The platform is currently in beta with registration to join.SWOOSH is beginning this month. For the rest of the year, Nike will attempt to grow the platform by inviting in a diverse, equitable community, then launch its first digital collection in 2023.
Nike already has one of the most prevalent names in the sporting and fashion world, and through their frequent welcomes to web 3, they are sure to align their objectives with their deep fanbase.
Nike concluded with the following statement, suggesting that this.SWOOSH initiative is just the first step;
“In 2023, Nike will debut its first digital collection, shaped by the platform’s community. Shortly after the first digital collection drops, members will be able to enter a community challenge to win the opportunity to co-create virtual product with Nike. Those winners can earn a royalty on the virtual product they help co-create”
On-Chain Update⛓: Exchanges At The Centre Of $BTC & $ETH Outflows🔻
Like all elements of financial markets, bullish sentiment is built on trust, and bearish sentiment is built on fear. How you interpret and act on those sentiments often depends on your on-chain analysis.
With the collapse of multiple exchanges and FTX at the forefront, we have seen a significant increase in $BTC & $ETH on-exchange outflows.
In the past week, this metric points out that at least 120k $BTC and 1.4m $ETH have flown out of exchanges which have previously been an indication of investors either;
a) Holding off exchange for the long term
b) Holding on-chain (hardware wallets, metamask) because they can’t trust exchanges.
One thing is certain; no one is sure of just how far back this FTX contagion will drag the ecosystem; however, you can cypher an edge through frequent and constant reminders of news and analysis.
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Regulators & Legislators Eye FTX & SBF 👁👨⚖️
Following FTX and Alameda's bankruptcy, this week's press has been flooded with stories about several legislators' reactions to the collapse.
It began with the Bahamian Supreme Court approving liquidators for FTX assets to oversee and protect the interests of “clients, creditors and other stakeholders globally of FTX Digital Markets LTD.
It didn’t stop there as U.S. crypto investors sued Bankman-Fried and several celebrities promoting the exchange, including Tom Brady. The lawsuit claims that FTX used deceptive practices to sell FTX yield-bearing digital currency accounts.
The suit also cites that unregistered securities were unlawfully sold in the US, which inevitably will see the further introduction of the SEC into this.
As a reminder, this is not a trading signal or investment advice; it is an opinion, and each trader/investor should know and understand the risks of trading cryptocurrencies. This should not be regarded as financial advice; feel free to familiarise yourself with our NFA disclaimer.
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