Crypto Weekly Update #8 - 13/04/2021
This week has been largely dominated by the Coinbase on the 14th. Currently, we are less than 24 hours away from Coinbase going public via a direct listing on the Nasdaq. The valuation for $COIN has ranged from a modest $10 billion to an eye-watering $180 billion, with analysts saying that the listing represents a watershed moment for the crypto space. Given the revenue of Coinbase exceeds big players on Wall Street, this listing offers a way for investors to have exposure to the cryptocurrency market. It also motivates regulatory bodies to work together with cryptocurrency companies to establish some fundamental principles moving forwards.
Elsewhere, there was some strong news for Ethereum, with JP Morgan, Mastercard, and UBS leading a $65 million raise of funds to invest in blockchain software company ConsenSys. This round of funding will help the company expand its network infrastructure to enable more dapps on Ethereum. ConsenSys will also be competing with Flow in the upcoming months and years, with a new layer-two NFT platform under development.
Lockheed Martin, aerospace and defence contractor for the US, signed an agreement with SyncFab, in a deal where the latter will provide the former with direct access to its supply chain platform and procurement network for parts. Built on top of SyncFab's blockchain, this allows Lockheed to compete for long term logistics deals with bigger companies than before. Back in 2018, SyncFab worked with the US Department of Energy to help deliver clean energy to San Leandro, San Francisco and Oakland, in California.
After the reasonably dull month of March, it appears the crypto market has taken over from where it left off in February. Perhaps due to the impending Coinbase listing, there was a strong Bitcoin rally today, with the price hitting all-time highs ($63k), alongside Ethereum doing the same ($2.2k) ahead of the Berlin hard fork. The Nexo token has also performed very strongly in recent days, with it smashing past $3 per token and reaching for $4.
Another coin to have performed strongly is VeChain (VET), a blockchain project trying to streamline the supply chain sector. They've recently introduced some well received news, including a partnership with Salesforce, as well as a reduction in the base gas price for the transactions on the network, leading to 99% cheaper transactions. The one that got away.
Weekly Change: +13.28%
Monthly Change: +23.32%
All Time Change: +189.38%
I invested in a small-cap project this week, called Litentry. It is a project trying to solve the decentralised identity and data management problem, using cross chain data aggregators. Build on Substrate, it is aiming to secure a valuable Parachain slot in the Polkadot ecosystem. The actual tech is a bit complex to explain, but the tokenomics are strong and the team behind the project are experts as well.
After doing a bit more digging on SLT, it definitely has promise. The mainnet has yet to launch (end of April), so it seems to be a perfect window of opportunity. SingularityNET and Fetch.ai are also very enticing projects in the world of AI and tech.
For now though, it may be worth just enjoying the ride.