The First Crypto Bank: What Kraken Financial Will Do and How - Ep.143
Release Date: 09/18/2020
Unconfirmed
info_outlineUnconfirmed
Lea Thompson, aka Girl Gone Crypto, talks about what goes into producing her popular “The Crypto Minute” vlog, what initially got her into crypto, and her recent decision to quit her day job and go full time crypto. In this episode we discuss: what “The Crypto Minute” is all about, and all the crypto video content she produces (2:37) how Lea comes up with creative content such as wearing a whale costume to portray Microstrategy CEO Michael Saylor (5:04) how long it actually takes to create “The Crypto Minute” (6:36) what goes into producing “The Crypto Minute” and which family...
info_outlineUnconfirmed
Michael Moro, CEO of Genesis Global, discusses Tesla’s purchase of $1.5 billion in bitcoin and Genesis’s new unit: Genesis Treasury. He also talks about how demand has shaped Genesis’ bitcoin and crypto offerings over the years, which events have acted as catalysts for institutional demand, and what Genesis is expecting in 2021. In this episode Michael covers: The significance of Tesla allocating $1.5 billion to BTC (1:08) How Tesla’s purchase is a result of the evolution of the asset class and why this is just the beginning How Genesis got its start as a regulated BTC trading...
info_outlineUnconfirmed
Mira Christanto, research analyst at Messari, recently wrote a comprehensive report on the crypto scene in Asia. In this episode, she covers cultural differences in crypto trading between East and West, plus gives us the latest on the diverse regulatory landscape within this large region. Some topics covered in this show include: why Asia is an important geography in crypto why Asia dominates the crypto futures trading markets why DeFi fits better with Western culture, and centralized services are more respected in the East the state of regulation across the region what makes crypto...
info_outlineUnconfirmed
Sam Bankman-Fried, CEO and founder of FTX, describes what happened between the Subreddit Wall Street Bets and hedge funds around the stock of GameStop this week. In this episode, he covers: what happened with the stock of video game retailer GameStop this week what that says about how to value a stock how the traditional financial establishment reacted how the events in GameStop this week are similar to the way crypto markets operate how a crypto financial system could affect the ability of investors to do what the hedge funds did with GameStop — shorting more shares of the stock than...
info_outlineUnconfirmed
Gregory Pepin, deputy CEO of Deltec Bank and Trust, responds to allegations in a blog post by the pseudonymous Crypto Anonymous, that Tether is a "highly probably fraud." In this episode, he covers: how Deltec accounts for its reserves, and why they didn't show up on Crypto Anonymous's blog post where the dollars backing Tethers are held how Tethers get created where Tether Ltd. keeps its cash equivalents why there's more demand for trading with USDT than with USD partially because of the arbitrage opportunity between East and West how Tethers get created using Deltec why USDT gets...
info_outlineUnconfirmed
Meltem Demirors, chief strategy officer at Coinshares, and Nic Carter, general partner at Castle Island Ventures, join me at the Stacks conference to discuss Bitcoin layer 2s. In this episode, they cover: why layers 2s exist how layer 2s, such as payment channels like Lightning, work what kind of throughput layer 2s have how moving Bitcoin to layer 2 affects the price why people having moved $5 billion worth of Bitcoin to Ethereum how Bitcoin moving to Ethereum affects the price the most popular Bitcoin layer 2s Thank you to our sponsor! : Episode links: Meltem Demirors: ...
info_outlineUnconfirmed
Frank Chaparro, director of news at The Block, gives his predictions for what will happen in crypto in 2021. In this episode, we discuss: the big stories in crypto in 2020 how the market has changed in 2020 how the market differs from the 2017-2018 bubble what big traditional financial services firms and investment banks will do in crypto in 2021 how crypto exchanges will experiment with their fee structures how regulatory actions, such as the lawsuit against Ripple, will affect exchanges what might happen to privacy coins as regulators become more active what he expects to see from the...
info_outlineUnconfirmed
For the holidays, I'm doing two AMAs. In the second of two, I cover: privacy blockchains my thoughts on the STABLE Act whether or not Facebook's Diem will have a positive or negative impact on crypto what I miss from pre-COVID about the crypto community how we can use blockchain and crypto to weed our propaganda and fake news the best pick and shovel plays in crypto what distinguishes a journalist from an entertainer my thoughts on the state of media and journalism in the US Thank you to our sponsors! Blocknative: : Episode links: Meltem Demirors on privacy in 2021: Jessie...
info_outlineUnconfirmed
For the holidays, I'm doing two AMAs. In this first of two, I cover: how my book is going tips for aspiring podcasters what it's like being an independent journalist how I spent my time outside crypto if I send bitcoin to North Korea whether I own any crypto if I expect bitcoin will lose its weirdness as it becomes more widely adopted how much blockchain technology can disintermediate banks what black swans I see on the horizon for 2021 what trends I see for 2021 Thank you to our sponsors! Blocknative: : Links: My previous AMA: Whether North Koreans can benefit from...
info_outlineDavid Kinitsky, CEO of Kraken Financial, talks about Kraken's news that it is launching a bank, after receiving approval to form a special purpose depository institution (SPDI) from the state of Wyoming. He discusses:
- why Kraken decided to become a crypto bank, and what it will be able to do with this status
- how this status will affect the consumer experience for crypto users
- what kinds of crypto assets it will be able to deal with
- how quickly it will list coins, such as those DeFi coins that quickly balloon to billion-dollar market caps
- what its designation, special purpose depository institution (SPDI) means, and why that has special meaning for crypto users
- what "bailment" means, and why that's significant for crypto users interested in using a crypto bank and how that would affect users in the event any coins were stolen or lost
- how Kraken Financial's status as a crypto bank will affect the longstanding problem in the industry of obtaining and maintaining bank relationships
- how this overlaps and works in conjunction with other recent regulations that have affected the crypto industry, such as the OCC saying banks can custody crypto assets
- how its SPDI status will affect how Kraken Financial is regulated in New York State where the BitLicense is in effect
- why Kraken, which has a reputation for pushing back on what it deemed to be overreach by regulators, decided to pursue the SPDI
- how Kraken Financial will make money, despite keeping 100% reserves
- David's extensive background in cryptocurrency
- the timeline going forward for Kraken Financial
Thank you to our sponsors!
Crypto.com: http://crypto.com
Cosmos: http://five.hackatom.org
Episode links:
David Kinitsky: https://twitter.com/Kinitsky
Kraken: https://www.kraken.com/en-us/
Kraken announcement about Kraken Financial receiving the SPDI title from the Wyoming Banking Board: https://blog.kraken.com/post/6241/kraken-wyoming-first-digital-asset-bank/
CoinDesk story: https://www.coindesk.com/kraken-crypto-exchange-secures-bank-charter-under-wyoming-law
The Block story: https://www.theblockcrypto.com/post/77804/kraken-crypto-bank-launch-wyoming
Kraken Chief Legal Officer Marco Santori tweet storm on the significance: https://twitter.com/msantoriESQ/status/1306236234675740672?s=20
Previous episode of Unchained on crypto friendly regulations in Wyoming: https://unchainedpodcast.com/eth-denver-fireside-chat-with-2-of-the-most-crypto-friendly-governors-in-the-nation/
OCC allowing banks to offer cryptocurrency custody services:
https://www.coindesk.com/us-banking-regulator-suggests-federal-licensing-framework-for-crypto-firms
https://www.coindesk.com/banks-in-us-can-now-offer-crypto-custody-services-regulator-says
https://www.coindesk.com/occ-crypto-custody-years
Conference of State Bank Supervisors’ new regulatory regime: https://www.reuters.com/article/us-usa-regulators-crypto/u-s-crypto-fintech-firms-to-benefit-from-slimmed-down-regulatory-process-idUSKBN2661OA
Links from news recap:
https://unchainedpodcast.com/half-a-billion-dollars-overnight/