With the market still going sideways, many would expect the crypto landscape to be at standstill. But that's not the case. With exciting new projects, lots of funding activities and more, there's a lot to unpack from everything that happened the last week. Let's begin.
1️⃣ Coin flip - Coinbase thrived when cryptocurrencies crashed. Can it take the blockchain back to the mainstream?
You might get bored of reading about Coinbase almost every week in this newsletter, but the biggest company in the industry is doing lots of stuff to get its mention. Last week, it announced a new listing process for coins, hinting that users might buy a lot more digital currencies in the future. Then there's Coinbase Bundle, which makes it dead simple for buyers to sample five cryptocurrencies (BTC, BCH, ETH, ETC, and LTC) for as low as $25. Last but not the least, the company has also rolled out Coinbase Learn to educate about this space in an easy-to-understand manner. And if all this wasn't enough, Coinbase Prime partnered with Caspian to make it easier for institutional investors to invest.
Related read: Coinbase wants to be too big to fail
If you were wondering how venture capitalists are planning to navigate the world of cryptocurrencies - instead of simply participating in ICOs or getting an equity - then the last week was a great example. a16z Crypto announced that it has purchased 6 percent of the total supply of popular stablecoin MakerDAO for $15million. The VC firm also got a discount of almost 25 percent while purchasing these tokens, and interestingly, it already held tokens worth $12million beforehand. While a16z has described its investment thesis well, it's but natural that such a move will trigger a lot of analysis and reactions. MakerDAO's founder Rune Christensen has tried his best to answer some questions on Reddit, and he was also on [Laura Shin's Unconfirmed podcast detailing this deal](Rune Christensen of MakerDao on its $15 Million From Andreessen Horowitz ).
Related tweetstorm: https://twitter.com/Melt_Dem/status/1044217806043181057 Related reads: We talk about blockchain governance, so why not blockchain politics? and Maker gets backing from a16z Crypto, but the move raises questions
💥 What's the buzz! #1
After so many rumours and speculations, Bitmain has finally filed for an IPO in Hong Kong. As can be expected, the filing prospectus allowed for a lot of analysis of the mining giant's profits and more. Coindesk has done a great job of putting that into numbers, while this article traces the history of Bitmain.
Related read: Unboxing Bitmain’s IPO (Part 2)
Related tweetstorm: https://twitter.com/katherineykwu/status/1045059356994269184
One of India's earliest - and biggest - cryptocurrency exchange has just announced that it'll shut down its trading service. The move comes as a surprise, but considering the regulatory uncertainty in the country, it's understandable. Zebpay has confirmed that users can continue holding on to their assets, but they won't be able to trade.
💥 What's the buzz! #2
While we're on the topic of stablecoins, Circle also launched its dollar-pegged coin, aptly dubbed USDC (USD Coin). It'll be available to trade on Circle's Poloniex exchange as well as partner exchanges like KuCoin, OKCoin, etc. Since the USDC is based on ERC-20 standard, wallets have also announced the support for the same.
Related read: Shining light on the state of stablecoins
Many suggest that the best way to expand Bitcoin's capability is to utilise sidechains, which will add the functionality, without crippling the underlying blockchain. And one of the first such ideas has now gone live via testnet. Dubbed Drivechain, it'll work just like custom tokens designed to work on Ethereum.
Related listen: https://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-377-sidechains-drivechains-and-the-apple-store
💥 What's the buzz! #3
⚡️ Check this out
💩 Security check: hacks and scams
Related read: The anatomy of Bitcoin Core’s recent bug
💥 What's the buzz! #4
👓 More awesome stuff to read
👉 How Block.one founder Brendan Blumer went from magic swords to the world's biggest initial coin offering
💥 What's the buzz! #5
Related tweetstorm: https://twitter.com/jchervinsky/status/1045093084374212608
💥 What's the buzz! #6
💎 Hidden gems
Termed as the forensic firm for blockchains, Chainalysis has been doing analysis the Bitcoin activity, which reveals some interesting insights. Now it has updated the data till August 2018, suggesting that due to the market conditions, most people have held on to their asset.