Genesis bankruptcy 🏦, Circle cross-chain transfers 🪙, the Echo Bubble Thesis 📈
Daily Crypto & Blockchain Update 2023-01-23
Crypto
Gemini, Hedge Funds, and a DeFi App: Bankrupt Genesis Reveals List of Creditors (3 minute read)
Genesis' recent Chapter 11 bankruptcy filing revealed the company's largest creditors. The filing revealed over $3.6 billion of debt. Gemini is Genesis' largest creditor, with a disputed debt of around $765.9 million. Its other top creditors include Mirana Corp (~$151.5 million), Moonalpha Financial Services Limited (~$150 million), Coincident Capital (~$112 million), and Donut (~$78 million).
Ex-FTX.US Head Raises $5M for Startup Months After Exchange's Collapse (2 minute read)
Former president of FTX.US Brett Harrison has raised $5 million for a new crypto startup called Architect. The new startup will build trading software tailored towards large investors and institutions. It plans to launch its product in the second quarter. Harrison struggled to raise funds due to his past association with FTX. He says that he was not a part of FTX's scheme and that the criminal activity was concealed from him and the executives at FTX.US.
Axie Infinity’s AXS surges despite its upcoming unlock
Play-to-earn giant Axie Infinity's AXS cryptocurrency has rallied 40% over the past 24 hours to a four-month high of $13.94 despite the impending unlocking of millions of dollars’ worth of tokens.
Blockchain
Circle's Cross-Chain Transfer Protocol (Twitter Thread)
Cross-Chain Transfer Protocol (CCTP) is a permissionless on-chain utility that can burn native USDC on a source chain and mint native USDC of the same amount on a destination chain. It can be embedded into apps to give users a capital-efficient way to transfer USDC across chains. The CCTP smart contract is designed to allow composability of additional functionality. It can be used to build novel cross-chain apps while abstracting complexity away from users.