On The Brink with Castle Island

Matt and Nic return for deals and news of the week. In this episode:  Chainalysis Geography of Crypto adoption Jamie Dimon comes out against crypto – again Our vote for Time Person of the year The AICPA announces their stablecoin attestation framework Do Kwon is being extradited to the US Nubank is getting into crypto Rep McHenry is retiring Content mentioned in this episode: Chainalysis Global Crypto Adoption Index It’s all a Game by Colleen Sullivan Sponsor notes: Coin Metrics STATE OF THE NETWORK—State of Stablecoins:Signs of Returning Liquidity In Coin Metrics State of the Network Issue 236, we look into stablecoin supply, usage, adoption and key trends in market evolution

Kim Grauer, director of research at Chainalysis, joins the show to talk about their 2023 Geography of Crypto Adoption report. In this episode:  The difficulty of ascertaining reliable illicit finance data for crypto Why Chainalysis started publishing the Geography of Crypto report Why emerging markets dominate in terms of crypto adoption How Chainalysis devised their methodology What the variables in their index mean Potential sources of error or noise in the data How Chainalysis overlays internet traffic data with blockchain data to determine usage on a country by country basis Top countries on the index and changes from prior years Evidence for cryptodollarization What variables correlate with crypto adoption globally Countries with positive year/year growth in crypto adoption Content mentioned in this episode: Chainalysis, The 2023 Global Crypto Adoption Index

Ruud Smets and Marc de Kloe of Theta Capital join the show. In this episode we discuss: Theta’s initial foray into the world of blockchain focused venture funds and hedge funds. The process of educating institutional limited partners on this emerging technology. How the Theta team segments the investable opportunities in the blockchain industry. Views on fund capacity and securing allocations in promising managers. Views on co-investment opportunities and how Theta has approached these opportunities. Promising trends for 2024. The Legends4Legends conference and plans with the event going forward. To learn more about Theta Capital visit thetacapital.com

Nic and Matt return for news and deals. In this episode:  CZ must stay in the US until sentencing The SEC is looking into Binance US In kind versus cash creations for ETFs The Major Questions Doctrine FDIC scandal keeps rumbling Is there a world where GBTC doesn’t get converted? Elizabeth Warren versus Subway Content mentioned in this episode: Austin Campbell tweet on Treasury letter Coin Center blog on Treasury letter Fortune, Gary Gensler has remade the SEC into a crypto nemesis and climate warrior. Now a backlash is brewing Sponsor notes: Coin Metrics STATE OF THE NETWORK—Dollar-Cost Averaging Portfolio In Coin Metrics State of the Network Issue 235, we delve into the dollar-cost averaging strategy in the digital asset market, emphasizing the need for informed investment choices

Vivek Ramaswamy is a Republican candidate for President in 2024. In this episode we sit down to dig into his crypto policy proposals:  Vivek’s keynote in Ft Worth Vivek’s crypto platform and how that derives from his convictions Vivek’s view on Bitcoin mining Is Choke Point 2.0 real? Is banking a utility? ‘Choke Point 6.0’ and how it goes beyond just crypto and banking Does the suppression of speech have a technological solution? Can public blockchains actually be supportive of the US Dollar? Further resources: Vivek2024.com Vivek’s Speech in Ft. Worth: “Three Freedoms of Crypto Policy”

Matt and Nic return for a Thanksgiving episode. In this edition:  Fidelity files for an ETH spot ETF The SEC sues Kraken Javier Milei wins – and prospects for dollarization Stablecoins versus dollar liabilities in emerging markets Prediction markets do well in the Argentine election We digest the OpenAI scandal and reflect on corporate governance Do we need a new McCarthyism directed at effective altruists? CZ settles with the DoJ and the CFTC over BSA and OFAC violations Binance appears to be solvent thanks to their Proof of Reserve Where the Binance settlement leaves the industry Tether supply hits $88b Bhutan is mining bitcoin Sponsor notes: Coin Metrics STATE OF THE NETWORK— Checking On-Chain Indicators for Green Shoots in the Digital Assets Market In Coin Metrics State of the Network Issue 234 we present a selection of indicators that offer us insights against the backdrop of a recent surge in valuations within the digital assets ecosystem.

We sit down with Mike Cahill, CEO of Douro labs, to talk Pyth’s retroactive airdrop and launch. In this episode: A brief history of Pyth What was the problem with legacy oracles before Pyth How is Pyth is technically differentiated from other oracles The importance of introducing confidence intervals into prices How does Pyth achieves cross chain data delivery Disintermediation in the oracle market Major proof points that convinced Mike that Pyth could work Pyth’s traction on various chains Which blockchains Pyth does particularly well on Mike addresses the ‘collusion FUD’? Why Pyth oracles are not like LIBOR How the Pyth retrospective airdrop works What’s happening with Pyth governance on a go forward basis? Further reading:  Pyth, How the Retrospective Airdrop works On The Brink ep. 364, Solving The Oracle Problem

Matt and Nic are back with another week of news and deals. In this episode:  Tail risks with the Bitcoin ETF Are SBF’s parents off the hook? The FDIC is embroiled in scandal Should Marty Gruenberg step down? Tokenized bank deposits versus stablecoins What’s wrong with the third party doctrine SAB121 under pressure Content mentioned in this episode: Fidelity Digital Assets, Understanding Proof of Work The WSJ, Strip Clubs, Lewd Photos and a Boozy Hotel: The Toxic Atmosphere at Bank Regulator FDIC Whip Emmer Letter to Treasury regarding Hamas crypto financing Sponsor notes: Coin Metrics STATE OF THE NETWORK—November Rally Reaches New Corners of the Digital Asset Market In Coin Metrics State of the Network Issue 233, we delve into the primary beneficiaries of the recent market rally and explore diverse avenues channelling this momentum

The boys join forces with Alex Thorn of Galaxy Brains for a special live episode at the Pubkey bar in NYC. In this episode:  Galaxy's Beimnet Abebe joins for market color Bloomberg's James Seyffart opinions on Bitcoin ETF prospects  The WSJ/Hamas affair Audience Q&A  With special thanks to the Galaxy team for organizing and Thomas Pacchia for hosting

Anthony DeMartino, the co-founder and CEO of Trident Digital joins the show. In this episode we discuss: Anthony’s background in the banking industry and his path to founding Trident Digital. Digital asset lending markets and how Trident is innovating in this category. Trident’s US Treasury product and how he is going to market. The state of the U.S. banking system and the status of the FDIC insurance fund. The potential impact of Commercial Real Estate on the banking sector. Chokepoint 2.0 and the regulatory landscape in the USA. To learn more about Trident Digital visit their website.

Matt and Nic return for another episode of news and deals. In this episode:  WSJ bounty updates Will Euro stablecoins take off? SBI and Standard Chartered start a crypto infrastructure fund SEC opens talks with Grayscale over the GBTC conversion Kraken is exploring the creation of an L2 SEC staff can’t own crypto FTX 2.0 prospects CME OI flippens Binance Nouriel Roubini is launching a token Sponsor notes:  Coin Metrics STATE OF THE NETWORK — Ethereum Staking through the Lens of Lido  In Coin Metrics State of the Network Issue 232, we dive into Lido—the largest player within the staking economy—and understand the state of its liquid staking token (stETH), governance token (LDO) and underlying node-operator composition.

Adam Guren, the founder and Chief Investment Officer of Hunting Hill joins the show. In this episode we discuss: Adam’s career journey and the path that led him to found Hunting Hill in his late 20s. How he discovered cryptocurrency and the initial digital asset products that he traded. The initial market structure for trading closed end digital asset products and the challenges that it presented. Views on the prospects of a Bitcoin ETF and the impact that it will have on the market when approved. The prospects of a spot ETH ETF. An overview of Hunting Hill today, including a deep dive on Hunting Hill Digital. The opportunities for distressed investors in today’s market. Hunting Hill’s efforts with Versifi and Base Layer Ventures. To learn more about Hunting Hill visit their website.

Devin Walsh, executive director of the Uniswap Foundation joins the show. In this episode: Proposing and setting up the Uniswap Foundation The Foundation's priorities and role in growing the Uniswap ecosystem Uniswap v4 hooks as a new primitive for developers to unlock efficient innovation Supporting developers and researchers on Uniswap via grants Fostering education and participation in governance  

Matt and Nic return for another week of news and deals. In this episode: What happened to mimblewimble Where Nic’s bounty program stands What’s the deal with Binance’s proof of reserve? The SEC takes down Safemoon Hester Pierce criticizes the SEC’s approach to LBRY Did the SEC violate the administrative procedures act by issuing SAB121? The SEC comes from Paypal How will MSTR fare post Bitcoin ETF? Did Do Kwon commit fraud or did he really believe in UST? We would like to buy the FTX tungsten cube Sponsor notes: Coin Metrics STATE OF THE NETWORK — Unpacking the Forces Behind the Market Rally In Coin Metrics State of the Network Issue 231, we focus on both spot and derivatives markets to explore forces driving the recent market rally

Brandon Mulvihill the co-founder and CEO of Crossover Markets joins the show. In this episode we discuss: Brandon’s career in the FX industry and the path to founding Crossover Markets ECNs and how this market structure came to evolve in the FX market The opportunity to bring ECNs to the digital asset market The CrossX platform and how this product is impacting the digital asset trading landscape Crossover’s partnership with Hidden Road in launching Route 28 The evolution of the digital asset market structure and how non-custodial trading is evolving The regulatory landscape and the jurisdictional decisions that went into establishing Crossover Markets To learn more about Crossover Markets visit their website and follow the company on X.  

Hong Fang, President of OKX, joins the show to to announce their twelfth consecutive monthly Proof of Reserve attestation and to discuss how their PoR implementation has changed over time. Covered in this episode: OKX’s brand refresh Why OKX chose to launch their monthly PoR attestations a year ago The importance of PoR today and who is asking for it Which PoRs they looked at for inspiration How OKX evolved the procedure from inception to now The move from merkle liabilities to ZK PoL The PoR security model and how many users need to check for it to be valid Handling issues like margin, leverage, and negative balances in their attestation The relationship between Proof of Reserve and conventional audits Future directions in PoR and ways to improve Technical PoR versus audit-enhanced PoR and the role of an auditor Attacks on PoR and mitigations Common criticisms of PoR Why numerous exchanges need to do PoR for it to work overall Content mentioned: Nic Carter on Medium, The Status of Proof of Reserve as of

Seth Priebatsch, the founder and CEO of Groma joins the show. In this episode we discuss: Seth’s entrepreneurial journey, including the founding story of LevelUp. His ambitions with the founding of Groma, a company building a real-estate backed cryptocurrency. The tokenization of real-world assets, including the steps that Groma is taking to launch a REIT security that will be represented on-chain. The choice to focus on multi-family-residential property as the initial backing of the Groma REIT. The regulatory landscape for digital asset securities in the United States. The prospects of other categories of real-world-assets and their eventual representation on-chain. To learn more about Groma, visit their website or follow Groma on X. Links mentioned: Groma on Republic. For a preview of the Groma whitepaper email whitepaper@groma.com

Matt and Nic return for a big week of news and deals. In this episode:  Has there been a vibe shift?  Sen Tillis and Hickenlooper introduce the PROOF Act Is there a lack of crypto-native auditors?  Liz Warren's plan to interfere with crypto audits  What's going on with the WSJ, Warren's letter, and Hamas' crypto donations?  The WSJ is refusing to update their claims  ETF momentum is picking up  What explains the move in Bitcoin this week?  SBF is going to testify  Content mentioned:  Sen. Tillis' office, The PROOF Act introduced Jeff John Roberts in Fortune, The Wall Street Journal and Liz Warren double down on the Hamas crypto canard Nic's WSJ/Hamas bounty campaign Elliptic, Setting the record straight on crypto crowdfunding by Hamas Elizabeth Warren letter to the White House   Sponsor notes:  Coin Metrics STATE OF THE NETWORK — Navigating the Liquidity Landscape: Insights into Digital Asset Markets  In Coin Metrics State of the Network Issue 230, we examine trends in liquidity and volume ac

Mike Higgins of Hidden Road joins the show. In this episode we discuss: Mike’s career and the path to joining Hidden Road Overview of Hidden Road and the prime brokerage category The market structure for digital asset trading and settlement The launch of Route28 and the value proposition for institutional customers The regulatory landscape and the path that Hidden Road has pursued for licensing across the world Institutional adoption in 2024 Further reading:  Learn more about Hidden Road  Learn more about Route28

Amanda Tuminelli of The DeFi Education Fund joins the podcast. In this episode we discuss: Amanda’s background and path to joining The DeFi Education Fund The IRS “broker” rulemaking process and its potential impact on DeFi The SEC’s “Exchange” rulemaking process DEF’s amicus briefs on SEC vs. Coinbase Patent trolls in the DeFi ecosystem Links to content discussed on this episode: protectdefi.org IPR Petition (Patent Case) "Exchange" Rulemaking Comment Letter  DEF's Amicus Brief in SEC v. Coinbase To learn more about The DeFi Education Fund visit: defieducationfund.org/