Reading time 4m30s
Hello, good morning, bienvenue to all the Bitcoiners, traders, NFT bros, and HODLers — welcome to Tokengraph, the hub for all things crypto and Web3.
Coming up today…
- Coinbase Launches Crypto WaaS Toolkit
- Silvergate Shutting down for Good
- Jimmy Fallon Getting out of Yuga Case?
- Planet Hollywood: New NFT Club
- The Vitalik-Signed NFT Collection
There’s a new crypto wallet in town, and it has one purpose — to help drive mass adoption.
Coinbase has announced its newest product: a Wallet-as-a-Service (WaaS) toolkit. This is more than just a standard crypto wallet — it’s a set of tools that empowers organizations to create their own custom crypto wallets and smoothly onboard their customers.
3/ You can onboard to Coinbase Cloud today by visiting and clicking "Get Started"
— Brian Armstrong (@brian_armstrong)
Mar 8, 2023
Zach Segal, Head of Listings at Coinbase, said this regarding the product release in a Linkedin post: “WaaS has potential to bend the curve of global crypto adoption, helping to usher in 1B users.”
He went on to say that wallets created through Coinbases WaaS “can be integrated directly inside existing apps (like the ones you know and love), enabling a seamless mass transition to web3.”
On a practical level, this WaaS toolkit aims to solve some of the biggest issues that companies face when it comes to incorporating crypto wallets into their apps and products — namely, users losing their wallet keys, costs of implementing the technology, and the complexity that comes with integrating it as well.
One of the largest barriers to entry in Web3 for both organizations and users alike has always been the complexity of the technology and the difficulty of onboarding customers. This new Coinbase wallet service could change the game entirely.
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This may not come as a surprise to anyone, but it’s still historic news: Silvergate Capital Corporation is officially liquidating Silvergate Bank.
JUST IN: Silvergate Capital $SI to shut down operations and liquidate the bank.
— Watcher.Guru (@WatcherGuru)
Mar 8, 2023
Yesterday, Silvergate Bank’s parent company announced that “in light of recent industry and regulatory developments,” it’s going to “wind down operations” for its bank. They’re planning for the “full repayment of all deposits.”
BREAKING: Silvergate will liquidate and cease operations. The stock is down 32% after hours.
— Genevieve Roch-Decter, CFA (@GRDecter)
Mar 8, 2023
The company’s stock has continued to tank even more than it initially did when the news broke that Silvergate had delayed the filing of its 10-K with the SEC, which is a document that provides insight into a company’s financial wellbeing.
Silvergate Capital, $SI, is liquidating its bank.
Many shorted $SI nonstop, with only 10% calls.
Yet two traders opened up NEW heavy put positions today + yesterday in $SI $2 strike and $SI $4 strike expiring in 9 days.
They likely will have made 500% tomorrow.
— unusual_whales (@unusual_whales)
Mar 9, 2023
Shortly after Silvergate’s decision to liquidate itself, companies began simultaneously tweeting their condolences and distancing themselves further from the firm, assuring users that they weren’t exposed to Silvergate financially.
Update: We’re sorry to see Silvergate make the tough decision to wind down their operations. They were a partner & contributors to the growth of the cryptoeconomy. Coinbase has no client or corporate cash at Silvergate. Client funds continue to be safe, accessible & available. twitter.com/coinbase/statu…
— Coinbase (@coinbase)
Mar 9, 2023
JUST IN: #Binance CEO says they do not have any losses from Silvergate Capital shutdown, and all funds are safe.
— Watcher.Guru (@WatcherGuru)
Mar 9, 2023
Silvergate was the first crypto bank, and its liquidation marks the end of an era in the crypto industry. Thankfully, we’re seeing exchanges like Kraken pick up the torch where Silvergate left off — earlier this week, Kraken announced that it’s planning to launch its own crypto bank in the US soon.
There are 3 main types of blockchains. Which of the following answers is not one of them?
Scroll down to the bottom to see if you're right!
Other Top Stories Today 📢
The host of The Tonight Show has been served a subpoena (an order to appear in court) in the ongoing Bored Ape Yacht Club (BAYC) trademark case, and his lawyers are now asking for the subpoena to be dropped. Their reasoning is that although Fallon did buy a BAYC NFT and talk about it on the show, he doesn’t have any connection to the case or to the creator of the “copycat” BAYC collection created by Ryder Ripps that led to the lawsuit in the first place.
Venture capital firm Animoca has partnered with Planet Hollywood, a mainstay of LA culture, to create “Club 3,” a new NFT club for digital identity, community, and commerce based out of LA. The club will have a physical location and members-only access. You’ll be able to mint an NFT (or buy on the secondary market) with either a Founding, Social, Global, or Corporate Membership, and the perks and privileges are different for each. The club will have a restaurant, cocktail lounge, meeting rooms, bars, and karaoke, too.
“The Quadratic Funding Collection,” a series of NFTs created by Metalabel, has seen a huge increase in trading volume over the past 24 hours ($7M) after a relatively quiet minting process. That’s because Crypto Twitter only realized after the mint that each NFT in the collection includes a copy of a 2018 whitepaper called “Liberal Radicalism: A Flexible Design for Philanthropic Matching Funds” — signed by Vitalik Buterin, Glen Weyl, and Zoë Hitzig.
The purpose of the collection is to celebrate quadratic funding, a model for funding that prioritizes the amount of collaborators that have contributed to a project rather than the sheer amount of capital that one person has pledged. Each NFT in the collection also included two essays about quadratic funding by Kevin Owocki and Scott Moore, co-founders of Gitcoin.
❓ Trivia Answer
A DAO is a decentralized autonomous organization, not a type of blockchain. Public blockchains allow everyone to participate, Private blockchains only allow certain people to use them, and consortium blockchains have strict controls on their consensus mechanisms (Proof-of-Stake, Proof-of-Work, etc.) — only certain nodes are allowed to participate.`
Web3 Resource of the Day
What is a Cryptocurrency Wallet? (3 Types + Key Examples) | Podcast from The Scoop
So, you’ve read all the hype about Coinbase’s new Wallet-as-a-Service product, and you understand that it could change the entire landscape of crypto as far as adoption’s concerned — but if you’re wondering how wallets even work in the first place, know this: 1) You’re not alone, and 2) We’ve got you covered. In this quick, engaging video, Whiteboard Crypto explains the technology behind crypto wallets in a very approachable, digestible way, covering three main wallet types: software, hardware, and paper wallets.
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DISCLAIMER: This is not financial advice. This newsletter is strictly educational and is not investment advice to buy or sell any assets or to make any financial decisions. Do your own research.