In this edition of the Coinbase Institutional Monthly Reading List we present a roundup of Coinbase institutional trading intelligence articles, take a look at recent venture capital investments, cover the latest in institutional and blockchain news, and more.
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Institutional trading intelligence
Liquid Staking: Reconciling the stETH Price Gap In this report, we break down the principal drivers behind the stETH and ETH price divergence as well as discuss how such challenges are being addressed for the broader liquid staking market.
Polkadot (DOT): Interoperability Blockchain interoperability could be the key to a multichain future, but is still in the early stages of finding a secure solution. Learn how DOT tackles this problem.
Market impact vs order book liquidity We explore slippage costs for larger notional order sizes focusing on the four most liquid and regulated exchange venues: Coinbase, Kraken, FTX US, and Coinbase Prime.
Venture capital crypto watch
Andreessen Horowitz Launches Largest Crypto Fund Ever With $4.5B Venture capital behemoth Andreessen Horowitz (a16z) has raised the largest-ever crypto venture fund: $4.5 billion. The vehicle, the firm’s fourth, brings a16z’s total crypto and Web3 holdings to $7.6 billion.
Solana Commits $100M to Support South Korean Crypto Projects Solana will pump up to $100 million into South Korean crypto startups as it looks to penetrate a developer market still reeling from last month’s Terra ecosystem collapse with an emphasis on courting South Korea’s crypto games development sector.
Algo investment advisor Delphia secures $60 million in Series A round Algorithmic investment adviser firm Delphia secured $60 million in a Series A funding round led by crypto venture firm Multicoin Capital. Other participants in the round include Ribbit Capital, FTX Ventures, Valor Equity Partners, FJ Labs, Lattice Ventures, Cumberland, Thomas Bailey from Road Capital, and M13.
Crypto economy tracker
Key US Senators Introduce Crypto Bill Outlining Sweeping Plan for Future Rules Kirsten Gillibrand and Cynthia Lummis release the long-awaited strategy that favors the CFTC as a watchdog and wipes away tax worries for purchases of less than $200.
India 'Fairly Ready' With Crypto Consultation Paper, Government Official Says India is close to finalizing a consultation paper on crypto after consultations with organizations including the World Bank and International Monetary Fund (IMF), according to a government official.
Japan Passes Stablecoin Bill That Enshrines Investor Protection Japan became one of the first major economies to introduce a legal framework around stablecoins, the cryptocurrencies thrust into the global spotlight by last month’s collapse of the TerraUSD token.
New York’s Crypto Regulator Publishes Formal Stablecoin Guidance The New York Department of Financial Services (NYDFS), which oversees regulated crypto companies in the state, published its first stablecoin-specific guidance, listing a series of requirements that any issuer operating in the state must abide by.
Institutional & blockchain news
JPMorgan: Crypto Trumps Real Estate As ‘Preferred Alternative Asset Class’ Digital assets have replaced real estate as JPMorgan’s “preferred alternative asset class,” the bank said in a report Wednesday. The bank said in a report that the metaverse has a market opportunity of $1 trillion in yearly revenue as creators increasingly turn to Web3 to monetize their work.
Bitcoin mining difficulty increases by 1.29% The bitcoin network mining difficulty jumped back up by 1.29% on Wednesday after dipping more than 4% two weeks ago, according to data from BTC.com. That previous decline represented the biggest drop in mining difficulty since July of last year when miners were forced to shut down operations in China.