The Scoop

The cryptocurrency market continues to exhibit signs of volatility. As such, Genesis Global Trading – an institutional over-the-counter cryptocurrency trading and lending firm – decided to hit the pause button on credit extension amidst the coronavirus-tied market chaos. Recently, Genesis has started to extend credit on a client-by-client basis but is acting gingerly in the market it helped pioneer – at least for a few weeks to figure out where the crypto credit market stands.Moreover, while Genesis pulls back, its rivals have been willing to give out loans at significantly reduced collateral. In this episode of the Scoop, Genesis CEO Michael Moro discusses the firm's rationale behind these critical decisions, a recent phone call it received from its regulator FINRA, and how the need for employees to work remotely has impacted its business. Episode 11 of Season 2 of The Scoop was recorded remotely with Frank Chaparro, Ryan Todd and Michael Moro, CEO at of Genesis Global Trading and Genesis Capital. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Play, Stitcher, or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com

As markets whipsaw amidst uncertainty surrounding the economic and health impacts of the coronavirus, the pipes and plumbing of our financial system, for the most part, has held up. That is even as legions of bankers, traders, and financial services professionals are forced to hunker down in their homes. Last week, there was one exception, however. A reported ransomeware issue at a little-known payments processor caused headaches across mid-sized banks across the country, making it difficult for certain Fedwire wires to execute.Silvergate, which banks for more than 800 cryptocurrency firms, was one of the firms that had issues with inbound Fedwire transfers. In this episode of The Scoop, Silvergate CEO walks us through the outage, the underpinning of banking and the Fedwire, and the firm's plans for 2020.

Many have tried to launch a bitcoin-tied ETF, but all have failed. Bitwise Asset Management is one such fund manager, which had its proposal for a bitcoin-linked fund shot down by the Securities and Exchange Commission in January. Indeed, the fight for a bitcoin ETF dates all the way back to the Winklevoss' attempt to launch one with Cboe. The idea behind an ETF is that it would offer an onramp for investors who want exposure to bitcoin but are uninterested in holding the coins themselves. In this episode of The Scoop, Bitwise COO Teddy Fusaro joins us to discuss the elusive bitcoin ETF. In addition Fusaro and The Block's Frank Chaparro discuss: The history of the bitcoin ETF  The reasons why regulators aren't keen on approving one, such as market manipulation and the lack of cross-exchange market surveillance  How demand for a bitcoin ETF has translated into a premium for Grayscale's GBTC product and how traders can cash in on the premium A deep look at Bitwise and why Fusaro views it as an asset-manager and educator in the crypto market that unearths "hard truths" Fusaro harkens back on his Rhode Island, Italian heritage as he shares his favorite Italian delicacy with Chaparro Episode 9 of Season 2 of The Scoop was recorded at The Block offices with Frank Chaparro and Teddy Fusaro, COO at Bitwise. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Play, Stitcher, or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com

State Street, one of the largest custody banks in the world, has yet to launch a service to store crypto assets but that doesn't mean it is actively involved in the digital asset market. Leading the charge is Jay Biancamano, Managing Director of digital product development and innovation at the firm.Biancamano has had his finger on the pulse of all things market structure, having previously worked at trading technology firms like ITG, Liquidnet, and Fidessa. So he has seen the shift to electronic trading take place in U.S. equities. On this episode of The Scoop, Biancamano and The Block's Frank Chaparro explore how the digitization of assets will transform the trading landscape. In this episode we look at State Street's partnership with Gemini on cryptocurrency trade reporting The five key trends to watch has markets shift from electronic to digital The relevance of the Morgan Stanley/E*Trade deal to the crypto market Why stocks aren't going to tokenize as soon as some pundits might think  Episode 8 of Season 2 of The Scoop was recorded at The Block offices with Frank Chaparro and Jay Biancamano, Managing Director at State Street. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Play, Stitcher, or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com

To the bemusement of some XRP bears, crypto exchange Bitso captured attention earlier this year with news that it captured over 2% of Mexico's remittance market.  Indeed, the ability to quickly and seamlessly send money across borders has long been one of the touted benefits of cryptocurrencies, but Bitso's surge has stood out among its rivals. XRP/Peso volume growth has surged over the past 5-months, while volumes on the whole declined.  In this episode of The Scoop, Bitso CEO Daniel Vogel walked The Block's Frank Chaparro through its business. We also examine: Why Vogel thinks Bitso can capture 20% of the Mexican remittance market by the end of the year (the equivalent of over $100 million a week) The crypto landscape in Mexico and Latin America and the reason why it boosts "crazy" adoption metrics What traditional financial-services companies in Mexico can learn from crypto-native firms like Bitso about the digitization and democratization of finance The catalyst behind the growth of its XRP-powered remittance business Episode 7 of Season 2 of The Scoop was recorded on January 21 via Skype with Frank Chaparro and Daniel Vogel, CEO at Bitso. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Play, Stitcher, or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com

Crypto custodian Anchorage emerged from stealth in January 2018, unveiling a new type of custody solution aimed at toppling incumbents like BitGo and Coinbase.Backed by Andreessen Horowitz and Blockchain Capital, the firm has locked down $57 million in venture capital to build out a faster alternative to cold storage solutions. Leading the firm's regulatory and policy efforts is Katie Biber, a legal professional who once served as the GC for Romney's presidential campaign.On this episode of The Scoop, The Block's Frank Chaparro and Bieber explore: Anchorage's review process in determining whether or not to list an asset The importance of transitioning from state by state regulatory framework to a unified federal framework Why the absence of enforcement action has made it harder for companies understand what law is, or is not Why Anchorage expected major regulatory pushback against The Libra Association, and why this is not necessarily a bad thing Episode 6 of Season 2 of The Scoop was recorded on January 21 at The Block offices with Frank Chaparro and Katie Biber, General Counsel at Anchorage. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Play, Stitcher, or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com

Blockchain.com is one of the oldest companies in the crypto world. Best known for its consumer wallet business, the firm has expanded into new verticals over the past year, launching an exchange, institutional lending, and over-the-counter trading businesses.On this episode of The Scoop, Blockchain.com CEO Peter Smith joined The Block's Frank Chaparro to discuss: how the firm has leveraged its 40 million wallet accounts to break into new segments the size of the non-custodial market versus the custodial market The crowded crypto exchange space  Facebook Libra Episode 5 of Season 2 of The Scoop was recorded at Blockchain.com's New York office with Frank Chaparro and Peter Smith, Founder and CEO at Blockchain.com. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Play, Stitcher, or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com

Facebook's Libra sent shockwaves through Washington D.C. when it was announced with much fanfare last summer. Indeed, it sparked a conversation among policymakers and legislators about the benefits of cryptocurrency, and stablecoins specifically, as well as broader questions about what money is and the implications of a Facebook rival to the U.S. dollar. Since this summer, a number of countries have announced their intentions to digitize their own sovereign currency. In China, the country has ramped up its own efforts to launch a blockchain-based version of their currency. None of this is going unnoticed on the Hill and on this most recent episode of The Scoop, Perianne Boring explores why concerns about China are driving lawmakers to focus on the space.In this episode we discuss: The history of blockchain and cryptocurrency policywork in the US China's 84 blockchain patents and its plans for a digital currency  Lawmakers concerns about China being the leader in blockchain and central bank digital currencies Former CFTC chair Christopher Giancarlo's plan for a digital currency  

Launched in May 2019, crypto exchange FTX has showcased the breakneck growth of the burgeoning market for digital asset derivatives. The Binance-backed firm is known for its diversity of products, offering trading of futures tied to dozens of cryptocurrencies. Recently, following the lead of firms like Bakkt, CME, and Derebit, FTX launched options, a derivative product that offers the option traders to purchase bitcoin at a certain price at a predetermined point in the future. Indeed, options have been a hot topic in crypto given recent activity. In this episode of The Scoop FTX CEO Sam Bankman-Fried and The Block's Frank Chaparro discuss: How derivatives and options markets are developing differently in Asia versus the US, where regulated exchanges like CME Group dominate FTX's unique approach to bitcoin options and other derivatives products  Whether Asian-based exchanges are exposed to potential regulatory risks  Why FTX will likely slow down its rolling out of new product The risks of launching derivatives on low volume crypto assets

When Tagomi came out of stealth mode in 2018, the need for a crypto prime broker was a commonplace talking point in the digital asset world. An independent broker, sitting in between the spine-tingling market and investors, would help lure larger asset managers to bitcoin, pundits said. Indeed, two years later even Tagomi has been disappointed by the lack of asset managers in the market and their focus on best execution, although important, is no longer core. Still, even though the firm's conception of a crypto prime broker has changed, it sees other opportunities on the horizon.In this episode of The Scoop we explore: How the firm has adapted when the institutional wave of asset managers fell apart How the notion of a crypto prime broker has changed since the company's founding How Tagomi can serve traditional technology companies entering the market, such as Facebook Libra and Robinhood Examine the on-boarding process for large institutional investors Why the firm does not want to service retail clientele  Why the firm is bullish on Libra