- Following a large move upward yesterday, major equity indices are mixed. $SPX has continued moving towards $3,900 (+0.54%), while $QQQ (-0.37%) is lagging following weak earnings from tech giants Google and Microsoft, which are both down over 5% this morning. Crypto markets have continued to show that major tech earnings have little influence on prices, as $BTC and $ETH are up 3.62% and 7.10%, respectively. A notable outperformer this week is SushiSwap ($SUSHI), as Golden Tree, the asset management firm who recently invested over $5 million into $SUSHI, shared some ideas on how to capitalize on the DEX’s competitive advantages. The ideas include creating a one-stop shop for crypto gaming launches and improving their current product suite to showcase how all the solutions can work together in a novel and cohesive manner. $SUSHI is up 18.69% on the week and up over 70% off its September lows.
- Oasis Labs, a blockchain company focused on privacy-first cloud computing, has partnered with global data powerhouse Equifax. Oasis and Equifax plan to launch a market-leading identity management and Know Your Customer (KYC) solution for Web3 companies across the globe. Equifax is one of the three major credit bureaus in the United States and will bring its elite identity, fraud, and compliance data solutions to Web3. Regulation has been an increasingly hot topic in crypto, and many believe KYC products are needed to ensure protocols remain compliant with different jurisdictions’ laws and restrictions. Oasis Labs’ founder Dawn Song believes “privacy is a fundamental human right” but acknowledges the need for “responsible innovation” regarding regulatory compliant solutions. Oasis plans to leverage Equifax’s suite of verification and security tools to help verify users’ identities and maintain trust between transacting parties, all while using Oasis’s unique privacy-preserving capabilities. Oasis’s goal is to propel Web3 forward “from infancy to practical and tangible usage while enabling data sovereignty for individuals and responsible data use.”
- Crypto adoption amongst players in the traditional finance arena continues to grow. Western Union, the large remittance company, and Swiss Bank, SEBA, have made moves to expand their crypto services. Western Union filed multiple trademark applications that would expand its services to include wallet management, a crypto exchange, derivatives trading, brokerage and insurance services, and the potential of issuing its own token. Western Union has previously tried to enter the crypto space with a partnership with Ripple in 2015 and a partnership with Filipino crypto platform Coins.ph. Similarly, Swiss bank SEBA is continuing its push into crypto services. They are expanding their custodial services to include blue-chip NFTs such as CryptoPunks and Bored Apes. SEBA has been a pioneer in the space, beginning as a crypto banking service in 2018, expanding to crypto trading and custody, and then becoming the first digital asset company to receive a Swiss license allowing them to offer banking and securities services. Crypto infrastructure continues to grow globally, and the foundation for mass adoption is becoming stronger and stronger.
Crypto Daily Report – October 26
Oct 26, 2022
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