Patrick Mahomes Embraces Crypto 💪

GM. This is Degen Scoop. It’s Thursday, here’s the scoop:

• Patrick Mahomes Embraces Crypto 💪

• DOJ Arrests Tornado Cash Co-Founder ⛓️

• CoinBase Acquires Circle Equity, Spreading USDC 🫱🏻‍🫲🏼

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Patrick Mahomes Collabs With Azuki in Major Partnership

For those that don’t follow football, Patrick Mahomes is one of the best players in the world on a contract that’s worth half a billion dollars. So his reach is huge in another sphere of influence which makes his collaboration with Azuki all the more important. This collaboration will be part of Museum of Mahomes.

The Museum of Mahomes will be a new NFT collection created by Patrick Mahomes that will include 15,000 NFTs. A bit large given the current market, but if it draws sufficient interest from sports fans it may not be enough at release. Despite pain in the NFT market and certain unrest amongst Azuki holders, Mahomes still chose this collection over other notable names.

Roman Storm, Co-Founder of Tornado Cash, is Apprehended By The DOJ

On Wednesday, two co-founders of Tornado Cash were arrested on charges of sanction violations and money laundering. The two have been accused of helping to launder north of $1B through the platform they helped to create. This was a joint effort between the DOJ, FBI, Attorney General, and others.

The co-founders have been added to an OFAC sanctions list as the government throws the book at them. There are also allegations that Tornado Cash worked with a hacking group that had ties with North Korea, but this is not established to be true as of yet. The judge has ruled that Tornado Cash can be sanctioned as an entity despite the fact that it’s code operating on a decentralized ledger.

CoinBase Acquires Equity in Circle, Intends to Add USDC to More Blockchains

Circle is an important entity as it’s the company behind USDC and allows it to operate. CoinBase recognizes the value proposal of a stablecoin issuer and has acquired some equity in the company. After this initial action, CoinBase announced that USDC would be expanding to more blockchains such as Polygon, Base, NEAR, and Optimism.

With more official activity on popular chains leads to more usage and more fees to Circle as much of its revenues comes from T-bills. Tether is far and away the largest stable in the crypto market, but USDC is a notable name that is far from dead despite its fall from grace. This acquisition by CoinBase only helps to entrench USDC as a dominant stablecoin and preparation to gain more market share.

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.