Su Zhu & Kyle Davies Receive Ban in Singapore 🇸🇬

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

• Su Zhu & Kyle Davies Receive Ban in Singapore 🇸🇬

• Deutsche Bank To Custody Crypto 💪

• Sui Launches Web2 Logins On-Chain 💻

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

The 3AC Founders Receive Nine Year Financial Ban in Singapore

The founders of Three Arrows Capital Su Zhu and Kyle Davis have been given a nine year financial ban in Singapore by the Singapore Monetary Authority. Considering that when their hedge fund blew up it caused market-wide contagion, it’s surprising this took so long to be given. This may be a response to the two founders having created a new hedge fund.

The 3AC founders are accused of having broken securities regulations. In the prohibition order, 3AC is accused of having had no risk management framework which falls in line with rumors from those that worked with them. Seeing as the two are now operating in Dubai, it’s unlikely the ban will affect them unless additional charges come their way.

Deutsche Bank Will Begin To Custody Crypto For Customers

Just as we predicted, Web2 behemoths are more than happy to profit off a new revenue stream regardless of their stature. Deutsche Bank is one of the largest banks in the world and will now offer its customers the ability to custody crypto using Taurus, a Swiss fintech company. More than just simple custody, Taurus will also allow for tokenization which opens a realm of possibilities.

It might not be obvious just yet, but there is a world of growth waiting for tokenization as UX improvements are made. Just imagine degens borrowing against their tokenized house on-chain to yield farm to give just one example. With trillions of dollars of assets lurking in Web2, tokenization will give them the air to spread their wings in Web3.

Sui To Give Users The Ability To Use Web2 Logins For Dapps

As anyone who ventures on-chain knows, the UX is far from ideal to onboard the masses just yet. We’ve seen improvements throughout the bear market with protocols like Unibot and Friend Tech making simplicity a cornerstone of their offering. From a Wednesday press release, Sui announced that it would allow for Web2 logins from Facebook, Google, and Twitch.

This feature is made possibly by a zkLogin feature which more protocols are bound to use to simplify user onboarding. This does seem like a happy medium because it does still enable for privacy and true ownership while retaining Web2 simplicity. This should help to bring on users that would be otherwise deterred from getting into crypto because of the learning curve when first beginning.

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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.