Wall Street Launches Crypto Exchange 🏛️

GM. This is Degen Scoop. It’s Wednesday, and Wall Street is coming for your coins:

• Wall Street Launches Crypto Exchange 🏛️

• Deutsche Bank Applies For Digital Asset License 🪪

• Reserve Protocol Joins Curve Wars ⚔️

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

EDX, Hailing From Wall Street, is The Newest Crypto Exchange

Just yesterday, the new exchange EDX announced its intention of launching in September. This endeavor is spearheaded by Charles Schwab, Fidelity, and Citadel Securities. I think Ansem has the right take here:

The exchange will be non-custodial offering Bitcoin, Ethereum, Litecoin, and Bitcoin Cash to users. These were chosen due to the fact that they have not been deemed securities by the SEC. The timing is certainly coincidental with BlackRock filing for a Bitcoin ETF. It is of our opinion that we’d never touch this exchange and stick to those that allow for custody which is the entire purpose of crypto.

Deutsche Bank Seeks To Offer Digital Assets

Deutsche Bank has officially applied for a digital asset custody platform license. For background, Deutsche Bank is Germany’s largest bank (9th largest in Europe) and possesses assets valued around $1.3T. Germany has the 4th largest GDP in the world; every day it seems a new TradFi player is seeking to not miss out on crypto.

It’s believed that Deutsche has been working towards obtaining this license since late 2020. Germany has been welcoming to crypto in the past, so this is a natural progression for the largest bank in their country. We at Degen Scoop are bullish on TradFi slowly accepting crypto in its various appearances.

Reserve Protocol Makes $20M Bid At Curve Wars

Reserve Protocol is a known issuer of a stablecoin ($eUSD) and they are looking to drive more liquidity with this play. The protocol will be acquiring Curve, Convex, and StakeDAO tokens in order to obtain this liquidity. Liquidity is one of the most important characteristics for a stable to flourish. The offer of greater yields will bring more liquidity and token utility.

Let’s keep it simple: by owning governance tokens, they can direct token incentives. Farmers want these incentives so they obtain their token and provide liquidity to get their share of the pie. Reserve is currently the 7th largest holder of Convex, so they clearly want to become larger than they already are.

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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.