Scenius Sync (Issue #104)
Trump Positioning as “Crypto President”, Binance Reaches $200M Users with $200B in Assets Under Custody, Robinhood Acquires Bitstamp, & Kraken Explores Pre-IPO
Scenius: The intelligence and the intuition of a whole cultural scene. The communal form of the concept of genius.
Welcome to The Scenius Sync.
Our mission with this concise publication is twofold:
Share the essential stories driving the crypto industry and markets.
Highlight innovative applications and mainstream adoption of crypto and blockchain technology.
If you find this newsletter valuable, please subscribe and share The Scenius Sync with your network 💪
Essential News 🗞
Trump positions himself as the “Crypto President” at San Francisco Fundraiser
President Donald Trump showcased his support for the Bitcoin and cryptocurrency industry again at a high-profile fundraiser in San Francisco on Thursday. Hosted by tech venture capitalists David Sacks and Chamath Palihapitiya at Sacks' Pacific Heights home, the event raised $12 million for Trump's campaign, three sources present told Reuters. The event was attended by executives from Coinbase, the Winklevoss twins, and other industry leaders.
FTX Settles $24 Billion Tax Claim With IRS in Bankruptcy Court
FTX settled the Internal Revenue Service’s $24 billion claim for a fraction of what the agency said it owed, clearing the way for the crypto exchange to pay out significant customer recoveries. The IRS will receive a $200 million claim in FTX’s bankruptcy to be paid within 60 days of when the company’s proposed restructuring plan goes into effect. The agency will also receive a $685 million lower priority claim, “payable on a subordinated basis to customers and other creditors” and “to the extent funds are available,” according to a Monday filing in the US Bankruptcy Court for the District of Delaware.
Binance reaches 200M users with $100B in assets under custody
Binance, the largest cryptocurrency exchange in the world by daily volume, announced on June 8 it had reached 200 million global users. No other exchange can boast nearly as many users. However, these figures are self-reported. In true celebratory fashion, Binance marked the occasion across its social media platforms by framing the 200 million user mark as a milestone on the company’s quest to onboard a billion, or one in every eight people on Earth.
Uniswap Labs hires ex-Coinbase executive as chief legal officer
Ex-Coinbase lawyer Katherine Minarik has secured the top legal post at Uniswap Labs. Her appointment comes just two months after the SEC signaled it may take action against the startup. Former Uniswap Labs CLO Marvin Ammori will transition to working part-time in November.
Loopring suffers $5 million hack after 'Guardian' two-factor authentication service is compromised
Loopring, the ZK-rollup based protocol built on Ethereum, had its two-factor authentication based Guardian wallet recovery service compromised in a hack, the company recently disclosed. About $5 million was drained from wallets protected by Loopring’s Guardian service, blockchain data shows.
Innovation & Adoption 💡📈
Robinhood Acquires Crypto Exchange Bitstamp in $200 Million Deal
Trading platform Robinhood has acquired crypto exchange Bitstamp in a $200 million cash deal. Per a press release, the $200 million cash deal is expected to close in the first half of 2025, subject to regulatory approvals.
Bitstamp's team will "join forces" with Robinhood, in what Robinhood Crypto general manager Johann Kerbrat described as a "strategic combination" that will help the platform "expand our footprint outside of the US and welcome institutional customers to Robinhood." The acquisition will "significantly accelerate" the U.S. company's global expansion, onboarding the exchange's more than 50 active licenses and registrations, along with its institutional offerings and core spot exchange.
Kraken explores pre-IPO funding round: Bloomberg
Kraken is considering doing another funding round as it potentially eyes an initial public offering, Bloomberg reported Thursday, citing people familiar with the matter. The crypto exchange could raise north of $100 million in a pre-IPO round, as investors turn toward the crypto market amid a rally in token prices, sources told Bloomberg. If Kraken chooses to raise more funds, the round could be completed by the end of the year, according to one source who spoke with the publication.
Uniswap Labs acquires 'Crypto: The Game' ahead of its third season
Uniswap Labs has acquired Crypto: The Game, an on-chain Survivor-esque competition, for an undisclosed price, Fortune reported on Monday. As part of the deal, CTG’s co-founders are joining Uniswap Labs, where they will continue to work on future seasons of the game.
Arbitrum DAO votes to approve $215 million gaming ecosystem fund
The governance DAO of Ethereum Layer 2 network Arbitrum approved a proposal to allocate 225 million ARB to support gaming projects on the network.
Franklin Templeton considers new altcoin-focused crypto fund
Asset manager Franklin Templeton is exploring a new crypto fund for institutional investors, expanding its offerings beyond Bitcoin and Ether. According to a June 6 report from The Information, the mutual fund is considering a private fund to expose institutional investors to altcoins. The fund would also offer staking rewards, the report says, citing sources familiar with the matter.