The Scenius Sync (Issue #1)

Celsius in hot water, NFTs = restraining orders?, JPM bullish on DeFi, & More

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:

1. Share the essential stories driving the crypto industry and markets.

2. Highlight innovative applications and mainstream adoption of crypto and blockchain technology.

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Essential News 🗞

1. Celsius Lending Platform Suspends Withdrawals and Transfers

   • On June 12th Celsius, the well-known Crypto lending platform, announced that it would be pausing withdrawals, swaps, and transfers between accounts on its platform due to “extreme market conditions.” Celsius has not provided a meaningful update since the 12th.

2. Renown Crypto Fund Three Arrows Capital Considers Asset Sales, Bailout

   • After suffering heavy losses, the firm has hired legal and financial advisers to help work out a solution for its investors and lenders.

3. Layoffs Are on The Rise in the Midst of Crypto Winter

   • Crypto companies have framed the cutbacks as necessary steps to address a shift in economic conditions, amid concerns about rising interest rates and inflation.

4. Circle Launches Euro-Backed Stablecoin EUROC

   • USD Coin (USDC) issuer Circle Internet Financial is launching a fully-reserved stablecoin pegged to the euro, signaling to the market that demand for crypto foreign exchange services remains high despite recent industry turmoil. Circle reported that EUROC will be available for trading on June 30th.

5. Ethereum Developers say The Merge Timeline is Unchanged

   • Ethereum developers will likely delay the ‘difficulty bomb’ but say the merge from Proof of Work (PoW) to Proof of Stake (PoS) timeline is unchanged.

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Innovation & Adoption 💡📈

1. In New Approach, Big Law Firm Uses NFT to Serve Court Papers on Anonymous Defendants

   • The NFT was airdropped to an Ethereum wallet associated with hackers allegedly responsible for stealing nearly $8 million from crypto exchange LCX and resulted in the freezing of allegedly stolen assets.

2. JPMorgan on its crypto plans: “The overall goal is to bring these trillions of dollars of assets into DeFi”

   • JPMorgan’s plans incorporating the tokenization of traditional assets point to a much larger scale.

3. First Short Bitcoin ETF to List on NYSE

   • The ProShares Short Bitcoin Strategy (BITI), which is designed to deliver the inverse of bitcoin's performance, will start trading on the New York Stock Exchange Tuesday June 21st.

4. Colorado Governor Jared Polis Fundraises with NFTs

   • For the “mile-high price of $52.80 (corresponding to the elevation of Denver in feet), you can buy one of 2,022 digital tokens featuring a pair of sneakers, a green chili pepper, rainbow-colored mountains — and Polis' dog Gia, who's firing lasers from her eyes.”

5. Bank of America Survey Shows Consumers Aren’t Done With Crypto Yet

   • 91% of those surveyed intend to buy crypto in the next 6 months (same % as those who said they had bought in the last 6 months).

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Thank you for reading the Scenius Sync where we strive to educate on high-level crypto topics and share information at the bleeding edge of blockchain innovation.

If you are interested in discussing this newsletter or digital assets in general, please reach out to us via email at: info@scenius.capital