GM. This is the Milk Road. The daily crypto newsletter that brings you the best news & a good laugh when you need it most.
We’re like Jeff Probst from Survivor bringing you the milk & cereal...and yes, we put the cereal in first.
Here’s what we’re serving today:
- The SEC is investigating Yuga Labs
- Google teams up with Coinbase to accept crypto payments
- Quick bites
- Meme of the Day
THE SEC IS INVESTIGATING YUGA LABS, THE CREATORS OF BORED APES
The SEC is at it again.
This time they're probing into Yuga Labs (creators of BAYC). Sounds like that thing Doctors do to you when you turn 50.
The SEC wants to see whether Yuga Labs broke any federal laws with any NFTs or distribution of their token, ApeCoin.
This is big for 2 reasons:
1/ Bored Apes are the Yankees of NFTs. They have...
- 5 of the top 8 NFT collections and account for more than 25% of the entire NFT market cap
- over $5b in sales across all their collections
- raised over $450m in VC money
- some of the biggest celebrities are holders - Snoop Dogg, Justin Bieber, Neymar, etc.
2/ It could set a precedent on how NFTs & community tokens like ApeCoin are viewed in the eyes of the U.S government
Lucky for Yuga Labs, they've had access to some of the best lawyers & regulators, including William Hinman (a former SEC director). So hopefully they were careful dotting the i's and crossing the t's.
Unfortunately, the markets haven't reacted well to the news. ApeCoin has dropped ~8% and Bored Apes are down ~5%.
The Milk Road Take: Hmmm, the SEC sure has been busy targeting Web3 companies & users... Last week they fined Kim K $1.2m for promoting a crypto token on IG. Now they're coming after Yuga Labs.
Yet I know a certain politician (name rhymes with Yancy Delosi) who somehow always knows the right stocks to buy before major news drops...
Totally makes sense to investigate the monkey JPEGs first.
COINBASE TEAMS UP WITH GOOGLE
You know the drill. Another day, another big Web3 partnership.
This time...Coinbase is teaming up with Google.
That's right, the biggest U.S crypto exchange 🤝 everyone's favorite verb. Here's everything you need to know:
- Select Google Cloud customers will be able to pay for services using crypto. Coinbase will get a cut from each transaction
- Web3 developers will have access to Google Cloud's blockchain data through BigQuery (powered by Coinbase)
- Google will look into using Coinbase Prime for institutional crypto services, like secure custody and reporting
It's a win-win for both sides. Coinbase gets a new revenue stream that isn't directly tied to trading volumes. And Google gets access to fast-growing Web3 companies.
The funny part in all of it is Google's love-hate relationship with crypto over the years. They've gone from banning crypto ads --> accepting crypto payments.
Google reminds me of my 9th-grade girlfriend. One day she'd say she can't stand me. The next day she'd be talking about the wedding and honeymoon.
They even added this new feature that lets you Google any Ethereum address and it'll spit out how much is in the wallet.
It's like Black Magic. Check out the Ethereum Foundation's wallet...
TODAY'S EDITION IS BROUGHT TO YOU BY BLENDID
Blendid is making waves in the $300B quick-serve industry.
And they’re doing it in the smoothest way possible.
Today’s consumers won’t compromise on quality or convenience. So Blendid built a highly-scalable, compact, robotic smoothiekiosk that can serve premium, freshly blended drinks to order in minutes.
It’s such a low-cost, high-margin operation that college campuses, retail stores, and other high-traffic locations are already on board.
In fact, Blendid has 500+ smoothie kiosks in contract already.
But thanks to relationships with Fortune 500 companies like Sodexo and Walmart, they’re looking at bringing this tech to 70,000 potential high-traffic locations like airports, hospitals, and travel stops.
Become a Blendid shareholder before they add more. The opportunity ends on Oct. 14.
QUICK BITES
4 hacks. 1 day: Yesterday, Mango was hacked for $112m, TempleDAO was hacked for $2.3m, Rabby Swap was hacked for $200k, and Paraswap was hacked (unknown what the damages are). What a time...to be a hacker.
OpenSea has launched Avalanche NFTs on its marketplace. OpenSea now supports NFTs on 7 different blockchains.
21Shares has launched the first spot Bitcoin ETP in the Middle East.
MEME OF THE DAY
“I don’t have a lot of time, it’s called Yuga, Y-U-G-A…”
— Alan Carroll (@alancarroII)8:06 PM • Oct 11, 2022
That's a wrap, ladies & gents. Stay thirsty & see ya tomorrow!
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A ROADERS REVIEW
VITALIK PIC OF THE DAY
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
