Peter Thiel-backed crypto broker, Tagomi, went live today | Is it time for Coinbase to retire their Digital Asset Framework?

Bitcoin $3,545                    Ethereum $95.07 
Crypto Mkt Cap $114B              BTC Dominance 54.40%  

“Combined with emerging information markets, crypto anarchy will create a liquid market for any and all material which can be put into words and pictures. And just as a seemingly minor invention like barbed wire made possible the fencing-off of vast ranches and farms, thus altering forever the concepts of land and property rights in the frontier West, so too will the seemingly minor discovery out of an arcane branch of mathematics come to be the wire clippers which dismantle the barbed wire around intellectual property.” — Timothy C. May, cypherpunk and author of the “Crypto Anarchist Manifesto”

The Big Block

Ask any large investor what’s keeping them out of the nascent market of cryptocurrencies, and the answer might not necessarily be its breakneck volatility. But rather the fact that they don’t know how to make a trade in the market. 

On Wall Street, large investors rely on brokers to help come up with the parameters of a trade and decide the best exchange venue and price at which to execute. In a sense, these broker-dealers sit between the investors making bets on the market and the markets itself. In crypto, there are very few firms in the broker business. Coinbase recently announced it has entered the business, saying it would act as an agency broker for large clients. Gemini has also been making block trades for certain clients. And there are a slew of OTC desks conducting trade almost exclusively via phones and chat groups.

Togami, a startup backed by Peter Thiel’s Founders Fund, is looking to be that one-stop shop for investors looking for a middleman to help them navigate the fragmented crypto markets electronically. The platform went live today. The firm earlier this year closed a $16 million fundraising round from investors including Digital Currency Group and SV Angel. The startup counts market structure wonk Greg Tusar, formerly of KCG as head of client market making and execution services, and a prior partner at Goldman Sachs, as a co-founder. It is being led by CEO Jennifer Campbell, who previously was on the investment team at Union Square Ventures for two years.

Read More on The Block (4 Minutes)

Around The Block

Is it time for Coinbase to retire their Digital Asset Framework?

Since Coinbase was founded, the San Francisco-based exchange has become a poster-child for what a well-regulated, “clean” cryptocurrency exchange should look like. Up until two months ago, Coinbase has been relatively conservative with the coins it decides to list on its exchange, forgoing rapid growth for regulated expansion. This conservatism gave Coinbase what was essentially a stamp of approval, in that whatever coin that Coinbase list must be legitimate. If your coin gets listed on Binance, you get volume, but if your coin gets on Coinbase, you get the blessed halo of a squeaky clean exchange. — More

Does white paper page count affect the amount of money raised via ICO?

Within the cryptocurrency markets, there has been a recent uptick in white-paper length. Between Q1 2016 and Q4 2018, the word count has increased from an average of around 3,000 words per paper to 9,000 words. Many ICO projects slated to launch in 2019 look to be continuing this trend.

We are interested in seeing if this increase in length informs the amount of money raised by projects that held an ICO. In particular, does white paper length predict a higher dollar amount raised by close date? — More

Report: 80% of CoinMarketCap’s top 25 bitcoin pair volumes are wash traded — More

Blockstream expands its Bitcoin satellite service to Asia-Pacific — More

Coinbase adds crypto-to-crypto feature for its retail customers — More

Tim May, the man who spearheaded ‘crypto anarchy’, has passed away — More

Bitmain’s landmark plan to list on the Hong Kong Stock Exchange in doubt — More

Tron wants to rescue Ethereum developers from “collapse” — but they’re not interested in moving over to the platform — More

Ethereum reaches 50 million unique addresses, but active addresses have dropped nearly 70% from its peak — More

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