cryptocurrency
A co-CEO of leading retail giant Alameda Research is stepping down as he “can’t justify the time investment” to the company.
Sam Trabucco joined the Hong Kong firm, which provides liquidity in the cryptocurrency and digital asset markets, as a trader in 2019.
He was appointed co-CEO alongside Caroline Ellison a year ago by founder Sam Bankman-Fried, a friend from MIT who wanted to devote his full time to crypto exchange giant FTX.
Alameda is active in trading, yield farming, startup investing and market making. It manages billions of dollars in assets.
Trabucco, a former Scrabble competitive player, admitted in a Twitter thread that he had “not really worked at all” for the past few months.
Ellison replied, “It’s been an incredibly transformative experience working with @AlamedaTrabucco.
“I’ve missed him over the last few months but I’m proud of all the other Alameda staff who have stepped up and [am] more excited than ever about our future.
“I hope he has a great time on his boat!”
It has been an incredibly transformative experience working with @AlamedaTrabucco. I’ve missed him over the past few months, but I’m proud of all the other Alameda employees who have stepped up and are more excited than ever about our future. I hope he has a great time on his boat! https://t.co/HqA2gz0FvL
— Caroline (@carolinecapital) August 24, 2022
Trabucco described his time at Alameda as “the most defining of my life” and said that in the past he “could not have imagined a more meaningful occupation [his] Time to give it to Alameda”.
That has now changed – but he will remain as a consultant.
“In the past few months, I’ve significantly reduced my role at Alameda…certainly not as CEO of the company,” Trabucco wrote.
“Everyone works really hard here and it’s difficult to have a ‘normal’ time at work – especially when you’re trying to be a leader.
“It was honestly a thrill to be a part of, even though it was difficult and exhausting and draining. But I’ve come to a point in life where I have to prioritize other things.
“What other things? I’m really not sure, exactly. Lately I’ve been really happy, spending a lot of time traveling, visiting friends and family, working on ‘me’ and stuff. Also, I have a Bought the boat that was cool I had to relax and I’m really really happy.
I can’t 100% move away from crypto without going into rehab, so I’ll probably still be here to some extent…I wouldn’t rule anything out going forward once I feel “recovered.”
“If there’s one thing I’ve learned at Alameda, it’s making good decisions – and that’s the right thing for me.”
What happens to your crypto when you die?
NFT project The 1 Club to bring together inspiring people
An NFT project that brings together inspiring people aims to make a philanthropic and social impact.
Described as a new breed of private members club, 1 Club is powered by blockchain and has a limited membership of 11,111.
Invited members can purchase the NFT, which grants lifetime membership and access to the club and its benefits, and can be sold to others in the future as its value increases. The startup says this transforms the traditional membership club model from an annual expense into an asset that appreciates in value over time.
The idea was started by entrepreneurs Akshay Ruparelia, Danu Kumanan and Akash Ruparelia when they discussed together the power that a professional network can have. They now plan to use this power to collectively support new business ventures, philanthropic initiatives, and social causes around the world.
In addition, 20% of royalties generated by membership are dedicated to philanthropic causes and efforts, with room for members to suggest, support, and get involved in other charitable projects and initiatives.
The 1 Club is already a partner with Project Hope, a global health and humanitarian relief organization, and World Central Kitchen, a not-for-profit, non-governmental organization dedicated to providing meals in the aftermath of natural disasters.
The direction of The 1 Club is driven by its members, an example of the power of decentralization enabled through the use of blockchain.
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Cryptocurrency shorts
Binance is launching a prepaid Mastercard that offers cryptocurrency rewards for purchases. The card is set to launch in Argentina first, users will be able to load the card with crypto, convert it to fiat and spend it at Mastercard merchants around the world.
NFT holders may not own the intellectual property rights of the assets they acquire, warns Galaxy Digital’s research director Alex Thorn. He told CoinDesk, “The vast majority of NFT art projects … do not convey actual ownership of the underlying content. When you buy one of these tokens, you are not buying the media that the metadata points to, you are actually buying a license from an issuer.”
Thirdweb, a platform for Web3 app developers, has raised $24 million in a Series A round of a value of $160 million. The funding was led by Haun Ventures, the investment firm founded earlier this year by former a16z partner Katie Haun.
Scammers have stolen more than $100 million worth of NFTs in the past 13 months, according to cryptocurrency risk management firm Elliptic.
A federal judge has ruled that crypto lender Voyager Digital, which is in bankruptcy, can pay more than 30 employees a collective $1.6 million bonus to ensure they stay with the company.
The Ethereum merge, which will shift the world’s second most valuable crypto from a proof-of-work to a greener proof-of-stake validation mechanism, will kick off on September 6th and is expected to take place between September 10th and 20th.
crypto prices
The total market cap of the 20,700+ coins is $1.04 trillion at the time of writing (7am UK) up 1% in the last 24 hours.
Market leader Bitcoin – the original cryptocurrency created by the mysterious Satoshi Nakamoto – is up 1% to $21,675. BTC is 8% lower than a week ago.
Ethereum, the second most valuable cryptocurrency – created as a decentralized network for smart contracts on the blockchain – grew 3% to $1,690. ETH is down 9% over the course of a week.
Binance Coin is a cryptocurrency created by popular crypto exchange Binance to support its goal of becoming the infrastructure service provider for the entire blockchain ecosystem. Its BNB token stayed at $299, down 3% over seven days.
Ripple’s XRP token, a payment settlement exchange and remittance system, acts as a bridge for remittances between other currencies. XRP is up 2% to 35 cents, with the price down 7% from seven days ago.
Cardano is an open-source network that enables dApps and sees itself as an upgraded version of Ethereum. Its ADA token, designed to allow owners to participate in the operation of the network, rose 1% on the top 46c and is down 14% in a week.
Solana is a blockchain designed to make decentralized finance more accessible – and capable of processing 50,000 transactions per second. Its SOL token is up 3% to $35.88, down 12% from a week ago.
The DOGE meme coin was created as a satire on the cryptocurrency hype, but is now a major player in the space. DOGE rose 2% to 6.9c and is down 16% in seven days.
Polkadot was founded by the Swiss-based Web3 Foundation as an open-source project to develop a decentralized web. Its DOT token, which aims to securely connect blockchains, grew 2% to $7.68, down 9% from its price a week ago.
Avalanche is a lightning fast verifiable platform for institutions, corporations and governments. Its AVAX token rose 1% to $23.41 and is down 10% in a week.
polygon aims to securely connect blockchains as a kind of decentralized internet. Its MATIC token is up 1% at 82.4 cents while down 8% in a week.
To see how the valuations of the major coins have changed recently – and for summaries of recent cryptocurrency developments – click here.
For reviews of the top 100 coins by market cap in US dollars plus 24 hour price change see below.
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