The Path To Greater Institutional Adoption
To investors,
There are a lot of announcements and hype around institutions entering the bitcoin and crypto industry. The truth is that most of these announcements haven’t actually led to much action yet.
How do I know?
Because I spent the last few months talking to almost every major institution and understanding their pain points or what was holding them back. That leads to an announcement yesterday.
What is the announcement?
Envestnet announced that our team at Inflection Points Inc would be the main education partner for their thousands of RIAs and brokerage houses.
Who is Envestnet?
Envestnet is a publicly-traded financial technology company that does nearly $1 billion in annual revenue, has a $2.5+ billion market cap, and boasts thousands of clients in the wealth management space. Simply, they are the standard when it comes to helping wealth professionals get access to certain assets for their clients.
Why is this a big deal?
Whether we like it or not, many of the institutions who are excited about bitcoin and cryptocurrencies haven’t figured out how to convert that enthusiasm into profits for their organizations. If they could figure that out, there would be a lot more action from these organizations that control trillions of dollars.
This is where we come in — our team has built the leading corporate training program for bitcoin and cryptocurrencies. We have trained employees from nearly every major financial institution and continue to help major crypto companies, law firms, and accounting firms with the same knowledge gap.
What are we doing with this training?
We use three methods to get these organizations up to speed. (1) We do an intense crash course on the fundamentals - what are the technologies, how do they work, and what is the impact on someone’s day-to-day role. (2) We bring in industry experts to do live training sessions on topics that are directly applicable to an organization. (3) We provide quick, actionable explanations on current events that ensure employees are prepared to field client questions or intelligently talk to colleagues.
Why should you care?
Although there is a plethora of education information available on the internet, most of these financial institutions are still behind the curve. They are trying to figure out how they can get up to speed quickly, followed by a direct path to profits. Until these organizations have better education, we are not going to see the progress we need to push the industry forward in a material way.
What can you do?
If you work with Envestnet and want to learn more about the training program, reply to this email or reach out to your Envestnet representative. If you don’t work with Envestnet and want to learn about the program, reply to this email. If you aren’t interested in the program, tell your friends who may be so we can continue to get this knowledge into every corner of the financial system.
Closing Thoughts
I get excited just like everyone else when a major financial institution mentions some intention related to bitcoin and cryptocurrencies. It has become apparent to me that we need to convert that excitement into action though. The fastest way to do it is through outlining a plan on how the organizations can benefit from their participation.
I continue to say that bear markets are for building. The hype of the bull market has disappeared. It is much quieter now. You have to ask yourself, “what are you building to help the industry go further and faster?” The time to do it is now.
Hope each of you has a great day. I’ll talk to you on Monday.
-Pomp
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THE RUNDOWN:
Morgan Stanley Says Crypto ETPs Continue to Grow Despite Bear Market: The market for cryptocurrency exchange products continues to grow, a sign that institutional interest in the digital assets sector remains strong despite concerns of a crypto winter, according to Wall Street giant Morgan Stanley (MS). There are more than 180 active crypto exchange-traded-funds (ETFs), exchange-traded-products (ETPs) and trusts. Half of these products have launched since the “bitcoin bear market,” despite total assets dropping 70% to $24 billion from $84 billion, Morgan Stanley said in a research report on Thursday. Read more.
Crypto Exchange FTX's Token Surges 7% After Visa Partnership Report: FTT, the native token of crypto exchange FTX, surged 7% after a report that payment giant Visa (V) has partnered with the exchange to rollout crypto debit cards. The partnership will see the exchange release crypto debit cards in 40 countries with a focus on Latin America, Europe and Asia, according to a CNBC report. FTX CEO Sam Bankman-Fried told CNBC that crypto debit cards can disrupt traditional payment networks. Read more.
Citi Ventures Backs Its First Digital Asset Manager, Co-Leading a $6M Round in Xalts: Citi Ventures and venture capital firm Accel co-led a $6 million funding round for xalts, an institutional-grade digital asset management startup founded by a former trader at banking giant HSBC and a former Meta Asia executive. The funding comes as institutional investors continue to move into the cryptocurrency industry despite the crypto bear market. Read more.
Grayscale’s New Venture Aims to Capture Bear Market Opportunities in Bitcoin Mining: Crypto asset management firm Grayscale is forming an investment vehicle that will help investors take advantage of the low prices of bitcoin mining infrastructures amid a continued crypto winter. The private co-investment vehicle, Grayscale Digital Infrastructure Opportunities (GDIO), will partner with digital asset mining and staking infrastructure firm Foundry for its day-to-day operations, according to a statement. Grayscale and Foundry are both subsidiaries of Digital Currency Group (DCG), which is the parent company of CoinDesk. Read more.
Braeden Anderson is an Attorney at Kirkland & Ellis and Author of the book "Black Resilience".
In this conversation, Braeden gives us the latest updates on regulation in the crypto space and when we might see progress on these important decisions. We also discuss Braeden's background and his tough upbringing that led him to become the success he is today.
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Lawyer Explains When Crypto Regulation Is Coming
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Great news for all of us, congratulations!!