A Web 3 Company Just Bought a Stake in a TradFi Giant

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 12 January 2022

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by Nexo, Abra and FTX US. On today’s episode of “The Breakdown,” NLW covers the latest news from macro and the crypto space, including: Value investing legend Bill Miller holds 50% of his net worth in bitcoin Paradigm invests in Citadel Securities’ first outside round $207 million in digital asset fund outflows last week Federal Reserve insider trading scandal PayPal considering launching a stablecoin - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW - Nexo is a powerful, all-in-one crypto platform where you can securely store your crypto. Invest, borrow, exchange and earn up to 17% APR on Bitcoin and 20+ other top coins. Insured for $375M. Audited in real-time by Armanino. Rated excellent on Trustpilot. Get started today at nexo.io. - Abra is proud to sponsor The Breakdown. Join 1M+ users and Conquer Crypto with Abra, a simple and secure app where you can trade 110+ cryptocurrencies, get 0% interest loans using crypto as collateral, and earn interest with up to 14% APY on stablecoins and 8.15% APY on Bitcoin. Visit Abra.com to get started. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Time” by OBOY. Image credit: Ryan Muir/Getty Images Entertainment, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:08.9	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:14.9	The breakdown is sponsored by nexo.io, Abra, and FTX, and produced and distributed by CoinDesk.
0:22.6	What's going on, guys? It is Tuesday, January 11th, and today we're talking about a Web 3 fund
0:30.7	that just bought a stake in a traditional finance giant. Before we get into that, however,
0:37.3	if you are enjoying the breakdown,
0:39.3	please subscribe to the show. Give it a five-star rating, review it if you use an app that has reviews,
0:45.9	or if you want to get deeper into the conversation, join the Discord. You can find the link in
0:51.2	the show notes, or you can go to bit.ly slash breakdown pod.
0:56.1	There is a growing conversation there, more channels than ever.
0:59.4	It's really, really getting to be a fun community, and I would love to have you there.
1:03.5	But let's dig into today's show.
1:06.5	And today is going to be one of those sort of grab bag shows where I go through a bunch of
1:10.4	different items from the last couple days or weeks that I think are important for you guys
1:14.8	to know about.
1:15.7	And let's get started on the fact the acknowledgement that the mood has been a little bit down.
1:21.0	Ever since the Fed FOMC Minutes came out last week and the markets took a dive, it has
1:26.3	been a little bit gloomy. You have people trying
1:29.1	to compare early 2022 to early 2018, which, by the way, I think is a very ill-fitting comparison,
1:35.5	but that's not the subject of today's show. However, for all of that doom and gloom,
1:39.6	all of that fear on the Fear and Greed Index, it hasn't gotten down some of the biggest traditional
1:44.8	finance champions of Bitcoin. Let's look, for example, at Bill Miller, legendary value investor.
	...

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