Curious who at @coinbase I should ping on behalf of @evertas — emails claim our account will be closed for dormancy but it is still needed. No one replied to normal emails; will escalate via people I know at coinbase but this is kind of a broken process if that is necessary.
Evertas will be at Bitcoin Miami and we'd love to connect while we're there. What must-attend sessions and evening events should be on our calendars?
#btcmiami#Bitcoin#Bitcoin2023
We put the kinds of risks crypto custodians confront into three buckets: Technology, Operations and Business. Many of the risks in those buckets are the same across industries but some completely unique to Web3.
One of those Business risks is tokenomics. Learn more about tokenomics in this custodian risks overview.
https://t.co/NaqXpaK4hV
Today Evertas supports about a third of all crypto policy underwriting globally, often in conjunction with the largest and most sophisticated carriers in the space.
https://t.co/rvhss2MMe1
@brian_armstrong@coinbase A key thing would be *better* than bank customer service, even when things are going crazy (something similar to how you handle Prime today/etc., not retail). Possibly even retail branches in SF/NY/etc. for exceptions (like FRC in footprint, not BOA).
@octal@coinbase Definitely something we've thought about. Need a few more features like outbound wires, multi-user support etc.
Non-fractional reserve "banking" is definitely looking more attractive right now.
What are the key features you'd want?
Hey @brian_armstrong and @coinbase -- after the SVB hell over the weekend, why don't you set up Coinbase as some kind of HNW + business neobank, with the "pass through assets to community banks and treasuries" as a first-class option in parallel with crypto.
What just happened?
Silicon Valley Bank, a venerable and trusted partner to the US innovation economy, has just suffered a classic bank run, much like those we saw during the financial crisis in 2008.
Few traditional banks have sufficient liquidity to withstand such a run.
SVB suffered significant losses which led to a situation where they were forced to sell long-duration assets to meet redemption demand. The settlement period on these assets caused a short-term liquidity crunch, leading to the FDIC stepping in to administer the bank yesterday. SVB’s fate is being decided this weekend by the FDIC and it's our hope that they will find a solution that protects customers’ assets 100%.
Incredibly excited to announce a special series at @EthereumDenver on Saturday 4pm:
Special Series: "Privacy is Normal"
Seriously stacked lineup feat. experts in privacy, security, crypto(graphy): cypherpunks, freedom fighters, whistleblower, pro hacker... & a rock band!
🧵👇
The FTX collapse highlights the big insurance capacity problem afflicting Web3.
@sidcoins does a great job laying out the threat to the industry -- both in terms of the economic risks and how it impedes the restoration of confidence in crypto.
#crypto #insurance
https://t.co/PbFYnmuajh