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Global newsletter: If you can’t beat them, pretend to be them

Global newsletter: If you can’t beat them, pretend to be them

Located in Caboolture, the Abbey Medieval festival runs for a week and brings together lovers of all things old world. This image depicts several gentlemen dressed as knights in armor preparing retaliation to protect their king (and the castle you can see in the photo) during a battle in the LARP ring. The LARP battle take place in the large arena set upright in the heart of the festival. You can see the archer bracing to take his shot and the oncoming attack raising their shields in preparation. In this Image he is loading his bow with an arrow. This photo was taken at the festival on the 14th of July 2019 held at the Abbeystowe Museum.

The following is an excerpt from today’s Global Newsletter.

The Financial Times (hard paywall) reported that some major players in traditional finance are taking the crypto exchange bull by the horns to create their versions in a quest for market share.

“Some of the finance industry’s best-known names are building their own digital markets trading platforms, betting that fund managers will prefer familiar and trusted brands to the opaque cryptocurrency exchanges that dominate the sector,” the FT said in their story.

They are making a bet the asset managers will want to trade crypto, but they think the existing exchanges are opaque, secretive, and scammy. Their sense must be if a tradfi company has an exchange with a known reputation, traders will find greater comfort there.

Make no mistake; this is a move for the tradfi hardliners, not crypto natives. Ironically, crypto natives would likely scoff at the alleged security of a traditional institution’s exchange. A cynic might suggest a tradfi exchange would be no less opaque, secretive, and scammy.

It may also be targeting those asset managers that FTX and Celsius burned.

It would also likely set up a two-tier structure, with a shallow retail-facing exchange and a deep institutional one where prices are more competitive, executives told FT in their story.

It might help sort out the regulatory issues we’ve seen in the space since the dawn of Satoshi Nakamoto’s “big idea.”

Wolf in sheep's clothing hiding among a flock of sheep.Concept photo of  those playing a role contrary to their real character with whom contact is dangerous, particularly false teachers.

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