Sup, nerds!

Here’s what you’re getting in today’s edition:

• 💅 This is cool: Crypto crime is down thanks to FTX?

• 🔎 This seems important: Crypto payments coming to X/Twitter?

• 🤝 Partner: Exploring DeFi Technologies (a free webinar you don’t want to miss!)​

• 🔪 Let's dissect this: The all-in-one wallet for Web3 gaming

Terms used in this edition (click for an explanation, or ​ask Web(GPT)3!​):
Crypto Wallet, Web3, Blockchains.

💅 This is cool:

Crypto Crime Is Down Thanks To FTX?

In one sentence: Crypto crime was down 29% in 2023…but that’s only because it was up so high in 2022 (thanks mostly to FTX).

In the words of our shut-in neighbor, Dave, who collects vintage milk bottles and is weirdly knowledgable about the life and career of Fran Drescher:

“The beautiful thing about hitting rock bottom is: things can’t get any worse.”

Yeah, well, this story follows a similar theme.

Let’s start on a positive note…

Good news: Crypto crime is down 29%.

According to a report by Chainalysis, the amount of crypto stolen through scams last year was nearly a third less than in 2022, while illicit revenue was down more than 54%.

Bad news: The 2023 numbers only look good, because 2022’s were so bad.

If you’re looking for someone to point the finger at - we’ve got you! Look no further than Samuel Benjamin Bankman-Fried and his famously bankrupt company, FTX.

The tidy $8.7B that FTX owed to its users/creditors in 2022, inevitably tipped the scales in 2023’s favor.

These aren’t ideal circumstances…

But we’ll take it.

🥇 Want the news before anyone else?

🔎 This seems important:

Crypto Payments Coming to X/Twitter? It Sure Looks Like it…

In one sentence: X came one step closer to supporting crypto payments - if BTC + DOGE payments get adopted by 2% of X’s DAUs, that would equal ~5M new DAUs for each chain.

Back in July of last year, a couple of internet sleuths discovered that Twitter Payments LLC was scooping up state-based ‘money transmitter’ licenses.

(Which would allow X/Twitter to double as a PayPal/Venmo style app).

And in those license submissions were requests to specifically handle crypto payments.

Which means, if Elon’s past choices of crypto integrations at Tesla are followed at X, we can expect to see in-app Bitcoin and Dogecoin payments.

Since then, we hadn’t heard or seen much progress on the matter.

Until yesterday…

When the official @xpayments handle went live on X, which (hopefully) hints at an upcoming launch.

“Ok, but who really cares? Payment apps aren’t sexy, or exciting - plus, Venmo and PayPal already support crypto payments…so nothing is new here.”

- You, probably.

Fair point.

Here’s our under-thought, back of the napkin math on all of this:

X has a steady 245M daily active user base.

If each X account was automatically given a Bitcoin and Dogecoin crypto wallet, and 2% of them converted to active X crypto payment users over the next year or so…

That would equal ~5M new daily active users for Bitcoin and Dogecoin.

Which would be a face melting increase from each chain’s current daily active user bases (Bitcoin ~667k, and Dogecoin ~72k).

We like those numbers!

🤝 Partner:

Exploring DeFi Technologies (a free webinar you don’t want to miss!)

If you haven't heard of DeFi Technologies yet, you’re missing out! 

But it doesn’t have to be that way…

As the Decentralised Finance ecosystem continues to grow and expand, DeFi Tech actively explores opportunities to drive innovation and develop creative, innovative, sustainable solutions, connecting investors to the future of finance.

Valour (a subsidiary of DeFi Tech) offers exchange-traded products (ETPs), listed on regulated stock exchanges across Europe, that enable individuals and institutions to invest in digital assets simply and securely.

The good news is, Russell Starr (Head of Capital Markets at DeFi Tech) is hosting a webinar on January 30th at 10am PT/1pm ET to discuss all of the opportunities he sees for 2024. 

Join the DeFi Tech team for a sneak peak into what they - as an industry leader - are focused on achieving throughout the year.

The presentation is just 30 minutes, followed by a 15-minute Q&A session.

Click the big red button below to register (it’s free)!

🔪 Let's dissect this:

The All-In-One Wallet for Web3 Gaming

In one sentence: The Ronin cross-chain gaming wallet will support Ethereum, Polygon and BNB chain-based games.

Most builders in Web3 would argue that the more people interested and onboarded into this space, the better. 

At least we would argue that.

So, you could imagine our excitement to see a headline like this:

“Ronin Gaming Wallet supports Ethereum, Polygon and BNB Chain”. 

It may seem minor or silly (or confusing)…

But, let's get into the nitty gritty. 

Imagine if each time you went to a new country, you had to open a new bank account with a domestic bank there, and exchange currencies. Then, and only then, can you use a debit card while in the country. 

…we bet a ton of people would stop traveling (or at the very least start using travelers cheques again).

It’d be a hassle, and honestly cause a lot of unnecessary friction. 

Right now, blockchains kinda work like that. 

Most wallets only play nice with a single blockchain - Ethereum can only be used to purchase Ethereum based NFTs, and play Ethereum based games…

So seeing a headline where a wallet will allow for silky smooth cross-chain access within the gaming niche is very exciting!

This means, one app could house a range of NFTs and tokens across different chains, that would otherwise be specifically held in separate wallet apps.

One access point for multiple assets? We love to see it!

Cross-chain Interoperability in 2 mins