Crypto Three Things (7/7)

1) JPMorgan execs leave bank to join crypto: A trio of executives at the largest U.S. bank departed from their posts to start new journeys in Web3. Former managing director, Eric Wragge, joined Algorand, ex-chief of ideation, Puja Samuel, left for Digital Currency Group, and former head of asset management sales, Samir Shah, became COO at crypto investment firm Pantera Capital.

Titan’s Takeaway: Despite the recent crypto turmoil, the market’s promise is still attracting world-class talent. In our eyes, the influx of top talent reinforces the long-term belief in the market’s potential.

2) U.K. money managers seek approval of blockchain-traded funds: Britain’s Investment Association will appeal to the government to establish funds employing blockchain. The trade body claims that the funds will issue digital tokens to investors instead of shares, helping industry participants cut costs, increase efficiency, and “drive forward innovation without delay.” If approved, the tokenized funds could launch as early as the second quarter of 2023.

Titan’s Takeaway: It is encouraging to see the U.K.’s asset management industry recognize and tap into the potential of blockchain. We believe this may be the first step towards a broader embrace of digital assets as mainstream investment products.

3) Elon Musk’s Boring Company to start accepting Dogecoin:  Elon Musk’s Boring Company to start accepting Dogecoin: Payments in Dogecoin for rides on the Las Vegas transit system, Loop, will soon be available thanks to Dogefather, Elon Musk. Riding a slick-looking Tesla in tunnels under Las Vegas’ crowded streets is currently free on Loop but will eventually cost $1.50 per single ride or $2.50 for a daily pass. “Supporting Doge wherever possible,” the Tesla boss said on Twitter.

Titan’s Takeaway: While the potential adoption rate does not scale to mass adoption levels, it still is impressive to see Musk’s unwavering devotion to Dogecoin. No matter how small, the news represents a step forward in cryptocurrency’s mission to become a widely accepted payment method.