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Date: Wed, 30 Nov 2022 23:04:56 +0000
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From: Coinbase Bytes <newsletter@mail.coinbase.com>
Message-ID: <01000184cac93c9c-97eb3fc8-eb68-44a3-ba7a-229c4581e32d-000000@email.amazonses.com>
Mime-Version: 1.0
Reply-To: newsletter@mail.coinbase.com
Subject: The latest FTX fallout, explained
To: Vincent Herbert <vince@showfile.com>

------=_Part_1171270_2043721552.1669849496575
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Coinbase Bytes Plus, the next Ethereum upgrade. View in browser=20
<https://links.coinbase.com/e/evib?_t=3D3aca56371967418192255878e9689713&_m=
=3D5fdfefe1ffef45558f94240ec8aa6d2b&_e=3DWbYTab2HsKyUjEiqkvjsfVMaDt-hSN5xL6=
RgGcyqVaaAv8S0EJjmD2y_Xc0cZ7xiEdHmQmhX8BD5C7wsP_GSDQ%3D%3D>
 <https://coinbase.com>=20
 30/11/2022
 <https://www.coinbase.com>=20
The Bahamas finds itself in the eye of the crypto storm in the wake of FTX=
=E2=80=99s=20
collapse. [Image via Spenser Sembrat]

What=E2=80=99s up? It=E2=80=99s Coinbase Bytes=20

 * FTX contagion weighs on the crypto industry. BlockFi filed for bankruptc=
y=20
and firms began to show =E2=80=9Cproof of reserves.=E2=80=9D=20
 * Ethereum developers are determining the blockchain=E2=80=99s next upgrad=
e. A closer=20
look at the =E2=80=9CShanghai=E2=80=9D upgrade and what it could entail.=20
 * Noteworthy numbers. The amount of BTC small investors have added since=
=20
FTX=E2=80=99s collapse and key figures from this week.=20




Bitcoin

 =C2=A314,192.41=20

 +3.89%=20
 <https://coinbase.com/price/bitcoin?bytes_title=3Dbitcoin>=20

Ethereum

 =C2=A31,074.05=20

 +10.41%=20
 <https://coinbase.com/price/ethereum?bytes_title=3Dethereum>=20


Dogecoin

 =C2=A30.09=20

 +32.49%=20
 <https://coinbase.com/price/dogecoin?bytes_title=3Ddogecoin>=20

Cardano

 =C2=A30.26=20

 +0.88%=20
 <https://coinbase.com/price/cardano?bytes_title=3Dcardano>=20


Polygon

 =C2=A30.77=20

 +8.77%=20
 <https://coinbase.com/price/polygon?bytes_title=3Dpolygon>=20

Polkadot

 =C2=A34.53=20

 +1.12%=20
 <https://coinbase.com/price/polkadot?bytes_title=3Dpolkadot>=20


Bitcoin

 =C2=A314,192.41=20

 +3.89%=20
 <https://coinbase.com/price/bitcoin?bytes_title=3Dbitcoin>=20

Ethereum

 =C2=A31,074.05=20

 +10.41%=20
 <https://coinbase.com/price/ethereum?bytes_title=3Dethereum>=20

Dogecoin

 =C2=A30.09=20

 +32.49%=20
 <https://coinbase.com/price/dogecoin?bytes_title=3Ddogecoin>=20


Cardano

 =C2=A30.26=20

 +0.88%=20
 <https://coinbase.com/price/cardano?bytes_title=3Dcardano>=20

Polygon

 =C2=A30.77=20

 +8.77%=20
 <https://coinbase.com/price/polygon?bytes_title=3Dpolygon>=20

Polkadot

 =C2=A34.53=20

 +1.12%=20
 <https://coinbase.com/price/polkadot?bytes_title=3Dpolkadot>=20
Price changes are for the past week, ending on Nov 30, 2022 at 11:03 PM UTC
See the latest prices <>=20



 MARKET UPDATE=20

The latest FTX fallout: BlockFi=E2=80=99s bankruptcy and the race for =E2=
=80=98proof of=20
reserves=E2=80=99

It=E2=80=99s been about three weeks since FTX collapsed, and tremors are st=
ill=20
reverberating throughout the crypto industry. As the company=E2=80=99s form=
er CEO faces=20
investigations from the SEC, the U.S. Justice Department, and agencies in t=
he=20
Bahamas (where FTX was based), firms that were financially entangled with F=
TX=20
are now facing liquidity crunches and, in the case of crypto lender BlockFi=
,=20
bankruptcy. The ongoing situation has prompted a slew of questions from=20
industry leaders about the best path forward, contagion risks, and the=20
international regulatory landscape. Let=E2=80=99s dive in on the latest.

Crypto lending firm BlockFi declared bankruptcy on Monday. Another lender,=
=20
Genesis, is at risk.

 * BlockFi, formerly a leading lender in the crypto industry, said that =E2=
=80=9C
significant exposure=20
<https://www.npr.org/2022/11/28/1139431115/blockfi-ftx-bankruptcy-chapter-1=
1>=E2=80=9D=20
to FTX and its sister company Alameda Research was a keycontributing factor=
=20
<https://www.cnbc.com/2022/11/28/how-ftx-death-spiral-spelled-doom-for-bloc=
kfi-according-to-filing.html>
 to the firm=E2=80=99s bankruptcy filing. In June, FTX agreed to supply the=
 company=20
with a roughly $400 million credit line after BlockFi didn=E2=80=99t have e=
nough cash=20
to meet customer withdrawals. BlockFi had already suspended customer withdr=
awals
earlier this month=20
<https://www.bloomberg.com/news/articles/2022-11-11/blockfi-pauses-withdraw=
als-says-can-no-longer-operate-as-usual?sref=3DaInCMkkj>
 amid FTX=E2=80=99s collapse.=20
 * BlockFi now owes creditors at least $1.2 billion, and has just $257 mill=
ion=20
<https://www.wsj.com/articles/blockfi-files-for-bankruptcy-as-latest-crypto=
-casualty-11669649545>
 in cash on hand. Alameda Research also owed BlockFiabout $680 million=20
<https://www.cnbc.com/2022/11/28/how-ftx-death-spiral-spelled-doom-for-bloc=
kfi-according-to-filing.html>
 in unpaid loans, according to bankruptcy documents.=20
 * Genesis Global Capital, another crypto lender=20
<https://www.nytimes.com/2022/11/22/business/dealbook/genesis-crypto-restru=
cturing-adviser.html>
 that dealt with FTX, is also reportedly at risk of filing for bankruptcy. =
The=20
firm had about $175 million in assets that were frozen on the exchange and =
has=20
also halted customer withdrawals.=20


After revelations that FTX misused customer funds=20
<https://arstechnica.com/tech-policy/2022/11/founder-ran-ftx-as-personal-fi=
efdom-many-assets-stolen-or-missing-court-hears/>
, many in the industry began calling for centralized exchanges to prove tha=
t=20
their reserves are 1:1 with customer assets via on-chain records.

 * Coinbase, which regularly proves its reserves via audited financial=20
statements <>, said in a blog post=20
<https://www.coinbase.com/blog/how-crypto-companies-can-provide-proof-of-re=
serves>
 that it=E2=80=99s exploring =E2=80=9Cvarious novel ways to prove reserves =
using more crypto=20
native methods,=E2=80=9D and announced a $500,000 developer fund aimed to s=
upport=20
on-chain accounting initiatives.=20
 * Binance CEO Changpeng Zhao said that the company would begin to publish =
its=20
reserves, starting with its BTC reserves. Ina web page published=20
<https://www.binance.com/en/support/announcement/binance-releases-proof-of-=
reserves-system-0c7a786cbe8c4e108f3301385ab61e39>
 Nov. 25, Binance revealed that it held 582,485 BTC, compared with 575,742 =
BTC=20
in deposits, and said it would be adding information for more tokens soon.=
=20
 * Jesse Powell, the co-founder of the crypto exchange Kraken, called=20
Binance=E2=80=99s attestation incomplete=20
<https://cryptoslate.com/krakens-powell-says-binance-proof-of-reserve-is-po=
intless-without-liabilities/>
, however, saying that the =E2=80=9Cstatement of assets is pointless withou=
t=20
liabilities.=E2=80=9D Krakenhas provided <https://www.kraken.com/proof-of-r=
eserves>=20
regular proof of reserve audits for years, using an advanced cryptographic=
=20
procedure called a =E2=80=9Cmerkle tree=E2=80=9D that is conducted by an in=
dependent auditor.=20


The Bahamas, a country with aims to become a crypto hub, is now facing=20
increased scrutiny for its regulatory capabilities.

 * The Bahamas was betting big on crypto=20
<https://www.ft.com/content/64e11ce1-c0c7-4663-a46c-2bd33ac1cbc6> as its=20
industry of the future. FTX was considered a launchpad for this ambition, b=
ut=20
the collapse of the $32 billion firm under Bahamian regulators=E2=80=99 wat=
ch =E2=80=94 and=20
their reaction to the initial aftermath =E2=80=94 has dampened the country=
=E2=80=99s=20
credibility as a crypto hub.=20
 * Almost immediately after FTX declared bankruptcy, Bahamian regulators=20
forced the firm=20
<https://decrypt.co/115008/ftx-bankruptcy-jurisdiction-fight-bahamas-regula=
tor-directed-sbf-asset-move>
 to move hundreds of millions of dollars, including some money owed to Baha=
mian=20
citizens, into a wallet controlled by the government, an unusual action ami=
d a=20
bankruptcy proceeding. Bahamian regulators have alsocontested=20
<https://www.foxbusiness.com/markets/ftx-bankruptcy-pits-us-vs-bahamas-batt=
le-billions>
 the U.S.=E2=80=99s jurisdiction over the bankruptcy (FTX filed in Delaware=
), setting=20
up a potential fight for control.=20
 * Responding to critics=20
<https://www.ft.com/content/64e11ce1-c0c7-4663-a46c-2bd33ac1cbc6>, Bahamian=
=20
Attorney General Ryan Pinderdefended=20
<https://www.coindesk.com/policy/2022/11/28/the-bahamas-attorney-general-de=
fends-countrys-regulatory-regime-amid-ftx-debacle/>
 his actions in a nationwide address about the issue on Sunday. =E2=80=9CAn=
y attempt to=20
lay the entirety of this debacle at the feet of the Bahamas, because FTX is=
=20
headquartered here, would be a gross oversimplification of reality,=E2=80=
=9D he said.=20


Why it matters=E2=80=A6 FTX=E2=80=99s collapse has put the topic of crypto =
regulation into=20
focus for the incoming U.S. Congress. As calls for regulatory clarity emerg=
e=20
from both sides of the aisle, some members of Congress are acknowledging th=
at=20
FTX=E2=80=99s transgressions are not unique to crypto. Tom Emmer, a Republi=
can=20
representative from Minnesota, and co-chair of the Congressional Blockchain=
=20
Caucus,said=20
<https://decrypt.co/115402/minnesota-rep-tom-emmer-ftx-collapse-is-not-a-cr=
ypto-failure>
 that FTX=E2=80=99s collapse isn=E2=80=99t a failure of crypto, but =E2=80=
=9Ca failure of centralized=20
finance and a failure of Sam Bankman-Fried."
How we protect customers=20
<https://www.coinbase.com/blog/our-approach-to-transparency-risk-management=
-and-consumer-protection>



 SHANGHAI SOON=20

What will Ethereum=E2=80=99s next major upgrade entail?=20

Just months after migrating the second-biggest blockchain to Proof of Stake=
=20
and drastically reducing its carbon footprint, Ethereum=E2=80=99s developer=
s are=20
already actively planning the network=E2=80=99s next upgrade following theM=
erge=20
<https://www.coinbase.com/bytes/archive/what-happens-after-ethereum-merge>,=
=20
known as Shanghai.

Last Thursday, Ethereum developers met to consider which new Ethereum=20
Improvement Proposals (EIPs) to include in Shanghai. While the upgrade=E2=
=80=99s timing=20
is still unclear (likely sometime in 2023), the group has whittled the list=
 of=20
EIPs down to eight. Let=E2=80=99s take a closer look at a few.

 * EIP 4895 will finally enable users to withdraw staked (hence, Proof of=
=20
Stake) ether, which has been accumulating on Ethereum=E2=80=99s blockchain =
since=20
December 2020. Right now, more than $18 billion worth of ETH is staked and=
=20
locked into Ethereum=E2=80=99s Beacon Chain.=20
 * EIP 4844, which is also known as (the colorfully named) proto-dankshardi=
ng,=20
is an improvement that would make Ethereum more scalable via a method that=
=20
splits up the network into smaller =E2=80=9Cshards=E2=80=9D to increase cap=
acity and lower gas=20
fees.=20
 * The Ethereum Virtual Machine will see five new EIPs. The EVM is responsi=
ble=20
for the network=E2=80=99s deployment ofsmart contracts=20
<https://www.coinbase.com/learn/crypto-basics/what-is-a-smart-contract>, an=
d=20
the collection of proposed improvements aim to make smart contract executio=
n=20
safer.=20

Read up on the Merge <https://www.coinbase.com/ethereum-merge>=20

 NUMBERS TO KNOW=20

$1 million=20

The approximate sale price of Bored Ape Yacht Club NFT #232=20
<https://opensea.io/assets/ethereum/0xbc4ca0eda7647a8ab7c2061c2e118a18a936f=
13d/232>
 when it changed hands last Wednesday. The eye-popping sum defies the broad=
er=20
crypto winter, which has seen the NFT market lose a staggering97%=20
<https://www.bloomberg.com/news/articles/2022-09-28/nft-volumes-tumble-97-f=
rom-2022-highs-as-frenzy-fades-chart?sref=3DaInCMkkj#xj4y7vzkg&leadSource=
=3Duverify%20wall>
 of its trading volume since its January peak.

96,200 BTC

The amount that so-called BTC =E2=80=9Cshrimps=E2=80=9D (BTC investors with=
 less than 1 BTC)=20
added to their holdings since FTX collapsed, an all-time high balance incre=
ase,=20
perGlassnode=20
<https://twitter.com/glassnode/status/1597043997041889281?ref_src=3Dtwsrc%5=
Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1597043997041889281%7Ctwgr%5E8e1b9d17=
6454ad9ac8c54d796527e4f96d15c1ed%7Ctwcon%5Es1_&ref_url=3Dhttps%3A%2F%2Fdecr=
ypt.co%2F>
. Shrimps now account for 6.3% of BTC=E2=80=99s circulating supply.

66%

Percentage of crypto leaders that indicated plans to expand their crypto=20
portfolios over the next month, according to a newresearch survey=20
<https://bdc.consulting/insights/MarketResearch/survey-results-of-the-crypt=
o-market-s-top-managers-amid-the-ftx-collapse>
 from BDC Consulting. The survey asked 53 managers of top crypto projects i=
n=20
sectors like DeFi and crypto payments about their sentiments after the coll=
apse=20
of FTX.




 AROUND COINBASE=20

Analyzing what the midterm elections mean for crypto, and more Coinbase new=
s=20

 * On the latest episode=20
<https://open.spotify.com/episode/6To493wXf1vixFnft9u15o> of the Around the=
=20
Block podcast, Brian Armstrong leads a discussion about what the U.S. midte=
rm=20
election results could mean for crypto and how we can work with policymaker=
s to=20
establish rules that protect crypto investors and users.=20
 * Coinbase has collaborated with Code.org on developing a game to teach=20
students the basics of crypto as part of the annualHour of Code=20
<https://hourofcode.com/us> event. You can play the game here=20
<https://coinbase.github.io/memorygame/story.html> and/or share it with you=
r=20
kids, friends, and family. Code.org=E2=80=99s mission is to bring more stud=
ents into=20
the world of technology.=20
 * WooCommerce merchants can now offer consumers the flexibility to pay wit=
h=20
crypto through apartnership=20
<https://www.coinbase.com/blog/announcing-coinbase-commerce-woocommerce> wi=
th=20
Coinbase Commerce. WooCommerce is the most popular open source e-commerce=
=20
platform in the world, and its merchants are now able to accept Bitcoin,=20
Bitcoin Cash, DAI, Ethereum, Litecoin, Dogecoin, or USD Coin.=20





 TOKEN TRIVIA=20

What is a seed phrase?

A The basic set of rules that allow data to be shared between computers=20
B A series of words generated by your crypto wallet that give you access to=
=20
your funds=20
C A string of letters and numbers that allows you to send or receive crypto=
=20
D What farmers say to their sprouts=20
Find the answer at the end of the email.
Learn about seed phrases=20
<https://www.coinbase.com/learn/crypto-basics/what-is-a-seed-phrase>=20



 NOW TRADING ON COINBASE=20

LDO=20
LDO is the governance token of Lido, a liquid staking protocol.=20
 <https://www.coinbase.com/price/lido-dao?bytes_new=3Dlido-dao>=20
QI=20
QI is the governance token of Benqi, a DeFi protocol on Avalanche.=20
 <https://www.coinbase.com/price/benqi?bytes_new=3Dbenqi>=20


Trivia answer

B A series of words generated by your crypto wallet that give you access to=
=20
your funds=20

 <https://itunes.apple.com/us/app/coinbase-bitcoin-wallet/id886427730?mt=3D=
8> =20
<https://play.google.com/store/apps/details?id=3Dcom.coinbase.android>=20
Disclaimer: This material is the property of Coinbase, Inc., its parent and=
=20
affiliates ("Coinbase"). The views and opinions expressed herein are those =
of=20
the author and do not necessarily reflect the views of Coinbase or its=20
employees and summarizes information and articles with respect to=20
cryptocurrencies or related topics that the author believes may be of inter=
est.=20
This material is for informational purposes only, and is not (i) an offer, =
or=20
solicitation of an offer, to invest in, or to buy or sell, any interests or=
=20
shares, or to participate in any investment or trading strategy, (ii) inten=
ded=20
to provide accounting, legal, or tax advice, or investment recommendations =
or=20
(iii) an official statement of Coinbase. No representation or warranty is m=
ade,=20
expressed or implied, with respect to the accuracy or completeness of the=
=20
information or to the future performance of any digital asset, financial=20
instrument or other market or economic measure. The information is believed=
 to=20
be current as of the date indicated on the materials. Recipients should con=
sult=20
their advisors before making any investment decision. Coinbase may have=20
financial interests in, or relationships with, some of the entities and/or=
=20
publications discussed or otherwise referenced in the materials. Certain li=
nks=20
that may be provided in the materials are provided for convenience and do n=
ot=20
imply Coinbase's endorsement, or approval of any third-party websites or th=
eir=20
content. Coinbase, Inc. is not registered or licensed in any capacity with =
the=20
U.S. Securities and Exchange Commission or the U.S. Commodity Futures Tradi=
ng=20
Commission.



 =C2=A9 Coinbase 2022 | Coinbase Europe Limited=20
 70 Sir John Rogerson=E2=80=99s Quay | Dublin 2 | D02 R296 | Ireland=20
 +353 1800 200 355=20
 =C2=A9 Coinbase 2022 | CB Payments, Ltd=20
 5 Fleet Place | London | EC4M 7RD | UK=20
 +44 808 168 4635=20

 CB Payments, Ltd. is authorised by the Financial Conduct Authority under t=
he=20
Electronic Money Regulations 2011 (register number 900635) for the issuing =
of=20
electronic money.

 Cryptocurrency is not regulated by the UK Financial Conduct Authority and =
is=20
not subject to protection under the UK Financial Services Compensation Sche=
me=20
or within the scope of jurisdiction of the UK Financial Ombudsman Service.=
=20
Investing in cryptocurrency comes with risk and cryptocurrency may gain in=
=20
value, or lose some or all value. Capital gains tax may be applicable to=20
profits from cryptocurrency sales.


Unsubscribe=20
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8BD5C7wsP_GSDQ%3D%3D" target=3D"_blank" rel=3D"noopener noreferrer" style=
=3D"color: rgb(91, 97, 110); text-decoration: none; line-height: 1.5; font-=
size: 12px;">View in browser</a></div> <div style=3D"margin-bottom: 20px;">=
 <table style=3D"width: 100%;"> <tbody> <tr> <td style=3D"text-align: left;=
 vertical-align: middle;"><a href=3D"https://links.coinbase.com/a/click?_t=
=3D3aca56371967418192255878e9689713&_m=3D5fdfefe1ffef45558f94240ec8aa6d2b&_=
e=3DHcSeRgW4qdsA_tOYchMh266sB8mx16Y6NGDEGvFLsGqXMm3IlwGI2hvHrSsyPeIetSvPsV6=
PvTpPSS3m14F_or_oUSCyWia88vKUL-3D_ivIDzGatrOwHfhv-ke6YAWaM6PEda3fG3CTCSbcc-=
UJPv9VbYamRhoxg46b_UA2uaIrXHnqdA9QowA-QUrsxjZQeHPgl0o95fTtbRQ9ClTn5Yp8oYkGL=
B-SxYHsgRxi0gaK-CTItKmcjJyT0irW7Z2LSAQxh7YQfFaI6nnvYAkIyl8hwFEY_PLuOHC9eKIy=
kg91DZyEDCepaYuw3PRKgoda" title=3D"Coinbase Bytes" target=3D"_blank" rel=3D=
"noopener noreferrer"><img src=3D"https://d15k2d11r6t6rl.cloudfront.net/pub=
lic/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca563719674181=
92255878e9689713/cbytes-4x.png" height=3D"36" style=3D"display: block; heig=
ht: 36px;"></a></td> <td style=3D"text-align: right;"><p style=3D"font-size=
: 20px; color: rgb(10, 11, 1); margin: 10px 0px 0px;"> 30/11/2022</p></td> =
</tr> </tbody> </table> </div> <a href=3D"https://links.coinbase.com/a/clic=
k?_t=3D3aca56371967418192255878e9689713&_m=3D5fdfefe1ffef45558f94240ec8aa6d=
2b&_e=3DHcSeRgW4qdsA_tOYchMh2xS74NL94pniO-fX66M2L69FiordTGB7HH5aA7H01L1O_nt=
WSaiL7TE7yIK1oLtfk2ZTBTCZEvwP3wU4BmpQ8U3d4LVbS0_kKq71TgCxYOE1Mbhnu2BVsCjQzo=
2lKb4IrObj51rpe6tJ9PgeYs3wo9d_QdLApW8mM8noY9EBPxsbtlOoyFLe_FfIFW8ct2Tkbp5Pq=
kPXfolVNvNfpVt-8oGJkkUweDxsMcTHoI9osgMAbuxo_4ouZtZqTd9rvtXStU_S9DomvceBORvR=
b1SOkwlddBJBir9_IdQFr8yhK5Sf" target=3D"_blank" rel=3D"noopener noreferrer"=
><img src=3D"https://images.ctfassets.net/q5ulk4bp65r7/2hKD50T6vapeCvFvQ23h=
EL/032fc360f347defc11669bd9fe26a6bf/FTX___s_collapse.jpg" width=3D"100%" st=
yle=3D"display: block; width: 100%;"></a> <p style=3D"margin: 16px 0px 0px;=
 line-height: 1.5; word-break: break-word; font-size: 12px; color: rgb(91, =
97, 110);">The Bahamas finds itself in the eye of the crypto storm in the w=
ake of FTX=E2=80=99s collapse. [Image via Spenser Sembrat]</p> <p style=3D"=
margin: 48px 0px 16px; font-size: 32px; line-height: 1.26; word-break: brea=
k-word;"><strong>What=E2=80=99s up? It=E2=80=99s Coinbase Bytes </strong></=
p> <!--[if mso]><ul style=3D"line-height:1.6;mso-line-height-alt:26px;"><![=
endif]--><!--[if !mso]><!-- --><ul style=3D"margin: 10px 0px; padding-left:=
 24px; line-height: 1.6;"><!--<![endif]--> <li style=3D"margin: 0px; paddin=
g: 6px 0px;"><strong>FTX contagion weighs on the crypto industry. </strong>=
BlockFi filed for bankruptcy and firms began to show =E2=80=9Cproof of rese=
rves.=E2=80=9D</li> <li style=3D"margin: 0px; padding: 6px 0px;"><strong>Et=
hereum developers are determining the blockchain=E2=80=99s next upgrade. </=
strong>A closer look at the =E2=80=9CShanghai=E2=80=9D upgrade and what it =
could entail.</li> <li style=3D"margin: 0px; padding: 6px 0px;"><strong>Not=
eworthy numbers. </strong>The amount of BTC small investors have added sinc=
e FTX=E2=80=99s collapse and key figures from this week.</li> </ul> <p styl=
e=3D"margin: 0px; padding: 0px;"></p> <!--[if !mso]><!--> <div class=3D"des=
ktop_hide" style=3D"mso-hide:all;display:none;max-height:0;overflow:hidden;=
"> <table style=3D"width:100%;table-layout:fixed;margin:0;"> <tbody> <tr> <=
td style=3D"padding-top:40px;"> <a href=3D"https://links.coinbase.com/a/cli=
ck?_t=3D3aca56371967418192255878e9689713&_m=3D5fdfefe1ffef45558f94240ec8aa6=
d2b&_e=3DHcSeRgW4qdsA_tOYchMh22Yig-jN8TyOHfeUyInCBQGwkeEzc5VHAimBAvkZEv5ZZ3=
ljsATH2ZWlHWUfAXD0eeBebFvO7RUtraqV2ZXWs_nFJegP-hoFdM3pJCiXbKRGvhUe9QnBnQZDa=
A_gPMTf4gNLLponssuInXbtN31tfX_azYbPkq4SBlEZdqNQussY78SwxkbjUHdiN-udFF_ji-4e=
wZm_NoyOrqZCXSk9ZfEisU7x8V1y4qNAVZj-Voc_M2k6qohGuzH8hWjSwtiwpTkIT_U0dV8-JFX=
OLPC1JvTrmgLL6yqqXPvrObSa7FJdb5IY4jTdMWto-W8aZhRS9lyFeZK2HjgEqnLBxMdKEjg%3D=
" target=3D"_blank" style=3D"text-decoration:none;color:#0A0B0D;"> <table> =
<tbody> <tr> <td style=3D"padding:0;vertical-align:top;"> <img src=3D"https=
://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46b=
b-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" style=3D=
"height:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:top;" height=
=3D"12" width=3D"12"/> </td> <td style=3D"padding:0;vertical-align:top;"> <=
div style=3D"text-align:left;margin:0px 0px 0px 10px;line-height:1;"> <p st=
yle=3D"margin:0;"><strong>Bitcoin</strong></p> <p style=3D"margin:8px 0px;"=
> =C2=A314,192.41 </p> <p style=3D"margin:0;font-size:12px;"> +3.89% </p> <=
/div> </td> </tr> </tbody> </table> </a> </td> <td style=3D"padding-top:40p=
x;"> <a href=3D"https://links.coinbase.com/a/click?_t=3D3aca563719674181922=
55878e9689713&_m=3D5fdfefe1ffef45558f94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYch=
Mh22Yig-jN8TyOHfeUyInCBQFcoaUW2Ewznv0Bt3YaWa9jSxc7_o9HUv-wnbH3nb9wKMP41UYZb=
GlfzLtZSjW9wSJXWDroabD-DQDKoLhoGM9SZ4MIJMiGuuiQ4L16oK0Y7gh2FwK8PdG7ytoKqWAY=
OBrOe6p_8wcZgd6dTlezmW7yVO6N4F2noe07p7HaZUIx5uyKri-FBZddNpjpXgHyxc3frEsy1Qm=
mXR_Zb-lEkhmcKt-Nlh37T-zh3paNxdAxFkV84ImXZMneQQyZOu1G8Td1RrZ5QxY5bozlIrX7k-=
7YIpns9r2J3LzJqIDN3jCVr2OckImPkfuTKvt0zTIVAYM%3D" target=3D"_blank" style=
=3D"text-decoration:none;color:#0A0B0D;"> <table> <tbody> <tr> <td style=3D=
"padding:0;vertical-align:top;"> <img src=3D"https://d15k2d11r6t6rl.cloudfr=
ont.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca5=
6371967418192255878e9689713/up-arrow.png" style=3D"height:12px;width:12px;m=
argin:2px 0px 0px 0px;vertical-align:top;" height=3D"12" width=3D"12"/> </t=
d> <td style=3D"padding:0;vertical-align:top;"> <div style=3D"text-align:le=
ft;margin:0px 0px 0px 10px;line-height:1;"> <p style=3D"margin:0;"><strong>=
Ethereum</strong></p> <p style=3D"margin:8px 0px;"> =C2=A31,074.05 </p> <p =
style=3D"margin:0;font-size:12px;"> +10.41% </p> </div> </td> </tr> </tbody=
> </table> </a> </td> </tr> <tr> <td style=3D"padding-top:20px;"> <a href=
=3D"https://links.coinbase.com/a/click?_t=3D3aca56371967418192255878e968971=
3&_m=3D5fdfefe1ffef45558f94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh22Yig-jN8T=
yOHfeUyInCBQF-QWYgq2hVgAVvOprZWmUViJexdzH_xHB8nePq7ltNgpFjR_mbAh-QCNGExhBAo=
ZnyZa5PKVzZXnmhxciXDLVfkobcZoI6iGOsKQ-s1e-fj0BO_HjBEH_od3pbyo2lRs1dXPSO-D0H=
E_Fy2vJiyNlF0iSPwpgXBvN7tZ2MElWCemK42A-haQGfKLJeXEkgih56sFT4jrsxsFoF3hTIeVG=
kG7gBW7lFAiZVUS9Cw0lWHEGuTqcJCdAiQ7tVAoDRtoWPwvtgXT9xZuM-KGPOdidKWH_7uJ24Pl=
c2IVFq3yImIs22W_HnOCX2f8wyR8r495Q%3D" target=3D"_blank" style=3D"text-decor=
ation:none;color:#0A0B0D;"> <table> <tbody> <tr> <td style=3D"padding:0;ver=
tical-align:top;"> <img src=3D"https://d15k2d11r6t6rl.cloudfront.net/public=
/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca563719674181922=
55878e9689713/up-arrow.png" style=3D"height:12px;width:12px;margin:2px 0px =
0px 0px;vertical-align:top;" height=3D"12" width=3D"12"/> </td> <td style=
=3D"padding:0;vertical-align:top;"> <div style=3D"text-align:left;margin:0p=
x 0px 0px 10px;line-height:1;"> <p style=3D"margin:0;"><strong>Dogecoin</st=
rong></p> <p style=3D"margin:8px 0px;"> =C2=A30.09 </p> <p style=3D"margin:=
0;font-size:12px;"> +32.49% </p> </div> </td> </tr> </tbody> </table> </a> =
</td> <td style=3D"padding-top:20px;"> <a href=3D"https://links.coinbase.co=
m/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D5fdfefe1ffef45558f9424=
0ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh22Yig-jN8TyOHfeUyInCBQF9ln6rFsK87p8KRMz=
VCNL9IM6ca8wvJFIlvphuUNEhrWKEY44d58k9xLfBXrdEVUO2f0D0Pxk5lI9ZdSkEI9CaiJv90f=
MO4YpiyV63xZp47tGcsbNzGguT6Iv7FSVjXXReJEAaqRpk5jFJITAWHU769FXTxsfljCciYFR5S=
buwwFjeRFyGUmWxEdnI_DqK-Cz9bmpsMCRJxhYo5EuAJkqzxHkaF3JN3MdjIHvVAhdijPYuua3E=
1-ZBSbzf3e_JehC7tsjkFCpWcdlZi-a6XmE51TWm-4YCuIRy3kN6tCbtTdGwMSwRtoM7Wqqjp2x=
JrkQ%3D" target=3D"_blank" style=3D"text-decoration:none;color:#0A0B0D;"> <=
table> <tbody> <tr> <td style=3D"padding:0;vertical-align:top;"> <img src=
=3D"https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713=
-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png"=
 style=3D"height:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:top;=
" height=3D"12" width=3D"12"/> </td> <td style=3D"padding:0;vertical-align:=
top;"> <div style=3D"text-align:left;margin:0px 0px 0px 10px;line-height:1;=
"> <p style=3D"margin:0;"><strong>Cardano</strong></p> <p style=3D"margin:8=
px 0px;"> =C2=A30.26 </p> <p style=3D"margin:0;font-size:12px;"> +0.88% </p=
> </div> </td> </tr> </tbody> </table> </a> </td> </tr> <tr> <td style=3D"p=
adding-top:20px;"> <a href=3D"https://links.coinbase.com/a/click?_t=3D3aca5=
6371967418192255878e9689713&_m=3D5fdfefe1ffef45558f94240ec8aa6d2b&_e=3DHcSe=
RgW4qdsA_tOYchMh22Yig-jN8TyOHfeUyInCBQEOHeqVWN-d7f1oXS7RIVpvKojGhBwEHefFJa2=
r-0RczUYSgKJawMF4FR4-98e72wvrb103NdS3tryB6bZcW2KQBRasZZZ-sF-omoHA0w79WOn03I=
iT7fY85rdYNrOIrzx7fzv2sC6wauzytuL8UAZAMYaK11vaGAPL_No0tijTHItW1IINXXSRHV5Ea=
zOoPvLFc4et3mALjfsQVf6PrzIuxx46CXHR7xpvE_eiflkayZLkndS8gym3v4uwPXvlt4Gr0mSM=
fjqrb0fbAvjOftlDEdk4qVpYcLFirrvvFHsKxt7iMXFjO_9eHePQ6DQ8ZOQ%3D" target=3D"_=
blank" style=3D"text-decoration:none;color:#0A0B0D;"> <table> <tbody> <tr> =
<td style=3D"padding:0;vertical-align:top;"> <img src=3D"https://d15k2d11r6=
t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cf=
f6dd6a/3aca56371967418192255878e9689713/up-arrow.png" style=3D"height:12px;=
width:12px;margin:2px 0px 0px 0px;vertical-align:top;" height=3D"12" width=
=3D"12"/> </td> <td style=3D"padding:0;vertical-align:top;"> <div style=3D"=
text-align:left;margin:0px 0px 0px 10px;line-height:1;"> <p style=3D"margin=
:0;"><strong>Polygon</strong></p> <p style=3D"margin:8px 0px;"> =C2=A30.77 =
</p> <p style=3D"margin:0;font-size:12px;"> +8.77% </p> </div> </td> </tr> =
</tbody> </table> </a> </td> <td style=3D"padding-top:20px;"> <a href=3D"ht=
tps://links.coinbase.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=
=3D5fdfefe1ffef45558f94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh22Yig-jN8TyOHf=
eUyInCBQEOxYtM0YWuq_KiQSKy5VHj0Okdufa1uXr4TOa2Ud304XGdiC8EkgFoxruYADSmpTwOa=
5G7S1FbTHFBm1xdO-vxuUPw7ShpahHLSUsRRgI8RrijpZdVSLZ1EGDardIDUTVyvxnZrKPYdflW=
_5O6nAh03CNIFj7I4hYVWHobNEJmEohXcc1wrmKtIX8OREF05xwx2roY1OZ94gqbbmplZLF5GJI=
uD9sjU_lTDtAK5arK4uyCGyduoz7BzsSFIAepRU8IqsgWpJO8rxFGotkL7x3725__eHnlBGcqXQ=
4kI-AzX4ftOovAbOotda3sJjdZAlA%3D" target=3D"_blank" style=3D"text-decoratio=
n:none;color:#0A0B0D;"> <table> <tbody> <tr> <td style=3D"padding:0;vertica=
l-align:top;"> <img src=3D"https://d15k2d11r6t6rl.cloudfront.net/public/use=
rs/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca5637196741819225587=
8e9689713/up-arrow.png" style=3D"height:12px;width:12px;margin:2px 0px 0px =
0px;vertical-align:top;" height=3D"12" width=3D"12"/> </td> <td style=3D"pa=
dding:0;vertical-align:top;"> <div style=3D"text-align:left;margin:0px 0px =
0px 10px;line-height:1;"> <p style=3D"margin:0;"><strong>Polkadot</strong><=
/p> <p style=3D"margin:8px 0px;"> =C2=A34.53 </p> <p style=3D"margin:0;font=
-size:12px;"> +1.12% </p> </div> </td> </tr> </tbody> </table> </a> </td> <=
/tr> </tbody> </table> </div> <!--<![endif]--> <div class=3D"mobile_hide"> =
<table style=3D"width:100%;table-layout:fixed;margin:0;"> <tbody> <tr> <td =
style=3D"padding-top:40px;"> <a href=3D"https://links.coinbase.com/a/click?=
_t=3D3aca56371967418192255878e9689713&_m=3D5fdfefe1ffef45558f94240ec8aa6d2b=
&_e=3DHcSeRgW4qdsA_tOYchMh22Yig-jN8TyOHfeUyInCBQGwkeEzc5VHAimBAvkZEv5ZZ3ljs=
ATH2ZWlHWUfAXD0eeBebFvO7RUtraqV2ZXWs_nFJegP-hoFdM3pJCiXbKRGvhUe9QnBnQZDaA_g=
PMTf4gNLLponssuInXbtN31tfX_--0bn6G-DQq0T-bm214XxpatrvsmDcP7w2MsTxy5pj6X2yrr=
gacV_ti1qgfBPcZr9TVc28out5pcn1nji_BDrWQpw2HePAYyY28iKIX-0pCgcg9Aet362RzFXoz=
Tj7RWiOkjR6DlrMMEvCWxxW4Wr24qukebAkMkQRuKEMo-U3c3dL9M381PL1xTFx9Mhq7I%3D" t=
arget=3D"_blank" style=3D"text-decoration:none;color:#0A0B0D;"> <table> <tb=
ody> <tr> <td style=3D"padding:0;vertical-align:top;"> <img src=3D"https://=
d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-b=
d7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" style=3D"he=
ight:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:top;" height=3D"=
12" width=3D"12"/> </td> <td style=3D"padding:0;vertical-align:top;"> <div =
style=3D"text-align:left;margin:0px 0px 0px 10px;line-height:1;"> <p style=
=3D"margin:0;"><strong>Bitcoin</strong></p> <p style=3D"margin:8px 0px;"> =
=C2=A314,192.41 </p> <p style=3D"margin:0;font-size:12px;"> +3.89% </p> </d=
iv> </td> </tr> </tbody> </table> </a> </td> <td style=3D"padding-top:40px;=
"> <a href=3D"https://links.coinbase.com/a/click?_t=3D3aca56371967418192255=
878e9689713&_m=3D5fdfefe1ffef45558f94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh=
22Yig-jN8TyOHfeUyInCBQFcoaUW2Ewznv0Bt3YaWa9jSxc7_o9HUv-wnbH3nb9wKMP41UYZbGl=
fzLtZSjW9wSJXWDroabD-DQDKoLhoGM9SZ4MIJMiGuuiQ4L16oK0Y7gh2FwK8PdG7ytoKqWAYOB=
rOe6p_8wcZgd6dTlezmW7y7nypFljeVPMGH0b8VrIr2OW04zgMaVQuMIQZWMCd7ETFgndHNIjqi=
HmtTGfzU6Wrxfp67IazL4_e4BzjLGhioaJPjb8KJSP3GFZyDHYNtAPP7IeMADosb54_seHngjQL=
390vNU6v9mDAXMIUi3dll2SJkfzqyuIlICt_CI2EGyY%3D" target=3D"_blank" style=3D"=
text-decoration:none;color:#0A0B0D;"> <table> <tbody> <tr> <td style=3D"pad=
ding:0;vertical-align:top;"> <img src=3D"https://d15k2d11r6t6rl.cloudfront.=
net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371=
967418192255878e9689713/up-arrow.png" style=3D"height:12px;width:12px;margi=
n:2px 0px 0px 0px;vertical-align:top;" height=3D"12" width=3D"12"/> </td> <=
td style=3D"padding:0;vertical-align:top;"> <div style=3D"text-align:left;m=
argin:0px 0px 0px 10px;line-height:1;"> <p style=3D"margin:0;"><strong>Ethe=
reum</strong></p> <p style=3D"margin:8px 0px;"> =C2=A31,074.05 </p> <p styl=
e=3D"margin:0;font-size:12px;"> +10.41% </p> </div> </td> </tr> </tbody> </=
table> </a> </td> <td style=3D"padding-top:40px;"> <a href=3D"https://links=
.coinbase.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D5fdfefe1ff=
ef45558f94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh22Yig-jN8TyOHfeUyInCBQF-QWY=
gq2hVgAVvOprZWmUViJexdzH_xHB8nePq7ltNgpFjR_mbAh-QCNGExhBAoZnyZa5PKVzZXnmhxc=
iXDLVfkobcZoI6iGOsKQ-s1e-fj0BO_HjBEH_od3pbyo2lRs1dXPSO-D0HE_Fy2vJiyNlFVG2Gj=
5szJnqAPhZGYggIRv7O8l8ie-LZypd92Ahm1ZlJQ1ggN08pWKvudwFvauikOOhSaLpPHIcA5dua=
EtVbgS-u9VCK0fK9mFx0n_QGfMmCAqcYwh6G9cbX1ME44V02k_jnhI-rmyikJQpkXJW4EtLZ0uf=
kOSs8gMbxvboWcrM%3D" target=3D"_blank" style=3D"text-decoration:none;color:=
#0A0B0D;"> <table> <tbody> <tr> <td style=3D"padding:0;vertical-align:top;"=
> <img src=3D"https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrator=
s/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-=
arrow.png" style=3D"height:12px;width:12px;margin:2px 0px 0px 0px;vertical-=
align:top;" height=3D"12" width=3D"12"/> </td> <td style=3D"padding:0;verti=
cal-align:top;"> <div style=3D"text-align:left;margin:0px 0px 0px 10px;line=
-height:1;"> <p style=3D"margin:0;"><strong>Dogecoin</strong></p> <p style=
=3D"margin:8px 0px;"> =C2=A30.09 </p> <p style=3D"margin:0;font-size:12px;"=
> +32.49% </p> </div> </td> </tr> </tbody> </table> </a> </td> </tr> <tr> <=
td style=3D"padding-top:20px;"> <a href=3D"https://links.coinbase.com/a/cli=
ck?_t=3D3aca56371967418192255878e9689713&_m=3D5fdfefe1ffef45558f94240ec8aa6=
d2b&_e=3DHcSeRgW4qdsA_tOYchMh22Yig-jN8TyOHfeUyInCBQF9ln6rFsK87p8KRMzVCNL9IM=
6ca8wvJFIlvphuUNEhrWKEY44d58k9xLfBXrdEVUO2f0D0Pxk5lI9ZdSkEI9CaiJv90fMO4Ypiy=
V63xZp47tGcsbNzGguT6Iv7FSVjXXR1hmFc9gM8HrvOKhEucLmao7rVPupb8MfK4hv2mGPQGTqv=
C_jiYr_CQFGMb2564UdcxBZXh6jH3fsOJuupbag23pVKVMu2EAMXESM4KxHy5Wg7mRqaxzCGLqR=
4z8BWhoA_SJFiNiLViFjv0Lo_gosE1F5dlsVa780wfIxQsduxeQ2E77qKzltT_q6Y66B8tj4%3D=
" target=3D"_blank" style=3D"text-decoration:none;color:#0A0B0D;"> <table> =
<tbody> <tr> <td style=3D"padding:0;vertical-align:top;"> <img src=3D"https=
://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46b=
b-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" style=3D=
"height:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:top;" height=
=3D"12" width=3D"12"/> </td> <td style=3D"padding:0;vertical-align:top;"> <=
div style=3D"text-align:left;margin:0px 0px 0px 10px;line-height:1;"> <p st=
yle=3D"margin:0;"><strong>Cardano</strong></p> <p style=3D"margin:8px 0px;"=
> =C2=A30.26 </p> <p style=3D"margin:0;font-size:12px;"> +0.88% </p> </div>=
 </td> </tr> </tbody> </table> </a> </td> <td style=3D"padding-top:20px;"> =
<a href=3D"https://links.coinbase.com/a/click?_t=3D3aca56371967418192255878=
e9689713&_m=3D5fdfefe1ffef45558f94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh22Y=
ig-jN8TyOHfeUyInCBQEOHeqVWN-d7f1oXS7RIVpvKojGhBwEHefFJa2r-0RczUYSgKJawMF4FR=
4-98e72wvrb103NdS3tryB6bZcW2KQBRasZZZ-sF-omoHA0w79WOn03IiT7fY85rdYNrOIrzx4L=
pkGfYZbpquCI7JPLM-iC_B_joKFWFPd9ghY_gteKHcVHbW7frdAPx10pAUKqjmwe61tOnV7dVbi=
Mz8XFmq3eOjpF0Q7cnxbmv1GDsa2Avgk0AqZj0aBYLgn1vFH_pEIX2ASVzuNamueRAI6ChI8plL=
MRAxd4WgL0MqQ02eLhJkhx5kWveyZL_7IurjSIHY%3D" target=3D"_blank" style=3D"tex=
t-decoration:none;color:#0A0B0D;"> <table> <tbody> <tr> <td style=3D"paddin=
g:0;vertical-align:top;"> <img src=3D"https://d15k2d11r6t6rl.cloudfront.net=
/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967=
418192255878e9689713/up-arrow.png" style=3D"height:12px;width:12px;margin:2=
px 0px 0px 0px;vertical-align:top;" height=3D"12" width=3D"12"/> </td> <td =
style=3D"padding:0;vertical-align:top;"> <div style=3D"text-align:left;marg=
in:0px 0px 0px 10px;line-height:1;"> <p style=3D"margin:0;"><strong>Polygon=
</strong></p> <p style=3D"margin:8px 0px;"> =C2=A30.77 </p> <p style=3D"mar=
gin:0;font-size:12px;"> +8.77% </p> </div> </td> </tr> </tbody> </table> </=
a> </td> <td style=3D"padding-top:20px;"> <a href=3D"https://links.coinbase=
.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D5fdfefe1ffef45558f9=
4240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh22Yig-jN8TyOHfeUyInCBQEOxYtM0YWuq_Ki=
QSKy5VHj0Okdufa1uXr4TOa2Ud304XGdiC8EkgFoxruYADSmpTwOa5G7S1FbTHFBm1xdO-vxuUP=
w7ShpahHLSUsRRgI8RrijpZdVSLZ1EGDardIDUTVyvxnZrKPYdflW_5O6nAh04z6ggc1nHRNmsV=
rScqp-V9HBV0s_DaasUse8nsF2BoSbd3c5RNgbmx8G9VIQqLWAjSmIlmcMxjYh8-1cRb0JKCdue=
-vk_E1AvqigVqjUx5UuCzMbJ_qR2sSJGpI7i0QtrgB463lFgf7hrmN7AlNcKoEUKD9ZrBgOJAdQ=
e9wgYJg%3D" target=3D"_blank" style=3D"text-decoration:none;color:#0A0B0D;"=
> <table> <tbody> <tr> <td style=3D"padding:0;vertical-align:top;"> <img sr=
c=3D"https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d571=
3-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png=
" style=3D"height:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:top=
;" height=3D"12" width=3D"12"/> </td> <td style=3D"padding:0;vertical-align=
:top;"> <div style=3D"text-align:left;margin:0px 0px 0px 10px;line-height:1=
;"> <p style=3D"margin:0;"><strong>Polkadot</strong></p> <p style=3D"margin=
:8px 0px;"> =C2=A34.53 </p> <p style=3D"margin:0;font-size:12px;"> +1.12% <=
/p> </div> </td> </tr> </tbody> </table> </a> </td> </tr> </tbody> </table>=
 </div> <p style=3D"margin: 20px 0px 0px; line-height: 1.5; word-break: bre=
ak-word; color: rgb(91, 97, 110); font-size: 12px;">Price changes are for t=
he past week, ending on Nov 30, 2022 at 11:03 PM UTC</p> <div class=3D"cta_=
button" style=3D"margin: 24px 0px 0px; padding: 0px; width: 50%;"><!--[if m=
so]><table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" =
style=3D"border-spacing:0;border-collapse:collapse;mso-table-lspace:0pt;mso=
-table-rspace:0pt;"><tr><td style=3D"padding:0;" align=3D"left"> <v:roundre=
ct xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:w=3D"urn:schemas-microso=
ft-com:office:word" href=3D"www.coinbase.com/price" style=3D"width:350pt;v-=
text-anchor:middle;" arcsize=3D"17%" stroke=3D"false" fillcolor=3D"#0052ff"=
> <w:anchorlock/><v:textbox inset=3D"0,0,0,0"><center style=3D"font-family:=
 Helvetica Neue, Helvetica, Arial, sans-serif;"><![endif]--><a href=3D"www.=
coinbase.com/price" target=3D"_blank" rel=3D"noopener noreferrer" style=3D"=
display: block; margin: 0px; line-height: 1.2; font-size: 16px; text-decora=
tion: none; color: rgb(255, 255, 255); background-color: rgb(0, 82, 255); b=
order-radius: 30px; text-align: center; padding: 18px 0px;"><strong>See the=
 latest prices</strong></a><!--[if mso]></center></v:textbox></v:roundrect>=
</td></tr></table><![endif]--></div> <table width=3D"100%" role=3D"presenta=
tion" valign=3D"top" style=3D"table-layout: fixed; vertical-align: top; bor=
der-spacing: 0px; border-collapse: collapse; min-width: 100%; text-size-adj=
ust: 100%;"> <tbody> <tr style=3D"vertical-align: top;"> <td valign=3D"top"=
 style=3D"word-break: break-word; vertical-align: top; min-width: 100%; tex=
t-size-adjust: 100%; padding: 48px 0px;"><table border=3D"0" cellpadding=3D=
"0" cellspacing=3D"0" width=3D"100%" align=3D"center" role=3D"presentation"=
 valign=3D"top" style=3D"table-layout: fixed; vertical-align: top; border-s=
pacing: 0px; border-collapse: collapse; border-top: 2px solid rgb(222, 224,=
 226); width: 100%;"> <tbody> <tr style=3D"vertical-align: top;"> <td valig=
n=3D"top" style=3D"word-break: break-word; vertical-align: top; text-size-a=
djust: 100%;"><span></span></td> </tr> </tbody> </table></td> </tr> </tbody=
> </table> <div> <table style=3D"margin: 0px; padding: 0px;"> <tbody> <tr> =
<td style=3D"margin: 0px; padding-right: 11px; vertical-align: middle;"><im=
g src=3D"https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669=
d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x=
.png" width=3D"12" height=3D"12" style=3D"display: block; width: 12px; heig=
ht: 12px;"></td> <td style=3D"margin: 0px; padding: 0px; vertical-align: mi=
ddle;"><p style=3D"margin: 0px; font-size: 16px; letter-spacing: 0.075em;">=
<strong> MARKET UPDATE </strong></p></td> </tr> </tbody> </table> <p style=
=3D"margin: 5px 0px 0px; font-size: 32px; line-height: 1.26; word-break: br=
eak-word;"><strong>The latest FTX fallout: BlockFi=E2=80=99s bankruptcy and=
 the race for =E2=80=98proof of reserves=E2=80=99</strong></p> </div> <p st=
yle=3D"margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">It=
=E2=80=99s been about three weeks since FTX collapsed, and tremors are stil=
l reverberating throughout the crypto industry. As the company=E2=80=99s fo=
rmer CEO faces investigations from the SEC, the U.S. Justice Department, an=
d agencies in the Bahamas (where FTX was based), firms that were financiall=
y entangled with FTX are now facing liquidity crunches and, in the case of =
crypto lender BlockFi, bankruptcy. The ongoing situation has prompted a sle=
w of questions from industry leaders about the best path forward, contagion=
 risks, and the international regulatory landscape. Let=E2=80=99s dive in o=
n the latest.</p> <p style=3D"margin: 16px 0px 0px; line-height: 1.6; word-=
break: break-word;"><strong>Crypto lending firm BlockFi declared bankruptcy=
 on Monday. Another lender, Genesis, is at risk.</strong></p> <!--[if mso]>=
<ul style=3D"line-height:1.6;mso-line-height-alt:26px;"><![endif]--><!--[if=
 !mso]><!-- --><ul style=3D"margin: 10px 0px 0px; padding-left: 24px; line-=
height: 1.6;"><!--<![endif]--> <li style=3D"margin: 0px; padding: 6px 0px;"=
>BlockFi, formerly a leading lender in the crypto industry, said that =E2=
=80=9C<a href=3D"https://links.coinbase.com/u/click?_t=3D3aca56371967418192=
255878e9689713&_m=3D5fdfefe1ffef45558f94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYc=
hMh2zUOlfnMvPN167wmL5HKbh4Bba86Z-jnWe0O88Bb3D__bSz7lo8exLcZiCajnaDMHp394LKC=
GZFUMGohytPW9Y1ORtP_aqWIw-3cG7NElH2646GybLkvtnQRHU8mtmkMncLBm3fg6WWqekkuByk=
rCMV35SbS_8XaKx3bOjihrKMSWE15t5AGs9iURYBsXCxg5rYkeoNs6NlCkyhdi5DCgvPR7KUtZt=
thWIyyKT-lfPDSx3hVf8Pq2B7wZdggh2NTGB8qeMeomEMUSuOLXcqySYtclQfhPqs2HanYbBo56=
1qeUUdsFPmXC6p8uOmUsUixx-GkVWrSS7COiUY1BUm4DYYa4HhmAd2vZk1XR8-t8HiW" target=
=3D"_blank" rel=3D"noopener noreferrer">significant exposure</a>=E2=80=9D t=
o FTX and its sister company Alameda Research was a key <a href=3D"https://=
links.coinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D5fdfe=
fe1ffef45558f94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh29mZND0RTsS9XT0jGI2wDc=
ZZm2oS3aOIEzYhzSRySCpnXLcfsnismSMe8d9w3n51jvEipOO9RhJBCW-v0u0RloD9FZVuy-Gew=
pgXl18epDQptE65C_5qnP07YXI_dmu4jtiGCQkRrssuwZ6ShEqLjyXMkzSoFV9o21OGb4BN_UNi=
TUSwPUfHkwCZVQ1QJ8I9Bx9mUy9Dp431c5brnW1oqiz2d1aJ599Zl1ux1zKvwygHJsSKSHoKuo1=
emXK8XqwS1GP5SmxH_2xu24y3tWMxwFHuDwFF4yW9rLF5oChndKkRzqez4GsJePu5rYv1Yd9V9g=
2-m2TUaLBb-aREM6pdVeX73Yw6WaJ7FEjfGtdZIaJTCkgRFsTofLYvVxLgoPr4q8NFJ_FjfJcMX=
ipY2x1k1mw%3D" target=3D"_blank" rel=3D"noopener noreferrer">contributing f=
actor</a> to the firm=E2=80=99s bankruptcy filing. In June, FTX agreed to s=
upply the company with a roughly $400 million credit line after BlockFi did=
n=E2=80=99t have enough cash to meet customer withdrawals. BlockFi had alre=
ady suspended customer withdrawals <a href=3D"https://links.coinbase.com/u/=
click?_t=3D3aca56371967418192255878e9689713&_m=3D5fdfefe1ffef45558f94240ec8=
aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh28Ymw7InRZE5AKLuWXWajN5YazRvzdQqZMRwwz24GYI=
uBpLzAwRRgbh-WaohzGY4cgaKsBGP6-yQBgRFbIhnw8XW4yyPepGMgcAgMnRWxKjQPvIx73Otud=
YVdKlGM8zf0WI0EtZc9KWcGIb7lrIDR7ZyEVeaCbgNPxje1LbpNM2tnkd9voe260cPVw_48b_xp=
1d1STSDvHoTaC_O2V_wuWYSjNFf5J16FqK-E7bMLVKshbjwYbD3hOAGl3nhVLaqQDENOQbU5Onx=
Sg8JZw-SdJ8OUrvO2a86PhYE9Oj4E9mKAlTjy3f-F8l79HLWichEDK_1vt4rTrZPM3bZpp1ki_b=
w8dOu8okttUBb0AjvfKGOfMfVwdOka6ijmf_eJps3-OfrBMKP8dTl4xzovnlwSUFeCUxX6C-Jke=
D5WOnRMJZ9ZqlTi864x7oRZ3DYzpiLtA%3D%3D" target=3D"_blank" rel=3D"noopener n=
oreferrer">earlier this month</a> amid FTX=E2=80=99s collapse.&nbsp;</li> <=
li style=3D"margin: 0px; padding: 6px 0px;">BlockFi now owes creditors at l=
east $1.2 billion, and <a href=3D"https://links.coinbase.com/u/click?_t=3D3=
aca56371967418192255878e9689713&_m=3D5fdfefe1ffef45558f94240ec8aa6d2b&_e=3D=
HcSeRgW4qdsA_tOYchMh24O2YvIObJcpoHnOZ3Wy7LjYFLyc3yGZXnzIIlCwCIsRzvoEPbESjN5=
MWmsYxshGFk96JiKIJ_d7SrrFctJLUs7LKMFOlMN5xBYwHD6oRxvbZJcTMPYDaU9LjtVDq8Pz_N=
phCQZPikuEmSf6qB1YdtaI7TftrdbUQ_8PMXmCy5_RKJbToGIvaDrcNjLIzDuDlqQt4CxbnwVfg=
ojymosjgh_QMcDmPOkteFOsFSj6LDZNk_dvOy20DYrD8ixJ00kABqT_HEOQ7B-MTNbdX7DQK-I1=
1DcVdacd7MkwPxBp3GNkrR986_Lpc_xycj1uY1ectgWsm6bvl_wrB25ApQebHKvZmdNW2HFCGdU=
GMUFaDfX449h4V5fthJJY_7-2vnFSyOXWygHi79brHJVOywUQYyA%3D" target=3D"_blank" =
rel=3D"noopener noreferrer">has just $257 million</a> in cash on hand. Alam=
eda Research also owed BlockFi <a href=3D"https://links.coinbase.com/u/clic=
k?_t=3D3aca56371967418192255878e9689713&_m=3D5fdfefe1ffef45558f94240ec8aa6d=
2b&_e=3DHcSeRgW4qdsA_tOYchMh29mZND0RTsS9XT0jGI2wDcZZm2oS3aOIEzYhzSRySCpnXLc=
fsnismSMe8d9w3n51jvEipOO9RhJBCW-v0u0RloD9FZVuy-GewpgXl18epDQptE65C_5qnP07YX=
I_dmu4jtiGCQkRrssuwZ6ShEqLjyXMkzSoFV9o21OGb4BN_UNiTUSwPUfHkwCZVQ1QJ8I9Bx9mU=
y9Dp431c5brnW1oqiz2d1aJ599Zl1ux1zKvwygHXNrfrtNcVzIaHqy_b3l6Ww01AZ_kZ4Yi0nP3=
GnKRsVgmT1-IzY8b7c6xY8V15Zf8J1EaBjN8tzMB6XByTXb_z0pdbpE9CtZ7EtJNsbZMLfz4LOp=
1XjiTo6CmuUf4T4wnXqumUPlCxLPL8U9FhVFhLdMKpr9zxsatWD6THEI0pbQ%3D" target=3D"=
_blank" rel=3D"noopener noreferrer">about $680 million</a> in unpaid loans,=
 according to bankruptcy documents.</li> <li style=3D"margin: 0px; padding:=
 6px 0px;">Genesis Global Capital, <a href=3D"https://links.coinbase.com/u/=
click?_t=3D3aca56371967418192255878e9689713&_m=3D5fdfefe1ffef45558f94240ec8=
aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh23ZFDFAGJITp-2T-sHFouncE3XjIxZhUQ_s_JTCRqVF=
JMb_cmMbr0k6NjFsRVkYhJcr73NIbeJm5LoCCLkG78V_jwanU_6ACsJRrm6xeXP3f6_J9WSFgeN=
3CZ46YN_2PnyFpff4b_HisfTD30KGsKI8CkOVLfM1OOW-fevAK2HZYY2V5tZoRcMwBOoZj52GTI=
y_ROy_gbIYBVFbkEGZMdHWncn7IyLNaqrL3p-LlWYX93Qlww7XBDwUDvHrP89DMx7BobipPNjFM=
gUNkJYeqU8KOudcnXLKwDx2zVGw0UjvKnRnXNAGVJnHXwLL-Cp2MAvBaWZNYk7GrerFzKAuXBq1=
7_M4DmfM2Nn2WBkfcSPxzNCp-yDi2mzS8_6k0WkcyXY6fP2aL-NZQ8CHabB76k8k%3D" target=
=3D"_blank" rel=3D"noopener noreferrer">another crypto lender</a> that deal=
t with FTX, is also reportedly at risk of filing for bankruptcy. The firm h=
ad about $175 million in assets that were frozen on the exchange and has al=
so halted customer withdrawals.&nbsp;</li> </ul> <p style=3D"margin: 0px; p=
adding: 0px;"></p> <p style=3D"margin: 16px 0px 0px; line-height: 1.6; word=
-break: break-word;"><strong>After revelations that FTX </strong><a href=3D=
"https://links.coinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_=
m=3D5fdfefe1ffef45558f94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh2-kbmZ7XyEo8Z=
LMgR4cxdeP8DQKuACKlisVb-V3BqF_fGIxTa9mhMh7VLwababy9ki9crEX4X180W3w2-7g2RyBI=
WpOpXN2PzVyEJdhi93vZ0YC68wdJ03MAAUTnzzOb5RFs8hawxTsu2X40mHQKOS21J-AnxMlo9tO=
RbBF1ar-rdXIMxlSRDH49EhfYnA4AkXx-eDJKs8jpEKo2GoWXvxH7RPsgSc8P5YVboeR91JfrNC=
7NBGFiGDRHocZoAM_BZHl2Mxu6ELBD-bzAEmLNaimm9Aqi80oD8WhDYNCCvPROO9Ae9-lqC3zfl=
eBKNMILYLMv_LMEd6qXhylGOVkkYXR12Kx8kDWXOacwrp3HxCjhP4KEZp9xNPgsjyknxG04SIUV=
P20kVw588rEsxp3V4B_eCw5RpNDGV1I6nX0phm3m" target=3D"_blank" rel=3D"noopener=
 noreferrer"><strong>misused customer funds</strong></a><strong>, many in t=
he industry began calling for centralized exchanges to prove that their res=
erves are 1:1 with customer assets via on-chain records.</strong></p> <!--[=
if mso]><ul style=3D"line-height:1.6;mso-line-height-alt:26px;"><![endif]--=
><!--[if !mso]><!-- --><ul style=3D"margin: 10px 0px 0px; padding-left: 24p=
x; line-height: 1.6;"><!--<![endif]--> <li style=3D"margin: 0px; padding: 6=
px 0px;">Coinbase, which regularly proves its reserves via <a href=3D"www.s=
ec.gov/ix?doc=3D/Archives/edgar/data/1679788/000167978822000031/coin-202112=
31.htm" target=3D"_blank" rel=3D"noopener noreferrer">audited financial sta=
tements</a>, said in a <a href=3D"https://links.coinbase.com/a/click?_t=3D3=
aca56371967418192255878e9689713&_m=3D5fdfefe1ffef45558f94240ec8aa6d2b&_e=3D=
HcSeRgW4qdsA_tOYchMh2xS74NL94pniO-fX66M2L6_HJVSJ-4oXnUs2a6C4F8GDvNwZrwB2Wga=
TpumCjQ9Mlx0F2Cf3p082Cz1qnpDsDQoQ7Gy3Anm9y46ghxR7NU9Mi0Igu7BPekobVewlncj1G3=
Kft9pOfVhOae6dwv36wiB0DeWF7UIfr-2_k9ilWSQv8OLNabbuekm1wC9Ym5NmkURSqBhgy-cD0=
WNIbYet-dgPVFJyvvfFXDlv7rcZ2XJajM7Dpljq10Z3_3pTTey7omwsV1WqRoZS5DIb7lPwNiro=
z-TWpbqv_iZvmYyeOEBpEK2c7TRFa4Za-yyg9_nDjSDe5UTF2tAmHtlgUGeH3uK7CDF9FBLRbGk=
QORk89LxSDoiRssEF7wSG6Yofb7PPXQ%3D%3D" target=3D"_blank" rel=3D"noopener no=
referrer">blog post</a> that it=E2=80=99s exploring =E2=80=9Cvarious novel =
ways to prove reserves using more crypto native methods,=E2=80=9D and annou=
nced a $500,000 developer fund aimed to support on-chain accounting initiat=
ives.</li> <li style=3D"margin: 0px; padding: 6px 0px;">Binance CEO Changpe=
ng Zhao said that the company would begin to publish its reserves, starting=
 with its BTC reserves. In <a href=3D"https://links.coinbase.com/u/click?_t=
=3D3aca56371967418192255878e9689713&_m=3D5fdfefe1ffef45558f94240ec8aa6d2b&_=
e=3DHcSeRgW4qdsA_tOYchMh25QtxrAFPxAwLRdFcBSo7eY2-y4gguC2fO0jE1gST1axB0MuQEB=
8Fknq466QqREZDpwt5v22_9PAWME3cGhv2xM1cMVuC3YnmjbYiT3_SX_Zcz1NQaM4FakLtj4gH2=
1S1fLMfgDg-Gyxd_pejqRK7OVkeyM7MLwNVrk3GPZ9JsaNOGsMLYuQtDzewonVYUHLzUVMbPmvd=
JG1qFGLaaNDDiancPNurKGhwkifUzOdX1WyCd9hgaI_a70dgHvk64X13vaH-ignUta6tl2GyqLv=
syJSkxLe9eMUn7tZYJyZ9D8QW4G6P4HOoRv-T6_NOnDaVuJaVhHNsplWj-HgiwWpmaSbxWVuW2M=
KCenFVg4m8tPfHZ8TEB6b4uAsGXMoGefqF5k7EdvtVJLXhVW8ZaZWyXLUQmiNwmhlWbBJZcq2OG=
6m" target=3D"_blank" rel=3D"noopener noreferrer">a web page published</a> =
Nov. 25, Binance revealed that it held 582,485 BTC, compared with 575,742 B=
TC in deposits, and said it would be adding information for more tokens soo=
n.&nbsp;</li> <li style=3D"margin: 0px; padding: 6px 0px;">Jesse Powell, th=
e co-founder of the crypto exchange Kraken, <a href=3D"https://links.coinba=
se.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D5fdfefe1ffef45558=
f94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh27jeQ68bHnCE2ivMH0EpldGcu-AA_28Em-=
TdCPO3HeTgqx2giPBea0YtIQqGK2UHpImq_gU72e94H-t2DmLovtfeo0Y_5QiVqCF6MMJCyU3hQ=
-ZRIBwRnsoTU2IuTuh2k0RS3nl5oNI_E2eKzYBV8u8NP0_1I01zIk7YmsEUDMDWuL5vVUSWTzd_=
gppeAheWLDBDzI23HD31Kw0la5IsAEeSCBFRsaTzI4eLhYyIdi388wT0V2NWS8ZUHWc3Qs6uaaN=
d9AEXYezbGYARaZ4BtWJtSbE8OrRys1HNngiADBXzw8qiQJnXlskRmxBBwcwhsCGoMQt69eS9eL=
yxJ4yuKS08Nu-9JnhkACu1PKTa8HqzOYee0ERM8esyyq42fAaAt-IUMHpr9Ck4Gu6mkDu579w%3=
D" target=3D"_blank" rel=3D"noopener noreferrer">called Binance=E2=80=99s a=
ttestation incomplete</a>, however, saying that the =E2=80=9Cstatement of a=
ssets is pointless without liabilities.=E2=80=9D Kraken <a href=3D"https://=
links.coinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D5fdfe=
fe1ffef45558f94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh23BA6ovYpJU-o1QJwEMzTp=
T667qnGnfiVobqvqk6GVAt-oxkYr4ucpTBjb4tUqLcuyUIfRznX1UlrnqXhwpZ02HxzTYRiGsM4=
tdIywQ08JYG_tPvuwNt1mDH8jTqVWJBL9nz-gaAh4IFS-ObY7jtTYfYf_3kEFXQEU5Y179GGP42=
KTcRyUF8cRPE5M5_grhdKzQakLyYPGbC8MzVS5qvtVv3gR-EI5wqX4e_fNExB7tWJC1UXOxTjj1=
MWoMDEwf_nbudYYhxrrtTLoYy_-HcWpdEmoGO6Zu4myb2YyCdrXSzuk2QedqNRaWsN9yprM0HpA=
%3D%3D" target=3D"_blank" rel=3D"noopener noreferrer">has provided</a> regu=
lar proof of reserve audits for years, using an advanced cryptographic proc=
edure called a =E2=80=9Cmerkle tree=E2=80=9D that is conducted by an indepe=
ndent auditor.</li> </ul> <p style=3D"margin: 0px; padding: 0px;"></p> <p s=
tyle=3D"margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;"><s=
trong>The Bahamas, a country with aims to become a crypto hub, is now facin=
g increased scrutiny for its regulatory capabilities.</strong></p> <!--[if =
mso]><ul style=3D"line-height:1.6;mso-line-height-alt:26px;"><![endif]--><!=
--[if !mso]><!-- --><ul style=3D"margin: 10px 0px 0px; padding-left: 24px; =
line-height: 1.6;"><!--<![endif]--> <li style=3D"margin: 0px; padding: 6px =
0px;">The Bahamas was <a href=3D"https://links.coinbase.com/u/click?_t=3D3a=
ca56371967418192255878e9689713&_m=3D5fdfefe1ffef45558f94240ec8aa6d2b&_e=3DH=
cSeRgW4qdsA_tOYchMh25abj0kGAeHMG_TVUYnrBoq74O65fHo-nfWefZ3AFSFyu9XYMyNndMpd=
VhDV5LdTv34G_eCUvUn1-strL7FzL6zkKUbolJgIyuUJFaEUo70XBrYpudZ7jGVrcNY-QLQcsEy=
MaM6P6AcgGVXFNhr2qyZ0KhFXErM1M4VvIOdmmbZM2-KVExavaCPjA_FzMEbwnx3TlLpVx79KBE=
D_cxN1AOH-7oZ2XCpSe5Tdk2iq51NMWKzInRHoN97twQlavcZzoBoZEdKrGRLnc3MxzP6u4oFbQ=
xcvMUDvK_iF3ldMdxVCV2OAx9DATsUilMNZ-DgaeHaDnuNUYIO69-xvDyG65pwkAmkdSidtIqhp=
Gbukjp4j" target=3D"_blank" rel=3D"noopener noreferrer">betting big on cryp=
to</a> as its industry of the future. FTX was considered a launchpad for th=
is ambition, but the collapse of the $32 billion firm under Bahamian regula=
tors=E2=80=99 watch =E2=80=94 and their reaction to the initial aftermath =
=E2=80=94 has dampened the country=E2=80=99s credibility as a crypto hub.</=
li> <li style=3D"margin: 0px; padding: 6px 0px;">Almost immediately after F=
TX declared bankruptcy, Bahamian regulators <a href=3D"https://links.coinba=
se.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D5fdfefe1ffef45558=
f94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh26JJ_c1vNJXMi4a1nKXCgLW4nvFe2cnzLm=
ta6yAX-T4BTbCZlmHA8QYQ5C83Mo3YusiMKemybTbzbsA6LJ1GwdU15M9gLHS5Q2UOfMeGDtr62=
6Tyw0hs6UtCA62H0yRCKgFhn57RhGeHH0EdYlW3XrzD0pCzietaIkqmhM0Ba2W42vJCIAH6DZE9=
CXYTHtLzE-ax0-3Z6x0upRPgZqFQ9FXafTCtxGUV4kePbnRgULjgyNGssoyBO0iCvi_KCEcGMTa=
pYg75xTPtXmAqSXp3S5kMQY_My7PiMVpRiesVEaSyM57wjZjOkl7n37XN8-J2uny4Hbbqr3sMhu=
psHI22ioAjQV9ujMGyA5xxP-422EZMH8cMrwvexfTK8Fl2Y8WkXKdZZsYBlcU53QayllINdTA%3=
D" target=3D"_blank" rel=3D"noopener noreferrer">forced the firm</a> to mov=
e hundreds of millions of dollars, including some money owed to Bahamian ci=
tizens, into a wallet controlled by the government, an unusual action amid =
a bankruptcy proceeding. Bahamian regulators have also <a href=3D"https://l=
inks.coinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D5fdfef=
e1ffef45558f94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh21DNFkOUGIWLvZXp16zy53g=
jXx-LCJyXjCd_nCyIN113fe79vIToE1tICWVt-poZxgt9GjO64wgX7MzLtAdnQYsW57Q_b2UzMg=
AJtfl1xtHOR_TVmEbvYG21628ptGR0dwHeUa9kyOhtlqXk2nUNv4on4Hs5ipBIlwW4sM7qGDHJG=
4KVLfX-ut0FR5bDKNAmGs75pXAv7hZ4r04ClWOSWIyqrnyUQrvbvf6jVFZQwSqBb8yqlyde8chx=
EfJXjsrJl5tDe2jeEiueoavRdUy9tUpSSYGiRDi3G8honaOLNDy0MYgMmI2TihPVPcvwzIi26Vl=
fj7s5YvnTv-pmL2Al3Dw9Rm0PT5YyiaibukaY1mnN_qUe9fnotoQUO9T3Ow8ThQ%3D%3D" targ=
et=3D"_blank" rel=3D"noopener noreferrer">contested</a> the U.S.=E2=80=99s =
jurisdiction over the bankruptcy (FTX filed in Delaware), setting up a pote=
ntial fight for control.</li> <li style=3D"margin: 0px; padding: 6px 0px;">=
Responding to <a href=3D"https://links.coinbase.com/u/click?_t=3D3aca563719=
67418192255878e9689713&_m=3D5fdfefe1ffef45558f94240ec8aa6d2b&_e=3DHcSeRgW4q=
dsA_tOYchMh25abj0kGAeHMG_TVUYnrBoq74O65fHo-nfWefZ3AFSFyu9XYMyNndMpdVhDV5LdT=
v34G_eCUvUn1-strL7FzL6zkKUbolJgIyuUJFaEUo70XBrYpudZ7jGVrcNY-QLQcsEyMaM6P6Ac=
gGVXFNhr2qyZ0KhFXErM1M4VvIOdmmbZMinRmnnnvCrTOuDlEnmkKuPhvJU8bjt6jjLv4KvkmIM=
D4LYWX3Ud8gEdS8-VTPFnBOG_qM21JNbzvoBTp1BIul2xkM6v9Ho7LiHfAhHEyGQmyE2cAMwDKH=
hgWnlntOTm3we1GNVR4VscMwgyz74FZiw0cq56U1uvXSx3pioJjQ6AIlwzmUcPFld8N5irGn_zn=
" target=3D"_blank" rel=3D"noopener noreferrer">critics</a>, Bahamian Attor=
ney General Ryan Pinder <a href=3D"https://links.coinbase.com/u/click?_t=3D=
3aca56371967418192255878e9689713&_m=3D5fdfefe1ffef45558f94240ec8aa6d2b&_e=
=3DHcSeRgW4qdsA_tOYchMh2z4K7GB22NLn6pIZxrRD0xq-4bNkHm8nAh5K-WzEwNS915RQMqvB=
lfTt24zN6UNaze_iYCc8jx2pasnCQutC4eGu5nwH2oZziXDOYhoOYbfw0d0OWV_zww3lDJHT-Fo=
xp-bfhL7-MviI_lHrZYYPfI5cetFEUVwNyiuZPkMFUvJShvCrBPybZcyEx2PalLUk_VqEnlXbLj=
0PoCgvXG5gX1S3JCuVGgOO2xI5ClyQ3CT8-yWJDaBpYXpJ_2aAI8i5azZYA53b12rr8Ct_NGYRo=
_M580QzHtSEER6BxcQXrc69Rb951kVGQbLEWG6E1s6Wi_9kP9kAMIcJsZ0EhZQw8WYJX4iok6-e=
3IoGWeHKjxsdMP5LCZJ2lWtQ_4bd1-dyBBbEkHI8g9XU6Ab8sKxFEjzrbF5fn-wMjeXPTlWUk8l=
7YTQqDdlXMM9Y6H8Qxdp0KA%3D%3D" target=3D"_blank" rel=3D"noopener noreferrer=
">defended</a> his actions in a nationwide address about the issue on Sunda=
y. =E2=80=9CAny attempt to lay the entirety of this debacle at the feet of =
the Bahamas, because FTX is headquartered here, would be a gross oversimpli=
fication of reality,=E2=80=9D he said.</li> </ul> <p style=3D"margin: 0px; =
padding: 0px;"></p> <p style=3D"margin: 16px 0px 0px; line-height: 1.6; wor=
d-break: break-word;"><strong>Why it matters=E2=80=A6 </strong>FTX=E2=80=99=
s collapse has put the topic of crypto regulation into focus for the incomi=
ng U.S. Congress. As calls for regulatory clarity emerge from both sides of=
 the aisle, some members of Congress are acknowledging that FTX=E2=80=99s t=
ransgressions are not unique to crypto. Tom Emmer, a Republican representat=
ive from Minnesota, and co-chair of the Congressional Blockchain Caucus, <a=
 href=3D"https://links.coinbase.com/u/click?_t=3D3aca56371967418192255878e9=
689713&_m=3D5fdfefe1ffef45558f94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh22CGO=
fFT7CYWY4mnMIhYkftKBCOZC548FRxs7wiKMjMij7Od7iKUZbuUHCJa8vCPqd9h8iq5pUIWfmQj=
cAHoq_IQ7jWvxwzmiMPOA7dZTNQsjgtepmQWPjMRjJ6ekzULe0E9d7Dwm-6_4xqk0j0VI8sBNEV=
wVJtHl2PMGZRxJGpBfjtbk6jYQwGLKr2n1nog6XXd4dwrinB2UP5G_PUlAAZIDOGXV7ESdx5vGR=
0Wbul07YNcWg_ySmjAXkRJqVs8grW6VIMINxNGtrRAw790nLcddnllpPmd2Zu_iTzKe7s7vjKoT=
J9zHMGVRwjNjJG0Y5t2jbaW3S-0GI1OdzyG0DnyGYmdnYQpjupz6y-S3ypg5hP_jMravzKP6AbX=
mUumug%3D%3D" target=3D"_blank" rel=3D"noopener noreferrer">said</a> that F=
TX=E2=80=99s collapse isn=E2=80=99t a failure of crypto, but =E2=80=9Ca fai=
lure of centralized finance and a failure of Sam Bankman-Fried."</p> <div c=
lass=3D"cta_button" style=3D"margin: 24px 0px 0px; padding: 0px; width: 50%=
;"><!--[if mso]><table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0" b=
order=3D"0" style=3D"border-spacing:0;border-collapse:collapse;mso-table-ls=
pace:0pt;mso-table-rspace:0pt;"><tr><td style=3D"padding:0;" align=3D"left"=
> <v:roundrect xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:w=3D"urn:sch=
emas-microsoft-com:office:word" href=3D"https://links.coinbase.com/a/click?=
_t=3D3aca56371967418192255878e9689713&_m=3D5fdfefe1ffef45558f94240ec8aa6d2b=
&_e=3DHcSeRgW4qdsA_tOYchMh2xS74NL94pniO-fX66M2L6-D3FaP9Qi8XRbJIlL2jwVh1pAdC=
YgEyP3qg6HWubXazr89cLh1HHXj5M7ToqbVD4CIZfNXFM7dywop_lZMZXuH1R04a_rXTc6Hf21q=
ZQhTWbm3AADiCvK9Mj-ISSG3Jt5l3XPqpEInQWMMpntZ-OHZWz3GFGFU9RuemqaNabnb37lLurn=
2o2sL7g00FU5r3unc-yRdBkGlW0U8FOSYW_flpQ-A1Vnp2pJaP3IlCG4afKxv2elI2G4xrJ4Lrg=
B-KcqS8CN8l8TyL9M4PFZWg-XuTOadmYyCQQH1aGDBItdfjquKznfhqy3abItUoVSgeWjaawIAD=
YMauKDwA_5qHkmSQfKquJHU-j2GxCekUhHw1I5NA9GxNdjxgsDE8h5WZpA%3D" style=3D"wid=
th:350pt;v-text-anchor:middle;" arcsize=3D"17%" stroke=3D"false" fillcolor=
=3D"#0052ff"> <w:anchorlock/><v:textbox inset=3D"0,0,0,0"><center style=3D"=
font-family: Helvetica Neue, Helvetica, Arial, sans-serif;"><![endif]--><a =
href=3D"https://links.coinbase.com/a/click?_t=3D3aca56371967418192255878e96=
89713&_m=3D5fdfefe1ffef45558f94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh2xS74N=
L94pniO-fX66M2L6-D3FaP9Qi8XRbJIlL2jwVh1pAdCYgEyP3qg6HWubXazr89cLh1HHXj5M7To=
qbVD4CIZfNXFM7dywop_lZMZXuH1R04a_rXTc6Hf21qZQhTWbm3AADiCvK9Mj-ISSG3Jt5l3XPq=
pEInQWMMpntZ-OHZWz3GFGFU9RuemqaNabnb37lLurn2o2sL7g00FU5r3uk16NOteWR6PFzsrri=
ZWskGV-P7cvqRyk9URCdyaL9fi7Hq-nfq81yV6jmKtNxRHgE-W7YHxBCnzK6tNdvdbJ9BafFX4L=
2pshShLhKW_7t1BK9-ri2b-Gj6rM4rlWYcz0xHOC1LMxJNJhemxpzCTEcxGfuCP1m4C-zRIPhu0=
KPzYIywauUkZBrIZsluMse4fZ8%3D" target=3D"_blank" rel=3D"noopener noreferrer=
" style=3D"display: block; margin: 0px; line-height: 1.2; font-size: 16px; =
text-decoration: none; color: rgb(255, 255, 255); background-color: rgb(0, =
82, 255); border-radius: 30px; text-align: center; padding: 18px 0px;"><str=
ong>How we protect customers</strong></a><!--[if mso]></center></v:textbox>=
</v:roundrect></td></tr></table><![endif]--></div> <table width=3D"100%" ro=
le=3D"presentation" valign=3D"top" style=3D"table-layout: fixed; vertical-a=
lign: top; border-spacing: 0px; border-collapse: collapse; min-width: 100%;=
 text-size-adjust: 100%;"> <tbody> <tr style=3D"vertical-align: top;"> <td =
valign=3D"top" style=3D"word-break: break-word; vertical-align: top; min-wi=
dth: 100%; text-size-adjust: 100%; padding: 48px 0px;"><table border=3D"0" =
cellpadding=3D"0" cellspacing=3D"0" width=3D"100%" align=3D"center" role=3D=
"presentation" valign=3D"top" style=3D"table-layout: fixed; vertical-align:=
 top; border-spacing: 0px; border-collapse: collapse; border-top: 2px solid=
 rgb(222, 224, 226); width: 100%;"> <tbody> <tr style=3D"vertical-align: to=
p;"> <td valign=3D"top" style=3D"word-break: break-word; vertical-align: to=
p; text-size-adjust: 100%;"><span></span></td> </tr> </tbody> </table></td>=
 </tr> </tbody> </table> <div> <table style=3D"margin: 0px; padding: 0px;">=
 <tbody> <tr> <td style=3D"margin: 0px; padding-right: 11px; vertical-align=
: middle;"><img src=3D"https://d15k2d11r6t6rl.cloudfront.net/public/users/I=
ntegrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e96=
89713/dot-1.5x.png" width=3D"12" height=3D"12" style=3D"display: block; wid=
th: 12px; height: 12px;"></td> <td style=3D"margin: 0px; padding: 0px; vert=
ical-align: middle;"><p style=3D"margin: 0px; font-size: 16px; letter-spaci=
ng: 0.075em;"><strong> SHANGHAI SOON </strong></p></td> </tr> </tbody> </ta=
ble> <p style=3D"margin: 5px 0px 0px; font-size: 32px; line-height: 1.26; w=
ord-break: break-word;"><strong>What will Ethereum=E2=80=99s next major upg=
rade entail? </strong></p> </div> <p style=3D"margin: 16px 0px 0px; line-he=
ight: 1.6; word-break: break-word;">Just months after migrating the second-=
biggest blockchain to Proof of Stake and drastically reducing its carbon fo=
otprint, Ethereum=E2=80=99s developers are already actively planning the ne=
twork=E2=80=99s next upgrade following the <a href=3D"https://links.coinbas=
e.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D5fdfefe1ffef45558f=
94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh2xS74NL94pniO-fX66M2L6_6_kJKrEmPX1o=
s8aZZIMGnAbCx1UspMnJNIfympHTV1ENEFWhvjEKxl4tiL0lzUrGjFpokld-sFhYYpC2b0Gjz1d=
s9wwuYk1QuVpiJatb_DhZC7UVfKdOhdc6QXCAqTWt3DlYVqB-j1ODj_Htb6Np9I3OE_edcb6psr=
wlK0tQNVpfEBE8xGckPQyuw_cyzY3bEBiJFKxDu9UINiwyTScmcoGqk0n_7Rh0KcKFGuPn4Wlgb=
LGF9cc8Lcn7wb0_X0DkQe6F8oqVmDXASAdiw4V8dYxKu0fz4PGzWjSf1lSCNi_1pQ_3PiGpYHV0=
AoiLfZgd7hLAsbFQIN424CCEDteeL" target=3D"_blank" rel=3D"noopener noreferrer=
">Merge</a>, known as Shanghai.&nbsp;</p> <p style=3D"margin: 16px 0px 0px;=
 line-height: 1.6; word-break: break-word;">Last Thursday, Ethereum develop=
ers met to consider which new Ethereum Improvement Proposals (EIPs) to incl=
ude in Shanghai. While the upgrade=E2=80=99s timing is still unclear (likel=
y sometime in 2023), the group has whittled the list of EIPs down to eight.=
 Let=E2=80=99s take a closer look at a few.</p> <!--[if mso]><ul style=3D"l=
ine-height:1.6;mso-line-height-alt:26px;"><![endif]--><!--[if !mso]><!-- --=
><ul style=3D"margin: 10px 0px 0px; padding-left: 24px; line-height: 1.6;">=
<!--<![endif]--> <li style=3D"margin: 0px; padding: 6px 0px;"><strong>EIP 4=
895 </strong>will finally enable users to withdraw staked (hence, Proof of =
Stake) ether, which has been accumulating on Ethereum=E2=80=99s blockchain =
since December 2020. Right now, more than $18 billion worth of ETH is stake=
d and locked into Ethereum=E2=80=99s Beacon Chain.</li> <li style=3D"margin=
: 0px; padding: 6px 0px;"><strong>EIP 4844</strong>, which is also known as=
 (the colorfully named) proto-danksharding, is an improvement that would ma=
ke Ethereum more scalable via a method that splits up the network into smal=
ler =E2=80=9Cshards=E2=80=9D to increase capacity and lower gas fees.</li> =
<li style=3D"margin: 0px; padding: 6px 0px;"><strong>The Ethereum Virtual M=
achine will see five new EIPs. </strong>The EVM is responsible for the netw=
ork=E2=80=99s deployment of <a href=3D"https://links.coinbase.com/a/click?_=
t=3D3aca56371967418192255878e9689713&_m=3D5fdfefe1ffef45558f94240ec8aa6d2b&=
_e=3DHcSeRgW4qdsA_tOYchMh2xS74NL94pniO-fX66M2L6_axqraRgFxVpkdFJay9tBcc7gSRa=
HQm3PDHgHizP5Fp-WzhkxIzfWidPq2yIKXS3SGWo0vgGLojANcnowzMRAEycmp13f_z0ruWBb8u=
0acP_HxRbw0V4JSV5liWDS2kJk51QLygAs3sWMO8Uq99F0ZlogGO9Vg5indf5hG2EefOCc3K_UW=
LXRZtmbea-y-XSsI_faVs2vbE8thhrsgRV6b8uxzkDKCWoZnGR9vFmVR43elhwEApkrTfi_rnDN=
RGq5wiY1rICL4MZcu3-Y579IVZMWV-kjsDlF_2k0V3Or2wt5RcDJjQt2jVK73-PoyUMGmOQFXhn=
Y0XJDFqiBoBcGA" target=3D"_blank" rel=3D"noopener noreferrer">smart contrac=
ts</a>, and the collection of proposed improvements aim to make smart contr=
act execution safer.</li> </ul> <p style=3D"margin: 0px; padding: 0px;"></p=
> <div class=3D"cta_button" style=3D"margin: 24px 0px 0px; padding: 0px; wi=
dth: 50%;"><!--[if mso]><table width=3D"100%" cellpadding=3D"0" cellspacing=
=3D"0" border=3D"0" style=3D"border-spacing:0;border-collapse:collapse;mso-=
table-lspace:0pt;mso-table-rspace:0pt;"><tr><td style=3D"padding:0;" align=
=3D"left"> <v:roundrect xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:w=
=3D"urn:schemas-microsoft-com:office:word" href=3D"https://links.coinbase.c=
om/a/click?_t=3D3aca56371967418192255878e9689713&_m=3D5fdfefe1ffef45558f942=
40ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh2xS74NL94pniO-fX66M2L69t_ptjHwcawK8uhQ=
kMC2UeFZvS-yGdz9y9hNxoY7abqZlJhieW3q2kk2M_N40LVL8Hcj6Tp5NpTh3J94VdLtnZgGbfb=
JMvcpq3CB1N_5nZhnpgO-_ZSt_yB7V2nW7KAOekXtAdumY7fzjc0Nn5ZytPV_qmjiH9bMxqZaxM=
JWuvJhJn5zrJmYi5J8DNzmakV_MUe4sS2nZicl8PnveUvapBsG-XGiF43evZh28decK-TMCihby=
_3lUGFGHgHK2uN0fr_SRqPvvbyQ9BnqoKI5QcVL9ktjSgFxWJFucFQg9IUg%3D%3D" style=3D=
"width:350pt;v-text-anchor:middle;" arcsize=3D"17%" stroke=3D"false" fillco=
lor=3D"#0052ff"> <w:anchorlock/><v:textbox inset=3D"0,0,0,0"><center style=
=3D"font-family: Helvetica Neue, Helvetica, Arial, sans-serif;"><![endif]--=
><a href=3D"https://links.coinbase.com/a/click?_t=3D3aca5637196741819225587=
8e9689713&_m=3D5fdfefe1ffef45558f94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh2x=
S74NL94pniO-fX66M2L69t_ptjHwcawK8uhQkMC2UeFZvS-yGdz9y9hNxoY7abqZlJhieW3q2kk=
2M_N40LVL8Hcj6Tp5NpTh3J94VdLtnZgGbfbJMvcpq3CB1N_5nZhnpgO-_ZSt_yB7V2nW7KAOeh=
l6GrWJuKXjwXrPN51isE9Lsw4KDIkBGvYTiyaLIok77RjjfjEkJr4R7YuXcjwE4tRMAOERVDGEC=
3__lqMehC2NDSBviyJFrUwObG4tns_5BXIyWb1OEKiog8g_VhYIQm1CmXWZuflVeBb7OyH6_gcO=
lMW-_zj2qLLz_llNTDaQ%3D%3D" target=3D"_blank" rel=3D"noopener noreferrer" s=
tyle=3D"display: block; margin: 0px; line-height: 1.2; font-size: 16px; tex=
t-decoration: none; color: rgb(255, 255, 255); background-color: rgb(0, 82,=
 255); border-radius: 30px; text-align: center; padding: 18px 0px;"><strong=
>Read up on the Merge</strong></a><!--[if mso]></center></v:textbox></v:rou=
ndrect></td></tr></table><![endif]--></div> <!-- evergreen_trustandsecurity=
_banner_en start --> <!-- evergreen_trustandsecurity_banner_en end --> <div=
 style=3D"margin-bottom: 16px;"> <table style=3D"margin: 0px; padding: 0px;=
"> <tbody> <tr> <td style=3D"margin: 0px; padding-right: 11px; vertical-ali=
gn: middle;"><img src=3D"https://d15k2d11r6t6rl.cloudfront.net/public/users=
/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e=
9689713/dot-1.5x.png" width=3D"12" height=3D"12" style=3D"display: block; w=
idth: 12px; height: 12px;"></td> <td style=3D"margin: 0px; padding: 0px; ve=
rtical-align: middle;"><p style=3D"margin: 0px; font-size: 16px; letter-spa=
cing: 0.075em;"><strong> NUMBERS TO KNOW </strong></p></td> </tr> </tbody> =
</table> </div> <p style=3D"margin: 16px 0px 0px; font-size: 32px;"><strong=
>$1 million&nbsp;</strong></p> <p style=3D"margin: 4px 0px 0px; line-height=
: 1.6; word-break: break-word;">The approximate sale price of <a href=3D"ht=
tps://links.coinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=
=3D5fdfefe1ffef45558f94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh2xCBnUao9tnqe3=
bWLXkJFnByv7Nfp0jz4D2Ch51FXjh0zE70yyaAvAEY7g3y8qF_h0fzfEtfUk1q41Y2uMCaZXAwf=
4sFcTe6-sUsfNMwJ8LTbx76yMFlNp-AaMEOC8CFZoHT_tPeJE6mya7LxDCOjmX4NztyglxrEVKZ=
WUmqYZFP4YEuCzinHwmZbks3e_B6IOmA6_la6jNf3Pxgfai_DRqHB_eSL2qmbpbz70TxFw2qDgt=
0F9Qft57AmYpEDlEzRiIAcHq3LR2UQuhbAKvDgJTr49bZT4AOkw24Fs0zG7NYMJqfkqpx-dqyKX=
ZYWRA4HR5BNpzHbQj0FR6U1Zz0Sfnd5b_r9jen5qzc-g21KkeuWJKXuxn-m_o5Kutm3bYEfQ%3D=
%3D" target=3D"_blank" rel=3D"noopener noreferrer">Bored Ape Yacht Club NFT=
 #232</a> when it changed hands last Wednesday. The eye-popping sum defies =
the broader crypto winter, which has seen the NFT market lose a staggering =
<a href=3D"https://links.coinbase.com/u/click?_t=3D3aca56371967418192255878=
e9689713&_m=3D5fdfefe1ffef45558f94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh28Y=
mw7InRZE5AKLuWXWajN5YazRvzdQqZMRwwz24GYIu2ilYGEyIFWsJHlkc5YG4D-UYar4czTaqDa=
YCAexJd37lFYGFUPOinqf3cW33i_Ep-NptYSH6337VtcbMHyiIIly5lTlfPbusISx7OJ9YOW_wx=
rYadUTh5NNXCLIjnMiaqxmBkz9SG__UNgOMAq7P-MYe1EH7XFIdNt26hPdajASqrUv3NQ_GkYkW=
bySI4QzynLyK2zu_zyoh_OjNiqqSzYCTCwS9ZafDNwKOqLXzoSMhcu505ln91bD4Fod3HqTx10-=
62J9mmhhFZbpO15cS7VG6lwSuibgHaKmtM7ju28Q_N1OPLgoI44MdDxLOoZqjCtG0YIgM7wNOVR=
xiLOMbkZfaa5SMZmTVi7fp9NpUOwDv3ALXdtvxSiXNfbbLnIVYtKK8IvCaz2OJH9jcKLay8ZmFs=
mySSR7EbvcRVLCJVilDcfB7f8xu1Y_nVNjtcD7D" target=3D"_blank" rel=3D"noopener =
noreferrer">97%</a> of its trading volume since its January peak.</p> <p st=
yle=3D"margin: 16px 0px 0px; font-size: 32px;"><strong>96,200 BTC</strong><=
/p> <p style=3D"margin: 4px 0px 0px; line-height: 1.6; word-break: break-wo=
rd;">The amount that so-called BTC =E2=80=9Cshrimps=E2=80=9D (BTC investors=
 with less than 1 BTC) added to their holdings since FTX collapsed, an all-=
time high balance increase, per <a href=3D"https://links.coinbase.com/u/cli=
ck?_t=3D3aca56371967418192255878e9689713&_m=3D5fdfefe1ffef45558f94240ec8aa6=
d2b&_e=3DHcSeRgW4qdsA_tOYchMh2xYR_yMbhyfSljDgJpRXFyqIaFP9iUDj6cWHS4r0Kz6BVw=
7YTjv0Dg1z2b3Xc21-YZFS5di489-W3iaTuEb-vHjxzeH4J8LJlGlLtFClGqyZjNlWLdwzvD5DT=
uIB-Gq2F0rYUZx7nMqmbIwzmtg8jL11ck6Bf2q5kRzCaiMuKbgIootL9iJ_c514FIaxeR0rTc1i=
G5WN4xX2ZrjrWwiyE1D3-Pc-jFNUWQcj9PxH-I0ri_LDJq1ueWpQcJ7025a7QJ-6CzdF2-6WkCm=
ePGb_tKBz8Mu2je4Wr5NhSy1X8ErphfJt8-m4Bm433KN3EpbdwTYNUFcWdxhhpsK1XR4PMSMts8=
qokmI328nzeGGCHwaJsQLP7dYV64Xesy24V7DMDdAwBxEK-v789gZuACkAwLWYl0y4Bv8U0PQ8u=
-5CsET750_Lr59Y5Zll-5hHKBGZi76lSlCfkH06lLTQS77hhioveWj7i9g3bunI1KSrgFfFz3um=
OODtXOJxdiIGzTlW6aQcEqm4KvZzWVNQYm_vh4ijzh-Af8TyL8zJfRDfdvmPdzCTzZUJHQWyzxZ=
sR1YHMw%3D%3D" target=3D"_blank" rel=3D"noopener noreferrer">Glassnode</a>.=
 Shrimps now account for 6.3% of BTC=E2=80=99s circulating supply.</p> <p s=
tyle=3D"margin: 16px 0px 0px; font-size: 32px;"><strong>66%</strong></p> <p=
 style=3D"margin: 4px 0px 0px; line-height: 1.6; word-break: break-word;">P=
ercentage of crypto leaders that indicated plans to expand their crypto por=
tfolios over the next month, according to a new <a href=3D"https://links.co=
inbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D5fdfefe1ffef4=
5558f94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh27UbNt5gmFNw-NFBwVEDoid-8dzD8R=
F1-QLudqTtUhU0aRnv-OyjZed8POVMEXy2Y_l8Ioo_5QGNMAn7-IMCupwmtMUdG9-nJqi0Pm8U3=
gxJM6mVkZcXY3WbmpIqer1dOrdVUBsF9k4cTnq3e-68PqWEjz-LPyBMB8h71DXWlnfuftVX2_zp=
R_I50eZLN1QGHx-Cv_Ms92r7url4No_hRGt7Vraq2LDJMG1XnsyUwbVqr-PwPccYMmlLrdi1Gg2=
PIi2ZG_JiudTPZYsUXpGHLdr5hF0SdYao4GBZ7E0aVERaE00-_RlaHrS7HNE9bvcs0kEyz1l5Vt=
ae2F-2W28IaqbXYC8GtJY7ISE-it3Hn6WXICqwWVC_4e1ZNgzNPcJYBF3Grpp9LxdJZy0ZHZ5jf=
B36fMn77QxxHgBHr7g59urU" target=3D"_blank" rel=3D"noopener noreferrer">rese=
arch survey</a> from BDC Consulting. The survey asked 53 managers of top cr=
ypto projects in sectors like DeFi and crypto payments about their sentimen=
ts after the collapse of FTX.</p> <table width=3D"100%" role=3D"presentatio=
n" valign=3D"top" style=3D"table-layout: fixed; vertical-align: top; border=
-spacing: 0px; border-collapse: collapse; min-width: 100%; text-size-adjust=
: 100%;"> <tbody> <tr style=3D"vertical-align: top;"> <td valign=3D"top" st=
yle=3D"word-break: break-word; vertical-align: top; min-width: 100%; text-s=
ize-adjust: 100%; padding: 48px 0px;"><table border=3D"0" cellpadding=3D"0"=
 cellspacing=3D"0" width=3D"100%" align=3D"center" role=3D"presentation" va=
lign=3D"top" style=3D"table-layout: fixed; vertical-align: top; border-spac=
ing: 0px; border-collapse: collapse; border-top: 2px solid rgb(222, 224, 22=
6); width: 100%;"> <tbody> <tr style=3D"vertical-align: top;"> <td valign=
=3D"top" style=3D"word-break: break-word; vertical-align: top; text-size-ad=
just: 100%;"><span></span></td> </tr> </tbody> </table></td> </tr> </tbody>=
 </table> <div> <table style=3D"margin: 0px; padding: 0px;"> <tbody> <tr> <=
td style=3D"margin: 0px; padding-right: 11px; vertical-align: middle;"><img=
 src=3D"https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d=
5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.=
png" width=3D"12" height=3D"12" style=3D"display: block; width: 12px; heigh=
t: 12px;"></td> <td style=3D"margin: 0px; padding: 0px; vertical-align: mid=
dle;"><p style=3D"margin: 0px; font-size: 16px; letter-spacing: 0.075em;"><=
strong> AROUND COINBASE </strong></p></td> </tr> </tbody> </table> <p style=
=3D"margin: 5px 0px 0px; font-size: 32px; line-height: 1.26; word-break: br=
eak-word;"><strong>Analyzing what the midterm elections mean for crypto, an=
d more Coinbase news </strong></p> </div> <!--[if mso]><ul style=3D"line-he=
ight:1.6;mso-line-height-alt:26px;"><![endif]--><!--[if !mso]><!-- --><ul s=
tyle=3D"margin: 10px 0px 0px; padding-left: 24px; line-height: 1.6;"><!--<!=
[endif]--> <li style=3D"margin: 0px; padding: 6px 0px;">On the <a href=3D"h=
ttps://links.coinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=
=3D5fdfefe1ffef45558f94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh2zzEBCPLgMMpJb=
aGPou-uNLxuNxJfNMmW2UEaU5MSm_ZMUSZUqgHGFj4hVx6UgByR4Rto08hgTAIzTSALnPcQj1P0=
PkO9Afgb5nQrGoH0wgvLM5EOLwGkTVL2LkJaXuc1IS1C_yehbvdjBbDsyUEoWj9OmhhtAhTrQN4=
mr5L83N3KVo8FZKOOjTWxC9vM0d95KVJTe-oQ9Y38pANjAwv2b6kK83bRuNTmOQH7Vmb1gHxY8z=
Gf8yArPOagiIsbHeYeu1YorSglbBcExidUxWERqPCRXYpMeNomX26aAu-JSbzdP9DhchtjvYNCB=
5vJTwu-fzINDIQ9su7E67VrZeF6js%3D" target=3D"_blank" rel=3D"noopener norefer=
rer">latest episode</a> of the Around the Block podcast, Brian Armstrong le=
ads a discussion about what the U.S. midterm election results could mean fo=
r crypto and how we can work with policymakers to establish rules that prot=
ect crypto investors and users.</li> <li style=3D"margin: 0px; padding: 6px=
 0px;">Coinbase has collaborated with Code.org on developing a game to teac=
h students the basics of crypto as part of the annual <a href=3D"https://li=
nks.coinbase.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D5fdfefe=
1ffef45558f94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh2_wsE96aP7u420W2nDWH4SxB=
WrLv5K2M_CZuk40Eh7xJ58SUT67E1AEqIgAJXD_KEvyTCrbchflS27P5P-nA-IuVdquCxbmJ1tC=
zDY1eJCMNnTi83BKwdUJVFFHBVU6WHg1NOVHZncuolDD2FLzZOEBEbqdn2sRkavcftbNYhEp64u=
HiLp9honzkyOvPixvUWHZ-HS_Bs88_QqNLTs7rpHys2LAZmnsRYS8a-0lWQf_hcE6mqLnRBMPSl=
1FkywRFXA3CDc_7SmZPcRd7OO6NMRhnGPGQm-EQ4TzeTaVfeQ0B" target=3D"_blank" rel=
=3D"noopener noreferrer">Hour of Code</a> event. You can play the game <a h=
ref=3D"https://links.coinbase.com/u/click?_t=3D3aca56371967418192255878e968=
9713&_m=3D5fdfefe1ffef45558f94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh24PJ4j0=
ccgYO2YPYOaLa7e0wFGe8PFLx7dKK2_irXJZeNjqsI6KQyvgLnM7dP0NYe0zOESEnYoEZlzbBcU=
LrMY_Wxwxv52dqWqtIvHZyU8V2Sn0xvzkPF7bU7E86hlewOekOI2HBwIgiDyNuXsFaqO6BoCMcu=
QEht22n2eJOxftrFySmPKMl882Hj-DYO_qsx75TjVrrELLV9TtLtuaSWWz0f9TSPnaifXKLIAIx=
e4pYgBspbp7h1dr8X8VD6ZmAwC1pZATm_C-adreQ1bZyj6jMe1W3v_lMVqtZaTJaVjRu0miPkWy=
_ApcYm3HJXuNujMVIryZ_5QHjgDVC1_VkKJk%3D" target=3D"_blank" rel=3D"noopener =
noreferrer">here</a> and/or share it with your kids, friends, and family. C=
ode.org=E2=80=99s mission is to bring more students into the world of techn=
ology.&nbsp;</li> <li style=3D"margin: 0px; padding: 6px 0px;">WooCommerce =
merchants can now offer consumers the flexibility to pay with crypto throug=
h a <a href=3D"https://links.coinbase.com/a/click?_t=3D3aca5637196741819225=
5878e9689713&_m=3D5fdfefe1ffef45558f94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchM=
h2xS74NL94pniO-fX66M2L68m4nDpusIf5fVjC7snI3okEch2tEcZoUl5wkR2pdCrbLECJLIrdN=
piywblApAH233_TnKZG1QRraqO06aTxmaJgLUsJnBlLs8iWoCR8kyonOsB-zgFLA4Hy7pKiQ4CY=
lwXi1nrpplpfQPcpCNd7dWCG_4HXj-D4FdZpcZ1hxI6uI_EiisI89T5jCLOLCs3ZoyQ1sdmmlG0=
e0Yu5EVLhpKVBuZLFBkumAOulEhMcg0KdGoW0ASz39nho50wP9Ugeb8garj74ezCAu-2SVHrmaY=
etqgEQZ8p1OcjNl3nfqmLjUHP33GtjyNhmtDBR3u3ZnzE75cQzMyiaqHEpIOWzRky" target=
=3D"_blank" rel=3D"noopener noreferrer">partnership</a> with Coinbase Comme=
rce. WooCommerce is the most popular open source e-commerce platform in the=
 world, and its merchants are now able to accept Bitcoin, Bitcoin Cash, DAI=
, Ethereum, Litecoin, Dogecoin, or USD Coin.&nbsp;</li> </ul> <p style=3D"m=
argin: 0px; padding: 0px;"></p> <table width=3D"100%" role=3D"presentation"=
 valign=3D"top" style=3D"table-layout: fixed; vertical-align: top; border-s=
pacing: 0px; border-collapse: collapse; min-width: 100%; text-size-adjust: =
100%;"> <tbody> <tr style=3D"vertical-align: top;"> <td valign=3D"top" styl=
e=3D"word-break: break-word; vertical-align: top; min-width: 100%; text-siz=
e-adjust: 100%; padding: 48px 0px;"><table border=3D"0" cellpadding=3D"0" c=
ellspacing=3D"0" width=3D"100%" align=3D"center" role=3D"presentation" vali=
gn=3D"top" style=3D"table-layout: fixed; vertical-align: top; border-spacin=
g: 0px; border-collapse: collapse; border-top: 2px solid rgb(222, 224, 226)=
; width: 100%;"> <tbody> <tr style=3D"vertical-align: top;"> <td valign=3D"=
top" style=3D"word-break: break-word; vertical-align: top; text-size-adjust=
: 100%;"><span></span></td> </tr> </tbody> </table></td> </tr> </tbody> </t=
able> <div> <table style=3D"margin: 0px; padding: 0px;"> <tbody> <tr> <td s=
tyle=3D"margin: 0px; padding-right: 11px; vertical-align: middle;"><img src=
=3D"https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713=
-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png"=
 width=3D"12" height=3D"12" style=3D"display: block; width: 12px; height: 1=
2px;"></td> <td style=3D"margin: 0px; padding: 0px; vertical-align: middle;=
"><p style=3D"margin: 0px; font-size: 16px; letter-spacing: 0.075em;"><stro=
ng> TOKEN TRIVIA </strong></p></td> </tr> </tbody> </table> <p style=3D"mar=
gin: 5px 0px 0px; font-size: 32px; line-height: 1.26; word-break: break-wor=
d;"><strong>What is a seed phrase?</strong></p> </div> <div style=3D"margin=
-top: 16px;"> <table style=3D"line-height: 1.6; word-break: break-word;"> <=
tbody> <tr> <td style=3D"padding-right: 12px;"><strong>A</strong></td> <td>=
The basic set of rules that allow data to be shared between computers</td> =
</tr> <tr> <td style=3D"padding-right: 12px; padding-top: 12px;"><strong>B<=
/strong></td> <td style=3D"padding-top: 12px;">A series of words generated =
by your crypto wallet that give you access to your funds</td> </tr> <tr> <t=
d style=3D"padding-right: 12px; padding-top: 12px;"><strong>C</strong></td>=
 <td style=3D"padding-top: 12px;">A string of letters and numbers that allo=
ws you to send or receive crypto</td> </tr> <tr> <td style=3D"padding-right=
: 12px; padding-top: 12px;"><strong>D</strong></td> <td style=3D"padding-to=
p: 12px;">What farmers say to their sprouts</td> </tr> </tbody> </table> </=
div> <p style=3D"margin: 16px 0px 0px; line-height: 1.6; word-break: break-=
word;">Find the answer at the end of the email.</p> <div class=3D"cta_butto=
n" style=3D"margin: 24px 0px 0px; padding: 0px; width: 50%;"><!--[if mso]><=
table width=3D"100%" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=
=3D"border-spacing:0;border-collapse:collapse;mso-table-lspace:0pt;mso-tabl=
e-rspace:0pt;"><tr><td style=3D"padding:0;" align=3D"left"> <v:roundrect xm=
lns:v=3D"urn:schemas-microsoft-com:vml" xmlns:w=3D"urn:schemas-microsoft-co=
m:office:word" href=3D"https://links.coinbase.com/a/click?_t=3D3aca56371967=
418192255878e9689713&_m=3D5fdfefe1ffef45558f94240ec8aa6d2b&_e=3DHcSeRgW4qds=
A_tOYchMh2xS74NL94pniO-fX66M2L6_axqraRgFxVpkdFJay9tBcc7gSRaHQm3PDHgHizP5Fpx=
i6bpKWYAPabFqYCSo_ZaLM8wKgvFDnb8MPeHTczw_9TFxPaQrOKUh3mT8BDgVyWBxjuBqtq6zEL=
frR6yJWrlBd9PL1lTKSLtxRc8K1G8Gaz3-AqhiFL9Iin5jpeN2TqDQGwcR7cx8AbVnyvSVKkgJe=
TR-2Pdr-1cEg2ZWk5YzL5R5b7O4fSqa1E9mk8jTlqOLDsOVWn9DGLKY6mRGLIx_gha9lDR1xkOx=
U-8lRk8qC68DaUo_45MJCu9RDX1hbgv4y23iQiwk3FVgclzlmoSnZhWiQKGmGfBDI4eoof3jt" =
style=3D"width:350pt;v-text-anchor:middle;" arcsize=3D"17%" stroke=3D"false=
" fillcolor=3D"#0052ff"> <w:anchorlock/><v:textbox inset=3D"0,0,0,0"><cente=
r style=3D"font-family: Helvetica Neue, Helvetica, Arial, sans-serif;"><![e=
ndif]--><a href=3D"https://links.coinbase.com/a/click?_t=3D3aca563719674181=
92255878e9689713&_m=3D5fdfefe1ffef45558f94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tO=
YchMh2xS74NL94pniO-fX66M2L6_axqraRgFxVpkdFJay9tBcc7gSRaHQm3PDHgHizP5Fpxi6bp=
KWYAPabFqYCSo_ZaLM8wKgvFDnb8MPeHTczw_9TFxPaQrOKUh3mT8BDgVyWBxjuBqtq6zELfrR6=
yJWrlBd9PL1lTKSLtxRc8K1G8Ga3i9XaOwP11g73dGPDT7E2XI7bM3TIzR5WNmTM2r3q3MgPkGA=
1YQ6FB2ClIIixe-a-DKrZX3-pDru1jOwOQVpECNOF7NjOocWFLJDyeDOq8QNz7PIOyU_WXrxYE4=
OXRPD18CX5cjFgQjONLEwh-b9PoBm959BpJtORvrrJX6dAB-7CFkYa8DIqatoA2yVUL0j" targ=
et=3D"_blank" rel=3D"noopener noreferrer" style=3D"display: block; margin: =
0px; line-height: 1.2; font-size: 16px; text-decoration: none; color: rgb(2=
55, 255, 255); background-color: rgb(0, 82, 255); border-radius: 30px; text=
-align: center; padding: 18px 0px;"><strong>Learn about seed phrases</stron=
g></a><!--[if mso]></center></v:textbox></v:roundrect></td></tr></table><![=
endif]--></div> <table width=3D"100%" role=3D"presentation" valign=3D"top" =
style=3D"table-layout: fixed; vertical-align: top; border-spacing: 0px; bor=
der-collapse: collapse; min-width: 100%; text-size-adjust: 100%;"> <tbody> =
<tr style=3D"vertical-align: top;"> <td valign=3D"top" style=3D"word-break:=
 break-word; vertical-align: top; min-width: 100%; text-size-adjust: 100%; =
padding: 48px 0px;"><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0"=
 width=3D"100%" align=3D"center" role=3D"presentation" valign=3D"top" style=
=3D"table-layout: fixed; vertical-align: top; border-spacing: 0px; border-c=
ollapse: collapse; border-top: 2px solid rgb(222, 224, 226); width: 100%;">=
 <tbody> <tr style=3D"vertical-align: top;"> <td valign=3D"top" style=3D"wo=
rd-break: break-word; vertical-align: top; text-size-adjust: 100%;"><span><=
/span></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <div> <tab=
le style=3D"margin: 0px; padding: 0px;"> <tbody> <tr> <td style=3D"margin: =
0px; padding-right: 11px; vertical-align: middle;"><img src=3D"https://d15k=
2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-=
c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width=3D"12" he=
ight=3D"12" style=3D"display: block; width: 12px; height: 12px;"></td> <td =
style=3D"margin: 0px; padding: 0px; vertical-align: middle;"><p style=3D"ma=
rgin: 0px; font-size: 16px; letter-spacing: 0.075em;"><strong> NOW TRADING =
ON COINBASE </strong></p></td> </tr> </tbody> </table> </div> <a href=3D"ht=
tps://links.coinbase.com/a/click?_t=3D3aca56371967418192255878e9689713&_m=
=3D5fdfefe1ffef45558f94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh2xS74NL94pniO-=
fX66M2L6-hvJ6raeQX0K7E6fu3BXKyeO4OvJ4wDbhhZosywLds4Y0IHEY6VpG_AQM-IIfzZpQxz=
b78iYBU9xTMHG8pAExF5ctUn7ttqt_OUuFxhceixj3EZWC6B8GqC-Wf1fWxHR5-NNGvuKUhMWCI=
Ie2jO1DrYuJH4Bpoj1QuM45oc2x9Rmr36P8yXl06SgGpN93s9-YY-ZLbKQFoh268wQ30ARg8EVU=
sCKPELUJtQgnEnn0PltstXxFUnhLB42FkWlZs-tK774I4mDw62eA3gX-eRs1YgccGCqlV5FYbo0=
vbYiFyjI26r2TRvT5v5EKhJG5sZjs%3D" target=3D"_blank" rel=3D"noopener norefer=
rer" style=3D"color: rgb(10, 11, 13); text-decoration: none;"> <table style=
=3D"margin: 16px 0px 0px; width: 100%;"> <tbody> <tr> <td style=3D"font-siz=
e: 32px; line-height: 1.26; word-break: break-word; vertical-align: middle;=
 white-space: nowrap;"><strong>LDO</strong></td> <td style=3D"vertical-alig=
n: middle; padding-left: 12px;"><img src=3D"https://dynamic-assets.coinbase=
.com/193afd28d9fdd7063c3a2b59bafe71f9da9fdac21df4269c8605f50505db7c68f11afb=
41005e45949c285da217d7df498f6c0e67df68287f23a3ce0d400e37ce/asset_icons/0a58=
6f56b146b6ceb1f09565a62309b1f7f838c5a6139fe9779dde52342aed8a.png" width=3D"=
26" height=3D"26" style=3D"display: block; width: 26px; height: 26px; verti=
cal-align: middle;"></td> <td style=3D"vertical-align: middle; text-align: =
right; width: 100%;"><img src=3D"https://d15k2d11r6t6rl.cloudfront.net/publ=
ic/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca5637196741819=
2255878e9689713/Newsletter%20Assets/newlistings_light.png" width=3D"21" hei=
ght=3D"18" style=3D"width: 21px; height: 18px; vertical-align: middle;"></t=
d> </tr> </tbody> </table> <p style=3D"margin: 0px; line-height: 1.6;">LDO =
is the governance token of Lido, a liquid staking protocol. </p> </a><a hre=
f=3D"https://links.coinbase.com/a/click?_t=3D3aca56371967418192255878e96897=
13&_m=3D5fdfefe1ffef45558f94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh2xS74NL94=
pniO-fX66M2L6-ShJTh3OZnBl7F2bCz_hvHtMDRvzSqAdOjiLhz9TsSwklc1fKZSOg6gHD67MGh=
q1cqsYD_d21R45He3tpR76iM4PiWeOgsp8v7JYRg46DD5ChwRzxTqB4vTGci_2MonyrPkwV3wVH=
9SSt_1lcv1WuPiXQ7DXvUzvSCesdXMNIkmtZuX_Rax8ShOwVpC_CezGTpPehlIzxZB2oIDgPRoI=
HlcUM73fmWj3YSyPyjZkd_L84yW7joGrsszjFWQgB1xfldUKa2daDkCDSw2a_yTyV5x2zx61ZsC=
T4mA5RBrljUqHduE854kZf26NQwj5fxVQM%3D" target=3D"_blank" rel=3D"noopener no=
referrer" style=3D"color: rgb(10, 11, 13); text-decoration: none;"> <table =
style=3D"margin: 16px 0px 0px; width: 100%;"> <tbody> <tr> <td style=3D"fon=
t-size: 32px; line-height: 1.26; word-break: break-word; vertical-align: mi=
ddle; white-space: nowrap;"><strong>QI</strong></td> <td style=3D"vertical-=
align: middle; padding-left: 12px;"><img src=3D"https://dynamic-assets.coin=
base.com/7cf424dd1577f5714e5b7014df1282ce991969259f45ecc71eaf101409987da32c=
bbb82cbc4523931ec1ab6a479dc1d68c8685b3c849ceee06171b8d6567ce0b/asset_icons/=
25635a5344506c87c07f3228a50673d6bb3166adfdf0f9983b36258704c31cea.png" width=
=3D"26" height=3D"26" style=3D"display: block; width: 26px; height: 26px; v=
ertical-align: middle;"></td> <td style=3D"vertical-align: middle; text-ali=
gn: right; width: 100%;"><img src=3D"https://d15k2d11r6t6rl.cloudfront.net/=
public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca563719674=
18192255878e9689713/Newsletter%20Assets/newlistings_light.png" width=3D"21"=
 height=3D"18" style=3D"width: 21px; height: 18px; vertical-align: middle;"=
></td> </tr> </tbody> </table> <p style=3D"margin: 0px; line-height: 1.6;">=
QI is the governance token of Benqi, a DeFi protocol on Avalanche. </p> </a=
> <table width=3D"100%" role=3D"presentation" valign=3D"top" style=3D"table=
-layout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: =
collapse; min-width: 100%; text-size-adjust: 100%;"> <tbody> <tr style=3D"v=
ertical-align: top;"> <td valign=3D"top" style=3D"word-break: break-word; v=
ertical-align: top; min-width: 100%; text-size-adjust: 100%; padding: 48px =
0px;"><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"100%=
" align=3D"center" role=3D"presentation" valign=3D"top" style=3D"table-layo=
ut: fixed; vertical-align: top; border-spacing: 0px; border-collapse: colla=
pse; border-top: 2px solid rgb(222, 224, 226); width: 100%;"> <tbody> <tr s=
tyle=3D"vertical-align: top;"> <td valign=3D"top" style=3D"word-break: brea=
k-word; vertical-align: top; text-size-adjust: 100%;"><span></span></td> </=
tr> </tbody> </table></td> </tr> </tbody> </table> <p style=3D"margin: 0px;=
 line-height: 1.6; word-break: break-word;"><strong>Trivia answer</strong><=
/p> <table style=3D"margin: 12px 0px 0px; line-height: 1.6; word-break: bre=
ak-word;"> <tbody> <tr> <td style=3D"padding-right: 12px;"><strong>B</stron=
g></td> <td>A series of words generated by your crypto wallet that give you=
 access to your funds</td> </tr> </tbody> </table> <table style=3D"margin: =
48px 0px 0px;"> <tbody> <tr> <td style=3D"text-align: left;"><img src=3D"ht=
tps://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-=
46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Rebrand%20Assets/co=
inbase_footer_wordmark.png" alt=3D"Coinbase" height=3D"26" style=3D"display=
: block; height: 26px; margin-bottom: 24px;"></td> </tr> <tr> <td><a href=
=3D"https://links.coinbase.com/u/click?_t=3D3aca56371967418192255878e968971=
3&_m=3D5fdfefe1ffef45558f94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh25DuuyYKbj=
1_MyyATLN-pyzOVRDYvM9saSOidHGlUYrrS29-FuVKUsF0h5bbkyoBcpDgPBSThuHDPUojwf8hK=
2KSb6EMHWwusTlldbYx9Ij6E2cKm5bIwXJzQ4NDBiJavQ9ryN92gokzSDbFCrcavDGR52q2ucD5=
UM1KvryB9bbe56Xi87VGO2uHyIIWJeQePEJOoN7LDH-Pr0k-RtM859V2VUZGidNZ_gM6gBHOtMA=
02NpIx6g0yHdciaO4lkE9Bbv_GuLZGCLGOlneWiXP16hNrkWW7XgiJxr8XjlHyMC2tsnIur7f6a=
W8dn7sAYj17zXUTaME5Rde-joLYA42wMSz4n1j1MTWO-_0ema9PWzc" title=3D"coinbase i=
os app" target=3D"_blank" rel=3D"noopener noreferrer"><img src=3D"https://d=
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7e-c542cff6dd6a/3aca56371967418192255878e9689713/Icons/app_apple.png" alt=
=3D"Download on iOS App store" height=3D"46" style=3D"display: block; heigh=
t: 46px; margin-right: 8px;"></a></td> <td><a href=3D"https://links.coinbas=
e.com/u/click?_t=3D3aca56371967418192255878e9689713&_m=3D5fdfefe1ffef45558f=
94240ec8aa6d2b&_e=3DHcSeRgW4qdsA_tOYchMh272CLFPCUSLKJ8jT1F9xmtdab_3kOXvx053=
YrWBidOB5NY4dB_GxNrf411it1loXnp03MVKG5ikhm8mkY5zSOQdRTsgtVZZS4Zchcx4cTzVjp0=
vi2bgUBz2YEGrXbVYe3CLhHmxkx-_0_EjB8Ve1Ljv-YtPxKvgkSZSLLFg3dAQJt2AJwVWvo7UKl=
mjrGepr7swfE4mLx0YLuXKnBXTHs10iyQ1NnxAYWhLB2eoxN_ic3y-nUDGyar75hpAwOSk30h0T=
if0Y4VqAh8sjPXtFqaZ248VUNViJcvbPrmiq7QoWhQEAj_OqskCsDHUI-fdZm18Q1EWTEskA9be=
_LJuHK2eo1dvvxzUnEhihCtSOOJn4" title=3D"coinbase android app" target=3D"_bl=
ank" rel=3D"noopener noreferrer"><img src=3D"https://d15k2d11r6t6rl.cloudfr=
ont.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca5=
6371967418192255878e9689713/Icons/app_google.png" alt=3D"Download on Google=
 Play" height=3D"46" style=3D"display: block; height: 46px;"></a></td> </tr=
> </tbody> </table> <div style=3D"margin-top: 24px;"> <p style=3D"font-size=
: 12px; line-height: 1.8; word-break: break-word; color: rgb(91, 97, 110);"=
>Disclaimer: This material is the property of Coinbase, Inc., its parent an=
d affiliates ("Coinbase"). The views and opinions expressed herein are thos=
e of the author and do not necessarily reflect the views of Coinbase or its=
 employees and summarizes information and articles with respect to cryptocu=
rrencies or related topics that the author believes may be of interest. Thi=
s material is for informational purposes only, and is not (i) an offer, or =
solicitation of an offer, to invest in, or to buy or sell, any interests or=
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dth=3D"660"> <tr> <td class=3D"whitetext whitecolor" align=3D"center" valig=
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