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Jay-Z and Jack Dorsey Launch a Bitcoin Academy in New York

Daily Market Wrap

  • Crypto market cap: 1.04 trillion, down 8.22%

  • BTC price stands at USD 25,827, down 8.71%

  • ETH price stands at USD 1,362, down 10.19%

  • Top gainer: Neo (NEO), up 5.79%

  • Top loser: Fantom (FTM), down 20.71%

News of the Day

Why it matters:

  • Block CEO Jack Dorsey teamed up with rapper Jay-Z to launch a Bitcoin-focused financial literacy project named The Bitcoin Academy at Marcy Houses, New York

  • The academy will be the first public housing complex in Brooklyn, the rapper’s childhood home, aimed at providing financial education with an emphasis on Bitcoin

  • However, the initiative’s focus on bitcoin has drawn heavy criticism as people still disbelieve that cryptocurrency is full of financial scams, hacks, and fraud

Crypto daily spotlight

Brief introduction: Celsius Network is an Ethereum-based lending platform that provides interest-bearing savings accounts (staking), borrowing and payments services for digital assets. It has a native utility token called CEL. If users choose to receive staking rewards in the form of CEL tokens, they can receive up to 30% more rewards on all deposits of non-CEL tokens. For borrowers and institutions, paying interest in CEL also comes with a discount.

Why it matters:

  • Celsius Network lost at least 35,000 Ether as Stakehound, the Eth2 staking solution firm, lost the keys to the custody. The scandal was discovered on May 2nd

  • Celsius Network chose to keep quiet. It may be running out of liquid funds to pay back investors

  • Alameda Research, one of the largest holders of Lido’s stETH, recently redeemed 50,000 stETH for ETH on Lido, leading to the stETH de-pegging from Ethereum by 50%

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About Aspen Digital

Aspen Digital is a leading technology and financial services company with a mission to accelerate the mass adoption of digital assets. The company provides a digital asset management solution for asset managers, institutions, and sophisticated investors. Aspen Digital was co-founded by digital assets innovators and asset management veterans at Everest Ventures Group (“EVG”) and TT Bond Partners (“TTB”) in 2021.

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