# Crypto Biz: Amid crypto carnage, Goldman and Barclays fill their bags, May 12-18, 2022
Table of Contents
” Crypto Biz: Amid crypto carnage, Goldman and Barclays fill their bags, May 12-18, 2022 “
Early polling from Terra vote indicates 91% are in favor of ‘rebirth’
The Terra saga took an interesting turn on Wednesday after Terra co-founder Do Kwon managed to convince network validators to accept a proposal that would salvage the blockchain without the algorithmic stablecoin, TerraUSD (UST). More than 91% of community votes were in favor of “rebirthing” the Terra network and doing away with UST entirely. The “old” blockchain would continue to support so-called “residual UST” holders and operate under the name — wait for it — Terra Classic. All is not well for the Terra ecosystem, however. Kwon has been summoned for a parliamentary hearing regarding his failed project, while three members of Terraform Labs’ legal team resigned this week.
1/ Terra governance prop #1623 to rename the existing network Terra Classic, LUNA Classic ($LUNC), and rebirth a new Terra blockchain & LUNA ($LUNA) is now live.
Vote here: https://t.co/ZlGxNCUTMa https://t.co/plj0guJwao
— Do Kwon (@stablekwon) May 18, 2022
Goldman Sachs and Barclays invest in UK crypto trading platform Elwood
Goldman Sachs and Barclays made headlines this week after they revealed a strategic investment in United Kingdom-based crypto trading platform Elwood. Why is this important? Aside from the fact that I like to dunk on Goldman every chance I get for its past anti-Bitcoin propaganda, the investment further cements the fact that major banks view crypto as a new asset class with a strong institutional appeal. That’s basically what Goldman’s global head of digital assets said. You can read about Elwood’s $500 million funding round below.
Bitcoin investment giant Grayscale debuts ETF in Europe
Grayscale has finally launched an exchange-traded fund (ETF). Okay, not the one we’re all waiting for, but it’s still a notable achievement nonetheless. Grayscale Future of Finance UCITS ETF is the digital asset manager’s first European ETF and will track the performance of the Bloomberg Grayscale Future of Finance Index. The fund doesn’t invest in crypto outright but provides exposure to companies directly involved in the digital asset ecosystem — miners and trading apps especially.
An exciting milestone: Announcing our first European ETF, Grayscale Future of Finance UCITS ETF — listing on London Stock Exchange (LSE), Borsa Italiana, and Deutsche Börse Xetra.
https://t.co/kwmWSxvOiV— Grayscale (@Grayscale) May 16, 2022
BitMEX launches spot crypto exchange following $30M penalty
Crypto derivatives exchange BitMEX — home of the now-infamous liquidation cascades — is moving beyond offering just derivatives by launching a spot trading platform. BitMEX Spot Exchange gives investors the ability to trade seven crypto pairs, including Bitcoin, Ether (ETH), Chainlink (LINK) and Tether (USDT) — without the ability to get absolutely wrecked in the process. BitMEX recently cleared $30 million in civil penalties after the company’s cofounders, including Arthur Hayes, pleaded guilty to violating the Bank Secrecy Act.
How will you survive the bear market?
I’ll be honest: Crypto’s implosion over the past few months has been unlike anything I’ve ever seen. A lot of investors are in extreme pain right now. Trust me, I’ve been there. I’m not going to sugarcoat your losses or fill this page with cliches, but as famed value investor Benjamin Graham once observed: “Abnormally good or abnormally bad conditions do not last forever.” This week’s edition of The Market Report dissects the current bear market and gives you a few survival tips to come out the other side stronger than ever.
Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.
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