June 19, 2021
  • June 19, 2021

Silicon Valley is paving the way for a new kind of Wall Street

By on June 3, 2021 0


Introduction 1 spoon: Commodity trader Trafigura Warned Swiss credit Last year, the bank’s supply chain finance fund appeared to contain suspicious invoices from businessmen. Sanjeve GuptaBusiness empire. Get Full story..

And a reminder: Don’t miss the Greensill event next Tuesday. Register for a free online event Here..

Metal industry Simon Dawson / Bloomberg © Simon Dawson / Bloomberg

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The movement of virtual currencies is spreading

Veteran bank clerk Packing suitcases In the era of Western pioneers, the crypto boom is inviting previously inaccessible executives to join the industry.

Some North Korean defectors Goldman Sachs lobbyist Faya Shield Zard, Who will start Coinbase Next month, and Citadel titles veteran Brett Harrison Those who participated in the crypto exchange FTX..

John dalby, CFO Water bridgeAdditionally, from the largest hedge fund in the world, we are leaping over ships to join the crypto financial services group. Nidig..

But the influx of talented people on Wall Street isn’t the only power to make Silicon Valley a more serious competitor to mainstream finance. DD Miles Kruppa Report..

Goldman Sachs lobbyist Fariya Shieldzard is one of the prominent Wall Street executives who has taken on a new role in cryptocurrency companies © EPA / Armando Babani

Movements of cryptocurrency and a flood of venture capital funding are driving the growth of decentralized funding (“DeFi”) projects. These companies aim to eliminate traditional middlemen by replicating basic financial services such as loans and transactions using software called blockchains.

What started as Niche corner The number of cryptocurrencies has reached a multibillion dollar industry as venture capitalists recognize the huge dividends of investor incentives offered by emerging platforms.

DeFi Transaction Volume Column Chart Showing Increase in DeFi Companies Supported by VC

take Uniswap, For example. Last year, the trading platform began the process of issuing one billion free digital tokens to users over a four-year period as a reward for joining the network.

This initiative aims to extend governance rights to a larger group and weaken their founders over time.

About a fifth of those tokens were given to venture capitalists as a reward for the first $ 1,280 million invested in seed funding. At the price of Uniswap’s $ 28 deal, investors will own around $ 5 billion worth of shares in all tokens issued. Even though it takes four years for an investor to receive the full amount, it’s not too poor.

Graph showing the total value locked by DeFi

Beating Wall Street in your own game can be good for early investors, but Obstacle..

Some attorneys and venture capitalists who spoke to Miles compared DeFi to the initial coin supply boom four years ago, which collapsed due to regulatory intervention.

Mint condition: Etsy is addicted to Depop’s extensive vintage collection

Scroll through specific fashion corners Ticktaku Feel like walking through a time capsule with a 70s cashmere dress, early spaghetti strap and a Gen-Z with a 90s grunge style.

But the year is 2021. The social media platform of choice for the younger generation narrowly escaped the ban by the previous US administration (Not perfect),and it’s Renaissance style Therefore Young entrepreneur Collectors show what recycled designers find Depop And other second-hand fashion applications.

Last year, with an active network of 4 million buyers and 2 million sellers trading roughly $ 650 million in merchandise, Depop became a popular prize, not a way to earn it. ..

Etsy I buy The London-based startups cost $ 1.6 billion, and the two companies on Wednesday announced a majority cash transaction scheduled to close in the third quarter of this year.

Josh Silberman, CEO of Etsy © Bloomberg

The rapprochement makes sense. The two companies created a business model focused on helping home-based entrepreneurs rather than the following large-scale tech rivals: Amazon..

Depop, 90% of active users are under 26 EtsyTypically aimed at millennials and above and will give them access to each other’s demographics.

The app has raised around $ 100 million from early funders since its inception 10 years ago. Capital HT, And Clana Founder and CEO Sébastien Simiatokowski..

Raised $ 40 million in the last round of 2019, General Atlantic, The goal was to expand Depop’s presence in the United States. Today, he makes as much money in the US as his home country, the UK, but dealing with rivals based in California makes Depop much more likely to grow further. Poshmark And Put on..

Game of Thrones actor Maisie Williams (left) and Depop founder Simon Beckerman (right), one of the many celebrities selling second-hand clothes and accessories in the app © Getty Images

Rex colleagues I think Etsy may have paid too muchThe price is 23 times the turnover in 2020, and Depop is now a cool young man with a block of used clothes, but young people can be finicky when it comes to shopping habits.

Etsy, whose shares have risen more than 450% since the pandemic hit the global economy last March, is clearly seizing the opportunity before the otherworld of luxury falls.

A fierce struggle in international tribunals flies away

If you are based in Edinburgh Cairn energy There is a way, but India from the airThe New York-based fleet isn’t flying anywhere right away. Dramatic turn In a saga that has lasted for 7 years.

Allows DD to speed you up.

  • In 2006, Cairn reorganized its activities in India Cairn India As a separate subsidiary that floated on Bombay Stock Exchange the next year.

  • Scottish energy company took most of Cairn India’s stake in 2011 Vedanta limited $ 6.7 billion managed natural resource company Anil Agarwal – One of the richest men in India.

Billionaire and owner of Vedanta Resources, Anil Agarwal © Bloomberg

  • Cairn’s plan seemed to be on the right track. But a year later, New Delhi introduced a new law allowing Indian authorities to retroactively impose taxes on cross-border transactions if the underlying asset is located in India.

  • In 2014, when Cairn wanted to sell the remaining 10% of Cairn India, authorities in New Delhi blocked the deal and launched a tax audit. A year later, Cairn $ 1.6 billion tax bill, And since then both have said so.

Cairn Energy's achievements and milestones in the Indian legal community

Cairn filed a dispute settlement under the UK-India BIT to revoke the tax bill and recoup his losses. International court The Netherlands appeared to agree to this position in December, and India ordered a Scottish company to pay $ 1.2 billion and interest. It is worth $ 1.7 billion today.

The only problem is the Indian Prime Minister. Narendra ModiThe government has shown no sign of planning payments.

Cairn doesn’t forgive either. The company employs a highly regarded international arbitration lawyer Dennis flanitsky If Air India can act as the “alter ego” of the Indian government and convince the judge to bear the same debt, it will seek $ 1.7 billion in compensation.

Robert Cohen (left) and Dennis Flanitsky (right) © Annie Tritt

Flanitsky at the head Quinn EmmanuelSovereignty proceeding, best known for seizing Argentinian warships in Ghana as part of a long legal battle with US hedge funds. Elliott Capital Management And Buenos Aires, cutting off the work for him.

Job change

  • Tyson Foods Chief executive officer Dean of Banks Eight months after joining the company, he left the company for personal reasons. Donnie King Will be the fifth CEO in five years.

  • Citigroup Poached Goldman Sachs veteran Chuck adams Launch a new M&A consulting franchise in New York. Reuters Other articles..

  • tallow oil Chair Dorothy Thompson She said she would leave Weeks after refinancing $ 1.8 billion to secure the future, he is an African-focused oil and gas explorer.

Smart lead

Canadian bacon Harvard, Yale and other US donation fund portfolios are squeezed by traditional investment allowances. Dive into a high-risk asset class and increase in-house talent, such as your neighbors to the north, could be the answer. (FT)

Megastar made K-POP Phenomenon Hybe, the vast entertainment empire behind BTS, has turned fandom into profit by perfecting a pandemic-resistant model. The next big move is to spur the same level of global hysteria. (Nikkei Asia)

Housework The Glorious Leap is named more than just a fictional spy. The franchise has been carefully grazed for generations from its historic owner, the Broccoli / Wilson family. In the hands of Amazon, 007 faces new challenges. (New York Times)

News summary

Procedure Alleges Former Apollo CEO Leon Black Sexually Assaulted Russian Model (FT)

Dropbox grabs the attention of Elliott activists amid sluggish market share (FT)

Activists likely to take third place on Exxon board (The Wall Street Journal)

Germany tells US bankers they must return to their offices by September 6 (FT)

UK regulators have approved a deal with Adevinta over eBay’s $ 9.2 billion announcement. (FT)

Altria and Jules’ contract brought to trial (WSJ)

SEC avoids application of advisory proxy rules in Trump era (FT)

AMC / Jason Mudrick: Quick $ 230 million flip hinged on meme return (Rex)

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