In this edition of Digital Asset Friday, we will have a lighter edition due to the Q2 Market Update released earlier this week. This is an opportunity to give an update on Gemini BITRIA infrastructure updates and highlight an important webinar we will be participating in next Tuesday on Risk Management in digital assets.
Gemini BITRIA Updates
The technology sector throughout Q2 has been hit hard with layoffs and hiring slowdowns. Coinbase, Meta, Salesforce, and Netflix recently announced hiring freezes or layoffs with other companies like Microsoft announcing a significant slowdown in hiring. Gemini has not been immune and recently announced its second round of layoffs on June 21st, 2022. Gemini BITRIA has been fully transparent that in this second round the team has been affected. The goal for Gemini is to adapt to the challenging landscape and come out of this crypto winter stronger for it.
What does this mean for us?
It means that the timeline for initiatives to upgrade the Gemini BITRIA platform will be affected. Some initiatives will remain on schedule while others will be pushed back. From the Gemini team:
“Product Outlook: our engineering team will be focused on infrastructure for the remainder of the year, including data synchronization and Gemini Prime integration. We will opportunistically target product enhancements but will not be setting specific release dates until imminent. BITRIA is still a strategic priority for Gemini and is focusing on building the foundation needed for the long-term.”
- Enhanced Onboarding Experience: Entering Beta July 2022 and aim for release by the end of Q3 2022
- ACH Deposits: This has been delayed and pushed back to Q1/Q2 2023
- Cost Basis and Other Reporting: Likely 2023
If you have any questions, please don’t hesitate to reach out. We appreciate your flexibility as well all go on this journey together.
Crypto Learning
Webinar: Risk Management in Crypto, 11:00 am ET, Tuesday, July 26th, 2022
Presented by Digital Asset Research: In the current turbulent market environment, managing digital asset risk can no longer be an afterthought. We’ve recently seen real world examples of market risk, counterparty risk, and protocol risk. Join us for a discussion of how to measure and manage these risks while including crypto in client portfolios.
Guest Speakers:
- Hillary Keitel, Head of US Wealth, FTSE Russell
- Doug Schwenk, CEO, Digital Asset Research
- Kyle Downey, CEO, Cloudwall
- Marc Nichols, Product Director, Arbor Digital
*Digital Asset Research is a strategic partner that Arbor Digital utilizes for data research and analysis in the digital asset space.
Reading: Arbor Digital Q2 Market Update
We discuss the external factors affecting digital asset markets, the internal factors at play, and the current regulatory landscape. We also share a portfolio update and look ahead to Q3 and Q4 of this year. Lastly, we have attached updated fact sheets to both the Flagship and Compass Portfolio.
Powered by Illuminated Advisors