What is this!? A calming of the price….bitcoin
is back where it was 7 days ago. Sideways, a calm before the storm…it’s
either preparing for another leg up, or the beginning of the legs down. What’s it gonna
be for BTC!? Find out in about 10 minutes or less, because it’s time for Chico Crypto! Up or Down!? That is the million dollar
bitcoin question!! If I could answer that with 100 percent accuracy, I more than likely
wouldn’t be making youtube videos & would already be retired. But Chico Crypto can make
an educated guess based on the current climate. And our opinion isn't going to change,
just because the price falls a little bit….there is a BIG event slated
at the end of Month & it would just be out of the ordinary for
the price to be falling during it. The Coinbase IPO! Yesterday, Cointelegraph
reported that about 114.9 million shares would be registered for public sale.
details of this IPO are slowly dripping throughout this month and this news was
found out with an updated S-1 filing. This S-1, reveals Coinbase will
have a dual stock structure, with Class A & Class B stock. I covered most
of this in my last video, how the class A stock is the one the public gets to trade, which
is the 114.9 million that was registered. But what about the Class B??
Well within the updated S-1, something else caught my eye. If you go into the
section “SALE PRICE HISTORY OF OUR CAPITAL STOCK”, Coinbase says “We have applied to list our Class
A common stock on the Nasdaq Global Select Market. Prior to the initial listing, no public market
existed for our Class A common stock. However, our Class A common stock and Class B common stock
have a history of trading in private transactions” What that means, is the Class B stock is
being transacted somewhere. It has had value, just not for the public, and
isn’t just a voting stock.
We know where it’s been being transacted on..the Nasdaq
Private Markets…and I’m still holding out hope that Class B will be tokenized into a Security
Token….through Nasdaq’s Marketplace services… A little theory of ours we’ve had since
Coinbase co-founder & current executive board member said this about a token
and the IPO back in May of last year…. So, I get it, they wanted to IPO, and the only
way to do that today was to do a “paper” listing. This dual stock structure,
just might be the spiritual and aspirational hope FRED was speaking. Only
time will tell if this theory is correct. Today is all about those theories though. We’ve talked about possible tokenization of
the stonk…but now let's talk about a strategic partner of Coinbase who was
just recently speaking on bitcoin & crypto. Visa…..Visa a strategic partner
of Coinbase? In September of 2020, Cuy Sheffield, Senior director and head of
crypto answered this when asked by Forbes, about their Coinbase involvement “. First,
there are very large and established companies like Coinbase, which we simply treat
as strategic fintech clients”….
So with the Coinbase IPO, rolling right around
the corner, isn’t it just conviennent Visa CEO, Al Kelly was just on Fortune’s
Leadership Next podcast and spoke on BTC and crypto. Let’s
listen in to what he had to say… WOAHHH, two massive things. #1 Visa credentials
could be used for BTC purchases. And vice versa. Well guess what? They have been working on this
for some time. Last year, July 22nd, Visa posted this blog “Advancing our approach to digital
currency”. Visa said this about credentials “Similar to other digital wallets, digital
currency wallets are looking to use the full range of Visa’s capabilities, including Visa Direct,
which makes it faster and easier for consumers to convert digital currency and push those funds
to their Visa credentials in real-time.
Much of this work is happening through Visa’s
FastTrack program, which helps fintechs, including those in the digital currency space,
integrate quickly with Visa’s global network” Let’s just go look who is involved with
Fast-Track, and specifically crypto related. Don’t see anyone in issuance, nope not in
push payments, how about value added services? There is the crypto company in the
Fast Track, working with Visa Circle… Tight Partner of Coinbase, and co-creator
with them of the USDC stablecoin. Well let’s just go to Circle’s website
about this fastrack partnership. They promote it right on the front page, they
are called USDC partner wallets. Clicking it, it says “A global interoperable network
of digital wallets built on standards” This is the system which uses USDC, in
conjunction with Circle's platform and APIs to allow Visa customers seamless transactions
across fiat and token onramps/offramps. It can interface with blockchains, as it
already is….going to Circles post on NFTs, it is integrated with Dapper Labs and their
Flow blockchain, for NBA Top Shot purchases.
But this isn’t Coinbase, this is Circle and this
isn’t the Bitcoin stuff Al was talking about. This is all about stablecoins, USDC. What about
using visa credentials aka fiat on a visa card to buy BTC? And vice versa cashing that BTC
back out into a fiat? They are one in the same, but let’s just replay what Al said about this.
Right into fiat and immediately available at all their merchants. Well let’s go
back to that July 2020 approach blog. This is what Visa said “Visa has been working
closely with licensed and regulated digital currency platforms like Coinbase and Fold to
provide a bridge between digital currencies and our existing global network of 61 million
merchants. Around the world, more than 25 digital currency wallets have linked their services to
Visa, giving users an easy way to spend from their digital currency balance using a Visa debit
or prepaid credential — anywhere Visa is accepted” Coinbase is their BIG bitcoin partner.
crypto strategic partner. And you gotta know, it’s beginning with the coming Coinbase Visa
Card in the US. They announced the waitlist for it basically 6 months ago….which even includes
an up to 4 percent crypto back reward program. Well it’s been quiet regarding the card, but
let’s do a little sleuthing of our own. Going to the website, we can see at the bottom, some fine
details and says “The Coinbase Card is powered by Marqeta” well, going to the Visa Fast Track
program there wasn’t a crypto company in Issuance, or was there…there they are in
Visa’s fast track program Marqeta. Now, ain't this a coinkydink. Marqeta, filed
with the SEC for an IPO, and could do theirs right after Coinbase, in early April. Who are they
working with on their IPO? Goldman Sachs and JP Morgan…well going back to Coinbase’s s-1, why
in the hizeck are the same players doing this IPO?? Goldman Sachs, and JP
Morgan listed right there. Well cuz there is more to this than meets the eye!
January of this year, Reuters posted this article “Goldman teams up with fintech startup
Marqeta to build checking accounts.
The article states “ Goldman Sachs has partnered
with card issuing startup Marqeta to build the U.S. bank’s Marcus checking accounts set to
launch this year, the companies said on Thursday. The bank, an investor in California-based Marqeta,
hopes that the partnership will enable it to create more personalized and feature-rich
digital banking services for its customers” Launched in 2016, Marcus has allowed Goldman
to diversify its revenue and funding sources by offering savings accounts and personal loans
to retail customers.
Yes Goldman got into the retail game in 2016, and is moving full steam in
2021 with Marqeta’s help…the Reuters article also name drops some entities connected
to Marqeta. Square…and it says “Marqeta, whose backers also include Mastercard
Inc and Visa, has seen business boom this year, with COVID-19 lockdowns leading
to a surge in demand for digital payments” All these crypto connections??? Goldman
and others are backing and helping crypto or crypto related companies. Goldman is
working on their retail bank of the future. Marcus and Coinbase tied Marqeta is involved.
Goldman released the mobile application for Marcus in January of 2020 and then just last month, they
unveiled a robo-advisor called Marcus Invest? Even Goldman sees the world moving increasingly
digital. Nothing about Marcus is directly crypto involved yet, but within the next year could we
see Marcus and an option for bitcoin investing? Well the writing is on the wall in my
opinion. Cheers I’ll see you next time!.