"Explain that joke to me." The top five US crypto exchanges all use them. Crypto customers are 80%+ of their deposits. "What." You can say that again.
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So since all the cryptocurrency exchanges need to do cash management between themselves and ideally faster than ACH their bank (singular) made an API which allows them 24/7 ability to credit one account and debit another. They spell API "SEN":pic.twitter.com/CL4txbXAgM
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An interesting number to keep a watch on, particularly in comparison to e.g. the Tether float or alleged reserves, is the amount of total liquid cash banked by their exchange + OTC desk customers, presently ~$650m.
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I can't help feeling that there's a punchline here, something like "makes the DOJ's job easier because they can seize all the laundered money with a single phone call".
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I'm pretty sure there is a punchline but I doubt that is the punchline. Not sure whether the exchanges should be more worried about concentration risk from their bank or the bank should be more worried about concentration risk from their exchanges.
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@alex as official Twitter decipherer of S-1's, this might interest you -
Will read!!!
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Another drop in the mainstream adoption bucket?
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3-4 years left before FedNow debut, moat has timed obsolescence
Thanks. Twitter will use this to make your timeline better. UndoUndo
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