🚨 [revealed] Winner of the Bank crash

Namaste, this is the doodhwala. The crypto newsletter that drops everything to give you the latest scoop on the SVB-USDC gadbad.

Here’s the scoop for today:

• 🤣 Crypto Banks do a DO KWON

• 🏆 3 MORE Winners

• 📈 $11 billion on March 11

• 🚨 EMERGENCY: WTF is happening?

• 🛠 Self Custody Kya Hai?

• 🍼 Pokemon Metaverse

We're SOOO with you Chandler 🤝

🤣 Crypto Banks do a DO KWON

Switzerland.

It’s a country known for cheese, chocolate, and the GOAT.

This GOAT:

But now Switzerland will also be known for – being a banking partner for US crypto companies.

Hold up, why do US crypto companies need a safe space?

In the past week, the 2 largest US-crypto banks went 💣:

• Silvergate Bank

• Signature Bank

Honestly, these banks sound like something James Bond would use.

The shutdown of the second of these banks – Signature – wasn’t completely down to the 💩 market. In fact, government officials forcefully closed Signature bank to send a message to the crypto industry.

Probably something like:

“Why are you crypto people buying doggo coins and monkey jpegs and drinking doodh all the time. Ya’ll are weird af!”

This is not us just talking. 🤫

This is coming from the guy who wrote the law to protect consumers after the 🤡-show by banks in 2008.

He thinks the regulators shut down Signature Bank to sent an “anti-crypto message.”

Now, crypto companies are spooked. 😥

They’re afraid no bank will work with them. 😰

So, they’re saying “let’s get tf outta the USA.” 😱

And they’re heading to → Switzerland. 🇨🇭

Ever since the Signature news broke out, crypto firms have been calling Swiss banks for banking services more times than my girlfriend calls me at 10:01 when I tell her I’ll be back at 10:00. 🤣

What are the kinds of crypto companies heading to 🇨🇭:

• Crypto funds

• Crypto exchanges

• Crypto venture capital

• Pretty much any crypto company that works with a regular banking partner to send, receive, and custody customers’ funds.

But why are ☝️ these companies specifically picking Swiss banks, I mean they can come to India where the banks work for 2 hours a day and take a lunch break for 7 hours 😭

The reason → Private Banking.

With Swiss banks, crypto companies can:

1️⃣ Maintain privacy:

Switzerland has a “tradition” of bank secrecy which is maintained in its laws.

2️⃣ Avoid govt pressure

Switzerland is known for being politically neutral in international conflicts. If a government comes knocking, it’ll just say, “Hey, Idk anything man. Leave me alone.”

3️⃣ Keep transactions confidential

Swiss banks don’t make the identity of the customer or their transactions public even when handing complex AF things.

No wonder every movie has a criminal moving their money to a Swiss bank account.

So, you can tell why crypto companies are moving to Switzerland.

Do you know anyone else using Swiss banks for crypto?

Do you?

I'm sure you "DO"!

It's 👉 Do Kwon.

Yes, the latest high-profile crypto company and personality that went to Switzerland for banking services was…the King Kwon…the Master Do…Do Kwon.

Last month Do Kwon:

• transferred 10,000 BTC

• from a Terraforms wallet

• to a Swiss Bank account

• converted the BTC to cash

• withdrew $100 million cash

🤣 🤣 🤣

Now, US crypto companies are gonna follow Do Kwon's footsteps. 🦶🏼

But it’s not because they want to (well you never know) but because the US government is shutting down crypto banks. 😑

🔥 Together with Web3 Init: What comes first (before anything else) in Web3?

Security is a pretty PRETTAAAY big deal in web3.

I mean, you don’t wanna your private keys to be exposed…or worse your browser history. 😆

• “how to make milk from oats”

• “why don’t vegans drink milk”

• “best date cafes for doodh lovers.”

Wait how did my browser history ☝️ get out? 😭

That’s why we need Web3 projects that focus on security. And we know just where to look for these kinda apps.

At the Web3 Init Hackathon.

After all, this hackathon is organised by UNSNARL + ClueLess!

🛠️ UNSNARL → A web3 security startup backed by Polygon and ETH India.

👥 ClueLess → A student-driven dev community focusing on open-source tech.

💰 Prize pool: $6000+

🤝 Mentorship from experts

🗓️ Registration closes March 25

😅 3 More Winners From The Banking Crisis

Yesterday, we talked about the BIG winners.

From the Oscars? 🏆

Nah.

The Oscars only had ONE winner. It's our Naatu Naatu boys. 😎

We talked about the BIG WINNER from the SVB banking crisis. 🚀

But since yesterday, three more winners have been identified by the doodhwala bros.

Two of them you probably would have guessed by now.

But the third one, just like Arsenal this season in Premiere League, might take you by surprise! 🤷‍♂️

1️⃣ Bitcoin

This is an easy and OBVIOUS one.

Any banking crisis occurs in the world, the first thing to PUMP up? 👇

The big saffron—

Baba Ramdev. B-I-T-C-O-I-N.

Why is that? 🤨

Because Bitcoin was literally created as a much better ALTERNATIVE to the current banking systems.

And when things look a little shaky, people immediately start converting their

$$$ → $BTC 💰

Due to this the price of Bitcoin went up close to $24,500 on Monday.

That’s a straight 20% INCREASE in the last 24 hours! 🤯

2️⃣ DAI

The DAI we are talking about here is, unfortunately, NOT the Tamil slang. 🥲

Dai Poda!

DAI is a decentralized stablecoin running on Ethereum created, maintained and regulated by the OG DeFi protocol, MakerDAO. 🔥

As people were losing trust in USDC over the weekend, they were looking at other alternatives.

DAI being another decentralized stablecoin, captured some of that value.

The total supply of DAI was increased by 1.2 billion tokens from March 10th. 📈

Due to this: 👇

🔴 USDC Market Cap → -10%

🟢 DAI Market Cap → +29%

3️⃣ Miners

Lastly, the MILD surprise—

Bitcoin Miners. 🛠

This is a group that has been through UPS and DOWNS in the last couple of months. 🎢

Just like Adani, every one of them was in a financial crisis a few months back because of the bear market.

Then the rise of Bitcoin NFTs helped them out a little by bringing more on-chain activity.

And now, with Bitcoin activity going up 🔺 due to the banking crisis, miners are also going 🔺🔺🔺.

Share prices of mining companies like Core Scientific and Cipher Mining went up close to 30% on Monday! 📈

🚨 EMERGENCY: WTF is happening with SVB

This SVB — Silvergate – Doodh – USDC – Signature – stuff is too much to wrap our heads around. 😰

So we asked a friend to help us out. A normie friend.

Check out the latest episode of the Web3 Normies podcast where the doodhwalas' talk to – Prashanth Swaminathan about the SVB crash.

He’s hella 🧠 to talk about this cuz:

• was at Morgan Stanley in 2008

• is a partner at a Web3 VC fund

• reads the doodhwala everyday

We talk to him about – 3 reasons why SVB crashed, does the depeg make USDC stronger or weaker, and what should you as a crypto founder do right now?

His take?

👉 Listen to the podcast + Read the doodhwala.

Loljk.

Here’s his take 👇

📈 Chaach and Charts:$11 billion on March 11  

Ya’ll know that 11:11 thing that’s going around?

You know what that means?

It stands for → $11 billion on the 11th of March.

For real-sies 🥺

That’s what it means for USDC tho.

On March 11, over $11 billion in USDC was swapped on decentralized exchanges. We wrote all about the top-3 DEXes that saw 🚀 volume.

The previous highs of USDC swap were on:

🗓️ May 12 → $5 billion (LUNA explodes)

🗓️ November 10 → $7.1 billion (FTX crashes)

🗓️ March 11 → $11 billion (SVB causes the USDC depegging)

Chegg it 👇

🛠 Resourcewala: Custody? I didn’t do anything illegal

We've got a fast question for you doodhs:

Hot wallet or cold storage? Centralized exchange or non-custodial solution?

When it comes to your funds, convenience or security? Complacency or responsibility?

Non-custodial wallets put you firmly in the driver's seat. You hold the keys, you call the shots. But with great power comes great responsibility—lose your keys or get hacked, and there's no one to call for help unfortunately

In today’s Resourcewala we'll explore:

• Why self-custody is the ultimate decentralization

• How non-custodial wallets work and what they enable

• The risks and responsibilities of being your own bank

Think you're ready to manage your own crypto fate?

🍼 Crypto doodh shots: Nissan & Pokemon Planning Metaverses

• 🏃‍♂️ Main Hoon Don: FBI-wanted British blockchain expert Christopher Emms hired by Russian state broadcaster RT as a crypto commentator.

• 🎾 Crypto-Love: The Australian Open serves up Web3 in a BIG way by embracing metaverse and NFT experiences for fans across the world.

• 🚗 Tokyo Drift: Nissan drives into Web3 as it files trademarks for the sale of its car in the Metaverse in association with Decentraland via a pilot.

• 🔒 Montezuma down: Privacy-oriented blockchain platform Aztec to shut down Aztec Connect, the network's encryption layer for private Ethereum transactions.

• 🎱 Meta, I Choose You: Pokémon franchise seeks a 'Corporate Development Principal' to explore Metaverse and Web3.

🤣 Milky Meme Of The Day

📢 REFER AND WIN some doodhwala merch 📢

For the first time evaaa, we're giving away the doodhwala merch.

But it's not lame t-shirts with some random company name, but super cool stuff like:

😜 stickers – for your 💻, 📱 and 🚽

📘 notebooks – to write your crush's name

🍺 mugs – for your doodh, and NOT your beer!!

👕t-shirts – with totally non-controversial things (promise 😉)

🧥 hoodies – because we wanna keep you warm in the crypto 🥶 winter

🎁 mystery box – with some super cool prizes that’s worth more than 1 Bitcoin

Chegg it 👇

For every confirmed referral (i.e. they confirm their email and drag it to their “Primary” tab from their “Promotions” or “Updates” tab) you’ll get some 🤤 merch.

All you gotta do is share the doodhwala with this link (only available on email, not on web view) 👇

If you want more doodh then, be sure to follow our Twitter, our LinkedIn, and our Instagram.

That’s all for today bhaiyo aur bheno! Naale Sigona! Aakash "Dahi Cheeni" Athawasya & Arvind "Doodh Peda" Krishna

Yo! Our legal and financial advisors (aka our good ol’ conscience) have asked us to add this boring disclaimer. None of what you read here is financial advice. We aren’t here to get you to buy or sell a crypto. We’re only here to tell you what’s up in crypto today and make you laugh. So, if you screwed up on a trade, that’s on you G. Stay safe in the markets.