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Ethereal 2021

The "Burning Man of crypto" is back and bigger than ever. This year, it's powered by Decrypt. All the Ethereal 2021 coverage you need is right here.

CollectionLast updated Jan 14, 2022
May 10
Crypto, NFTs, DeFi and blockchain are neck to neck. Image: Shutterstock

The 'Four Horses' of Crypto Adoption Are 'Galloping': Ethereum Co-Founder Joe Lubin

Ethereum co-founder Joseph Lubin closed out the Ethereal Virtual Summit last week by highlighting the progress the cryptocurrency industry had made towards mainstream adoption through four main avenues: blockchain, cryptocurrency, Decentralized Finance (DeFi) and NFTs.  In a fireside chat with Decrypt CEO Josh Quittner, Lubin—who’s backed dozens of startups, including Decrypt—employed the popular marketing slogan "Crossing the Chasm," championed by author Geoffrey Moore in the book of the same...

NewsBusiness
3 min read
Adriana Hamacher
Autonomous smart contracts are are at the heart of DAOs. Image: Shutterstock

Over $1 Billion Is Now Managed by DAOs

Crypto industry insiders estimate that the funds managed by Decentralized Autonomous Organisations (DAOs) now exceed $1 billion—up from about $10 million a year ago. In 10 or 20 years from now, we’ll see “Silicon Valley in the cloud,” powered by DAOs, rather than corporations, Aaron Wright, co-founder of the OpenLaw digital contract platform, argued at Decrypt's 2021 Ethereal Virtual Summit last week.  "DAOs will probably be viewed as the organizational entity for the Internet age,” Wright said....

NewsBusiness
5 min read
Adriana Hamacher
May 9
Coinbase is now trading on Nasdaq. Image: Shutterstock

Coinbase Should Have Gone Public Via Ethereum, Says First Employee

Olaf Carlson-Wee, the first hire at cryptocurrency exchange Coinbase, says that shares of Coinbase would be worth more today if the company had chosen a crypto-native way of going public. "I think that if Coinbase would have gone public on Coinbase,” he said, "[it] would be valued at over double what it is.” Instead, Coinbase went public on April 14 with a direct listing on the Nasdaq. Carlson-Wee, now founder and CEO of crypto venture capital firm Polychain Capital, elaborated during the conve...

NewsBusiness
2 min read
Ekin Genç

BeetsDAO Founder: Ethereum DAOs Connected Us with Snoop Dogg

For NFT collective BeetsDAO’s co-founder Jordan Garbis, DAOs are a little like the Six Degrees of Kevin Bacon game—on the strength of their network effect, he thinks it’s highly likely that one member can pull strings to connect another member with almost anyone in the world. Garbis speaks from experience. His 58-person collective managed to bring together the smoky-voiced rap legend Snoop Dogg with Nyan Cat meme creator Chris Torres for an NFT drop that pulled in $242,000 last month. Speaking...

NewsBusiness
3 min read
Tim Hakki
May 8
Jeff John Roberts and Brian Brooks at Ethereal Summit. Image: Decrypt

Binance US Plans Massive Hiring Spree to Compete with Coinbase

Binance US’s new CEO, Brian Brooks, sat down with Decrypt’s Jeff Roberts at this year’s virtual Ethereal Summit to outline the company’s explosive plans for expansion over the coming year.  Brooks said he plans to double the headcount in the next six months by hiring another 75 to 100  people, then increase it to 5x its current headcount in the next 18 months.  “I think it's pretty clear that Binance is the fastest growing exchange in the United States,” he said.  Brooks himself is part of that...

NewsBusiness
3 min read
Tim Hakki
Duncan Cock Foster and Griffin Cock Foster, co-founders of of Nifty Gateway, and Nathan Beer, head of content at SuperRare, talk about the NFT art market boom with Decrypt publisher Alanna Roazzi-Laforet at the 2021 Ethereal Virtual Summit.

Nifty Gateway Co-Founder: NFT Speculation Will End Badly

If the NFT craze has left you feeling exhausted and overwhelmed, spare some thoughts for the people behind the platforms—NFT marketplaces—who appealed for some sanity at 2021’s Ethereal Summit on Friday. Duncan Cock Foster, co-founder of Nifty Gateway, told Decrypt that he’s tired of all the profit-seeking. “If you're just doing it with the sole purpose of making money, then you're probably not gonna have a good time, and you're probably not going to make much money either, which is kind of the...

NewsBusiness
3 min read
Ekin Genç
DAOs are governed by smart contracts. Image: Shutterstock.

Polychain’s Olaf Carlson-Wee: 'DAOs are the Second Big Breakthrough'

Decentralized Autonomous Organisations (DAOs) are the future of venture capital, says Olaf Carlson-Wee, the CEO and founder of San Francisco-based venture capital firm Polychain Capital, in conversation with Decrypt executive editor Jeff Roberts at this year’s virtual Ethereal summit. DAOs use automated decision-making processes and Ethereum smart contracts to mimic the governance of a real organisation, like a political cabinet or a shareholder-led company. By holding tokens for the relevant pr...

NewsBusiness
3 min read
Tim Hakki
Pplpleasr at the Ethereal Summit 2021.

NFT Artist Pplpleasr: The Problem with Trusting NFT Marketplaces

Non-fungible tokens are unique—that’s the whole point, and the reason why some NFTs sell for millions of dollars. The value proposition is their scarcity, which is verifiable via blockchain. But one of the foremost NFT artists, pplpleasr, says the NFT space is overly reliant on trust—despite the “trustless” blockchain technology upon which it is based. There’s nothing to stop artists from minting the same file as an NFT on multiple platforms, she said at the 2021 Ethereal Virtual Summit powered...

NewsBusiness
4 min read
Ekin Genç
May 7
American Airline Arena after a Miami Heat basketball game on March 31, 2018. Image: Shutterstock

FTX CEO on 19-Year Miami Heat Sponsorship: 'We Don't Need the Other 18 Years to Have the Funds'

The Miami Heat NBA franchise has been playing in the American Airlines Arena for 22 years. But in April, the franchise announced a new naming rights sponsor: cryptocurrency exchange FTX. As the "official and exclusive cryptocurrency exchange partner of the Miami Heat," FTX will put its name on the Heat arena and have prominent branding within the stadium, it will also take part in contests and promotions, as well as link up with the Heat's digital content. FTX and the Heat did not disclose the f...

NewsBusiness
3 min read
Daniel Roberts
Privacy Coin discussion at Ethereal. Image: Ethereal Summit

Privacy in Crypto Is a 'Privilege Worth Keeping': Iron Fish CEO

How important is privacy to cryptocurrency users? According to Elena Nadolinksi, founder and CEO of Iron Fish, a privacy coin that uses zk-SNARKs, it's a "privilege" that users ought to cherish. "Privacy isn't a right, it's a privilege, and it's a privilege worth keeping," said Nadolinksi during yesterday's Ethereal Summit, adding that privacy adds to innovation, because people are comfortable in the knowledge that their innovations are their own. Nadolinksi was joined by Zac Williamson, co-fou...

NewsTechnology
3 min read
Scott Chipolina
Galaxy Digital CEO Mike Novogratz. Image: Ethereal Summit

SEC Didn’t Protect Consumers with Grayscale Bitcoin Trust: Mike Novogratz

Galaxy Digital is one of several financial firms aiming to launch a Bitcoin exchange-traded fund (ETF) in the United States, pending approval from the US Securities and Exchange Commission (SEC). Founder and CEO Mike Novogratz, the longtime crypto investor, isn’t thrilled with how the agency has handled the situation up until now, however. In a discussion with New York Magazine’s Jen Wieczner during today’s Ethereal Summit, Novogratz suggested that the Grayscale Bitcoin Trust (GBTC)—which lets i...

NewsCoins
3 min read
Andrew Hayward
Miami Mayor Francis Suarez in 2020. Image: Shutterstock

Bitcoin, Like Uber, Is 'Too Big to Regulate': Miami Mayor

There’s been a lot of hemming and hawing in Washington, D.C.—and even among Silicon Valley FinTech companies—about the need to regulate cryptocurrency. The mayor of one of America’s most globally recognizable cities has a message: It’s too late. Miami Mayor Francis Suarez, appearing at the Ethereal Summit hosted by Decrypt, told the audience that adoption is at a high-enough level that it would be very difficult for US and local lawmakers to put significant restrictions on cryptocurrency busines...

NewsTechnology
3 min read
Jeff Benson
Miami Mayor Francis Suarez. Image: Harvard

Miami Mayor Personally Bought Bitcoin and Ethereum When $1.9 Trillion Stimulus Bill Passed

In an interview with Decrypt in February, Miami Mayor Francis Suarez said he planned to personally buy cryptocurrency soon, and was deciding between Bitcoin, Ethereum, and Dogecoin. Now he says he made his purchase on March 6. “I bought Bitcoin and Ethereum,” Mayor Suarez told Decrypt editor in chief Daniel Roberts at the 2021 Ethereal Virtual Summit. (No Dogecoin for the Mayor.) “I will never forget the moment," Suarez said. "It was the day that the $1.9 trillion spending bill passed from the...

NewsBusiness
2 min read
Scott Chipolina
Jeff John Roberts and Brian Brooks at Ethereal Summit. Image: Decrypt

Painting Binance as Nefarious Would Be 'Anti-Asian': Binance US CEO

Since its founding, Binance has been a corporate globe-trotter, moving its location from Malta to the Cayman Islands, and now, has no headquarters at all according to founder Changpeng Zhao. This has given rise to persistent questions about the legitimacy of Binance—questions that may reflect hypocrisy and an anti-Asian bias in the crypto industry, says newly-appointed Binance US CEO Brian Brooks. "To the Asian bias issue: I find it curious that somehow it's okay for a Silicon Valley-based tech...

NewsBusiness
5 min read
Esat Dedezade
Binance is one of the world's biggest crypto exchanges. Image: Shutterstock

Binance CEO CZ Defends Binance Smart Chain's Ethereum Copycats

Several months after the world's biggest cryptocurrency exchange Binance launched Binance Smart Chain (BSC), its own blockchain to host decentralized applications, the company took heat for invading Ethereum’s turf—and potentially some projects' intellectual property. Appearing at the Ethereal Virtual Summit powered by Decrypt on Friday, Binance CEO Changpeng “CZ” Zhao suggested that’s all just part of being an innovator. “Ethereum did not invent blockchain,” he said. “Ethereum copied blockchain...

NewsDeFi
3 min read
Jeff Benson
Coinbase and Binance. Image: Shutterstock

Binance CEO CZ: Coinbase Listing Gave Us 'Very Clear Playbook' in the US

Binance and Coinbase are rivals in the cryptocurrency exchange business. But that doesn't mean Binance won't take a page from its competitor's playbook. According to Binance CEO Changpeng "CZ" Zhao, Coinbase’s direct listing on the Nasdaq last month gave other crypto companies a “very clear playbook” for the future.  "Now, in the U.S., in one of the world’s most advanced economies, a cryptocurrency exchange can IPO on the Nasdaq," CZ told Decrypt editor in chief Daniel Roberts during this year’s...

NewsBusiness
3 min read
Scott Chipolina
Binance CEO Changpeng "CZ" Zhao. Image: Decrypt

Binance CEO CZ Still Says His Company Has No Headquarters

Changpeng "CZ" Zhao, CEO of gargantuan cryptocurrency exchange Binance, still insists that his company has no headquarters. His explanation came during an interview with Decrypt editor in chief Daniel Roberts during this year’s Ethereal Virtual Summit.  “Everybody’s definition of a headquarters of a company is slightly different,” CZ said. “When you ask how you define a headquarters—is that an office where people sit? I worked from home for the last three and a half years. Our leadership team ar...

NewsBusiness
3 min read
Scott Chipolina, Daniel Roberts
Vitalik Buterin at Ethereal Summit 2021. Image: Decrypt

Vitalik Buterin Talks NFTs, DAOs, DeFi and the Next Billion Ethereum Users

Ethereum co-founder Vitalik Buterin took to the (virtual) stage at Decrypt's Ethereal Summit to champion the new business models and ways of organizing that are being pioneered atop the blockchain-powered "world computer".  "There's all these experiments around decentralized organizations, decentralized governance, proof of humanity type things, proof of participation," said Buterin, in conversation with journalist and author Camila Russo. "Just different ideas for how people can organize and wo...

NewsTechnology
6 min read
Adriana Hamacher
May 6
Coinbase CEO Brian Armstrong at TechCrunch Disrupt 2018. Image: Wikimedia

Coinbase's No Politics Mandate a 'Success', Says Chief Legal Officer

The San Francisco-based cryptocurrency exchange Coinbase faced backlash last fall after its CEO, Brian Armstrong, wrote a lengthy blog post discouraging employees from participating in discussions about politics or activism at work. Paul Grewal, the exchange’s chief legal officer, said today that the company’s no politics mandate has been “a success.” “This was not an easy decision that the company made last fall, and I think the public reaction, and the challenges we faced publicly, speak to th...

NewsBusiness
2 min read
Will Gottsegen
Gerber Kawasaki CEO Ross Gerber. Image: Ethereal Summit

Ross Gerber: Don't Trust Bitcoin? 'FDIC Is a Fucking Fantasy'

At today’s Ethereal Virtual Summit powered by Decrypt, one of the biggest new entrants to Bitcoin investing and a veteran Bitcoin investor put their fingers on why some institutions and retail investors have been slow to adopt cryptocurrency: It's hard to break the dollar habit. Ross Gerber, CEO of wealth management firm Gerber Kawasaki, which announced in March it would help clients buy and manage crypto via Gemini, said that trust in the almighty dollar—and fear of crypto as risky—is misplaced...

NewsBusiness
4 min read
Jeff Benson
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