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Friday July 15, 2022 - Issue # 16
To Our Satstreet Clients and Supporters,
With everything going on in crypto at the moment, we felt it was important for us to highlight how we continue to safeguard client funds.
First and foremost, rest assured that no clients’ assets being held at Satstreet are at risk. We utilize cold storage wallets in conjunction with our proprietary custody solution, and we have never engaged with Three Arrows Capital, Celsius, Voyager Digital, or any other firm facing liquidation or bankruptcy. Our leadership team diligently plans for the future, which includes careful consideration toward any counterparty exposure. Satstreet maintains over 100% collateralization of all assets, *and* we do not take on leverage or offer leverage products.
Second, Satstreet’s financials are extremely healthy and the business continues to be profitable every quarter. In fact, Satstreet celebrated reaching over $1 Billion in transaction volume prior to our 2-year anniversary last month. This milestone was made possible by all of our clients who continue to rely on the service we have built to buy, trade, and sell their assets.
Third, while sentiment is mostly negative, the case for bitcoin has arguably never been stronger. The world is experiencing tremendous and persistent inflation stemming from aggressive monetary policy and the war in Ukraine. The subsequent ban on Russian food and energy by the US (and therefore its allies) has led to extreme hardship across the board for all affected regions — most notably, Japan and the EU. These inflationary pressures cannot be sustained and will lead to the easing up of monetary policy to keep nations from revolt.
Aside from the brutal macro which is short term bad for everything that is not the USD, the regulatory environment for Bitcoin is becoming more robust thanks to passionate folks in the Senate which should eventually lead to further innovation and institutional adoption. The Bank for International Settlements (BIS) has proposed banks be allowed to hold up to 1% of their reserves in bitcoin, which is equivalent to US$1.7 Trillion. There is so much to be excited about if you can find a way to zoom out and filter through the fear, uncertainty, and doubt (FUD) which tends to spread like wildfire, especially in these unprecedented times.
Last but not least, a big heartfelt thank you to our clients! Over 90% of our growth is derived organically from word-of-mouth referrals and we work everyday to ensure Satstreet is an easy recommendation to a friend, colleague, teammate, or family member. We know understanding and accessing bitcoin and digital assets can be a process, so thank you for allowing us to be your portal into the financial future.
From the entire Satstreet team, we look forward to continuing on this journey together. HODL on!