Intel Report 1/10

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Analyst Note
For the time being, our intelligence will be delivered through a report-based newsletter, combining LLM systems with human analysis to deliver value-packed web3 reports. Free users can enjoy a lite version, while paid subscribers get full access to daily and seasonal reports. Email us at adam@secret3.com for any feedback! - Adam, Lead Researcher.

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Summary
GM, Gemini will shut down all customer accounts in Canada by the end of 2024, citing challenges posed by new regulatory requirements. Coinbase plans to enhance transparency by adding proof of reserves to its Wrapped Bitcoin product, cbBTC, potentially setting a new industry standard. Meanwhile, Coin Center’s senior staff, Jerry Brito and Robin Weisman, are stepping down, raising concerns about the think tank’s future advocacy. Additionally, increasing crypto cooperation between China and Russia is being viewed as a potential challenge to US dominance, highlighting the geopolitical impact of cryptocurrency adoption.

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News Headlines
🚀 Celestia Raises $155M in Funding Round Led by Bain Capital Crypto

• Celestia secured $100 million in funding, bringing its total to $155 million, to enhance its modular data availability layer for blockchain scalability.

• The project aims to improve scalability while ensuring verifiability and low latency, signaling growing interest in modular blockchain infrastructure.

📉 NFT Sales Plummet to Lowest Monthly Volume Since 2021

• NFT sales in September dropped to $296 million, an 81% decrease from March's $1.6 billion peak, marking the lowest monthly volume since January 2021.

• Despite the decline, the average transaction value increased by 18% to $60, indicating a shift in the NFT market dynamics.

🏦 Publicly-Listed Companies Keep Adding Bitcoin to Their Balance Sheets

• At least six companies, including MicroStrategy and Block, have purchased approximately 48,836 BTC since March, spending around $3.09 billion.

• The trend shows an increase in corporate Bitcoin purchases, with at least 32 transactions this year alone, compared to nine last year.

🌐 BRICS Could Induct 10 New Countries After 2024 Summit

• The upcoming BRICS summit in Russia may see the induction of 10 new countries, expanding the bloc's global influence.

• Over 40 countries are interested in joining BRICS, with most seeking to reduce dependence on the US dollar for trade.

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Market Metrics

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Fundraising & VC
1. SecondLive (Undisclosed, $12M) - AI & XR Social Metaverse
2. RD Technologies (Series A, $7.8M) - Financial platform bridging web2 and web3