GM Brew Crew, today's newsletter is important. Yesterday, a big brand in the crypto space witnessed some of its customers resorting to the old blow torch and hammer, which, of course, is just another day in crypto. Let's dive in ⬇️

On the menu today:

• LEDGER SCREAMS “ITS NOT WHAT IT LOOKS LIKE” AMIDST CRITICISM 👀🚨

• PLAY-TO-EARN GAME AXIE INFINITY IS… BACK? 👾

• TETHER ALLOCATES PROFITS TO BITCOIN, STRENGTHENING RESERVES FOR THE FUTURE 💪 

Today’s Charts:

LEDGER SCREAMS “ITS NOT WHAT IT LOOKS LIKE” AMIDST CRITICISM 👀🚨

Ledger, a prominent crypto wallet manufacturer, faced criticism this week over its recently introduced feature called "Ledger Recover."

• Ledger, based in Paris, provides secure crypto hardware wallets known as "cold storage" devices. These wallets link a person's cryptocurrency to a USB thumb drive, offering enhanced security compared to browser-based "hot wallets" like MetaMask or exchanges such as Coinbase and Binance.

• When setting up a wallet, users receive a random seed phrase, a secret recovery key, which they should write down and store securely.

• Ledger Recover is an optional service available to owners of Ledger's Nano X wallet, offering a solution to the common user experience issue of seed phrase management. The service claims to securely store encrypted versions of the private key fragments if users lose their seed phrase.

• The crypto community raised specific objections regarding the mandatory submission of a government-issued ID by Ledger Recover users. There was also heavy pushback from the fact that the seed phrase can be taken from the single point of security.

PLAY-TO-EARN GAME AXIE INFINITY IS… BACK? 👾

Following the launch of its card-based strategy game on the Apple app store, Axie Infinity, a blockchain-based play-to-earn initiative, saw a considerable increase in the value of its native cryptocurrency, AXS.

• After the release of Axie's card-based strategy game on the Apple app store, the native cryptocurrency of Axie Infinity, AXS, increased by over 12%.

• The game, called Axie Infinity, initially launched for Apple store users in Latin America and Asia, with plans for further expansion to Google and Apple mobile users.

• AXS's price surge was matched by a spike in futures open interest, a sign of new investors entering the market. Funding rates in the perpetual futures market, however, remained negative, indicating a lack of faith in the resilience of the price surge.

TETHER ALLOCATES PROFITS TO BITCOIN, STRENGTHENING RESERVES FOR THE FUTURE 💪 

In a move mirroring MicroStrategy, Tether, the company behind the largest stablecoin, has unveiled its plan to bolster its reserves by investing in Bitcoin. Tether aims to diversify its holdings away from United States-based government debts. 

• The largest stablecoin issuer, Tether, intends to spend up to 15% of its net revenues on monthly Bitcoin purchases to strengthen its holdings.

• Currently, the corporation has $1.5 billion in Bitcoin, which accounts for only 2% of its entire reserves. The other 85% of its holdings are cash and cash equivalents.

• Tether lists several factors for considering Bitcoin as an investment instrument, including its long history of serving as a store of value, price increase, finite quantity, decentralization, and global usage.

  

Special Blend: Morning Meme Roast

As the CryptoBrew Daily comes to a close, we invite you to join us on Twitter for more crypto chat. Think of it as a chill gathering of like-minded folks, minus Chad talking about his 1-rep deadlift max and your tipsy uncle who always shares TMI stories. Let’s keep the crypto conversation going!

***DISCLAIMER: Please note that the information provided in this newsletter is for educational purposes only and is not intended to be construed as financial advice or a solicitation to buy or sell any assets. We urge you to exercise caution and conduct your own research before making any financial decisions.