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Seattle’s CafeDAO is Like a Decentralized Starbucks

With what started as a Reddit post made last August by Dan Car, one of the DAO’s founding members, “What if we made a decentralized Starbucks?” comes a Decentralized Autonomous Organization (DAO) called “TheCafeDAO” which was recently opened as a pop-up coffee stand in Seattle last weekend. TheCafeDAO is a test run for what it hopes will be the first brick-and-mortar business run entirely through a DAO structure.

TheCafeDAO, located outside the Seattle NFT Museum, with a menu that consisted of just one item—pour-over coffee for $5 a cup—brands itself as “the cafe everyone owns.” According to them, their customers and employees are given coffee tokens that grant governance rights and discounts with each purchase.

Currently, the DAO’s tokens are still in its alpha stage and have yet to be connected to any blockchain. The launch of the DAO last weekend is a trial run for tokenomics.

With the coffee stand DAO still in its early stages, the founders recognize that decisions are not yet completely decentralized—though that will likely change as the community continues to grow.

“Our goal is for the Discord to grow enough where we no longer have to make decisions ourselves about the future of the DAO,” – Dustin Tong, one of the five founders of the DAO

Regarding its tokens, the value of each is $5, pegged to the price of a 12-ounce cup of coffee. A new token is minted every time a coffee from the stand is purchased.

According to the team, a part of the token’s value, roughly $3.50 worth, is burned to account for operating costs. The remaining portion is then split among the customer, employees and DAO treasury. 

Further, they noted that token holders can either redeem their coins for fiat or hold them for governance rights. One cup of coffee is equivalent to one vote in whatever proposals made by the DAOs members.

Basically, the tokenomics essentially function as a decentralized punch card for the customers where every purchase brings them closer to holding one full coffee token.

“In terms of governance, we want to create a list of standard operating procedures and then have those be the things our members are voting on. We don’t want someone to spill coffee and have all the DAO members vote for who cleans it up, that’s just not efficient,” Tong added.

TheCafeDAO’s pop-up was only open for two days as a test run but members of the DAO are now looking to fundraise to create a permanent storefront somewhere in the Seattle area.

This article is published on BitPinas: Seattle’s CafeDAO is Like a Decentralized Starbucks

Editing by Meghan Lim

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

The post Seattle’s CafeDAO is Like a Decentralized Starbucks appeared first on BitPinas.

Nomura unveils over-the-counter Bitcoin futures and options

Nomura, a leading financial service provider in Japan, has unveiled Bitcoin derivatives for institutional clients. The launch of this product comes as the crypto market records a massive pullback, with Bitcoin’s market cap falling to around $560 billion. Nomura unveils OTC Bitcoin derivatives for institutional clients The first Bitcoin derivatives trade on behalf of Nomura::Listen

Nomura, a leading financial service provider in Japan, has unveiled Bitcoin derivatives for institutional clients. The launch of this product comes as the crypto market records a massive pullback, with Bitcoin’s market cap falling to around $560 billion.

Nomura unveils OTC Bitcoin derivatives for institutional clients

The first Bitcoin derivatives trade on behalf of Nomura was done by Cumberland DRW. Nomura’s OTC Bitcoin futures and options will only be available to institutional clients, and they can only be settled in cash.

Nomura’s head of markets, Asia ex-Japan (AEJ), Rig Karkhanis, noted that this product will allow the firm to work closely with its institutional clients to increase demand for different products and services.

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This is not the first time Nomura is venturing into the digital asset sector. In May 2018, Nomura became the first digital custody bank after launching a new venture named Komainu. The bank also announced a partnership with Ledger, a digital asset hardware wallet, and Global Advisors, an investment manager focusing on Bitcoin.

One of the top concerns aired by institutions venturing into the digital asset sector is storage and security. By making it easier for investment bankers and other institutions to handle large-scale investments in cryptocurrencies, the move is expected to boost the interest of institutional players in Bitcoin.

In July 2020, Nomura unveiled a custodial service targeting institutional players. At the time, Komainu partnered with Ledger and CoinShares for the service. According to the company, Komainu is the first digital asset custody service provider created by institutions targeting other institutions.

Growing demand for crypto despite bearish sentiment

Cryptocurrency markets have been in a bearish state over the past few months. Nevertheless, there has been an increased demand for crypto services from institutional and private investors. This trend has forced financial institutions to change their models to accommodate this growing demand.

Recently, the cryptocurrency market witnessed a major pullback that resulted in over $300 billion being liquidated from the market within four days. Besides causing investor losses, the dip could also trigger more calls for regulations in the sector.

The head of forex structuring, AEJ, Nomura, Tim Albers, said, “We expect the sector to mature over time, become more regulated, which makes it more attractive for an institutional investor.” He added that once volatility cools off, institutional clients would flock to the market again.

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Seattle’s CafeDAO is Like a Decentralized Starbucks

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