Is Gemini demo fake?

Google's tech demo for its artificial intelligence model Gemini has faced criticism for being basically entirely fake.

December 11, 2023 • Estimated Reading Time: 5 minutes

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The Blends Briefs
TL’DR: Here’s a sneak peek into today’s newsletter

  • Gemini demo accused of being fake. 

  • ARK Invest sells most Coinbase shares since July.

  • Google updates policy to allow ads for US crypto trusts.

  • UK’s M&G invests $20M in Bitcoin derivatives exchange.

  •  Crypto exchange custody services

Global Biscuits

Gemini demo accused of being fake.
Google's tech demo for its artificial intelligence model Gemini has faced criticism for being "basically entirely fake." The six-minute video, which showcased Gemini's capabilities in real-time interactions, has been accused of being misleading, with Google admitting that the demo was edited and shortened for brevity. While the interactions in the video were real, the process was text-based and took longer than portrayed. Google employees and others on social media have raised concerns about the misleading representation of Gemini's capabilities in the demo.

ARK Invest sells most Coinbase shares since July.
Cathie Wood's ARK Invest sold another 335,860 shares in cryptocurrency exchange Coinbase (COIN) on Friday, marking its largest sale since July. The investment manager has been consistently selling Coinbase stock in recent weeks as its shares have appreciated amid the rally in Bitcoin prices. The recent sale, which occurred across three exchange-traded funds (ETFs), raised approximately $49.2 million at Coinbase's closing price. Despite the sales, COIN still accounts for over 11% of ARK Invest's Innovation ETF (ARKK) and Next Generation ETF (ARKW), and over 13% of the Fintech Innovation ETF (ARKF).

Tastes of the regions

Google updates policy to allow ads for US crypto trusts.
Google has updated its cryptocurrency-related advertising policy to allow ads for U.S.-based crypto trusts starting from January 29, 2024. This policy change aligns with the anticipated approval of spot Bitcoin exchange-traded funds (ETFs) in the United States. Google's updated policy allows ads from advertisers offering "Cryptocurrency Coin Trust targeting the United States," which includes financial products allowing investors to trade shares in trusts holding large pools of digital currency, likely referring to ETFs. Advertisers must be Google-certified and comply with local laws, and the policy applies globally to all accounts advertising these products.

UK’s M&G invests $20M in Bitcoin derivatives exchange.
M&G's investment arm has invested $20 million in Global Futures & Options Holdings (GFO-X), the UK's first regulated Bitcoin derivatives exchange. The investment is part of a $30 million Series B funding round for GFO-X, which plans to offer clearing services for Bitcoin index futures and options contracts. The move aims to provide traditional financial institutions with exposure to various cryptocurrency derivatives investment products. GFO-X is set to become a Financial Conduct Authority (FCA)-regulated and centrally-cleared trading platform for crypto derivatives. The investment comes from M&G's Crossover strategy, aiming at "patient growth equity" for fast-growing private companies.

Dictionomics:    Crypto exchange custody services

Crypto services custody services are specialized providers that offer secure storage and management of digital assets for institutional investors, such as hedge funds, banks, or exchanges. Some examples of custody service providers are Coinbase Custody, BitGo, Gemini, and Fidelity Digital Assets. These providers use a combination of encryption, multi-signature protocols, cold storage, and insurance to protect the assets from theft, loss, or unauthorized access. They also facilitate transactions, reporting, auditing, and compliance for their clients.

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