Sebastian Sinclair


<p>Maelstrom is the debut fund from BitMEX founder Arthur Hayes’ family office. Just five months old.</p>



<p>BitMEX’s former CEO is serving as Maelstrom chief investment officer, with Akshat Vaidya — previously BitMEX’s vice president of corporate development and strategic finance — operating as the fund’s investment head.</p>



<p>Hayes, who’s still on <a href="https://blockworks.co/news/bitmex-founders-hayes-delo-plead-guilty-to-violating-us-bank-secrecy-act">probation</a> as a result of Bank Secrecy Act charges, has indeed been active in crypto since his case was finalized.&nbsp;</p>



<p>But Maelstrom must find its footing as crypto experiences <a href="https://blockworks.co/news/web3-funding-lowest-levels-2020">tightening</a> across its venture capital <a href="https://blockworks.co/news/sei-labs-crypto-funding-standout">landscape</a>, alongside diminished late-stage funding.</p>



<p>There are <a href="https://blockworks.co/news/crypto-funding-return-to-form">signs of revitalization</a>. Still, startups should avoid securing funds at excessively <a href="https://blockworks.co/news/crypto-venture-capital-struggling">high valuations</a> in order to mitigate the impact of any subsequent bear market. </p>



<p>Blockworks caught up with Vaidya to learn more about how Maelstrom navigates that necessary realism, while maintaining focus on tangible returns.</p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<p><strong>Blockworks:</strong> Can you provide an example of a startup you&#8217;ve invested in that you believe is doing an excellent job in building decentralized infrastructure?</p>



<p><strong>Vaidya: </strong>Our debut investment in January was in Obol Labs, a distributed validator technology middleware company that allows Ethereum validator keys to be “split” among multiple node operators, effectively reducing single points of failure for Ethereum staking.&nbsp;</p>



<p>We like startups like these for a few reasons:&nbsp;</p>



<ol class="wp-block-list">
<li>The team has a mission-critical offering addressing a potentially huge market.&nbsp;</li>



<li>It’s led by high-quality founders building strong tech/operational moats, making it difficult for competitors to enter the sector.&nbsp;</li>



<li>Its business model is complementary — and sticky with profitable protocols or businesses in Ethereum staking — rather than competitive.</li>
</ol>



<p><strong>Blockworks:</strong> Given your focus on decentralization, how does Maelstrom see the current regulatory landscape affecting the future of decentralized systems and blockchain technology?</p>



<p><strong>Vaidya:</strong> We like to invest where there is no conflict between regulatory concerns and decentralization. There have honestly been cases in the past where regulators rightfully called out counterparty and ecosystem risks of custodial business models in our industry that would have been mitigated or eliminated entirely by greater decentralization. This is where we like to play.</p>



<p><strong>Blockworks:</strong> What strategies does Maelstrom employ to ensure that investments are both technologically innovative and financially viable in the long run?</p>



<p><strong>Vaidya:</strong> Our financial, operational, legal and tech diligence is rooted in our DNA as founders, builders and operators ourselves. [Hayes] built one of the first profitable unicorns in this industry, and hence Maelstrom has a knack for selecting winning teams and products.</p>



<p><strong>Blockworks:</strong> How does Maelstrom support founders after initial investment?</p>



<p><strong>Vaidya:</strong> [Hayes] is one of the few investors out there in any industry who has ever built a profitable unicorn from the ground up himself. Many investors out there are excellent at backing winners; but [Hayes] is also excellent at building them. Founders tend to view his experience, relationships and advice as hard to come by.&nbsp;</p>



<p>And given our check size ($100,000 — $250,000), we rarely crowd out others on the cap table. Hence, other like-minded investors tend to invite us to deals as well, as they see us as complementary, not overly dilutive or redundant.</p>



<p><strong>Blockworks:</strong> How do you anticipate the future of decentralized products, services, and markets to evolve in the next five to 10 years? How does Maelstrom position itself for these changes?</p>



<p><strong>Vaidya:</strong> Within our lifetimes, a nontrivial amount of global GDP will be directly or indirectly cleared on blockchains (public, state-permissioned, and private). We expect this change to come about the same way it did for Zoom — prior to Covid, Zoom spent nearly a decade building infrastructure for a world that didn’t exist yet. Legacy in-person workplace infrastructure worked just fine until suddenly it wasn’t an option.&nbsp;</p>



<p>That’s when new, alternative workplace infrastructure (like Zoom) turned out to be visionary, proving indispensable for the world it predicted would eventually come. Nowadays, if you don’t use Zoom, Hangouts or Teams you basically don’t exist. That seismic behavioral change came about in a span of just six to 18 months.&nbsp;</p>



<p>Blockchain too will have its “Zoom/Covid” cambrian explosion moment some day, when legacy financial infrastructure starts to fail us (for any number of geopolitical, economic or technological reasons). When that happens, our portfolio will be positioned to capture meaningful value.</p>



<p><strong>Blockworks:</strong> Given Arthur Hayes&#8217; background, does Maelstrom focus specifically on blockchain-based financial products?</p>



<p><strong>Vaidya:</strong> Maelstrom is open to any business model that monetizes the internet in a new way previously impossible.</p>



<p><strong>Blockworks:</strong> Could you elaborate on Maelstrom&#8217;s long-term mandate? How does this affect your investment decisions compared to other funds that might prioritize quicker returns?</p>



<p><strong>Vaidya:</strong> Our family office structure allows us to invest with a longer horizon in mind than typical venture funds, which are boxed into deals with three- to five-year exits. Of course we’ll do those deals too; but we’re also building a long-term portfolio of decentralized infrastructure companies/protocols that will serve as building blocks of the future.</p>



<p><em>This interview has been edited for brevity and clarity.</em></p>



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Arthur Hayes

Arthur Hayes’ Fund Wants to Avoid Regulatory Conflicts With Decentralization

<div id="highlights-block_62fb227a9c713" class="highlights">
        <ul>
                <li>Brisbane-based Mycelium has launched its perpetuals product following a successful DAO vote earlier last week</li>
                <li>BitMEX co-founder Arthur Hayes assisted in a support capacity where he provided &#8220;immeasurable&#8221; advise ahead of the delivery of the product, Mycelium said</li>
            </ul>
    
</div>



<p>BitMEX co-founder Arthur Hayes has been advising Australia-based blockchain infrastructure provider Mycelium on an &#8220;ongoing basis&#8221; ahead of Tuesday&#8217;s launch of its perpetual swap product, according to a statement.</p>



<p>Mycelium Perpetual Swaps, which live on Ethereum layer-2 Arbitrum, provide exposure to &#8220;blue chip&#8221; cryptos with 30x leverage, allowing them to trade against the platform&#8217;s liquidity pool.</p>



<p>Brisbane-based Mycelium <a href="https://cms.blockworks.co/mycelium-to-launch-perpetual-swaps-following-tracer-dao-merge/" target="_blank" rel="noreferrer noopener">merged</a> with decentralized derivatives platform Tracer DAO late last week following a successful proposal vote by members of Tracer&#8217;s decentralized autonomous organization. The move was described as a precursor to future derivative product launches from Mycelium.</p>



<p>Traders of the perpetual product are able to access markets involving governance tokens from Curve Finance (CRV) Frax (FXS) and Balancer (BAL). Additional markets for bitcoin (BTC), ether (ETH), chainlink (LINK) and uniswap (UNI) have also gone live marking Mycelium as the largest provider of perpetuals on Arbitrum, the provider said.</p>



<p>Perpetual swaps, unlike traditional futures, allow traders to speculate on the future price of an asset, without an expiration date.</p>



<p>Traders are not required to post 100% of collateral as margin, which allows for&nbsp;leverage in many multiples on certain contracts. Margin is typically denominated in crypto. Perpetual swap products have risen in popularity in crypto ever since BitMEX pioneered the crypto derivatives in 2016.</p>



<p>It follows the platform&#8217;s first derivative product, dubbed &#8220;Perpetual Pools,&#8221; in 2021 which was launched under the brand name Tracer, also on Arbitrum.</p>



<p>The pools function by rebalancing long and short positions while attempting to shield traders from liquidations. Over the past 12 months, the product has witnessed more than $800 million in trading volume, Mycelium said.</p>



<h3 class="wp-block-heading">Arthur Hayes&#8217; involvement</h3>



<p>Hayes, who has kept a low profile following his <a href="https://cms.blockworks.co/bitmex-founders-hayes-delo-plead-guilty-to-violating-us-bank-secrecy-act/" target="_blank" rel="noreferrer noopener">guilty plea</a> to US Department of Justice charges of violating the Bank Secrecy Act, continues to provide &#8220;advice and support&#8221; to Mycelium, a spokesperson told Blockworks.</p>



<p>Hayes and BitMEX&#8217;s other co-founder Ben Delo were accused of flouting US anti-money laundering rules from 2015 to 2020.</p>



<p>The BitMEX co-founder has been working with the Tracer (now Mycelium) team for over a year, a spokesperson told Blockworks, where he has been providing feedback on ideas regarding financial engineering.</p>



<p>Further details of his involvement were not provided and a request for additional information was declined.</p>



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BitMEX’s Arthur Hayes Advises Mycelium’s Perpetuals Launch

<div id="highlights-block_62aa762598486" class="highlights">
        <ul>
                <li>Delo, along with Hayes, agreed to settle with the DOJ and CFTC and agreed to pay a $10 million fine in February</li>
                <li>The co-founder has now resolved all regulatory cases relating to BitMEX, according to the law firm representing Delo</li>
            </ul>
    
</div>



<p>BitMEX co-founder Benjamin Delo has received 30 months on probation without home confinement following charges over his role in violating the US Bank Secrecy Act (BSA).</p>



<p>Delo, along with BitMEX founder Arthur Hayes, <a href="https://cms.blockworks.co/bitmex-founders-hayes-delo-plead-guilty-to-violating-us-bank-secrecy-act/" target="_blank" rel="noreferrer noopener">pleaded guilty</a> to charges earlier this year by the Department of Justice (DOJ) which accused the pair of “willfully failing” to implement anti-money laundering measures at the exchange.</p>



<p>The case against the founders initially began two years ago when the DOJ accused Delo, Hayes and BitMEX’s first official employee Greg Dwyer of operating a &#8220;money-laundering platform&#8221; from September 2015 through to September 2020.</p>



<p>The exchange’s failure to implement AML and Know-Your-Customer programs were central to the department&#8217;s argument in the case for their violations of the BSA.</p>



<p>BSA violations carry a maximum sentence of five years, had the case gone to trial, but the pair were able to reach a plea agreement where the DOJ pushed for a 6-12 month prison sentence.</p>



<p>In a parallel civil case filed in February with the Commodity and Futures Trading Commission, both Hayes and Delo agreed to pay a $10 million fine, which also formed part of the agreement with the DOJ. For his involvement, Hayes previously received a six months sentence of home detention and two years of probation.</p>



<p>In a statement, a spokesperson for the New York-based law firm Smith Villazor LLP — representing Delo — said they were pleased the court rejected the government’s &#8220;cynical attempt to exaggerate the seriousness&#8221; of the BSA charge.</p>



<p>&#8220;Today’s sentence of probation recognized that this case involved a compliance lapse that led to a regulatory violation and nothing more,&#8221; the spokesperson said. &#8220;The government’s campaign — both in the courtroom and in the press — to malign Ben with highly inflammatory and misleading language concerning Ben’s conduct gained no traction with the court.&#8221;</p>



<p>Together with the recent settlement with the CFTC, Delo has now resolved all regulatory cases relating to BitMEX, the spokesperson said.</p>



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BitMEX Co-Founder Delo Gets 30 Months Probation, Avoids Jail Time

<div id="highlights-block_6218113695fc1" class="highlights">
        <ul>
                <li>Arthur Hayes and Ben Delo have been ordered to pay $10 million each in addition to their sentences</li>
                <li>Greg Dwyer, BitMEX&#8217;s first official employee and former head of business development, will face a criminal trial on similar charges in October</li>
            </ul>
    
</div>



<p>Two co-founders of the controversial crypto derivatives exchange BitMEX pled guilty to charges of violating the US Bank Secrecy Act (BSA). Had the case gone to trial, the pair would have been staring down a potential maximum penalty of five years in prison, but now face a sentence of six to 12 months each.</p>



<p>According to a <a href="https://www.justice.gov/usao-sdny/pr/founders-cryptocurrency-exchange-plead-guilty-bank-secrecy-act-violations" target="_blank" rel="noreferrer noopener">press release</a> by the Department of Justice (DOJ) on Thursday, Arthur Hayes and Ben Delo have pleaded guilty for their involvement in &#8220;willfully failing&#8221; to implement and maintain anti-money laundering (AML) measures at BitMEX.</p>



<p>As part of the plea agreement, the co-founders have been ordered to pay $10 million each as a criminal fine that represents financial gains stemming from their offense.</p>



<p>The Southern District Court of New York heard of how the exchange&#8217;s founders, including co-defendant Sam Reed, allegedly failed to establish a &#8220;program for verifying the identity of BitMEX’s customers.&#8221; Reed has not yet formally pleaded guilty to charges, and as such, his involvement has only been alleged by US prosecutors.</p>



<p>Australian Greg Dwyer, BitMEX&#8217;s first official employee and former head of business development, will face a criminal trial on similar charges in October following a delayed proceeding originally scheduled for March.</p>



<p>From September 2015 through to September 2020, the DOJ alleges that BitMEX&#8217;s was &#8220;in effect, a money-laundering platform&#8221; as a result of the exchange&#8217;s failure to implement AML and Know-Your-Customer programs.</p>



<p>Under the country&#8217;s BSA, US law requires financial institutions to monitor, detect and report money-laundering activity to government agencies in a bid to curb related crime. Documentation and transaction histories are generally required from financial institutions to US agencies whenever they suspect clients of transacting illicitly above $10,000.</p>



<p>&#8220;Hayes and&#8230;Delo built a company designed to flout those obligations; they willfully failed to implement and maintain even basic anti-money laundering policies,&#8221; US Attorney Damian Williams said in the release. &#8220;They allowed BitMEX to operate as a platform in the shadows of the financial markets.&#8221;</p>



<p>The guilty pleas partly conclude a long-drawn-out saga where Reed, Dwyer and Hayes fled in 2020 following criminal charges. Hayes, who was located in Singapore shortly after, negotiated extradition back to the US, as did Dwyer. Delo, a Hong Kong resident, <a href="https://www.vanityfair.com/news/2021/02/the-rise-and-fall-of-bitcoin-billionaire-arthur-hayes" target="_blank" rel="noreferrer noopener">was in the U.K.</a> at the time of the indictment and later <a href="https://www.bloomberg.com/news/articles/2022-02-24/bitmex-founders-hayes-and-delo-plead-guilty-in-us-prosecution" target="_blank" rel="noreferrer noopener">voluntarily appeared</a> in the US to face the charges. Reed was arrested in Massachusetts in October 2020. He was&nbsp;later released&nbsp;on an appearance bond of $5 million.</p>



<p><em>Correction — March 4, 2022: Hayes and Delo face a maximum of one year in prison.</em> <em>Delo was indicted while outside the US; he did not flee.</em></p>



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BitMEX Founders Hayes, Delo Plead Guilty to Violating US Bank Secrecy Act

Morgan Chittum


<h2 class="wp-block-heading">The best articles, podcasts and videos to learn about the metaverse</h2>



<p>Scroll to the bottom for a complete <a href="https://cms.blockworks.co/category/education/" target="_blank" rel="noreferrer noopener">list</a> of our Investor&#8217;s Guides.</p>



<div style="height:20px" aria-hidden="true" class="wp-block-spacer"></div>



<h2 class="wp-block-heading">Articles</h2>



<h3 class="wp-block-heading"><a href="https://www.matthewball.vc/all/themetaverse" target="_blank" rel="noreferrer noopener">The Metaverse: What It Is, Where to Find it, Who Will Build It, and Fortnite</a></h3>



<h4 class="wp-block-heading">Matthew Ball, January 13, 2020, matthewball.vc</h4>



<p>This article was written in January 2020. In June 2021, Ball released a nine-part update,<a href="https://www.matthewball.vc/the-metaverse-primer" target="_blank" rel="noreferrer noopener"> &#8216;The Metaverse Primer&#8217;</a>.</p>



<p>&#8220;Technology frequently produces surprises that nobody predicts. However, the biggest developments are often anticipated decades in advance. In 1945 Vannevar Bush described what he called the “<a href="https://en.wikipedia.org/wiki/Memex" target="_blank" rel="noreferrer noopener">Memex</a>”, a single device that would store all books, records and communications, and mechanically link them together by association.</p>



<p>This concept was then used to formulate the idea of “hypertext” (a term coined two decades later), which in turn guided the development of the World Wide Web (developed another two decades later). The “Streaming Wars” have only just begun, yet the first streaming video took place more than 25 years ago. What’s more, many of the attributes of this so-called war have been hypothesized for decades, such as virtually infinite supplies of content, on-demand playback, interactivity, dynamic and personalized ads, and the value of converging content with distribution. &#8230; &#8220;</p>



<p><a href="https://www.matthewball.vc/all/themetaverse" target="_blank" rel="noreferrer noopener">Read more</a></p>



<div style="height:20px" aria-hidden="true" class="wp-block-spacer"></div>



<h3 class="wp-block-heading"><a href="https://newsletter.banklesshq.com/p/the-metaverse-emerges" target="_blank" rel="noreferrer noopener">The Metaverse Emerges</a></h3>



<h4 class="wp-block-heading">David Hoffman, September 1, 2021, Bankless</h4>



<p>An accompanying podcast on this article came out a few weeks later, called ‘<a href="https://www.youtube.com/watch?v=EqQiPseP_P8" target="_blank" rel="noreferrer noopener">Defining the Metaverse</a>’.</p>



<p>&#8220;As the NFT mania grows in energy, so has the conversation around ‘the metaverse’. We all talk about ‘the metaverse’, but no one has meaningfully attempted to define it.&nbsp;</p>



<p>This article offers an actionable proposition about what the metaverse actually is.&nbsp;</p>



<p>The metaverse will be an orchestration of many different layers and technologies, but it will ultimately collapse upon a single shared source-of-truth that all components of the metaverse will abide by.</p>



<p>The metaverse will be made up of objects, and all those objects must know that all other objects exist. From this foundation, we can create a ledger of all objects in the known metaverse, as well as their shared history of interactions and stories. &#8230;&#8221;</p>



<p><a href="https://newsletter.banklesshq.com/p/the-metaverse-emerges" target="_blank" rel="noreferrer noopener">Read more</a></p>



<div style="height:20px" aria-hidden="true" class="wp-block-spacer"></div>



<h3 class="wp-block-heading"><a href="https://www.notboring.co/p/the-value-chain-of-the-open-metaverse" target="_blank" rel="noreferrer noopener">The Value Chain of the Open Metaverse</a></h3>



<h4 class="wp-block-heading">Packy McCormick, January 25, 2021, Not Boring</h4>



<p>“The vocabulary around Web3, like that of many early movements, is very idealistic. It’s all about using technology to create trustless systems, wrest power from <em>corporations</em>, and give it back to the people. I think that vocabulary is why I haven’t taken it seriously as a real alternative to the status quo.&nbsp;</p>



<p>But I have gone deep down the rabbit hole, and I think I get it now. I can see how the decentralized web might make the leap from passionate early adopters to the mainstream, that there are real economic advantages to a decentralized internet, and that Web3 architectures will play a crucial role in a robust Metaverse. &#8230;&#8221;</p>



<p><a href="https://www.notboring.co/p/the-value-chain-of-the-open-metaverse" target="_blank" rel="noreferrer noopener">Keep reading</a></p>



<div style="height:20px" aria-hidden="true" class="wp-block-spacer"></div>



<h3 class="wp-block-heading"><a href="https://blog.bitmex.com/rock-paper-scissors-says-go/" target="_blank" rel="noreferrer noopener">Rock, Paper, Scissors Says GO!</a></h3>



<h4 class="wp-block-heading">Arthur Hayes, August 20, 2021, BitMex</h4>



<p>“Art is an expression of human civilisation’s energy abundance. When viewed in net energy terms, it is completely worthless. But when viewed as the purest expression of humanity beyond our basic functions of consuming calories, reproducing, and perishing, it is priceless. We “work” to enjoy leisure, and leisure is a personal pursuit that usually involves some art form. That encompasses music, film, paintings, sculptures, sports etc. All of these activities are energy sinks, but bring endless pleasure to the participant and the spectator.</p>



<p>The advent of super-intelligent networked thinking machines will herald an era where the vast majority of humans’ labour is economically worthless. Freed from the physical constraints of work, humans will turn to their new digital worlds and the complete expression of civilisation’s creativity and vitality. The metaverse is the future. &#8230;&#8221;</p>



<p><a href="https://blog.bitmex.com/rock-paper-scissors-says-go/" target="_blank" rel="noreferrer noopener">Read more</a></p>



<div style="height:20px" aria-hidden="true" class="wp-block-spacer"></div>



<h3 class="wp-block-heading"><a href="https://cms.blockworks.co/heres-why-one-company-ventured-into-the-metaverse/" target="_blank" rel="noreferrer noopener">Here’s Why One Company Ventured Into the Metaverse</a></h3>



<h4 class="wp-block-heading">Morgan Chittum, September 9, 2021, Blockworks</h4>



<p>“The metaverse is often used to describe the successor to the mobile internet where the physical and digital worlds converge in a shared virtual space. In the metaverse, technology is an all encompassing reality and not solely a tool like the rectangular device in your pocket.</p>



<p>Compare the metaverse to a video game like Fortnite. Players have digital avatars and seamlessly roam from one world to another, purchasing virtual goods and participating in this virtual economy. &#8230;”</p>



<p><a href="https://cms.blockworks.co/heres-why-one-company-ventured-into-the-metaverse/" target="_blank" rel="noreferrer noopener">Keep reading</a></p>



<div style="height:20px" aria-hidden="true" class="wp-block-spacer"></div>



<h2 class="wp-block-heading">Podcasts</h2>



<h3 class="wp-block-heading"><a href="https://www.joincolossus.com/episodes/45988185/dizon-mapping-the-metaverse-economy?tab=blocks" target="_blank" rel="noreferrer noopener">Mapping the Metaverse Economy with Gabby Dixon</a></h3>



<h4 class="wp-block-heading">Founder&#8217;s Field Guide with host Patrick O’Shaughnessy, September 2, 2021</h4>



<p>“My guest today is Gabby Dizon, co-founder of Yield Guild Games or YGG. In 2020, Gabby and his co-founders built YGG around the growing “play-to-earn” economy within blockchain-based games.</p>



<p>Based in the Philippines, YGG effectively backs players &#8211; who might not otherwise be able to afford to play &#8211; in exchange for a share of their profits. Today, YGG is paying out over $1 million US dollars a week to players within its community &#8211; largely concentrated in their home country of the Philippines. &#8230;&#8221;</p>



<p><a href="https://www.joincolossus.com/episodes/45988185/dizon-mapping-the-metaverse-economy?tab=blocks" target="_blank" rel="noreferrer noopener">Listen in</a></p>



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<h2 class="wp-block-heading">Books</h2>



<h3 class="wp-block-heading"><a href="https://www.goodreads.com/book/show/40651883-snow-crash?from_search=true&amp;from_srp=true&amp;qid=Dh7C6pmvIL&amp;rank=1" target="_blank" rel="noreferrer noopener">Snow Crash</a></h3>



<h4 class="wp-block-heading">Neal Stephenson, June 1992, Bantam Spectra Books</h4>



<p>&#8220;In reality, Hiro Protagonist delivers pizza for Uncle Enzo&#8217;s CosoNostra Pizza Inc., but in the Metaverse he&#8217;s a warrior prince. Plunging headlong into the enigma of a new computer virus that&#8217;s striking down hackers everywhere, he races along the neon-lit streets on a search-and-destroy mission for the shadowy virtual villain threatening to bring about infocalypse.&nbsp;<em>Snow Crash</em>&nbsp;is a mind-altering romp through a future America so bizarre, so outrageous… you&#8217;ll recognize it immediately. &#8230;&#8221;</p>



<p><a href="https://www.goodreads.com/book/show/40651883-snow-crash?from_search=true&amp;from_srp=true&amp;qid=Dh7C6pmvIL&amp;rank=1" target="_blank" rel="noreferrer noopener">Read this book</a></p>



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<h3 class="wp-block-heading">Get educated. Check out <a href="https://cms.blockworks.co/category/education/" target="_blank" rel="noreferrer noopener">The Investor&#8217;s Guide to Bitcoin</a>, <a href="https://cms.blockworks.co/the-investors-guide-to-nfts/" target="_blank" rel="noreferrer noopener">The Investor&#8217;s Guide to NFTs</a> and <a href="https://cms.blockworks.co/the-investors-guide-to-defi/" target="_blank" rel="noreferrer noopener">The Investor&#8217;s Guide to DeFi</a> and <a href="https://cms.blockworks.co/the-investors-guide-to-inflation/" target="_blank" rel="noreferrer noopener">The Investor&#8217;s Guide to Inflation</a>.</h3>



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<p><em>The content of this webpage is not investment advice and does not constitute any offer or solicitation to offer or recommendation of any company, product, or idea. It is for general educational purposes only and does not take into account your individual needs, investment objectives or specific financial circumstances.</em></p>
