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The Taihuttu family in November, days after moving back to Phuket.

Didi Taihuttu

Confidence is quickly eroding in the crypto sector, as it faces a wave of bankruptcies and investigations into Sam Bankman-Fried and his failed exchange, FTX, for losing and misspending billions of dollars in user deposits.

But Didi Taihuttu; his wife, Romaine; three daughters, and Teddy, a Pomeranian puppy they adopted in Portugal last year, are as confident as ever in their bet on bitcoin — they’re just changing how they store it.

Ever since liquidating all of their assets and buying bitcoin in 2017 back when it was trading at around $900, the Taihuttus have safeguarded their crypto riches in three main places: centralized exchanges, or CEXs, such as Bybit and Kraken; decentralized exchanges, or DEXs, such as Uniswap; and hardware wallets hidden in secret vaults on four different continents. But as digital asset brokers, lenders, and exchanges continue to fall into bankruptcy — locking up customer funds in the process — the Dutch family of five is proactively moving $1 million in crypto into DEXs, which allow users to hang on to custody of their tokens.

“For me, bitcoin is still about freedom, and decentralized currency should be able to be used by everyone in the world without needing to do KYC or any other regulatory stuff,” Taihuttu told CNBC, referring to the know-your-customer, or KYC compliance, required by many centralized platforms such as Coinbase. DEXs don’t require users to connect an ID or bank account to the platform, hence making it an ideal custody solution for the Taihuttus.

The Taihuttu family in Lagos, Portugal on the day they adopted Teddy, their Pomeranian puppy.

Didi Taihuttu

CNBC caught up with the 44-year-old patriarch a few days after the family made the move from Lagos, Portugal, to Phuket, an island just off the western coast of mainland Thailand in the Andaman Sea. The family is currently living on 0.3 bitcoin a month — about $5,000 — and they are buying back the bitcoin that they sold when the cryptocurrency was trading at around $55,000 a year ago. For the Taihuttus, the cascade of crypto bankruptcies and failed tokens just shows that “bitcoin is the king” and “completely different than all the other projects.”

While the Taihuttus did not have any tokens tied up with FTX, Celsius, Voyager Digital, or any of the other platforms that recently went under, the wave of failures did remind them of the importance of ownership.

In crypto, one of the mantras is “not your keys, not your coins,” meaning that rightful possession of tokens comes through the custody of the corresponding private keys. DEXs such as Uniswap and SushiSwap are peer-to-peer platforms where transactions happen directly between traders, entirely cutting out intermediaries such as banks and brokers. That means that users retain custody of their tokens by never handing over their private keys.

DEXs eliminate centralized intermediaries from financial transactions such as trading, holding and transferring assets through programmable pieces of code known as smart contracts. These contracts are written on a public blockchain such as ethereum, and execute when certain conditions are met, negating the need for a central intermediary. In essence, with DEXs, you trust code, and with CEXs, you trust people.

“You never send your bitcoin to an exchange. Your bitcoin stays in your own wallet, meaning you have complete custody of your coins,” explained Taihuttu. “You connect to a DEX, and by making that connection, you trade out of your own wallet.”

That nuance of ownership is critical.

“If the DEX collapses, it doesn’t matter, because the bitcoin are always in your own wallet,” he added.

It just got harder and less profitable to mine for bitcoin as algorithm adjusts

Changing their storage strategy

From the beginning, Taihuttu said he could tell something was “really off” with FTX, even though it was one of the biggest CEXs on the planet before it imploded in November.

“Too many influencers were paid too much money to promote that one,” said Taihuttu, who added that reliable crypto products and companies typically don’t rely so heavily on celebrity endorsements.

The Dutch father of three had learned his lesson in 2017, when he lost four bitcoin to a hack of a centralized exchange known as Cryptopia.

“From that moment, I was always searching for alternatives,” he explained.

The Taihuttu family in the Netherlands.

Didi Taihuttu

People who choose to hold their own cryptocurrency can store it “hot,” “cold,” or some combination of the two. A hot wallet is connected to the internet and allows owners relatively easy access to their coins so they can spend their crypto. The trade-off for convenience is potential exposure to bad actors.

“Cold storage often refers to crypto that has been moved to wallets whose private keys — the passwords that enable the crypto to be moved out of the wallet — are not stored on internet-connected computers, so that hackers can’t hack into the computer and steal the private keys,” said Philip Gradwell, chief economist of Chainalysis, a blockchain data firm.

Thumb drive-size devices such as a Trezor or Ledger offer a way to secure crypto tokens “cold.” Square is also building a hardware wallet and service “to make bitcoin custody more mainstream.” The Taihuttu family has largely relied on cold storage to safeguard their tokens for the last six years.

Currently, the Taihuttus keep 27% of their crypto holdings “hot” on centralized exchanges such as Bybit, a platform Taihuttu said is transparent and backed by real assets. He also keeps some tokens on Kraken, since it is one of the oldest exchanges. He refers to this crypto stash as his “risk capital,” and he uses these crypto coins for day trading and potentially precarious bets.

The other 73% of Taihuttu’s total crypto portfolio is in cold storage. These cold hardware wallets, which are spread around the globe, hold bitcoin, ether and some litecoin

Didi Taihuttu in a desert in Dubai.

Didi Taihuttu

The family declined to say how much it holds in crypto, but they did disclose that they are shifting $1 million worth of bitcoin, ether, litecoin, polkadot, and other tokens from these hardware wallets and centralized exchanges to decentralized exchanges.

Taihuttu said he ultimately wants to move 100% of the family’s crypto savings into DEXs and invest 15% of their net worth into upstart DEXs since he sees these decentralized platforms as the centerpiece of the next bull run. When asked why he is going all in on DEXs instead of keeping his crypto cold, Taihuttu pointed to ease of access.

DEXs allow him to connect the crypto he safeguards on thumb drives in hiding spots all over the world directly to the platform, meaning that he can make trades far more easily while still protecting his tokens.

“Our capital now is really difficult to use in trading, because then I need to send my bitcoin from my ledger into an exchange,” Taihuttu said.

The financial privacy offered by DEXs is also a huge incentive.

“You’re trading from an anonymous ledger on an exchange as an anonymous entity,” he said. “You get full access to non-KYC trading in a decentralized way on a DEX.”

Taihuttu isn’t alone in shifting his focus to DEXs. Following the FTX bankruptcy, Trezor’s sales revenue reportedly jumped 300% and billions of dollars in bitcoin fled exchanges. Meanwhile, Multicoin Capital, a crypto investment firm, told limited partners that 7% of its assets are similarly stored cold, in self-custodied wallets.

Didi Taihuttu and two of his daughters on a boat trip in Portugal.

Didi Taihuttu

The pros and cons of DEXs

Centralized exchanges are a big part of what helped spur crypto adoption by offering new investors an easy on-ramp.

“Centralized exchanges have played a vital role in the adoption of cryptocurrency,” said Auston Bunsen, co-founder of QuikNode, which provides blockchain infrastructure to developers and companies. “With their growth came the industry’s growth.”

But in the last few years, and especially in the last six months, decentralized exchanges have grown in popularity as investors look to trade in a manner that protects their funds.

Boaz Sobrado, a London-based fintech data analyst, sees three main advantages to DEXs: they are noncustodial, meaning you don’t have to trust someone, like Sam Bankman-Fried, to store your funds for you; they are open, meaning anyone in the world can participate; and transaction data is more widely available, reducing the risk of insiders getting an edge from knowledge only they have.

Didi Taihuttu in Lagos, Portugal.

Didi Taihuttu

Uniswap has facilitated more than $1 trillion in trading volume from around 100 million trades since it launched in 2018, according to a research note from Bank of America on June 13. Rival DEXs such as SushiSwap and PancakeSwap have also gained traction among traders, though Uniswap still accounts for around 51% of all trading volumes on DEXs year to date.

While DEXs play an important role in the digital asset ecosystem, there are a lot of reasons these decentralized platforms won’t eclipse their centralized peers any time soon, according to Alkesh Shah, Bank of America‘s head of web3, crypto and digital assets strategy.

“Centralized exchanges provide a one-stop shop for investing or trading digital assets with someone to speak to if something goes wrong — this will be critical for mainstream adoption beyond the early adopters of today,” Shah told CNBC.

Shah said that investors are likely to prefer exchanges that are more transparent about their operating practices, adding that regulated and transparent CEXs are likely to be important for mainstream adoption long-term.

Bank of America said in its June note that it expected Uniswap, in particular, to face regulatory scrutiny. The bank said it also saw the potential for the Securities and Exchange Commission to require its registration as a National Securities Exchange or broker-dealer.

Didi Taihuttu and his eldest daughter, Joli.

Didi Taihuttu

“Uniswap may be unable to comply with regulatory requirements, given its inability to verify user identities, implement AML/KYC [anti-money laundering/know your customer] requirements or provide the necessary disclosures for the thousands of tokens listed on its platform,” the research note said.

Some centralized platforms are splitting the difference by offering DEX-type services, but it is unclear what sort of regulatory blowback they might ultimately face.

Meanwhile, Sobrado told CNBC that at this stage, most DEXs lose money, meaning they might not be sustainable.

DEXs are also automated market makers, meaning that the exchange pools liquidity from its users and then uses an algorithm to price the assets within that pool. Sobrado said that this model has proven remarkably resilient — but is unproven versus orderbook exchanges such as Coinbase.

Under it all, the Bitcoin Family still believes that the original cryptocurrency is a solid bet. They say they haven’t been swayed by the turmoil of the last six months.

“We seem to get that lesson every bitcoin cycle,” said Taihuttu. “It was Mt. Gox, it was banning bitcoin in China, it was banning mining. There’s drama every time.”

“But looking at the current situation: We have a huge war going on, we have a huge financial crisis, we have FTX, we have Celsius, we have a lot of bear market signals,” he said. “I think that bitcoin is really holding strong at $16,800. For me, bitcoin is still doing perfect and still doing what it always does: Being a decentralized currency that is usable by all people all over the world.”

Didi Taihuttu giving a speech on bitcoin adoption in Tulum, Mexico.

Didi Taihuttu

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Range Rover’s first EV spotted in Sweden as launch nears

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Range Rover's first EV spotted in Sweden as launch nears

The first electric Range Rover is expected to hit showrooms in the next few months. With its official debut just around the corner, Range Rover’s first EV was spotted testing in Sweden. Here’s a sneak peek of the luxury electric SUV.

Range Rover’s first EV put through the paces in Sweden

Range Rover is finally gearing up to introduce its first EV later this year. Earlier this year, JLR confirmed that the Range Rover Electric already has 57,000 buyers on the waiting list.

The company claims the new model “redefines” the electric luxury SUV with an “unrivalled driving experience.” To prove it, Range Rover is putting its first EV through the paces in sub-zero conditions in Sweden.

Range Rover’s electric SUV has been through 45,000 miles of testing across frozen lakes and land tracks. The latest round allowed engineers to test their new thermal management system.

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The company’s new ThermAssist thermal management system reduces heat energy consumption by up to 40% and is designed to warm the propulsion system or cabin in temperatures as low as ‑10°C (14°F).

Range Rover said it also helps optimize driving range while minimizing the impact of extreme temperatures on charging performance.

Combined with an 800V battery, the first one built in-house by JLR, the company promises the best possible performance, with optimized energy density, range, and charging times. The Range Rover’s first EV will be powered by a 117 kWh battery, consisting of 344 prismatic cells.

Built for both on- and off-road performance, the electric SUV features new additions like single-pedal driving and a switchable twin-chamber air suspension system.

Range Rover tested the single-pedal capabilities on both 28-degree and 17-degree split-mu inclines at its Arctic test facility.

Range-Rover's-first-EV-Sweden
Range Rover Electric prototype (Source: JLR)

Matt Becker, Vehicle Engineering Director at JLR, explained that the electric SUV maintains the brand’s signature driving experience “by marrying all the essential Range Rover elements with new and advanced technologies.”

Following its second season in Sweden, Range Rover will continue testing prototypes ahead of the official launch later this year.

After its first EV, Range Rover is already preparing another smaller electric SUV, which is expected to be the Sport model. In 2026, the company is expected to release a mid-sized electric SUV, likely the Velar.

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Here’s how Volvo plans to overcome Trump’s tariffs with new EVs arriving

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Here's how Volvo plans to overcome Trump's tariffs with new EVs arriving

Volvo is launching a nearly $2 billion (SEK 18 billion) restructuring plan to drive growth and mitigate the impact of Trump’s tariffs. With the new EX30 and ES90 EVs rolling out, Volvo is taking drastic action to drive growth.

Volvo launches restructuring plan due to Trump’s tariffs

After its operating income fell by nearly 60% to SEK 1.9 billion in the first quarter, Volvo launched a cost and cash action plan.

The restructuring is worth SEK 18 billion, with most of it being realized in 2026. Volvo’s new strategy includes SEK 3 billion in variable cost actions and SEK 5 billion in indirect spend efficiencies. The additional SEK 10 billion will be added in cash actions to reduce working capital and capital expenditures this year and in 2026.

Volvo Cars CEO Håkan Samuelsson said, “The automotive industry is in the middle of a very difficult period with challenges not seen before.”

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With “turbulence in the market,” Samuelsson added that the company needs to “further improve our cash flow generation and lower our costs.”

Volvo-EX30-top-selling-EV
Volvo EX30 (source: Volvo)

To do so, Volvo is focusing on three areas: profitability, electrification, and regionalisation. Volvo is already leading the premium segment, with electrified vehicles accounting for 43% of sales in Q1. However, with new EVs launching, Volvo said more will need to be done to overcome the impact of Trump’s tariffs.

Volvo created a new region called Americas, which includes the US, Canada, and Latin America, to streamline its global operations.

Volvo-EX90
Volvo EX90 electric SUV (Source: Volvo)

In the US, the company is looking to sharpen its product line-up and plans to boost production at its Charleston, South Carolina, plant.

Earlier this month, Volvo started production of the EX30 at its Ghent plant, which will help it ramp up deliveries in the second half of 2025.

Since it will be imported into the US, Volvo is bracing to take a hit from tariffs. Even the EX90, which is made in Charleston, is heavily impacted, as most components still come from Europe.

Volvo-Trump's-tariffs-EVs
Volvo EX30 production at its Ghent plant (Source: Volvo)

Volvo also revealed the new ES90 last month, its new electric sedan and second EV built on the Volvo Cars Superset Tech Stack. It’s Volvo’s sixth fully electric vehicle following the EX90, EM90, EX40, EX40, and EX30.

In China, Volvo plans to adapt to the changing market with its first extended-range PHEV model, which will launch later this year.

Volvo said it remains “firm on becoming a fully electric car company.” Despite a weaker overall market, almost a fifth of the vehicles it sold in the first quarter were electric.

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Why Lennar is betting on a startup building backup batteries for Texas homes

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Why Lennar is betting on a startup building backup batteries for Texas homes

Inside this clean energy startup powering homes in Texas

In a warming world with increasingly extreme weather events, homeowners are turning to backup batteries for relief and peace of mind. But the backup only lasts only so long, and there’s a bigger problem at play: aging power grids.

Enter the virtual power plant, managed through a cloud-based system. It’s a fertile market for a number of companies as consumers look for more reliability, especially in areas prone to extreme temperatures and storms.

Base Power, headquartered in Austin, Texas, is a virtual power plant and hardware company that provides battery backup to homeowners. The startup manages the batteries, and virtually controls the power that’s going in and out.

“We install our batteries on our customers’ homes. When the grid is up and running, we use those batteries to support the power grid,” said Base CEO Zach Dell. “When the grid goes out, our customers get those batteries to back up their home. We’re also able to save our customers on the order of 10 to 20% a month on their electricity bills.”

Unlike Tesla and Enphase, Base doesn’t sell home backup batteries. Rather, it rents the batteries to homeowners, providing the hardware, software, installation, operations and electricity. Essentially, it’s a battery-based energy company.

“We own and operate it,” Dell said. “We handle all the maintenance. We take care of the system like it’s ours.”

That control allows Base to manipulate how the battery is used, specifically accessing cheaper power and passing that savings on to the consumer. Base charges the battery from the grid when demand is low, typically during overnight hours. When demand is at its peak — summer evenings and winter mornings — Base sells power, discharging the battery to support the grid.

For an upfront fee of $595 and then about $19 a month, homeowners get access to reliable power, provided by Base. That power is generated by several sources, including wind, solar, natural gas and coal. About half of Base’s customers have solar, according to the company, which lowers their costs even more and allows them to sell that power back to Base.

A company spokesperson said Base compensates customers for the power they sell back, calculated as the real-time wholesale energy price plus an additional 3 cents per kilowatt hour. Buyback rates may vary depending on market conditions and other factors.

Base is now serving one of the nation’s largest homebuilders, Lennar, which is also an investor. Base installs batteries during the construction process in roughly 20 Lennar outage-prone communities in Texas.

Stuart Miller, Chairman and co-CEO of Lennar, said it’s not just about making money.

“It’s, are we going to be able to improve the overall stature of the home building business, as it seeks to address the markets that are stressed and having problems?” he said. “Utilities and electricity is a part of that.”

Base has raised a total of $268 million from investors including Lennar, Thrive Capital, Valor Equity Partners, Lightspeed Venture Partners and Andreesen Horowitz.

Base recently announced its first utility partnership near San Antonio. Dell said the company hopes to soon expand outside of Texas. However, the batteries are made in China, and Dell said he expects to see an impact from tariffs.

— CNBC producer Lisa Rizzolo contributed to this piece.

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