Trump’s pick to lead NASA made a big bet on crypto while going to space on the side
Jared Isaacman, Mission Commander, steps out of the manned Polaris Dawn mission’s “Dragon” capsule after it splashed down off the coast of Dry Tortugas, Florida, after completing the first human spaceflight mission by non-government astronauts of the Polaris Program.
– | Afp | Getty Images
President-elect Donald Trump’s pick to run NASA, Jared Isaacman, is a 41-year-old space enthusiast, who just months ago commanded the world’s first all-civilian mission to reach orbit.
He’s also a crypto billionaire.
Isaacman is the founder of Shift4, a fintech company that provides secure payment processing solutions for businesses. The company’s stock price has jumped almost 40% this year, lifting its market cap to $9.3 billion. Isaacman started the business in 1999 at age 16 and took it public on the New York Stock Exchange in 2020.
In a Dec. 4 post on his Truth Social platform announcing the nomination, Trump wrote, “Jared has demonstrated exceptional leadership, building a trailblazing global financial technology company.”
That success can be traced in part to a bold bet on crypto almost three years ago.
Inside Isaacman’s New York residence near Central Park, around a lofted conference room with glass walls that sits above the apartment’s living area, Isaacman and members of his executive team sat with Alex Wilson and Pat Duffy, two entrepreneurs who were in the final stages of selling their crypto donation marketplace to Shift4. It was early 2022.
With a whiteboard behind them, they spitballed on how blockchain-based technology could be applied across the payment company’s business.
Bitcoin had hit a record a few months earlier, jumping sixfold from the end of 2019 through the close of 2021. A range of digital tokens were delivering outsized returns. The market was frothy, spirits were high and meme coins were in their prime.
But while Elon Musk was touting dogecoin and money was pouring into nonfungible tokens (NFTs), Wilson, Duffy, and Isaacman were focused on a far less glitzy corner of the digital asset world: stablecoins.
Stablecoins are a subset of cryptocurrencies matched to the value of a real-world asset and are virtually synonymous with U.S. dollar-pegged tokens. Today, they’re collectively worth around $200 billion and are often used to move money across borders at a fraction of the cost of legacy payment systems.
Wilson, 31, said the group around the table at Isaacman’s house “all agreed it was more likely that stablecoins would become a regular medium of exchange than bitcoin or ethereum.” They wanted to build products that took advantage of blockchain but were token agnostic.
“We wanted to meet users where they were and equip our merchants to take payments in whatever ways their customers wanted to pay,” Wilson said.
In front of the whiteboard with marker in hand, Isaacman walked through ways crypto could be applied to the broader Shift4 business. Wilson said Isaacman has an uncanny ability to get in the weeds despite being the CEO of a company that now has more than 3,000 employees.
Weeks later, on March 1, Shift4 announced it had purchased The Giving Block, Wilson and Duffy’s company, and would pursue a “$45+ billion embedded cross-sell opportunity by bundling crypto donation capabilities with traditional card acceptance.” Shift4 paid $54 million and included in the deal a potential earnout of up to $246 million.
Shift4’s Pat Duffy and Alex Wilson
Duffy and Wilson are now helming Shift4’s crypto team. In October, they announced a Pay with Crypto service that’s being rolled out to all 200,000 of the platform’s merchants, making it possible to spend crypto at hotels, restaurants and stadiums.
“It’s the biggest step toward crypto payments becoming mainstream that the industry has ever had,” Wilson said.
Isaacman told CNBC in a statement he’s excited to see the original vision he discussed with Wilson and Duffy during the acquisition process “come to life at a time when crypto is becoming increasingly mainstream and gathering real momentum.”
Isaacman finds himself at the center of the action.
The crypto market, which was already red hot, has been on a more dramatic upswing since Trump’s election win in November, which came alongside congressional victories for pro-crypto candidates. Bitcoin topped $108,000 on Tuesday for the first time, up more than 55% since election night, and the overall market cap of tokens has soared past $3.7 trillion.
More institutions and retail investors have also been jumping in, thanks to the flood of spot bitcoin exchange-traded funds that hit the market starting in January along with other options products that offer a new way to bet on the future price of bitcoin.
Stablecoins have moved closer to the mainstream as well.
In October, Stripe agreed to pay $1.1 billion for Bridge Network, a stablecoin platform that’s trying to make it easy for businesses to transact using digital currencies. The deal was a big wake-up call for traditional credit card companies.
Visa and Mastercard currently dominate U.S. payments, accounting for 80% of all credit card volume in the U.S., according to data from the Nilson Report. Credit card networks charge a transaction fee to a payment processor like Stripe for using their so-called rails. The costs, which include a flat fee plus a percentage of each payment that can be up to 3.30% for American Express, generally get passed along to the customer.
New Stablecoin entrants
But with stablecoins, transactions can cost less than a penny and are virtually instantaneous. Emily Sands, the technical lead for Stripe’s data science team, says stablecoins are great for cross-border transactions, which are important to almost all of the company’s users.
“That’s really valuable to the Stripe ecosystem,” said Sands. “It’s not just for the cards network. It’s not just for the local payment methods. It can also be for crypto.”
Blockchain-based payments company Ripple just launched its own stablecoin, RLUSD, and crypto custodian BitGo plans to follow. Robinhood and U.K. fintech Revolut are reportedly considering similar moves.
PayPal was relatively early to the market, launching a U.S. dollar-pegged coin called PYUSD in August 2023. PYUSD topped $1 billion in market cap in August but has since fallen below $500 million as competition for market share heats up.
Tether’s USDT and Circle’s USDC are the dominant stablecoins, with $140 billion and $42 billion worth of coins in supply, respectively, accounting for about 90% of the market combined.
Given their growing popularity, experts are eagerly waiting to see how the big credit card companies respond and whether they come out with their own coins.
In October, Visa announced the Visa Tokenized Asset Platform (VTAP) to make it easier for banks to launch their own stablecoins. Cuy Sheffield, Visa’s head of crypto, said the offering allows banks to issue and manage fiat-backed tokens.
Visa is “powering a lot of these capabilities for them,” Sheffield said.
In July of last year, Mastercard unveiled its Multi-Token Network (MTN), which facilitates payments of fully collateralized stablecoins as well as other digital assets over the platform.
Raj Dhamodharan, Mastercard’s head of crypto and blockchain, told CNBC that MTN is looking to bring crypto capabilities, including the programmability of digital money, to banks, which hold trillions of dollars worth of dollar deposits.
But stablecoin issuers have had their share of challenges. TerraUSD, or UST, and sister token luna collapsed during the crypto meltdown of 2022, wiping out billions of dollars in value and eroding confidence in the reserves backing certain stablecoins.
More recently, the Wall Street Journal reported in October that the Department of Justice is looking into Tether for possible violations of sanctions and anti-money laundering rules. A Tether spokesperson said at the time that the story was “based on pure rank speculation” and that it has “no knowledge of any such investigations.”
With more established financial players getting involved, the market is gaining broader credibility.
Ari Redbord, global head of policy at blockchain intelligence company TRM Labs, said stablecoins are the bridge between the crypto ecosystem and the traditional financial system.
“That’s why you see the leading fintechs — Stripe, PayPal, Visa and others — really leaning into the use of stablecoins,” Redbord said.
‘Huge growth story’
The crypto industry has lobbied lawmakers on Capitol Hill for years on stablecoin legislation that would offer safeguards for these dollarized digital assets and the companies issuing them. Coinbase founder and CEO Brian Armstrong, one of the industry’s loudest voices in Washington, told CNBC in September that the company has seen a lot of traction with stablecoins.
“Crypto started off as really focused on trading, and it’s now made a big shift toward utility, specifically payments,” said Armstrong. He said stablecoin volume reached $10 trillion last year, and that could double or triple this year, “so it’s been a huge growth story for crypto as people start to think about how to make the dollar faster, cheaper and more global.”
At Shift4, growth has continued through acquisition. The company bought German point-of-sale company Vectron Systems, Card Industry Professionals in the U.K., Canada’s Eigen Payments, and other payment firms in recent years.
Wilson said the company views stablecoins in the context of two different target markets. One group consists of people who have gotten rich in crypto and want to use their tokenized dollars “to charter a jet or helicopter,” he said. The other includes those who live in Latin America and Africa, “where people just want to spend stablecoins for daily payments because Visa and Mastercard adoption is low,” he said.
A survey conducted by Castle Island Ventures, Visa and other partners showed that stablecoins are a critical piece of economies in emerging markets like Nigeria. In countries “facing severe liquidity crunches,” stablecoins “allow individuals and businesses to access international USD payments without hard currency having to leave the country,” the report said.
Standard Chartered wrote in a recent report that stablecoins are currently equivalent in size to 1% of financial transactions in the U.S. and a similar percentage of foreign exchange transactions. As they gain legitimacy, a move to 10% is “feasible,” the bank said.
As Shift4 tries to position itself at the forefront of what it hopes to be a continued wave of stablecoin momentum, Isaacman is off to the public sector.
In addition to his career in finance, Isaacman has led two private spaceflights through SpaceX, in 2021 and 2024, commanding crews on multiday trips around the Earth. His spaceflight ambitions have fostered an increasingly close relationship with SpaceX CEO Musk, who became one of Trump’s biggest backers and is poised to have an outsized role in the administration.
On Dec. 4, Isaacman wrote a letter addressed to his “Shift4 Family,” telling investors and employees that until his appointment is confirmed by the Senate, he will remain as CEO.
“Shift4 has been my life’s work since I was 16 years old,” wrote Isaacman, who dropped out of school and built the company from his parents’ basement. “But it is my time to serve and give back to the nation that enabled me to live the American dream.”
Isaacman said his nomination to lead NASA “reflects my passion for advancing humankind’s reach among the stars, unlocking the secrets of the universe, and improving life on Earth along the way.”
Wilson recalled a dinner with Issacman in March 2022 after The Giving Block transaction closed. They were in Las Vegas, and Isaacman brought Wilson and Duffy to an Italian restaurant called Lago at the Bellagio on the eve of the announcement. Wilson remembers discussing what it was like when Isaacman started his business as a teenager.
“No one cares more and works harder than the founder, and it really shows with Jared,” Wilson said.
WATCH: The first-ever private spacewalk with Polaris Dawn Mission Commander Jared Isaacman
Environment
Coterra shifts its view on oil, again. Here are our 3 takeaways as investors in the stock
Another company claims to have solid-state EV batteries in the works that will unlock well over 1,000 miles (3,000 km) of range and fast charging in just five minutes. And it’s not BYD this time. Is it too good to be true?
Can solid-state EV batteries unlock +1,000 miles range?
Last week, a local report surfaced, claiming BYD was already testing solid-state batteries in its Tesla Model 3-rivalling Seal sedan.
BYD addressed the rumors in a statement released on Monday (via CLS), saying, “Currently it is unknown, and the first model and parameters are not officially reported.”
In a new patent, discovered by CarNewsChina, Chinese tech giant Huawei filed for a sulfide-based all-solid-state battery. The new battery reportedly unlocks a driving range of up to 3,000 km, or over 1,800 miles, and supports ultra-fast charging in just five minutes.
Is it really possible, though? To put that into perspective, the current longest-range electric vehicle you can buy, the 2025 Lucid Air Grand Touring, is rated with a WLTP driving range of up to 839 km (521 miles).
On the EPA scale, Lucid’s electric sedan is rated for a driving range of up to 512 miles and features fast charging (up to 200 miles) in 12 minutes.
That would mean Huawei’s new battery would unlock over three times the driving range while cutting charging times by over half. It would also have energy density that’s two to three times higher, between 400 and 500 kWh.
According to industry experts in Korea, the claims might be too good to be true. Yang Min-ho, professor of energy engineering at Dankook University, explained that “Even the most advanced lithium-ion batteries, which generally have higher capacity than solid-state prototypes, fall far short of that kind of range.”
Yang said that “Such performance might be possible in lab conditions,” adding “but real-world factors like energy loss and thermal management make mass production extremely difficult.”
The patent describes a new approach, doping sulfide electrolytes with nitrogen, to improve stability. According to a researcher for one of Korea’s major battery makers, the nitrogen doping approach is “a standard technique with limited scalability.”
“While nitrogen doping can help with interface stability, it’s usually done under vacuum and with great precision,” the researcher pointed out, adding “It’s not something you can scale for commercial production without major cost and time penalties.” They described it as “like trying to sprinkle pepper on a sandwich using tweezers.”
Although it sounds promising, Huawei’s patent needs additional third-party validation or other data to suggest it’s production-ready. “That’s the nature of patents. They grant rights, not credibility.”
According to the researcher, Korean battery giants, LG Energy, Samsung SDI, and SK On, don’t seem too worried. “We monitor developments in China closely, but this doesn’t look like a game-changer yet,” they said.
Samsung SDI has already sent solid-state battery samples to clients and aims to begin mass production by 2027: LG Energy and SK On both plan to introduce solid-state battery tech by 2030.
Are solid-state EV batteries capable of delivering ultra-long driving range as promised? It may, but it could be a few years before it hits the market. As Yang said, “Battery science doesn’t move in leaps. It moves in increments, and those increments take years to scale.”
Meanwhile, several automakers and others are also advancing solid-state EV batteries, promising longer driving range and faster charging.
Mercedes-Benz announced it had tested “the first car powered by a lithium-metal solid-state battery on the road” with Factorial Energy earlier this year using a modified EQS. Last month, BMW completed its first on-road tests using Solid Power’s all-solid-state battery (ASSB) cells. CATL, Stellantis, Nissan, Volkswagen, and Nissan have also announced plans to launch EVs with solid-state batteries in the next few years.
Will the “holy grail” of EV batteries live up to its hype? Let us know your thoughts in the comments below.
Source: The Korea Herald
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Environment
HappyRun G300 Pro review: It’s an electric motorcycle with pedals and I’ve got some thoughts
The HappyRun G300 Pro is the epitome of an out-of-class electric bike. That is to say, it has many of the components of an electric bicycle, key among them the functional pedals, but its extremely high power and speed place it well outside the limits of traditional e-bike classifications. The result? Basically, an electric motorcycle with pedals. And I’ve got some thoughts about that.
But before I dive into those, this is one of those rides that you’ll want to see in action. Check out my review video below. Then keep reading for the full details.
HappyRun G300 Pro Video Review
HappyRun G300 Pro Tech Specs
- Motor: 3,000W continuous and 6,500W peak-rated rear hub motor
- Top speed: Up to 50 mph (80 km/h)
- Range: Claimed up to 70 miles (121 km)
- Battery: 72V 30Ah (2,160 Wh)
- Weight: Heavy (well off the scale on my 100 lb scale)
- Brakes: Quad-piston DYISLAND hydraulic disc brakes
- Front suspension: inverted front fork
- Rear suspension: “Yopi Box” rear spring suspension
- Extras: Looks like a Sur Ron or Talaria-style bike, color LED display, included fenders, LED headlight and tail light with turn signals, very nice kickstand, two color options available.
What is this even for?
Despite looking like a bicycle in some regards, I definitely felt wrong using this in the bike lane. That meant for 95% of my road riding, I was simply in the lane like a motorbike. The only times I would use the bike lane were when I could see it was completely empty, and it was basically just a shortcut past the stopped traffic at red lights. And even then, it just didn’t sit right with me. I’m an e-biker and I live a car free life, so the safety of bike lanes is an important issue for me. I’m not going to jeopardize other riders or even make them feel unsafe in the tiny little sliver of asphalt that is supposed to feel like home for us, and so I ride this thing in the road when I’m on the road.
That being said, I don’t even think the road is the right place for this bike. Where it really shines is off-road. Between the long travel suspension, the enduro-style seat, and the unnecessarily high power for commuting purposes, the HappyRun G300 Pro is at home in the dirt and on the trails. In fact, I even enjoyed overlanding on it, going places where trails couldn’t take me. It felt like a great exploring-the-outdoors type of ride!
If you watch my video above, you’ll see that this type of riding, recreational and exploring, is where the HappyRun G300 Pro really came into its own, and I think that’s precisely where it belongs. Just like how Sur Rons and Talarias shouldn’t really be taking over the streets, but instead should stick to the dirt trails they excel at, this is a great bike for that purpose. You’ll also notice in the video that I prefer to wear my motorcycle gear when I ride these types of bikes, and I’d make that recommendation to anyone else. A t-shirt and a bike helmet just don’t feel like enough here.
With that in mind, the included bicycle pedals start to seem superfluous though, and I really only pedaled at slow speeds, or when ghost pedaling because a cop was in the area and I didn’t want to get a bike impounded before I was even done reviewing it. So if you ask me, it doesn’t really need the pedals, and it doesn’t even really need the roads.
What about the build?
The HappyRun G300 Pro is an interesting mix of quality parts and merely acceptable parts. Nothing about it seemed terrible or dangerous, and a few components like the Sur Ron kickstand actually impressed me. But then the use of a bicycle-level handlebar stem and budget-level shocks seems to undercut that message.
On the other hand, the massive 72V 30Ah battery is huge and likely more than most people would need. I’d have preferred to see it being UL-listed, but I guess at least it claims to be underwritten by some Chinese insurance agency. I guess that’s better than nothing?
The geometry actually kind of sticks the landing, at least for me and my 170 cm (5’7″) height. The saddle is plenty comfortable, though my off-roading had me out of the saddle much of the time anyway and letting my legs join the full-suspension to better absorb the terrain.
What’s my verdict?
Here’s the thing: nothing about this bike is top shelf, but it still offers an incredibly fun, solid feeling ride. The power is more than most people need, the speed is faster than most people should ride (especially on trails), and the battery has more capacity than most people would require. So it’s not like they’re cutting corners on performance.
Some components could have been beefed up, and the decision to lean more towards bicycle-level components does make me question what a few years of hard off-road riding could do to this bike. But when used correctly, in an area where the bike is meant to be used (i.e., not where it legally isn’t allowed to be ridden), then it seems to fulfill the role of a fun adventure-style bike. At a price of $2,599 (or $100 off with the code ELECTREK), it significantly undercuts the cost of a Sur Ron or Talaria bike while giving a similar type of ride, even if the components don’t live up to the level of those costlier light electric dirt bikes.
My biggest worry, though, isn’t about the bike, but rather the potential for it to be misused. Look, it’s a fun ride and offered me more performance than I needed for all the different types of riding I tested it with. But like any bike, it has to be used in its element. We don’t blame the hammer if someone hits their thumb while driving a nail, and we shouldn’t blame the bike if someone wraps it around a parking meter. But it also really shouldn’t be used in that kind of environment, and it definitely shouldn’t be used in a way that could put others at risk.
It’s a fun ride for exploring, but this level of power requires some serious personal responsibility. If you’re a parent wondering if you should get this for your 16-year-old, the answer is probably “No.” But if you’ve got a fully developed prefrontal cortex and you want a fast and powerful ride without breaking the bank, this might be a decent option.
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