💱$22 Billion Citadel Securities Enters Crypto - TWJ #161
The electronic trading giant will finally embrace crypto.
In today’s issue:
The crypto market is flat with its total market cap sitting at $1.2-1.3 trillion. Helium (HNT) is the best performer in the top 100 in the past 7-d. The World Bank reduces its growth forecast for the global economy to 2.9% from an earlier prediction of 4.1%.
In other news, Citadel Securities is building a crypto trading marketplace, Solana launches a $100M venture fund for South Korean builders, and Grayscale hires a top Obama White House lawyer.
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- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Citadel Securities Crypto Trading Marketplace
Citadel Securities, an electronic trading giant, is reportedly building a “cryptocurrency trading ecosystem”. This effort will receive help from HFT and MM firm Virtu Financial, Sequoia Capital, and Paradigm. Previously, Paradigm and Sequoia have invested $1.15 billion into Citadel Securities.
⎆Solana $100M Venture Fund for South Korean Builders
Solana Ventures and Foundation has announced a new $100M investment and grant fund for South Korean crypto projects and builders. The move came as the Terra (LUNA) collapse affected many South Korean-based builders as the project was initially started in South Korea by a South Korean founder, Do Kwon.
Solana’s Total Value Locked across its DeFi ecosystem has gone down in the past few months. It realized that the success rate of a layer 1 ecosystem would eventually depend on the killer applications built on top of its network. This initiative might successfully pull many talented developers from the Terra ecosystem to Solana.
⎆Grayscale Hires a Top Obama White House Lawyer
Grayscale has hired Donald B. Verrilli Jr., a former Obama White House top lawyer serving as a solicitor general for the US from 2011 to 2016. This move came as the deadline for Grayscale spot Bitcoin ETF approaches (July 6).
Grayscale needs to convert its GBTC product to a spot Bitcoin ETF in order to finally close the discount gap that has been happening in its GBTC product in the past year. With the rise of Bitcoin ETF and ETPs, accredited investors realize that GBTC is no longer the only option to allocate capital to BTC, which is why GBTC has been hurting in the past year.
👨🏻💻Decentralized Finance (DeFi)
Atlendis Labs Launches Atlendis Protocol
Osmosis DEX $5M Exploit
Porter Finance Launch
Aura Finance Announces Multisig Members
Acala Network Risk Dashboard
US Draft Bill Leak Shows DeFi and DAOs Under Regulatory Lens
Maiar Decentralized Crypto Exchange Goes Offline after Bug Discovery
Aurora Pays $6M Bug Bounty to Ethical Security Hacker through ImmuneFi
DeversiFi Launches Cross-Chain Swaps for Bridgeless DeFi Transactions
Circle to Support Polygon USDC on Payments Platform as Adoption Grows
🏛Governance - Active Proposals
Compound - Risk Parameter Updates for 5 Collateral Assets
ENS - [EP13] [Executable] Fund the Protocol Guild pilot with 200,000 $ENS
Tribe NopeDAO - Veto for FIP 111: Reinforce PCV via ETH LBP and tighter spread
Tribe NopeDAO - Veto for Tribe Incentives discontinuation
🦮NFT & Metaverse
MoonPay Celeb Concierge Service
Multicoin Bitwise Metaverse Index Goes Live
Yuga Labs Revokes Code of Infinite Bored Ape Minting
JPEG’d Launches Bored Ape & Mutant Ape Lending Market
Citi: Metaverse-Related Economy Could Be as Much as $13T
Budweiser Races into Zed Run's NFT Games
'Rob McElhenney Launches Web3 Writers Room With Ethereum NFTs
Pplpleasr’s Skillshare NFT Class
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Euler - $32M Unknown Round
Bizverse - $1.5M Strategic Round
Calaxy - $26M Strategic Round
Moonfrost - $4.5M Seed Round
Navigate - $7.6M Seed Round
Chillchat - $8.35M Seed Round
MachineFi Labs - $10M Seed Round
AppoloX - Undisclosed $ Seed Round
Ledgible - $20M Series A
Delphia - $60M Series A
Ledger & Cathay Innovation - $110M Crypto Fund
Solana Ventures - $100M DeFi and NFTs Fund in South Korea
⚖️Regulatory Update
Kazakhstan’s Central Bank ‘isn’t Going to Ignore’ the Crypto Market
French Lawmaker Calls for Fossil-Based Crypto Mining Ban, DAO Legal Status
Grayscale Bolsters Legal Team With Top Obama Lawyer Ahead of Spot ETF Decision
Jewel Bank Approved as Bermuda's First Digital Asset Bank
📚Noteworthy Reads
Uncle’s Thread on Game over for Uncle.
SpartanBlack’s Thread on VC’s Exit Strategies
Gabriel Shapiro’s Thread on Quick Thoughts on Lummis Bill
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.