$6.5 Billion Invested in Q3 21 - The WAGMI Journal #14
Almost is never enough~
In today’s issue:
The crypto market is flat with the global crypto market cap sitting slightly above $2.8 trillion. The crypto twitter street is pretty quiet which is most likely because everybody is physically in NFT, partying away the last few months’ worths of profits. Additionally, VC investments in crypto reached more than $6 billion just in Q3 2021, Coinbase allows users to borrow up to $1M, and EOS admits its failure.
We’re finalizing our internal workflow and content.
Starting today, our daily issue will be sent out before 9 am EST.
Based on our readers’ suggestions, we are working to add:
a section tracking top projects (primarily DeFi) governance proposals/activities
a section showing open interest and other trading-related metrics 24-h changes
a section showing newly released projects
Please reach out if you have any other ideas or would like us to recap a segment of the market on a daily basis.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆VCs Invested Record $6.5B in Crypto, Blockchain in Q3: CB Insights
Data from CB Insights showed that global VC firms poured ~$6.5 billion in Q3 2021, more than a 20% increase compared to $5.2 billion in Q2 2021. The $6.5 billion is poured into approximately 286 deals with Coinbase Ventures being the most active crypto VC, followed by CMT Digital and Polychain Capital in seconds. Keep in mind that this report from CB Insights most likely did not take into account some token deals that are increasingly popular amongst wealth anonymous individuals (example: Tetranode).
⎆Coinbase Users Can Borrow Up to $1M With BTC as Collateral
Despite its hurdle with the US SEC to launch Coinbase earn, the exchange is now allowing customers to borrow up to 40% of customers’ BTC value up to $1M without any credit checks. The loans will be issued at an annual rate of 8% and the cash can be received either via PayPal or bank accounts. We think this is a slow and steady push from Coinbase to launch more lending-borrowing-related products without directly opposing the SEC’s previous statement.
⎆EOS Foundation CEO: ‘EOS as It Stands Is a Failure’
EOS Foundation CEO Yves La Rose claimed that “EOS as it stands is a failure”. While this statement might not be surprising at all for active crypto market participants, it remains an important first step for an organization to admit its situation, before any significant actions can be made to fix it. EOS was the primary candidate for ETH-killer in the 2017-2018 bull market era, but it was never able to successfully deliver. With the recent rise of other layer 1 blockchains, perhaps there will be ways for EOS to redeem itself.
👨🏻💻Decentralized Finance (DeFi)
Payments DEX Stellar First L1 to Offer Integrated Automated Market Making
wXRP to Launch on The Ethereum Blockchain in December
Loopring's Ethereum Token Surges on Rumors of GameStop NFT Alliance
Voyager Digital to Integrate Avalanche Staking, NFTs, and DeFi Applications
Ribbon Finance Launches AAVE Covered Call Vault
🦮NFT & Metaverse
NFT-backed Lending Market Surges with $1M-Plus Loans and 20% Interest Rates
BTS Agency Hybe to Set Up Joint Venture on NFTs with Korean Crypto Exchange Upbit
FC Barcelona Joins NFT Rush With Moments From 122 Years of History
Tron Foundation, APENFT Launch $100M Fund for NFT Projects
Company Behind FTX.US Pens NIL Deal With University of Kentucky Men’s Basketball Team
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
WeMeta - $1.1M Seed Round
xToken - $2M Seed Round
NyanHeroes - $2.5M Seed Round
AscendEx - $50M Series B
Binance-French Fintech - $116M Crypto Ecosystem Fund
⚖️Regulatory Update
In Craig Wright Trial, Plaintiffs Lay Out Pattern of Fraud, Deceit, and Hubris
US Lawmakers Call for Bitcoin Spot ETF in Letter to SEC Chair Gensler
SEC Seeks Comments on Grayscale's GBTC ETF proposal
Iran Blockchain Association Head Calls for Special Council on Crypto Laws
Kazakhstan Introduces Crypto Investment Limits for Retail Players
📚Noteworthy Reads
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.
DISCLAIMER:
All the information presented on The WAGMI Journal publication and its affiliation is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, and any other forms of advice. Writers, authors, and contributors of The WAGMI Journal may hold any assets mentioned in the issue.