📈CoinFund $300M Fund - TWJ #210
Private markets are still going strong.
Hi folks,
The crypto space is full of young people that have strong opinions and are often blinded by ideologies that are not always predicated on realities. As the industry matures, the battle between differing ideologies within the crypto space itself will become much more complex. In this write-up, I cover how crypto networks and protocols can benefit from vertical integration, a common concept in business; but might cause a dilemma for those upholding the decentralization ethos to the fullest.
Here are the quick takeaways:
Centralized players in the crypto space are already doing this.
Execution matters more than innovations in an open-sourced and fork-able industry.
Products that are closest to the end users have the most valuable currency and the highest potential to vertically integrate.
Vertically integrating removes the need for external composability that can introduce additional risks.
The underlying technology might be decentralized, but in near future, the killer products will be centralized.
In today’s issue:
The crypto market is flat with its total market cap above ~$1.1 trillion. STEPN (GMT) has been the worst performer in the top 100 in the past 24-h. UK inflation accelerated to the highest in 40 years.
In other news, CoinFund raised a $300m fund, Jump plans to build a Solana validator, and the Fed warns banks that want to get into crypto.
We’re continually improving our content, please reach out if you have ideas or want us to recap another market segment.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆CoinFund Raised a $300M Fund
Crypto investment firm CoinFund has raised a new $300M fund. The new fund will support new companies from Seed to Series A, as well as support existing portfolio companies.
Much like a16z, CoinFund is a registered investment advisor, meaning that it does not have to limit its stakes in cryptocurrencies and tokens, unlike traditional venture capital models.
⎆Jump Crypto Plans to Build New Solana Validator
The crypto arm of Jump trading plans to build a new open-source Solana validator to promote decentralization and reliability. The initiative happens after the Solana network experienced extended downtime periods in the past year.
⎆Fed: Banks That Jump Into Crypto Must Do Legal Homework
The Federal Reserve issued a warning for banks that want to get into crypto offerings. The supervisory letter recommends steps that the banks should follow, including notifying the regulators.
“The emerging crypto-asset sector presents potential opportunities to banking organizations, their customers, and the overall financial system; however, crypto-asset-related activities may also pose risks related to safety and soundness, consumer protection, and financial stability,”
👨🏻💻Decentralized Finance (DeFi)
1inch is now Fully Integrated with Synthetix Atomic Swaps
Compound III First Deployment is USDC Market on ETH
Alchemix New Vault Migration Tool
Dogecoin Continues Weekend Rally, Up 22% in the Last Week
Iron Bank, Yearn Finance Join Layer 2 Protocol Optimism
Acala Stablecoins Near $1 Peg After Community Burns 1.2B aUSD
Jump Crypto Picked to Revamp Solana to Make Blockchain More Reliable
🏛Governance - Active Proposals
Radicle - Radicle // Gitcoin Public Goods Alliance
Reflexer Ungovernor - Stop three year Sablier stream for DAO lead
Uniswap - Create the Uniswap Foundation
🦮NFT & Metaverse
Blue Chip NFT Performance Fails Recovery, but Investors HODL even Harder
Tencent Halts NFT Sales on Its Huanhe Platform Amid Regulatory Scrutiny
Zash Partners with Binance, Marking Push for Data-backed Projects
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Gearbox - $4.15M Strategic Round
.bit - $13M Series A
Foundation - $20M Series A
LD Capital - $200M LD Capital X
CoinFund - $300M Fund
⚖️Regulatory Update
Crypto.com Exchange Registers With UK Financial Regulator
SEC Files Complaint Against Dragonchain
US Fed Reminds Banks to Check for Legal Permissibility Before Offering Crypto-Related Services
IRS to Serve Summons to Crypto Dealer SFOX
Colombia to Introduce Central Bank Digital Currency
📚Noteworthy Reads
NYMag’s Read on The Crypto Geniuses Who Vaporized a Trillion Dollars
Coin Center’s Read on What is a Sanctionable Entity in the Tornado Case
Viktor’s Thread on 12 Essential Rules to Survive in the Crypto
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.