Crypto Is the Tallest Hill - The WAGMI Journal #24
Don't climb the wrong hill.
In today’s issue:
The crypto market is relatively flat with the global crypto market cap still sitting slightly above $2.7 trillion. BTC fell under $60,000 while SAND continued its rally. In other news, Gemini exchange raised $400M at a $7B valuation, OpenSea is reportedly getting offered a $10B valuation, and Fidelity launches Canada’s first institutional BTC custody service.
During market downturns, those who work in crypto tend to have doubts even if one has been in the game for years. Earlier today, I saw Chris Dixon’s post from more than a decade ago regarding climbing the wrong hill; and I can’t be more bullish on crypto.
Starting today, our daily issue will be sent out before 9 am EST.
We’re continually improving our content — based on our readers’ suggestions, we are working to add:
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.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Gemini Raises $400M at a $7 Billion Valuation
Winklevoss-twin-led Gemini exchange has raised $400M which valued the company at approximately $7 billion. Led by Morgan Creek Digital, other crypto-focused venture funds such as ParaFi Capital and others will join the round; reportedly, the twins will retain 75% ownership.
⎆OpenSea Offered a $10 Billion Valuation from Investors
The Information reported that the most popular NFT marketplace, OpenSea, has received lucrative offers from investors that can potentially 6x its valuation to $10 billion. That said, OpenSea did not initiative any fundraising round since it just received $100M at a $1.5 billion valuation in a Series B round just four months ago.
⎆Fidelity Launches Canada’s First Institutional BTC Custody Service
As one of the oldest players from traditional finance that ventured early into crypto, Fidelity is expanding its offerings up in Canada, starting with an institutional-focused BTC custody service. Crypto-related products in Canada such as ETFs and ETPs have been using US-based custodians; this move by Fidelity plans to change that and inspire more institutional investors to invest directly in BTC.
👨🏻💻Decentralized Finance (DeFi)
Portal Partners with Polygon to Advance DeFi on Bitcoin
Binance Smart Chain hits record-high daily transactions
🏛Governance - Active Proposals
Ampleforth - ACCP 4: Add Tellor to provide AMPL/USD and USPCE
🦮NFT & Metaverse
Investors Offer OpenSea $10B Valuation in New Round
Post Malone Features Bayc NFTS in New Music Video With the Weeknd
Tom Brady’s Autograph Platform Goes Retro With 8-Bit Simone Biles NFTs
Xbox Head Phil Spencer is Skeptical About NFTs in Video Games
ConstitutionDAO Raises $27M on Eve of Sotheby’s Auction
Boson Protocol Seeks to Blend Physical and Digital Marketplaces in the Metaverse
Nifty News: YGG partners With 8 P2E games, Ice Cube and Quiznos drop NFTs
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Mem Protocol - $3.1M Unknown Round
FairSide Network - $4.2M Unknown Round
Anoma - $26M Unknown Round
BetDEX - $21M Seed Round
Nym Technology - $13M Series A
Oasis - $160M Ecosystem Fund
ConsenSys - $200M Venture Round/Roughly Series A
Gemini - $400M Series D
Bitdeer - $4B SPAC Valuation
⚖️Regulatory Update
US Congressmen Introduce Bill to Modify Crypto Tax Provision in Infrastructure Law
Fed Governor Objects to US Treasury Push to Reserve Stablecoin Issuance for Banks
Fidelity Gets Approved As Canada’s First Bitcoin Custodian
SEC Reportedly Looking Into BlockFi’s Crypto Yield Products
ECB Sounds Alarm Over Linkages Between Stablecoins and Conventional Financial Markets
Canadian Police Arrest Teen for Allegedly Stealing $36M in Crypto
RBA Steps Up CBDC Research
Indian Central Bank May Pilot Test CBDC in 2022
Argentina to Tax Crypto Exchanges
📚Noteworthy Reads
Terra’s Do Kwon Thread on Gameville Future Collaboration
Ann Inw’s Criticisms on Crypto VCs
QCP Capital Market Update Post
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.