📉FTX US Can Acquire BlockFi For $240M - TWJ #178
BlockFi was valued at ~$5 billion on its last round.
In today’s issue:
The crypto market is flat with its total market cap at ~$800 billion. KuCoin (KCS) is the worst performer in the top 100 in the past 7-d. USD continues to strengthen.
In other news, FTX US gains the option to acquire BlockFi for $240M, 3AC files for bankruptcy in NY, and Meta will shut down Novi crypto payments wallet.
Meme credits @AutismCapital
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- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆FTX US Gains the Option to Acquire BlockFi for $240M
Troubled crypto lender BlockFi has reached an agreement with FTX US that will provide the firm with a $400M credit facility and provide FTX us with the rights to acquire BlockFi for $240M.
⎆3AC Files for Bankruptcy in NY
Troubled crypto hedge fund Three Arrows Capital saga continues as the firm filed for chapter 15 bankruptcy in the Southern District of New York tied to its British Virgin Island entity. This type of filing (Chapter 15) enables 3AC to protect its US assets even as its BVI-related assets are liquidated.
⎆Meta Will Shut Down Novi Crypto Payments Wallet
In perhaps one of big tech’s longest-running programs that didn’t really amount to anything tangible in the end, Meta will shut down Novi, its digital wallet payments system that was previously tied to the Libra stablecoin experiment.
👨🏻💻Decentralized Finance (DeFi)
Ethereum Gray Glacier Hard Fork is Succesful
USDC Transparency and Trust Report
Tether Continues to Reduce CP Holdings
Quixotic Exploit; Crema Finance Exploit
Euro Coin Live on Circle Account
Bancor Hotfixes Deployed
JonesDAO Launches Dopex Metavault
Wonderland Passes Vote to Invest $25 Million in Sifu Vision
Aver Exchange Public Beta Live on Solana Mainnet
Hxro Network Alpha VersionLive on Solana Mainnet
Arweave Name System Live
Cardano Vasil Upgrade Successfully Launches on Testnet
🏛Governance - Active Proposals
Compound - Return Accidentally Sent Funds #3
🦮NFT & Metaverse
Sorare Ethereum Soccer NFTs Surge After Signing PSG’s Kylian Mbappé
Coinbase NFT Releases New Features as It Struggles to Attract Traders
New Ethereum Token Standard Paves Way for Rentable NFTs
Facebook Launches NFT Feature for SelectGroup of US Creators
Bored Ape Owners Sign up to Hire out their NFTs to Brands
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
echo3D - $5.5M Unknown Round
Altitude - $2.1M Pre-Seed Round
Increment Labs - $2M Seed Round
Magic Square - $3M Seed Round
AltLayer - $7.2M Seed Round
Sushi x Kava - $14M Incentives Program
OP Crypto - $100M Fund of Funds
⚖️Regulatory Update
India's Day Of Reckoning With ‘Most Controversial Crypto Tax’ Is Here
EU's MiCA Law Made Crypto World Cautious
Finblox Raises Withdrawal Limit, Explores Legal Action Against 3AC
📚Noteworthy Reads
ChainLinkGod.eth’s Thread on Tokenized Real-World Assets
a16z’s Thread on Future of Tech, Investing, Company Building, and More
Arthur Hayes’s Read on Number Three
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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, or any other form of advice.