📈NEXO $50M Buyback Program - TWJ #220
The crypto lender doesn't seem to be in any trouble.
Hi folks,
Pensive Pragmatism is ongoing a massive revamp into more serious media operations. I’ve always enjoyed creating content and I found fulfillment in knowing that some people do want to hear what I need to say about crypto, so I’m doubling down. I’m taking a break this week to prepare, but I would like to share a piece that I wrote back in September 2020 — which means that 99% of you haven’t read it.
This piece focused much more on the broader gaming industry rather than crypto gaming specifically. That said, I do hope that it can provide you with more context as to why the gaming industry is a very important space for the future.
No quick takeaways since it’s an old post :)
In today’s issue:
The crypto market is down with its total market cap above ~$900 billion. Nexo (NEXO) has been the best performer in the top 100 in the past 24-h.
In other news, NEXO launches a $50M buyback program, PROOF raises $50M from a16z, and Temasek invests $100M in Animoca Brands.
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
⎆Nexo Launches a $50M Buyback Program
Crypto lender NEXO has announced a $50M buyback program. This move is incredible to watch amidst a slew of trouble crypto lenders in the past few months. This initiative will allocate $50M to buying back the $NEXO token from the markets.
⎆Proof Raises $50M From A16z
The NFT private membership collection founded by serial entrepreneur Kevin Rose is raising $50M in a Series A round with a16z as the lead. Other participants include Collab+Currency, Flamingo DAO, SV Angel, VaynerFund, and Seven Seven Six.
⎆Temasek Invests $100M in Animoca Brands
Leading metaverse firm Animoca Brands is set to announce a $100M investments from Temasek, the Singapore state-owned investment fund.
Convertible bonds may or may not be converted into equity at a later date. This fundraising method is sometimes used in the event that a company does not want to dilute its own shares, or was unable to raise equity capital.
👨🏻💻Decentralized Finance (DeFi)
OptiFi AccidentallyClosed the OptiFi Mainnet Program
dYdX Tornado Cash Update
Myria L2 is Live
TridentDAO to Launch on Arbitrum
Phi Launched on Polygon Mumbai Testnet
Compound cETH Market Bricked by Update — 7-day Wait on Vote to Fix It
Fireblocks Launches Web3 Engine Support on Solana
Aave Community Proposes to Temporarily Suspend ETH Lending
BNB Chain Introduces Liquid Staking
Helium Developers Mull Migration of Crypto Wireless Network to Solana
🏛Governance - Active Proposals
Compound - Risk Parameter Updates for 1 Collateral Asset
Gitcoin - Withdraw $10MM of GTC to diversify our treasury and increase governance partners
Gitcoin - MMM S15 Budget Proposal
🦮NFT & Metaverse
Free-to-Own GameFi Model is ‘High Risk,’ according to CZ
OpenSea Adds Polygon Support to Expand Features, Accept MATIC
Bored Ape, Doodles, and Other NFTs Star in ‘Real World’ Metaverse Parody Show
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Animoca Brands - $100M Unknown Round
Clockwork - $4M Seed Round
Tokenproof - $5M Seed Round
RedStone - $7M Seed Round
Proof - $50M Series A
Contribution Labs - $3M Equity Sale
Kripto Maksima Koin - $8.38M Acquisition by GoTo
⚖️Regulatory Update
FTX's CEO Visited White House Amid Regulatory Fight
US Congressman Wants Consumer-Protection Answers From Crypto Firms
Thai SEC Fines Bitkub Executive $235K for Insider Trading
📚Noteworthy Reads
Joel John’s Read on Assessing Blockchain Bridges
David Attermann’s Read on The Fat Paradox
0xMinion’s Thread on How to Nomad
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.