🖼️NFT Marketplace Magic Eden $130M Raise - TWJ #171
Uniswap also acquires an NFT marketplace aggregator.
In today’s issue:
The crypto market is slightly up with its total market cap inching close to at ~$900 billion. Synthetix (SNX) is the best performer in the top 100 in the past 7-d. High global yields are causing stress to housing markets across the world.
In other news, Magic Eden raised $130M, Uniswap acquires NFT marketplace “Genie”, and Binance US aims for a $50M raise.
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
⎆Magic Eden Raised $130M
Solana NFT marketplace Magic Eden raised a $130M Series B round at a $1.6 billion valuation led by Electric Capital and Greylock. The firm plans to use the capital to explore multichain opportunities, citing that NFT is the best way to bring users onto the blockchain.
⎆Uniswap Acquires NFT Marketplace “Genie”
Leading decentralized exchange Uniswap has acquired NFT marketplace and aggregator Genie. This move makes sense as Uniswap becomes more vertically integrated, offering a full-stack experience for its users.
Uniswap is arguably one of the only on-chain products in the crypto space that has genuine demand and moat without giving out tokens to growth hack its user base. It makes sense for them to tap into other areas with their war chest, especially towards similar categories such as an NFT marketplace.
⎆Binance US Aims for a $50M Raise
The US arm of the world’s largest crypto exchange, Binance, is reportedly gaming a $50M raise at a $4.5 billion valuation. The raise will be an extension of its previous $200M seed round raise, and will target “strategic partners”.
It seems like Binance is making sure that its US arm has enough war chest to withstand the macroeconomic downturn which is affecting private markets. Additionally, it makes sense for them to target strategic partners, especially on the regulatory side, given how much scrutiny Binance Global has experienced from US regulators.
👨🏻💻Decentralized Finance (DeFi)
JustLend Suspends the Supply Mining of TRX
Cardano Developers Delay Vasil Upgrade, Citing Bugs
Tether to Launch GBPT Stablecoin Pegged to British Pound Sterling
Timeless Launches on Ethereum Mainnet
FRAXBP Proposal is Live
EMDX is now Live on Mainnet
PsyFinance v2 is Live
Oasis Earn is Live
Maple Provided $10M In Unsecured Loans To Babel Finance
Tower Fund and Teller Protocol Partnership Real Estate DeFi
🏛Governance - Active Proposals
Indexed - Return assets drained from FFF, CC10, DEFI5 (Pt. 1)
Indexed - Return assets drained from FFF, CC10, DEFI5 (Pt. 2)
Uniswap - Should the Uniswap community participate in the Protocol Guild Pilot?
🦮NFT & Metaverse
Doodles NFTs Announces Pharrell as Chief Brand Officer, Fundraise Led by Alexis Ohanian
Uniswap Acquires NFT Marketplace Aggregator Genie
sznsNFT Public Beta
TIME Partner with The Sandbox to build ‘TIME Square’ in the metaverse
DappRadar: GameFi Continues to Grow Despite Crypto Winter
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
OpenLeverage - Undisclosed $ of Strategic Investment by Binance Labs
Genie - Undisclosed $ of Acquisition by Uniswap
FalconX - $150M Series D
Roxe - $3.6B SPAC Deal
⚖️Regulatory Update
Bitpanda Is Now Regulated in Spain
Republicans Seek to Counter Effort to Curtail Crypto Mining
Crypto.com Scores Approval From Singapore Finance Regulators
Singapore Grants In-Principle Licenses to Crypto.com, Two Others
📚Noteworthy Reads
QCP Capital’s Thread on Market Update for 21 June 2022
Bitfinex’s Read on Bifinex Alpha
Evan Conrad’s Read on Where are all the crypto use cases?
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, or any other form of advice.