🐆Pantera Seeks $1.25 Billion for Fund II - TWJ #239
The faucet doesn't stop.
Hi folks,
In this write-up, we’ll unpack the US stablecoin bill and how it will impact the future of this trillions dollar industry.
Here are the quick takeaways:
The US stablecoin bill, if passed, will create a much more strict regulatory requirement, involving registration and banning endogenous collateralized stablecoins.
The important part is the registration aspect, which can create second-order effects for protocol-owned stablecoins.
A strong stablecoin industry will exacerbate the “dollar milkshake theory”.
It’s unrealistic to not expect any form of regulation, or expect lenient regulations, against stablecoins.
There will be a rise of non-USD peg stablecoins, that aim to stabilize value without pegging it to any FIAT currencies.
In today’s issue:
The crypto market is flat with its total market cap above ~$900 billion. Evmos (EVMOS) has been the worst performer in the top 100 in the past 7-d. US 10-y yields rose to above 4%, the highest level since the global financial crisis.
In other news, Pantera seeks $1.25 billion for fund II, FTX US President steps down, and SBF eyes Celsius assets.
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
⎆Pantera Seeks $1.25 Billion for Fund II
Pantera Capital, which was founded in 2013, is seeking $1.25 billion for a second blockchain fund.
The first blockchain fund launched in 2021 and targeted a $600 million raise. Earlier this year, Pantera announced it had secured more than $1 billion in commitments for the fund.
The firm plans to close the second blockchain fund in May, Morehead told Bloomberg. He is also looking to buy additional shares in some companies that Pantera’s already invested in since valuations have dropped.
⎆FTX US President Steps Down
Brett Harrison, the President of FTX US announced that he’s stepping down from the role and will be shifting into an advisory role over the next few months.
⎆SBF Eyes Celsius Assets
FTX owner SBF is reportedly eyeing the bankrupt lending firm, Celsius, digital assets. The firm is also reportedly seeking $1 billion from its existing investors to finance further acquisitions.
👨🏻💻Decentralized Finance (DeFi)
Ribbon Finance Launches Options Exchange on Ethereum
Solana VM on Celestia
Aloe Labs Introduces Aloe II
Aztec Launches Fully Private DCA
Qredo Launches Qredo Ventures
Safe to Offer Governance Token for SafeDAO
Klaytn Will Offer Gas Fee Rebates to Gaming Firms
Robinhood Releases Beta Version of Web3 Wallet to 10,000 Users
🏛Governance - Active Proposals
Aave - [ARC] Change Admin role of Optimism and Arbitrum V3 markets
🦮NFT & Metaverse
Optimism is Live on Opensea
Someone Borrowed $1.3M in Ethereum Using Mutant Ape NFTs as Collateral
Christie’s Goes Fully On-Chain With New Ethereum NFT Marketplace
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Tactic - $11M Unknown Round
Eclipse - $6M Pre-seed and $9M Seed Round
Krypton - $7M Seed Round
Space and Time - $20M Strategic Round
MPCH - $40M Series A
Strike - $80M Series B
Fasanara Capital - $350M VC Fund
⚖️Regulatory Update
CFTC Served Ooki DAO Papers
California Regulator Targets 11 Crypto Trading Desks
Powell, Lagarde Urge More Regulation for DeFi and Stablecoins
French Central Bank CBDC Projects Aim to Manage DeFi Liquidity
Japan to Toughen Remittance Rules to Fight Money Laundering Using Crypto
Thai SEC Sues 5 Entities for Creating Fake Volume Across 2 Crypto Exchanges
S. Korean Authorities Look to Freeze $67M Bitcoin Tied to Terra's Do Kwon
📚Noteworthy Reads
The Tie’s Thread on Avalanche Thesis
Jackchong.eth’s Thread on An Unreal Primer of RWA
Jarrid Tingle’S Thread on 7 Traits of Succesful Founders
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.