🌲Sequoia Capital $600M Crypto Fund - TWJ #87
The Venture Capital juggernaut is stepping up its crypto game.
In today’s issue:
The crypto market is down with the global market cap sitting at ~$1.8-1.9 trillion. FRAX led the top 100 past 7-d performance. Global markets remain steady as investors are bracing for $2.2 trillion of options expiring today.
In other news, Sequoia launched a $600M crypto fund, Circle valued at $9B in a SPAC deal, and Terra’s Do Kwon ordered to comply with SEC subpoena.
We’re continually improving our content, please reach out if you have ideas or would like us to recap another segment of the market.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Sequoia Launched a $600M Crypto Fund
One of the world’s oldest, largest, and most notable venture capital firms, Sequoia Capital, has launched its $600M crypto-focused fund. The new fund will be much more directly involved with tokens rather than just investing in crypto-related companies’ equity deals.
⎆Circle Valued at $9B in a SPAC Deal
USDC stablecoin backer Circle is reportedly planning to go public in a SPAC deal at a valuation of $9 billion. Previously, the firm was valued at $4.5 billion in July 2021.
“The prior agreement was terminated as the two parties did not feel it would be possible to complete it by the April 3 deadline. The new agreement has an initial outside date of Dec. 8 this year, meaning either side can walk away if it's not complete by then”
⎆Terra’s Do Kwon Ordered to Comply With SEC Subpoena
In an ongoing legal battle with the SEC, a New York judge has ordered Do Kwon, the CEO of Terraform Labs to comply with the SEC’s subpoenas over its investigation in Terra’s Mirror Protocol. Mirror Protocol is a defi project that enables the buying and selling of synthetic US equities.
👨🏻💻Decentralized Finance (DeFi)
Influential Policy Body Warns that DeFi May Shake Global Financial System
Stablecoin Supply’s Steady Rise Shows ‘Increased Belief’ in Digital Assets
Ribbon Finance Launches in Solana
deBridge Lives on Mainnet
Interchain Accounts is the Biggest Upgrade to Cosmos Since Stargate
Avalanche Growth Sparks Third-Party Cross-Chain Bridges
Ethereum Founder Vitalik Buterin Touts Essay Collection in ETHDenver Talk
Dogecoin Core Developer Ross Nicoll to Step Away
BofA Says Chainlink Likely Driver for DeFi’s TVL Growth to $203B
🏛Governance - Active Proposals
Babylon Finance - BIP-11: Heart Bonding Program
Nouns DAO - Fund Nouns Foundation setup and 2022 operations
PoolTogether - PTIP-55: Extend Pool Emissions
🦮NFT & Metaverse
Monkey Business: Why Solana NFT Project SMB and Its DAO Are Battling Over Its Future
Sweep Mode is now Live on Gem
NBA Top Shot to Auction NFTs That Grant 5 Years of VIP Access
Blockchain Community Busts Alleged $20M NFT Drop Scam
ConsenSys Mesh NFT Marketplace Pays Royalties to Creators & Collectors
Music Major Universal to Develop NFT Fan Collection
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Ref Finance - $4.8M Unknown Round
Shade - $5M Unknown Round
Multis - $7M Unknown Round
Maverick Protocol - $8M Unknown Round
Fusotao Protocol - $2.4M Seed Round
The Graph - $205M Ecosystem Fund
Sequoia Capital - $600M Crypto Fund
Grease Monkey - Undisclosed $ of Acquisition by Animoca Brands
⚖️Regulatory Update
Spain’s Central Bank Licenses Bit2Me to Be First Crypto Services Provider
FBI Launches New Crypto Crimes Unit
Andrew Yang Launches DAO to Advocate for Web 3
Binance Halts Activities in Israel Following Regulator Intervention
UAE to Issue Crypto Licenses in Bid to Become Industry Hub: Report
Terra, CEO Do Kwon Ordered to Comply With SEC Subpoena
Singapore Currently has No Plans to Regulate NFTs
US Agencies Seized Around $30M of Crypto-Related to Ransomware
📚Noteworthy Reads
Michelle Bailhe’s Thread on Sequoia Crypto Update
Aisha Counts's Read on What VCs miss about SaaS revenue
Pantera Capital’s Read on The Next Mega-Trade
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.