Here are the top web3 stories from this week.
Legal
Coinbase Goes on the Offensive
⚖️ Coinbase is suing the SEC, and the Crypto market loves it. The brief asks the court to compel the SEC to respond to its demand for clearer Crypto regulations. They included a list of 50 questions for “clarity and certainty regarding the regulatory treatment of digital asset securities." My take is this is great. There is no company I want fighting for this industry more than Coinbase. They are well funded, publicly traded, and have a thoughtful leader. You know who I’m rooting for here.
Capital Raised
More Mid to Small Deals This Week
💰 Crunchbase reported that web3 VC funding fell 82% from last year’s high Q1 levels. However, there were still 333 deals for $1.7Bn in Q1 2023. This week was led by $42MM to DeFi protocol Berachain. Metaverse experience startup XRSpace raised $25MM. Thetanuts Finance added $17MM for a Crypto options marketplace. Finally, two $10MM raises with Hard Yaka for wallet tech and Fluree for database management.
Products
Visa Making Moves in Web3
💳 Credit card leader Visa announced an “ambitious Crypto product roadmap” this week. They are looking to “drive mainstream adoption of public blockchain networks and stablecoin payments”. After initial reports that Binance would buy Voyager, the Crypto exchange scraps the deal citing negative regulatory environment in U.S. The Block reported on Dapper Labs failure to drive sales for the NFL All Day NFT program and the challenges this creates in sports digital collectible.
Content
A16Z on Web3 Marketing
🎙️ A16Z brought a friend from ConsenSys (MetaMask) onto their podcast to discuss marketing in the web3 space. They discuss what it takes to build an audience and a community in this down Crypto market.
Diversity in Tech
Stories of Diverse Founders, VCs, and Builders
💪🏽 Vesey Ventures, with three women leaders from AMEX, announced a $78MM fund to invest in early-stage FinTech. Atlanta’s Square One Startup School gets a spotlight feature and announces their new cohort of diverse startups. Our venture studio non-profit W3 Studio is selling NFT membership passes here. Also, you can check out our list of pitch competitions, grant programs, and other founder resources here.
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