Here are the top web3 stories from this week.
Products
Big Moves by Traditional Finance in Crypto
💸 Blackrock filed for a Bitcoin ETF product. Citadel and Fidelity back EDX Crypto exchange. Block launches integration with Coinbase. Additionally, Sotheby’s auctioned off NFTs held by bankrupt fund manager 3AC, with the top item clearing for over $5MM, and Nike brought their .Swoosh NFTs to the Fortnite game.
Capital Raised
Lighter Funding Week in Web3
💰 DREST raises GBP 15MM for fashion metaverse. Payments startup dtcpay adds $16.5MM. Crypto exchange Bit2Me raised $15MM to build outside the US. Neutron nets $10MM new funding for smart contract development. CleanSpark buys two Georgia Bitcoin miners for $9.3MM. Digital asset broker INX gets $5MM investment from Republic.
Legal
Regulatory Headlines Softer This Week
⚖️ Binance and the SEC agree to keep US Crypto keys onshore. France adds to Binance woes with money laundering investigation. Texas comes after Abra and its DeFi program. Terra founder Do Kwon hit with short jail sentence in Montenegro while Korean and US extradition progresses.
Content
Coinbase Founding Story
🎙️ CEO Brian Armstrong sat down with A16Z partner Sriram Krishnan to review the founding story of Coinbase. Lots of great details on how this business grew and obstacles they overcame along the way. Armstrong also addresses the regulatory environment and Coinbase’s approach.
Diversity in Tech
Stories of Diverse Founders, VCs, and Builders
💪🏽 Bank of America is committing $500MM to VCs supporting diverse founders. Black exec survey doesn’t show enough big corporate progress. Culture Genesis pledges $25MM funding for diverse creators. Jonathan Hessing from Keyspace Studio was my guest on the Diverse Web3 Builders podcast this week.
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