Issue #68

Market Overview

As of the time of writing (Monday 5pm), the total market cap of the crypto asset market is $US1.47T, up (0.1%) from last week.

Below is the weekly performance of the top crypto assets. 

News Headline Highlights

 Crypto Asset Project Updates

• Decentralised derivatives exchange dYdX lost $9m of its ~$22m insurance fund. Losses were realised during a volatile following liquidations in the Yearn Finance (YFI) market.
• Uniswap Labs publicly released an Andriod mobile wallet app with built-in swap capability on the Google Play store. The new app allows users to make swaps without the need for a separate web browser extension.
• Infura, a crypto infrastructure firm founded by Ethereum developer Consensys, is creating a "decentralised infrastructure network" to help protect against outages – with a "federated" group of partners including Microsoft and Tencent. Given Infura’s dominance, many consider it to be a single point of failure for crypto. The decentralisation of the network hopes to overcome this.

Regulation Station

• The US Securities and Exchange Commission (SEC) has (expectedly) deferred making a decision on whether to approve the first US exchange-traded fund that invests directly in Bitcoin, deferring filings from Franklin Templeton and Globe X.
• The New York State Department of Financial Services (NYDFS) has strengthened its guidelines for listing or de-listing cryptocurrencies in a move to beef up protections for crypto investors throughout the state.
• Turkey's planned crypto rules aim to regulate the crypto market through focusing on business licensing and consumer taxation.

The Weekly Deal Room

• Blockchain.com, a crypto exchange, raised $110m in a Series E led by Kingsway Capital.
• Fnality International, a fintech firm building tokenised currencies collateralised by cash held at central banks, raised $95m in a Series B co-led by Goldman Sachs and BNP Paribas.
• SuperState, a regulatory fintech company building compliant investment vehicles, raised $14m in a Series A co-led by CoinFund and Distributed Global.
• CFX Labs, a Solana based stablecoin remittance network, raised $9.5m in a Seed Round from Shima Capital, Decasonic, Antalpha and others.
• Modhaus, a web3 fan engagement platform for K-Pop, raised $8m in a Series A led by Sfermion.
• Taproot Wizards, a bitcoin NFT company, raised $7.5m in a private round led by Standard Crypto.
• Bazooka Tango, a zkEVM game, raised $5m in a private round led by Bitkraft Ventures.
• Kinto, a KYC Layer2 developer focused on financial services, raised $5m in a round co-led by Kyber Capital, Spartan Group and ParaFi Capital.
• Beoble, a web3 messaging platform, raised $2m in a pre-seed round led from DCG, Samsung Next, Hashkey and others.
• The Block, a leading crypto media company, had a majority stake acquired by Foresight Ventures.