Issue #73

Market Overview

As of the time of writing (Monday 5pm), the total market cap of the crypto asset market is $US1.75T, up (7.7%) from last week.

Below is the weekly performance of the top crypto assets. 

News Headline Highlights

 Crypto Asset Project Updates

• Following its token’s 100% gain over the last month, the Solana network has also set records for new and active addresses on the network.
• Bitcoin fees hit a 20-month high as miner revenues spike form increased Ordinal inscriptions (NFT) activity. 
• Yuga Labs built a new contract, CryptoPunks721, to bring CryptoPunks from the past into the present. The new protocol provides a safe and efficient way to trade and custody the original NFT collection.

Regulation Station

• Hong Kong regulators, the Securities and Futures Commission (SFC) and Hong Kong Monetary Authority (HKMA), said in a joint statement that they are ready to consider applications for spot crypto exchange-traded funds.
• The largest US regulated crypto exchange, Coinbase, obtained registration with France's markets regulator, securing a virtual asset service provider (VASP) approval. The VASP registration will let the company offer custody of digital assets, buying or selling digital assets in legal tender and trading of digital assets against other digital assets.
• The second largest US stablecoin issuer, Circle, received a conditional DASP registration from the French Financial Markets Authority (AMF), based on the condition that we secure our EMI license as well for which we have applied.
• BarnBridge DAO, a DeFi protocol, and its founders, Tyler Ward and Troy Murray, will pay more than $1.7m in fines to the US Securities and Exchange Commission (SEC) for failing to register the offer and sale of cryptocurrencies. The SEC claimed that BarnBridge did not register the "offer and sale of structured crypto asset securities known as SMART Yield bonds."

The Weekly Deal Room

• Tres Finance, a Web3 tax services firm, raised $11m in a Series A led by Faction Ventures.
• Fiat Republic, a Banking-as-a-Service (BaaS) platform that bridges the gap between web3 and traditional banks, raised $7m in a Seed Round from Kraken Ventures, Fabric Ventures, Arca and others.
• Web3mine, a Web3 infrastructure firm, raised $6m in a Seed Round led by 1kx.
• Fyde Treasury Protocol, developers of liquid vaults that provide utility to treasury tokens, raised $3.2m in a Seed Round led by OP Capital.
• Formless, a decentralised network and digital space that empowers individuals to connect, create, collaborate, raised $2.2m in a pre-seed round from a16z, CSS and others.