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Home Tech

What Zuckerberg’s Money Can’t Buy

by kumornews
July 10, 2022
Reading Time: 8 mins read

Welcome assist to Chain Reaction.

Closing week, we looked at Solana’s smartphone and the post-Apple tech alternate. This week, we’re attempting at a web3 with out Large Tech.

To in discovering this on your inbox every Thursday, it’s worthwhile to subscribe on TechCrunch’s publication page.


no trillionaires allowed

Now not like other moonshot tech categories, it’s become more and more clear that there isn’t a colossal whitespace initiate for Large Tech in defining the future for crypto.

This week, Meta launched it will possible be shutting down its Novi crypto payments wallets in September. This pilot, which was as soon as handiest readily available in a couple geographies, was as soon as dazzling unparalleled the closing hurrah of the corporate’s broadly ambitious Diem stablecoin plans and leaves the corporate with out a clear route forward for a crypto play that expands previous its newest networks.

This failure was as soon as no shock, Meta has been a punching earn for regulators over the years and that has carried out out most aggressively within the gutting of their crypto ambitions — something that sooner or later ended in the selloff of its Diem resources and the exodus of its high expertise. Meta isn’t by myself, a lot of tech’s absolute top $1T+ market cap firms (or no lower than other folks that comprise been up there a couple of months within the past) comprise no longer made a blockchain play despite supreme positioning. For some firms, this is in a position to be ideological, but for others it’s clear that the regulatory dangers are too indicate for them to endanger their other income streams.

Comparing crypto to yet any other moonshot admire AR/VR, it’s clear the authorities most steadily has no thought programs to control net-native social networking firms whereas they’ve a dazzling stable thought of what they’re doing in relation to throwing monetary devices and autos into the top buckets. No longer having this moderately a lot of tech market enhance skill that the lows could continue to sink dazzling dang low for crypto hopes pinned on web3 ambitions. AR/VR has been in a dry spell for years but Meta has been spending the alternate thru the drought with out a clear focal point on indicate revenues, this isn’t an funding that GAFAM goes to be shedding in web3 anytime soon.

Whereas most within the crypto alternate aren’t going to weep over Meta’s lack of inclusion within the core toolkit of crypto, counting on the enough fortunes of monetary firms which will possible be totally offered into crypto by myself is why the newest flavor of crypto consolidation appears so chaotic. That is possible going to be a extremely stressed 12 months or more for the crypto alternate and the deep battle chests of the tip tech firms received’t invent lifestyles for them any more straightforward.


the newest pod

Closing week whereas I was as soon as away, you bought to hear from our talented colleague Jacquie Melinek. Effectively, she’s assist! Large shoutout to Jacquie, who subbed in whereas Lucas was as soon as out sick this week to encourage me unpack some extremely juicy but sophisticated subject matters, along with how all roads within the DeFi downturn appear to e book assist to the identical hedge fund.

Becoming a member of us as this week’s guest was as soon as surely one of the most most memorable founders I’ve met – Tux Pacific of crypto custodial startup Entropy. Pacific is a trans, anarchist cryptographer who raised $25 million in seed funding from a16z and other VCs closing month. They joined us to discuss what it’s pick to eradicate project capital as an anti-capitalist and what they suspect is execrable with how digital currencies are most steadily stored.

READ ALSO:  How To Build A Website For Small Business In Five Steps

Subscribe to Chain Reaction on Apple, Spotify or your different podcast platform of various to serve up with us every week.


note the cash

Where startup money is transferring within the crypto world:

  1. Echo3D raised $5.5 million for cloud storage and AR/VR streaming in a round led by Qualcomm Ventures.
  2. Web3 scaling protocol AltLayer closed a $7.2 million seed round with Polychain as lead investor.
  3. Crypto gaming agency Cauldron raised $6.6 million led by Cherry Ventures to invent the “Pixar of web3.”
  4. Binance Labs led a $3 million seed funding in Magic Square, a crypto app retailer.
  5. DeFi platform Increment Labs scored $1 million in seed funding led by Clear Labs.
  6. Crypto tax platform KoinX brought in $1.5 million from angel merchants along with Polygon’s Sandeep Nailwal.
  7. Gaming-centered layer two blockchain Oasys raised $20 million in funding from a non-public token sale to merchants along with Republic Capital and Crypto.com.
  8. DimensionX, a play-to-produce gaming agency, nabbed $3 million in a funding round led by Coatue.
  9. Klang Games nabbed $41 million led by Animoca Producers and Kingsway Capital for its Seed digital world.
  10. Singaporean metaverse startup Enjinstarter raked in $5 million from Upright World Ventures.

this week in web3

It’s Anita right here again, assist from per week out of divulge of industrial, throughout which I had a whereas to judge on the outlandish cognitive dissonance that appears to be unfolding all over web3. Valuations are attempting unhappy, crypto lenders are declaring monetary catastrophe on a attain-day-to-day basis and the total alternate is now value pretty one-third of what it was as soon as at its peak closing 12 months. But, as Washington Post columnist Sebastian Mallaby factors out, the identical monetary destiny has befallen a lot of different applied sciences that silent went on to remodel the realm thereafter.

Clearly, the jury is silent out on what exactly this downturn skill for crypto, but one thing is evident to me after I spy assist at this alternate’s newest, snappily upward push and fall. We in actuality haven’t “considered this sooner than,” as so many merchants and ecosystem people will comprise you ever think. Two predominant issues comprise modified from previous crypto downturns, and both stem from crypto going from a particular section hobby for eccentric folk to a mainstream, popular dinner desk topic.

Initially, crypto firms are far more interconnected now than they ever comprise been sooner than, resembling dilapidated finance in 2008. Sam Bankman-Fried is the novel Jamie Dimon, bailing other firms out left and proper. Crypto lender Celsius halting withdrawals closing month could presumably successfully comprise been the alternate’s Lehman Brothers second. I’m in a position to’t dispute I’m totally bowled over the crypto markets sobered up somewhat, but there are a dazzling different of parallels between tradfi’s handiest-known disaster and crypto’s newest calamities. Although the underlying expertise is right here to stay, it’s silent a defining catastrophe for the alternate – let’s no longer neglect, mortgage-backed securities and CLOs are very unparalleled silent around despite the carnage of 2008.

The second obliging difference I see between this crypto downturn and former such cases is that crypto pretty isn’t that quirky anymore. Its flow to the mainstream has brought a heavy dose of groupthink, evident from the trite, jargon-admire phrases we now hear repeated time and again. 

They dispute we’ve “considered this sooner than,” the smash is a “dark swan match,” but no longer to apprehension, “it’s silent early days.” Crypto will sooner or later attain “mass adoption” and “onboard the following billion users,” as prolonged as founders take care of at it due to the “the absolute top time to invent is throughout a downturn.” 

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I’m no longer asserting I’m a crypto OG. In point of truth, I handiest started following it very closely throughout these dreary lockdown days, when a lot of folk comprise been doing the identical. But I most steadily eradicate being unparalleled youthful, listening with curiosity and charm to a relative of mine who has a distaste for authority and an affinity for math deliver to me why blockchain could change the realm. It makes me surely feel somewhat nostalgic for when crypto was as soon as a residence stuffed with contrarians, outcasts and surely self reliant thinkers. To me, that’s the most attention-grabbing thing about this residence, so I dispute: let’s take care of crypto outlandish.


TC+ prognosis

Here’s a couple of of this week’s crypto prognosis it’s worthwhile to read on our subscription service TC+ (written by TC’s Jacquelyn Melinek): 

Crypto losses hit $670M in Q2, up 52% from 12 months-within the past length

The second quarter of 2022 was as soon as one for the books amid a tumultuous length of what I pick to name market insanity, and the evidence retains stacking up for the crypto markets. Q2 was as soon as fats of big crypto “losses” all around the web3 ecosystem, some 97% of which comprise been the final result of hacks, per a brand novel document. 

Crypto trading volume drops in India as extra taxes hit merchants

India’s authorities on July 1 applied a 1% tax deducted on the source (TDS) on every cryptocurrency alternate over 10,000 Indian rupees, or about $127. The legislation has handiest been in divulge a couple of days, but there’s already been a chilling attain on Indian digital asset marketplaces. The growing taxation could also assist as a extra roadblock for electorate attempting to alternate crypto as the functionality for monetary gains dwindles.

FTX coverage exec says its ‘priorities comprise no longer modified’ amid market insanity

As the crypto markets continue to pattern downward, the realm’s second-largest crypto alternate, FTX, stays undeterred. “Our priorities comprise no longer modified,” Build Wetjen, head of coverage and regulatory approach at FTX, urged TechCrunch. “Markets will cease what they cease, however the very fact is that the digital asset marketplace and digital asset ecosystem, we expect about, is right here to stay.”

The SEC rejected bitcoin residence ETFs again. Now what?

The U.S. Securities and Alternate Commission rejected Bitwise Asset Administration and Grayscale Investments’ applications for bitcoin residence ETFs. Quickly thereafter, Grayscale — surely one of the most largest digital asset managers, with around $20 billion in resources below management — filed a lawsuit in opposition to the SEC. But no longer each person is cheerful the lawsuit will whisk of their desire…

Valkyrie CEO says suing US SEC for a residence bitcoin ETF ‘isn’t at possibility of be triumphant’

“The SEC rejecting both Bitwise and Grayscale’s GBTC residence bitcoin ETF applications is below no circumstances stunning due to the it follows the identical precedent that other asset managers comprise continued,” Leah Wald, CEO of Valkyrie Investments, said in a Twitter thread. “Suing the SEC isn’t at possibility of be triumphant.” The SEC made clear in its response that it views the underlying holdings of futures versus residence as fundamentally diversified, in particular for the reason that weak trades on a regulated market whereas the latter is traded on unregulated markets, Ryan Shea, crypto economist at Trakx, said to TechCrunch.


Thanks for reading! And, again, to in discovering this on your inbox every Thursday, it’s worthwhile to subscribe on TechCrunch’s publication page.

Delight in a large weekend!

Lucas & Anita

Tags: Applearticlesbinance labsBitcoinBlockchaincauldronceoCherry VenturesCryptocryptocurrenciesDapper Labsdecentralizationentropyfinancefinancial technologyindiajamie dimonKingsway CapitalLeah WaldLehman BrothersmetamoneyQualcomm VenturesSam Bankman-FriedsmartphoneSpotifyTechnologyTrue Global VenturesU.S. Securities and Exchange CommissionVenture Capitalwashington-postweb3
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