July 27, 2024
Weekly: Latest Updates and Insights
Ethereum ETFs Attract $107 Million in First Day of Flows: James Seyffart has reported that Ethereum ETFs garnered $107 million in inflows on their first full day of trading. This significant interest highlights the growing demand for Ethereum investment products in the cryptocurrency market.
U.S. Q2 GDP Grows 2.8%, Exceeding Expectations, as Inflation Cools: The United States has reported a preliminary annualized GDP growth rate of 2.8% for the second quarter, significantly surpassing expectations of 2.0% and up from a previous value of 1.4%. Additionally, the core PCE price index for the second quarter showed an annualized increase of 2.9%, slightly above the forecast of 2.7% and down from 3.7%, indicating that while economic growth is robust, inflation is easing, leaving expectations for a Federal Reserve interest rate cut in September unaffected.
Robert F. Kennedy Jr. Proposes Government Purchase of $615 Billion in Bitcoin: Robert F. Kennedy Jr. has proposed that the U.S. government should buy $615 billion worth of Bitcoin to bolster its reserves and support the cryptocurrency’s legitimacy. This initiative aims to position Bitcoin as a key asset in the nation’s financial strategy, reflecting a growing interest in digital currencies within mainstream politics.
Steven Fulop Discusses the Future of Crypto and Bitcoin’s Viability: Steven Fulop shared insights on X, expressing that the debate over whether cryptocurrency and Bitcoin are here to stay is largely settled. He emphasized the growing acceptance and integration of digital currencies into the financial landscape, indicating a positive outlook for their future.
Seven U.S. States Challenge SEC’s Crypto Overreach: Seven U.S. states, including Alabama, Alaska, Arizona, Arkansas, Kentucky, Indiana, and Oklahoma, have united in a legal battle against the U.S. Securities and Exchange Commission (SEC) over its alleged overreach into cryptocurrency regulation. The states argue that the SEC has exceeded its authority and is stifling innovation in the crypto industry.
Russian Lawmakers Legalize Bitcoin Mining and Crypto Payments for International Trade: The Russian State Duma has passed a bill legalizing Bitcoin mining and permitting the use of cryptocurrency for international trade, with the legislation expected to take effect on September 1, pending final approval. This move aims to address the challenges posed by international sanctions and regulatory constraints on Russian banks, while establishing a framework for mining regulation and compliance with tax laws.
Hong Kong Monetary Authority Announces Plans for Hong Kong Dollar Stablecoin: The Hong Kong Monetary Authority (HKMA) has revealed plans to develop a Hong Kong dollar-pegged stablecoin, known as e-HKD, to facilitate cross-border payments and trade settlement. This initiative aligns with Hong Kong’s goal of becoming a global hub for digital assets and represents a significant step in the adoption of central bank digital currencies (CBDCs) in the region.
Kraken CEO David Ripley Announces Successful Distribution of MtGox Funds: Kraken CEO David Ripley has announced that the exchange has successfully distributed Bitcoin and Bitcoin Cash from the MtGox estate back to creditors, nearly a decade after being selected by the Trustee to facilitate the investigation and return of client funds. Ripley expressed gratitude to the Trustee for preserving the value of the coins and to the Kraken community for their trust, reaffirming the exchange’s commitment to its mission of shaping a more financially free, secure and inclusive world.
Exploring Circle STARKs: Advancements in Zero-Knowledge Proofs: Vitalik Buterin discusses the evolution of STARK protocols, highlighting the transition to smaller fields for improved efficiency and speed in cryptographic proofs. The article focuses on Circle STARKs, a new construction designed to optimize performance while maintaining security, utilizing innovative techniques such as extension fields and polynomial evaluations to enhance the capabilities of zero-knowledge proof systems.
Fundraising
Binance Labs Invests in Pluto Studio for Web3 Game Development: Binance Labs has invested in Pluto Studio, the publishing platform for the Telegram-based Web3 game Catizen, to support its growth and development. This collaboration aims to leverage Binance’s resources to enhance community engagement and innovation within the Catizen ecosystem.
Monad Raises $100 Million with Liquid Staking Platform: Monad, a liquid staking platform, has secured a $100 million token valuation in its latest funding round. The platform aims to provide users with a seamless staking experience while maintaining liquidity, making it an attractive option for those looking to earn rewards on their crypto holdings.
Founders Fund Invests in Ethereum Layer 2 Startup Caldera: Founders Fund, co-founded by Peter Thiel, has participated in a funding round for Caldera, an Ethereum Layer 2 scaling solution. The investment highlights the growing interest in Layer 2 technologies that aim to improve the scalability and efficiency of the Ethereum network.
Founders Fund Invests $11 Million in Pudgy Penguins’ Parent Company Igloo: Founders Fund, led by Peter Thiel, has spearheaded an $11 million funding round for Igloo, Inc., the parent company of popular NFT collection Pudgy Penguins, to support the development of Cube Labs and Abstract, a new consumer-focused blockchain designed to drive mass adoption of cryptocurrency.
Franklin Templeton Invests $11 Million in Bitcoin Layer 2 Startup Bitlayer: Franklin Templeton, the issuer of a Bitcoin ETF, has led an $11 million Series A funding round into Bitlayer Labs, a Bitcoin layer 2 initiative, to support solutions that could generate yield opportunities for cryptocurrency holders and scale the Bitcoin network. This investment marks the first time an ETF-licensed entity has backed a Bitcoin infrastructure venture, underscoring the increasing interest and momentum from institutional players to address Bitcoin’s scalability challenges.
NPC Labs Secures $18M to Boost Web3 Gaming on Base Network: NPC Labs, a developer focused on building a GameFi ecosystem on the Base protocol, has raised $18 million in funding led by Pantera Capital to scale gaming on Base by acting as a core contributor to B3.fun, a Base gaming ecosystem, and developing accessible GameFi products for non-crypto native users.
Zircuit Secures Funding for Enhanced L2 Security with Major Investors: Zircuit has raised a Mainnet funding round with participation from notable investors including Binance Labs and Mirana Ventures, aiming to enhance its EVM-compatible ZK rollup with AI-enabled sequencer level security. This funding will support the growth of its ecosystem, which currently boasts over $2.9 billion in staked assets, as it prepares for the launch of its Mainnet Phase 1.
Network3 Raises $5 Million to Enhance Web3 AI Solutions: Network3, a Web3 AI firm, has secured $5 million in funding to advance its platform that integrates AI with decentralized technologies. The investment will support the development of tools aimed at improving user engagement and experience in the Web3 ecosystem.
DAOBase Secures $6 Million Funding to Enhance Smart Governance for DAOs: DAOBase has announced a successful $6 million funding round, featuring investments from notable firms like SevenX Ventures and AntAlpha Ventures, aimed at accelerating its AI-driven platform for decentralized autonomous organizations (DAOs). The funds will be used for product development and market expansion, enhancing DAO governance solutions and integrating advanced algorithms to help users make informed decisions.
Redpill AI Secures $5 Million in Seed Funding to Democratize AI Access: Redpill AI has successfully raised $5 million in a seed funding round led by Animoca Brands and DFG, aimed at democratizing access to advanced AI technologies. The platform operates as a permissionless LLM router network, facilitating seamless integration across various AI models and attracting additional investments from notable firms like JSquare, Hypersphere, and IOSG Ventures.
OpenSocial Protocol Raises $6 Million to Advance Decentralized Social Networking: OpenSocial Protocol has secured $6 million in funding from Framework Ventures and North Island Ventures to enhance its decentralized social networking platform. This investment will support the development of tools and features aimed at empowering users and fostering community engagement within the Web3 ecosystem.
Brevan Howard Digital Invests in Monad’s Liquid Staking Protocol Kintsu: Brevan Howard Digital has led a funding round for Monad’s liquid staking protocol, Kintsu, aimed at enhancing the staking experience for users. This investment reflects the growing interest in liquid staking solutions that provide flexibility and liquidity in the cryptocurrency market.
EtherFuse Secures Funding to Enhance Tokenization Solutions: EtherFuse has successfully raised funding that values the tokenization platform at $20 million, aimed at expanding its offerings in the blockchain space. The investment will support EtherFuse’s mission to simplify the tokenization process for various assets, enhancing accessibility and efficiency for users.
Nirvana Labs Raises $4 Million in Seed Funding Led by Castle Island Ventures and RW3 Ventures: Nirvana Labs has secured $4 million in a seed funding round led by Castle Island Ventures and RW3 Ventures to advance its Web3 cloud solutions. The funding will enable the firm to enhance its platform, focusing on providing decentralized infrastructure for developers and businesses in the blockchain space.
Assisterr Raises $17 Million in Pre-Seed Funding for Community-Owned AI: Assisterr has successfully raised $17 million in a pre-seed funding round to develop its Web3 AI platform aimed at enabling community ownership of artificial intelligence technologies. The investment will support the creation of tools that empower users to collaboratively build and govern AI applications.
Monad’s On-Chain Orderbook Exchange Kuru Secures Seed Funding: Kuru, an on-chain orderbook exchange developed by Monad, has raised seed funding to enhance its decentralized trading platform. The investment will support the expansion of Kuru’s offerings and contribute to the growth of the Monad ecosystem.
Multiple Network Completes $2 Million Seed Round at $30 Million Valuation: Multiple Network has successfully raised $2 million in a seed funding round, achieving a valuation of $30 million, with backing from investors including OKX Ventures and Youbi Capital. This funding will significantly advance the development of the DePIN ecosystem, allowing Multiple Network to expand its offerings and deliver innovative products for users.