The Friday Focus: Issue 24

Mar 11, 2022

Welcome to our Friday newsletter. Here you find the most exciting crypto content from the previous week - curated for you by us.

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Weekly happenings

On Wednesday, Joe Biden signed an executive order calling on the U.S. government to examine the risks and benefits of cryptocurrencies. The crypto industry was on edge before the executive order’s release, but it turned out to be highly welcomed, with some crypto executives comparing it to the government's wakeup to the potential of the commercial internet at the end of the 90s.

This week, massive capital raises pushed the valuations of several crypto companies to unicorn levels. Ethereum layer-2 developer StarkWare reached a $6B valuation, Ethereum NFT gaming startup Immutable hit a $2.5B valuation, and digital real estate platform Roofstock closed a funding round at a $1.9B valuation.

Several VC firms raised money to launch new crypto funds. Griffin Gaming Partners raise $750M, Bain Capital Ventures $560M, Bessemer $250M, and Cake DeFi $100M.

Capital is also being directed towards crypto infrastructure development. Avalanche commits $290M in AVAX to develop its gaming, DeFi, and NFT ecosystems. Crypto exchange Okcoin cooperates with Bitcoin development foundation Stacks and dedicates $165M to build a web3 ecosystem on Bitcoin.

Crypto exchange FTX relentlessly pursues its growth strategy, launching a new institutional unit and expanding into Europe. Binance is also hungry for growth, setting up a crypto payments provider and announcing its proceeding in acquiring non-crypto businesses after purchasing Forbes last month.

Crypto initiatives from tradfi companies continue. Goldman Sachs sells its clients exposure to Galaxy Digital's ETH fund, State Street plans to offer crypto custody, Santander launches loans backed by tokenized commodities, and Softbank plans to launch an NFT marketplace.

We also see some interesting initiatives on the NFT front, as VanEck launches a new crypto mining ETF and announces plans of another mining ETF that will invest in both crypto and gold miners.