Top Web3 Headlines from This Week 01.13.2023
Here are the top web3 stories from this week.
Launch of W3 Studio
My New Venture Studio is Open for Biz
🥳 I’m excited to share that this week we announced the launch of W3 Studio, a venture studio to help diverse founders in Atlanta build startups in web3. W3 Studio is a non-profit organization that will accept donations from corporations and individuals. These funds will be used for grants to startups to fund the launch of their first products. Get more details in the press release here. Know a company that might be a good Founding Partner? Email me please.
Market Challenges
Crypto Market Continues to Struggle
📉 More bad news across the industry this week. Coinbase settled with the State of NY for $100MM for know your customer violations. Gemini and Digital Currency Group are having a big public feud over the failed Genesis DeFi lending program. Genesis is also facing a Dept of Justice probe. Similarly, the NY AG accuses the founder of Celsius DeFi lender for fraud. Crypto payments leader Wyre is closing down. The brother of a Coinbase manager received a 10-month jail sentence for insider trading. The SEC is calling fraud on a $45MM project called CoinDeal. On the sort of positive side, bankrupt FTX recovered $5Bn in assets so far and the DoJ grabbed nearly $500MM in Robinhood shares previously owned by SBF.
Capital Raised
New Funding Rounds Announced
💰 With the new year kicking off, we are seeing new funding rounds announced. The big one was Abu Dhabi-based Venom Foundation launching their $1Bn web3 fund. CyberX got $15MM for their Crypto market maker. Easy Company raised $14.2MM for their social Crypto wallet.
Content
Erik Voorhees on the Bankless Podcast
🎙️ Erik Voorhees is a Crypto startup founder and a spicy follow on Twitter. He joined the Bankless podcast to recap 2022, discuss his crazy debate show with SBF, and drop predictions for 2023.
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