Top Web3 Headlines from This Week 03.10.2023
Here are the top web3 stories from this week.
Silvergate Bank Collapses
Leading Bank for Crypto Exchanges Fails
🏦 Silvergate Bank was a highflyer as one of the top banks serving Crypto exchanges. They were a key to converting USD currency into Crypto tokens. Their market cap ballooned to $10Bn at the peak in November 2021. With Crypto exchanges failing and regulators questioning their business strategy, the bank started a downward spiral. Depositors demanded cash, and the bank is no going to be liquidated. This is a big hit to the Crypto industry as only Signature Bank is left as a proponent. Read more here and here.
Capital Raised
Active Week for Funds and Startups
💰 Blockchain Founders Fund announces $75MM web3 fund. Fan token leader Chiliz establishes $50MM developer fund. The popular Bankless Podcast team opens a $35MM VC fund. Kresus closes $25MM funding for SuperApp. Crypto payroll startup Toku gets $20MM. Blockchain telecom Really adds $18MM.
Regulations
SEC Continues to Come for Crypto Industry
⚖️ The SEC is investigating Robinhood for the company’s custody of Crypto assets and the types of assets they are offering to customers. Further, the SEC shuts down a $100MM Crypto fraud in Miami, and the agency also charged Green United with running a $18MM Crypto mining scam.
Deals
Coinbase and Unity Make Moves
🚀 Gaming leader Unity is making moves in web3. Coinbase is buying One River, a Crypto asset manager. Coinbase is also offering a new Wallet-as-a-Service program to big businesses. Galaxy Digital finalizes $44MM purchase of Crypto custodian GK8. A bankruptcy judge approved the sale of Voyager to Binance, against the recommendation of the SEC to kill the deal.
Content
Hear from SEC Commission Peirce
🎙️ SEC Commissioner Peirce was on The Scoop podcast. In a wide ranging conversation, she discusses the SEC’s approach to the Crypto industry and the divisions within the SEC. Peirce is significantly more constructive on creating a regulatory framework with the industry then SEC leader Gensler, and she’s not shy to talk about it.
Diversity in Tech
Stories of Diverse Founders, VCs, and Builders
💪🏽 Macro gets $90MM funding for BIPOC content. Black-led FilmHedge adds $5MM Series A and $100MM debt line. Redefining women in tech commentary from Atlanta leader Christy Brown. Check out our list of pitch competitions, grant programs, and other founder resources here.
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