Top Web3 Headlines from This Week 03.17.2023

Here are the top web3 stories from this week.

Market Challenges

Another Crypto Bank Closed, and Stablecoin Gyrations

💣 Following the collapse of Silvergate last week, regulators closed Signature, another Crypto-friendly bank. Former Congressman Barney Frank called it a “Anti-Crypto Message” from bank regulators. Leading stablecoin USDC broke the buck over last weekend given their exposure to Silicon Valley Bank deposits. After the US government guaranteed SVB’s deposits, they regained their $1 price but challenges remain. Additionally, there was a $200MM hack of Crypto lender Euler Finance. Lastly, Meta shut down its NFT program for Instagram and Facebook.

Capital Raised

Capital Continues to Flow into Web3

💰 BitValue Capital announced a $100MM web3 VC fund, and Ark Invest raised $16.3MM as well. Digital fashion house DressX added $15MM. Violet got $15MM for Crypto trading exchange compliance. Wildxyz closed a $7MM raise for digital art. Crypto security tool startup Cubist brought in $7MM. Epic Games also said they have close to 20 web3 enabled games in the pipeline for their gaming store.

Content

Acquired Podcast Team on Crypto Investing

🎙️ Ben Gilbert and David Rosenthal host the popular Acquired podcast, and both are VC investors. The pair joined the Validated podcast to discuss their thoughts on investing in Crypto and web3 sector in this challenging market.

Diversity in Tech

Stories of Diverse Founders, VCs, and Builders

💪🏽 Amboy Street Ventures closed a $20MM fund for women’s health. Black Founders Matter Fund added Bank of America as an investor. Check out our list of pitch competitions, grant programs, and other founder resources here.

Follow me on LinkedIn for more frequent updates on web3.

*Thank you for reading this post. If you would like this directly to your Inbox twice a week, please subscribe. I would also really appreciate if you could share this post with someone who is interested in learning about Crypto and web3.*