Top Web3 Headlines from This Week 05.26.2023
Here are the top web3 stories from this week. Extra long this edition covering the prior two weeks activity.
Atlanta Event
Web3 Party and Pitchfest 5/31st
🗓️ Join me and a great judging panel for Web3 Party and Pitchfest at the Atlanta Blockchain Center. The event takes place on Wednesday, May 31st from 4–8PM. Free registration here.
Products
Several New Opportunities for Builders
🚀 Ripple buys Crypto custodian Metaco for $250MM. A group of Crypto firms set up a $50MM ecosystem fund for the Wormhole cross-chain messaging protocol. Solana is bringing an AI and Crypto program with $10MM in funding for startups. Foresight Ventures upped their web3 accelerator commitment to $10MM. The co-founder of Polygon announced a new web3 fellowship program. Alliance DAO revealed their new startup cohort. Sotheby’s auctioned off NFTs from bankrupt 3AC for $2.5MM. Popular NFT project Pudgy Penguins quickly sold out 20,000 toys.
Legal
More Challenges in the Crypto Sector
⚖️ The IRS has filed a claim for over $44 Billion against the FTX estate, which could potentially supersede individual depositors. U.S. DoJ charges CoinDeal leader with $45MM fraud. Gemini says DCG missed $630MM payment for failed Genesis DeFi lender. Reuters dropped a special report claiming that Binance co-mingled customers funds in the past, but Binance quickly issued a denial. Crypto traders hit with $15MM phishing scam. Montenegro initially was going to release Terraform founder Do Kwon on bail, but later thought better of the idea.
Capital Raised
Funding Bounces Back with Bigger Deals
💰 Sam Altman’s Worldcoin received $100MM in new capital. Auradine adds $81MM for blockchain infrastructure. Bitcoin financial services provider River closes $35MM funding. Bitcoin miner Cormint raises $30MM. Story Protocol gets $29.3MM for web3 tools. Web3 VC fund Red Beard Ventures announced a $25MM new fund.
Content
Lauren Feld of Collective Works
🎙️ Lauren Feld joined the GRTIQ podcast to discuss her career in web3 and her work today with the Women’s Collective and Indigo Collective. She shares great insights on the Crypto economy and has excellent advice for startups. We are proud to have Lauren on the W3 Studio selection team.
Diversity in Tech
Stories of Diverse Founders, VCs, and Builders
💪🏽 Softbank to invest $150MM in Black and Latinx-led startups. Atlanta’s 404DAO announced their first group of startups. TikTok pledges $1MM to Hispanic Heritage Foundation and Black Girl Ventures. Morehouse brings software partnership with Sage. Nex Cubed unveiled their Black accelerator participants. Meet the diverse cohort from the Square One Startup School at their online demo day here. Spotlight on Keith Wilson from Klearcoat Labs. Our venture studio non-profit W3 Studio is selling NFT membership passes here. Also, you can 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.*
