Top Web3 Headlines from This Week 06.09.2023
Here are the top web3 stories from this week. Extra long this edition covering the prior two weeks activity.
Legal
SEC Attacks Coinbase and Binance
⚖️ The SEC is coming hard for the biggest players in the Crypto industry. First, they sued number one global exchange Binance and their CEO Changpang Zhao. The SEC also made moves to freeze Binance assets worldwide. Next, they came after the leading US Crypto exchange Coinbase, suing them as well. 11 U.S. states followed with a Cease and Desist to get Coinbase to shut down its staking program. My view is that this is a positive for the industry. Binance and Coinbase have the resources to fight back against the SEC, and this is likely the best chance for the courts to resolve the question of what tokens are or are not securities.
In smaller news on the legal front, minority Vikings owner Fowler will spend 6+ years in jail for his massive Crypto fraud. $35MM was lost to hackers of the Atomic Crypto wallets. Tether founder Do Kwon appears to be back out on bail in Montenegro.
Products
Big Names Making Web3 Moves
🚀 Louis Vuitton announced a new NFT program selling exclusive collectables for $40K. EA Sports will bring Nike’s NFTs into their popular FIFA and Madden video games. JP Morgan is partnering with banks in India on an institutional blockchain project.
Capital Raised
Funding Continues Strong
💰 Two new Crypto funds with Tribe Capital at $100MM and Dispersion Capital at $40MM. Wallet maker Magic closed a $52MM funding led by PayPal Ventures. WaveBL got $26MM for blockchain billing. Crypto infrastructure firm Anoma Foundation added $25MM. Transak received $20MM for web3 payments. We also saw $10MM rounds for Tabi, Argus, and Illuvium. Finally, Chainalysis purchased data company Transpose.
Content
Gary Vee Talks VeeCon
🎙️ Gary Vaynerchuk joined the Chain Reaction podcast shortly after this year’s big VeeCon event wrapped in Indy. He went in depth on his conference and his NFT project VeeFriends. He shared his thoughts on building communities around NFTs and the future of the industry.
Diversity in Tech
Stories of Diverse Founders, VCs, and Builders
💪🏽 Morehouse received $1MM from JP Morgan to support Black entrepreneurship. NFT leader World of Women donates $15K to Tech Girls NYU. NFL vet and startup founder Ryan Mundy joined the Today show. 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.
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