Top Web3 Headlines from This Week 08.25.2023
Web3 Social Popping Off
😊 There is a new star app in the web3 ecosystem called Friend.Tech. It was launched two weeks ago and has rapidly hit 100K+ users. The basic concept is that users buys “keys” that function like shares (the original name) in our users. The price of the keys goes up the more people that purchase. Once you have a key, you can participate in holder only texting with the other user, many of whom are content creators. No huge names yet, just a few esports guys from FaZe Clan and Grayson Allen from the NBA. There have been comparisons to OnlyFans, but for now just text so not adult content yet. Friend.Tech is built on the new Layer-2 from Coinbase, called Base, bringing it even more buzz as the first big hit on that blockchain.
The app is a progressive web app, so basically just a website you pin to your iPhone home page. Right now, it’s still invite only, so shoot me a message if you want a code to try it out. Will this work or is it just a flash in the pan Crypto ponzi? Too early to say. Stay tuned for more. A few articles if you want to go deeper. Under the hood with Blockcrunch. Review from Coindesk. Some founder quotes from Decrypt.
Products
Coinbase Backs USDC Stablecoin
🚀 Coinbase purchased a stake on USDC stablecoin leader Circle. Solana announced a payment integration with Shopify. Magic Eden launched a $1MM Polygon NFT program. Securitize is buying Crypto asset manager Onramp. OpenSea disappoints the NFT market by softening their support for creator royalties.
Legal
Charges for Multiple Crypto Scams and More
⚖️ The U.S. Department of Justice charged the creators of Crypto mixer Tornado Cash with running a $1Bn money laundering scheme. A Crypto entrepreneur faces charges in Israel of running a $290MM scam. Former corrections officer charged with running a $620K Crypto fraud. Titan Global was charged by the SEC for misleading investors on potential returns on a Crypto strategy. Former OpenSea exec was sentenced to 3 months in prison for NFT insider trading. The founder of Crypto fund Blockchain Capital was the target of a $6.3MM hack.
Capital Raised
Light Funding Week in Crypto
💰 Vessel Capital announced their $55MM web3 VC fund. Bitcoin miner Nodal raises $13MM with novel strategy to use waste for energy. DeFi lender Maple Finance adds $5MM.
Atlanta Web3 Expo
New Event and Founder Opportunity
🗓️ W3 Studio has partnered with other leading Atlanta web3 organizations (Atlanta Blockchain Center, 404 DAO and Solidity ATL) on the Atlanta Web3 Expo event taking place on September 28th. You can register free to attend here. Also, web3 founders can apply for our pitch event and expo here.
Diversity in Tech
Stories of Diverse Founders, VCs, and Builders
💪🏽 Google for Startups announces their Women Founders Class of 2023. Round21’s Jasmine Maietta on Overpriced JPEGs podcast. Mosaic’s Manuel Maccou on the Bankless DAO podcast. Jordan Harold from Blackchain on the Diverse Web3 Builders show.
Our nonprofit W3 Studio is a 501c3 charitable organization. You can support us by donating or purchasing a digital membership pass here. Also, 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 weekly, please subscribe. I would also really appreciate if you could share this post with someone who is interested in learning about Crypto and web3.*
