The big news comes at the intersection of the venture capital and crypto ecosystems. Katie Haun is leaving a16z’s Crypto team to launch her own crypto firm. Katie joined the firm in 2018 after a career as a federal prosecutor for the Justice Department working on cyber crimes. She carries meaningful stature in the crypto community considering her close ties with Washington and the continued need for crypto firms to help educate and build alliances with regulators. One of the companies Katie works closely with, OpenSea, recently brought on tech veteran Brian Roberts as the company’s CFO. This news may hint at OpenSea’s desire to pursue a traditional IPO/direct listing route rather than turning the company into a community-driven DAO as competitor SuperRare did several months ago. Also in this corner of the world: Anchorage announced a $350M Series D financing at a $3B+ valuation with KKR leading the round while Bitcoin trading firm NYDIG raised $1B at a $7B valuation in what is believed to be the largest financing round size in crypto history. Venture capital funding for crypto companies continues to surge, with global venture capital investment in crypto companies nearing $30B for 2021, up from ~$7B last year. Probably nothing.
Square is changing its corporate name to Block Inc., signaling a push beyond the company’s main sales and payments products into businesses like music, cash transfers, and blockchain products. The company will continue to call its seller product Square, and the new corporate identity won’t lead to any organizational or ticker changes. New light was also shed on Facebook’s own rebranding – the company paid $60M for the exclusive rights to the name ‘Meta’ from a South Dakota regional bank. If you have any ‘meta’-related domains or social media handles sitting around, now is the time to test the market.
The world of NFTs also continues to evolve. Shopify is launching an app allowing merchants to mint, list, and sell their own branded NFTs while Nike announced its acquisition of RTFKT, a leading brand that makes virtual sneakers and wants to help deliver the next generation of collectibles. Bitwise announced the launch of their Blue-Chip NFT Index Fund which offers investors simple, index-based exposure to the most iconic digital art collections. The fund is currently available to accredited investors for private placement subscription with a $25,000 minimum investment; while still somewhat restrictive, this is a step in the direction of lowering the barrier for individuals to access blue-chip NFT exposure.
And finally, to keep us grounded, Senator Sherrod Brown, Chairman of the Senate Banking Committee, voiced concerns that lax oversight of stablecoins could result in a repeat of a financial crisis.
This is also a good place to plug the SVB Fintech team’s first State of Fintech Report, which highlights crypto as the fastest-growing vertical within fintech. Full stories/links below.
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Katie Haun is splitting off from a16z to launch her own crypto fund:
Former Lyft CFO Roberts Joins Crypto Startup OpenSea:
Venture Capital Funding for Crypto Companies Is Surging:
https: /www.nytimes.com/2021/12/01/business/dealbook/crypto-venture-capital.html
Crypto company Anchorage raises $350 million at $3 billion valuation:
Institutional Bitcoin Broker NYDIG Valued at $7B in Whopping $1B Funding Round:
Jack Dorsey’s Square to change its name to Block as it seeks to expand to new businesses like the blockchain:
https: /fortune.com/2021/12/02/square-name-change-block-blockchain-jack-dorsey-ceo-cryptocurrency/
Facebook Owner Pays $60 Million For ‘Meta’ Name Rights:
Sell NFTs on Shopify:
NIKE, Inc. Acquires RTFKT:
https: /news.nike.com/news/nike-acquires-rtfkt
Bitwise Launches Blue-Chip NFT Index Fund, Offering Broad Exposure to the Most Iconic Digital Art Collections:
Ohio’s Brown wants ‘specific’ rules for stablecoin, open-minded on crypto regulation:
State of Fintech, Q3 2021:
[Disclaimer: Any opinions expressed are solely my own and do not express the views or opinions of my employer. Because the information included in this newsletter is based on my personal opinion and experience, it should not be considered professional financial analysis or advice.]
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