Read in the Digest:
- El Salvador postpones Bitcoin bond launch, While Thailand bans crypto payments.
- Katie Haun launches $1.5 billion crypto fund, Yuga Labs raises $450M from a16z, and Qualcomm (NASDAQ:QCOM) launches $100M metaverse fund.
- Grayscale Investment launches fund for smart contract platforms.
- Crypto.com becomes World Cup sponsor, NFL teams can sign blockchain sponsorships.
El Salvador Postpones Bitcoin Bond Launch, While Thailand Bans Crypto Payments
The world was left disappointed as El Salvador announced the postponement of its much anticipated bitcoin-backed bond initially planned for last week. The $1 billion bonds for building a Bitcoin city could now be delayed until September 2022.
According to Finance Minister Alejandro Zelaya, the decision to postpone the bitcoin bond was made due to unfavorable market conditions. The Central American government intends to wait for more favorable conditions in the financial market before launching the bond.
Taking effect on April 1st, Thais will be unable to pay for goods and services using digital assets after its ban by the Securities and Exchange Commission (SEC). As a result, crypto exchanges and service providers will cease operating in Thailand from April 1st.
The decision aligns with the Bank of Thailand’s stance that it does not support crypto as a payment method. The SEC and the BOT have long been discussing the need to regulate crypto activities in the countries as it could impact the country’s financial stability.
Flipsider:
- While crypto has hit roadblocks in El Salvador and Thailand, Honduras is reportedly preparing to make Bitcoin a legal tender.
Katie Haun Launches $1.5 Billion Crypto Fund, Yuga Labs Raises $450M from a16z, and Qualcomm Launches $100M Metaverse Fund
Former Andreessen Horowitz (a16z) partner Katie Haun has successfully raised $1.5 billion – the largest debut fund ever raised by a solo female venture capitalist. The crypto fund seeks to focus on Web 3.0, the future of the internet.
The $1.5 billion raised for Haun Ventures will be shared between two funds. Early-stage investments will be allocated $500 million, while $1 billion is reserved for the acceleration fund for later-stage projects.
The firm behind the iconic Bored Ape Yacht Club NFT collection, Yuga Labs, has completed a $450 million funding round backed by a16z. The fund is expected to be used to establish an open Metaverse called ‘Otherside.’
Betting big on extended reality (XR), Qualcomm has launched a mammoth $100 million Metaverse fund. Qualcomm intends to use the fund to empower developers contributing to XR-backed gaming, media, and health reforms.
Flipsider:
- Professor of marketing at New York University Scott Galloway, has predicted that the metaverse as we know it today will ultimately fail.
Why You Should Care
As a seemingly unavoidable trend, megacorporations are beginning to make investments into the cryptocurrency industry.
Grayscale Investment Launches Fund for Smart Contract Platforms
The issuers of the largest Bitcoin fund, Grayscale Investment, have launched a new fund that allows investors to bet on popular smart contract platforms. This marks Grayscale’s 18th investment product.
The ‘Grayscale Smart Contract Platform Ex-Ethereum Fund’ trades under the ticker GSCPxE and will provide exposure to seven smart contract platforms. The products are weighted as follows.
- Cardano (ADA): 24.63%
- Solana (SOL): 24.27%
- Avalanche (AVAX): 16.96%
- Polkadot (DOT): 16.16%
- Polygon (MATIC): 9.65%
- Algorand (ALGO): 4.27%
- Stellar (XLM): 4.06%
Flipsider:
- Grayscale finally launched its smart contract funds after receiving several rejections from the SEC for a Spot ETF.
Why You Should Care
CEO of Grayscale Michael Sonnenshein emphasized that the fund was created because he believes investors want “diversified exposure” across the crypto market.
Crypto.com Becomes World Cup Sponsor, NFL Teams Can Sign Blockchain Sponsorships
Singapore-based crypto exchange, Crypto.com, has announced one of its biggest sports deals to date, becoming the official crypto sponsor of the 2022 FIFA world cup, scheduled to be held this in Qatar in Fall.
According to the announcement, Crypto.com will get branding exposure both within and outside of tournament’s stadiums. In addition, the exchange will “activate its official sponsorship” during the tournament “in many ways.”
In related crypto in sports news, the National Football League (NFL) has reversed its restriction on crypto. According to a memo released by the NFL, teams can now seek sponsorship from blockchain firms.
The NFL has placed a three-year maximum duration cap on sponsorships from blockchain companies to allow for “future flexibility“. It also hopes that the move will help the NFL advance with the technology.
Flipsider:
- Despite granting teams permission to seek partnerships, cryptocurrency promotions and fan tokens remain banned in the NFL.
Why You Should Care
Thanks to its massive viewership, the sports industry is becoming a major driving force for the mainstream adoption of crypto.
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