The Web3 arms race is coming up April 14-20, 2022
“Web3” used to be an empty industry buzzword describing the next iteration of the Internet. In 2022, Web3 is still an annoying buzzword, but at least the blockchain community is trying to give it some real use.
This week’s Crypto Biz newsletter features several large funding rounds dedicated to building the Web3 economy. After reading through the stories, you can decide if we’re actually getting closer to defining Web3. Oh, and remember all the fuss about Special Purpose Acquisition Companies or SPACs? A crypto-focused SPAC just completed an IPO on the Nasdaq, raising $115 million in the process.
Framework Ventures allocates half of $400 million fund to Web3 games
Do you remember the DeFi summer of 2020? Well, venture capitalists are gearing up for Web3 Summer 2022. That should help ease the crippling pain of Summer of Wyckoff 2021. Framework Ventures is expecting great things for space. This week, the venture firm announced it would invest $200 million of a new $400 million fund in Web3 gaming projects. Now for the hard part: how do they identify the next Axie Infinity? Framework was an early investor in Chainlink, Aave and The Graph, so it knows how to spot gems very early.
KuCoin-backed companies raise $100 million Web3 developer fund
I used to associate KuCoin with endless shitcoin listings, but the exchange is way bigger than I thought. In addition to having its own venture arm, KuCoin is also launching a new NFT marketplace called Windvane. KuCoin Ventures and Windvane have jointly launched a $100 million “Creators Fund” to fund – you guessed it – Web3 projects. Technically, the Creators Fund wants to target NFT startups that contribute to the development of Web3. Projects at the interface of art, sport and game-fi are funded.
Crypto exchange CoinDCX raises $135 million in support of Indian Web3
With all the uncertainty surrounding India’s cryptocurrency laws, the country is emerging as a veritable hotbed for investing in digital assets. This week, local exchange CoinDCX became India’s first crypto-centric company to close a Series D funding round, raising $135 million to support various Web3 initiatives. Though it’s not entirely clear how the funds will be used, CEO Sumit Gupta said India has an opportunity to become a leader in the Web3 economy. Gupta also told local news outlets that Web3 will only complement India’s financial system.
Crypto-Focused SPAC Raises $115M in Nasdaq IPO
A SPAC called Aura FAT Projects Acquisition Corp recently launched its initial public offering (IPO) on the Nasdaq, raising $115 million with a focus on crypto industry assets. The IPO was actually oversubscribed by $15 million, which tells you everything you need to know about the institutional appetite for all things crypto. Aura FAT is targeting strategic acquisitions in the blockchain sector, focusing on Web3 (there it is again), digital ledger technology (DLT), e-gaming assets and crypto in general. Wait until you read about the SPAC’s geographic footprint.
Don’t miss our portfolio reveals!
What does your crypto pocket look like? In this week’s The Market Report, analysts at Cointelegraph revealed their crypto holdings. Full Disclosure: I am a hardcore bitcoiner because I believe Bitcoin (BTC) is the best monetary alternative we have in the age of fast-inflating fiat. But my fellow analysts Jordan Finneseth and Benton Yuan have a very different opinion. You can watch the full replay below.
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https://cointelegraph.com/news/crypto-biz-the-web3-arms-race-is-upon-us-apr-14-20-2022 The Web3 arms race is coming up April 14-20, 2022