‘Long Live 3AC Ventures’ 🤡

In today's edition: 🤑 3AC Ventures, 🤥 Court: SEC lied about Binance.US, 🫡 Chair Powell bullish on stablecoins?, and more!

June 22, 2023

What’s Poppin’?

by Samyuktha Sriram

The founders of bankrupt crypto hedge fund Three Arrows Capital (3AC) have launched a new firm called 3AC Ventures to invest in crypto projects.

Lawyers representing the crypto exchange pointed to a court transcript that shows the SEC conceding that it had no evidence customer funds were diverted offshore.

The Federal Reserve chair believes that the central bank should play a role in approving stablecoin issuance.

The cryptocurrency fund manager applied to list the Valkyrie Bitcoin Fund on the NASDAQ.

On the Pod…

Daily Bits…✍️✍️✍️

  • 🔄 Circle resumed purchasing U.S. Treasury bills as a reserve asset for its $28 billion USD Coin (USDC), managed by BlackRock, after getting rid of all holdings during last month's U.S. debt ceiling crisis.

  • 🏦 The Bank of International Settlements (BIS) presented a blueprint for a global "unified ledger" supporting CBDCs and tokenized assets, while critiquing crypto as a flawed system.

  • 📜 Ripple received in-principle approval from the Monetary Authority of Singapore for a Major Payments Institution License.

  • 💻 The Monetary Authority of Singapore, in collaboration with the IMF and several central banks, proposed common standards for retail payments using digital money, with Amazon and Grab participating in a pilot test.

  • 📈 MakerDAO increased its U.S. Treasury holdings by $700 million to boost the reserve backing its DAI stablecoin, raising the total to $1.2 billion.

  • 🤖 Polygon launched Polygon Copilot, an AI interface powered by OpenAI's ChatGPT, to support developers in creating decentralized apps on the Polygon blockchain.

  • 🕵️‍♀️ The German Intelligence Agency (BND) launched an NFT collection "Dogs of BND" as part of a blockchain-based treasure hunt aimed at recruiting new talent.

  • 🎨 Zora rolled out a Layer 2 blockchain network, secured by Ethereum and built on Optimism's tech stack, aimed at enhancing the NFT minting process by making it quicker, cost-effective, and more user-friendly.

The $$$ Corner…

  • 💡 Cosmos-based blockchain Neutron raised $10 million in a seed funding round led by Binance Labs and CoinFund, aimed at expanding its ecosystem.

  • 💸 DeFi infrastructure project Maverick Protocol secured $9 million in funding in a round led by Founders Fund.

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📈 Your Market Update 📉

  • BTC is up 4.4%, trading at $30,203

  • ETH is up 5.4%, trading at $1,909

  • BTC dominance: 47.84%

  • Crypto market cap: $1.23 trillion

*All data as of today, 6:40 am ET

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