Chain Catcher Weekly | Tencent Invests in NFT Sector for the First Time; U.S. President Biden Signs Executive Order on Digital Assets
Bain Capital launches a $560 million crypto fund; Binance seeks to acquire traditional market business.Organized by: Linqi, Hu Tao, Chain Catcher
1. NFT Layer 2 Scaling Solution Immutable X Completes $200 Million Financing, Tencent Holdings Participates
On March 7, news from Reuters reported that the NFT layer 2 scaling solution Immutable X completed a $200 million financing round at a valuation of $2.5 billion, led by Temasek, with participation from Mirae Asset, ParaFi Capital, Declaration Partners, Tencent Holdings, and others.
It is reported that Immutable X is the first layer 2 scaling solution for NFTs on Ethereum, offering instant transaction confirmation, high transaction throughput, and zero gas fees, without compromising Ethereum's security. Last September, the project completed a $60 million financing round at a valuation of $410 million.
2. Bain Capital Launches $560 Million Crypto Fund, Focusing on Layer 1 Public Chains and Storage
On March 8, news emerged that veteran investment firm Bain Capital is launching a $560 million crypto fund, aiming to invest in about 30 companies over the next 2 to 3 years. The fundraising for the fund concluded last November, and it has already invested $100 million in over 10 projects.
The fund's investment areas include layer 1 blockchain networks (i.e., competitors to Ethereum) and storage.
3. Web3 Privacy System Espresso Systems Completes $32 Million Financing, Sequoia Capital Participates
On March 8, news reported that Web 3 application scaling and privacy system Espresso Systems completed a $32 million financing round, led by Greylock Partners and Electric Capital, with participation from Sequoia Capital, Blockchain Capital, and Slow Ventures.
It is reported that Espresso Systems is developing layer 1 blockchain infrastructure that provides fast, low-cost transactions by integrating proof-of-stake consensus protocols with zk rollup mechanisms. The project's Ethereum Configurable Asset Privacy (CAPE) smart contract application aims to provide customizable privacy for creators regarding sender and receiver addresses, as well as the quantity and type of assets held or moved. According to TechCrunch report, many core members of the project have backgrounds from Stanford University. (Source link)
On March 8, news reported that the Avalanche Foundation launched an incentive program worth up to $290 million (4 million AVAX) called "Avalanche Multiverse," aimed at accelerating the adoption and development of its subnet functionality. DeFi Kingdoms is the first project to receive rewards under the new Multiverse program.
At the same time, Ava Labs, the core developer of the Avalanche client, will collaborate with Aave Companies, Golden Tree Asset Management, Wintermute, Jump Crypto, Valkyrie, Securitize, and others to build the first horizontally integrated blockchain designed for institutional DeFi, featuring native KYC capabilities. (Source link)
5. Crypto Wallet App WalletConnect Completes $11 Million Series A Financing, USV and 1kx Lead
On March 9, news reported that the crypto wallet app WalletConnect completed an $11 million Series A financing round, co-led by Union Square Ventures and 1kx, with participation from Coinbase Ventures, Semantic Ventures, Zerion, and angel investors Alex Svanevik, Eric Conner, Arjun Bhuptani, Viktor Bunin, Mara Schmiedt, Anna Rose, and Ajit Tripathi.
It is reported that WalletConnect was founded in 2018 and has now integrated with over 100 wallets and more than 200 applications. The project is also developing a multi-protocol messaging network, involving direct messaging between wallet users and push notifications for on-chain and off-chain events from applications. (Source link)
6. U.S. President Biden to Sign Executive Order on Digital Assets to Maintain Technological Leadership
On March 9, news from the White House announced that President Biden will sign an executive order on ensuring responsible innovation in digital assets, marking the first comprehensive government approach to address risks and harness the potential benefits of digital assets and their underlying technologies.
The announcement pointed out that the rise of digital assets creates opportunities to strengthen the U.S. leadership in the global financial system and technological frontier, but also poses significant impacts on consumer protection, financial stability, national security, and climate risks. The U.S. must maintain technological leadership in this rapidly evolving field, support innovation, and mitigate risks faced by consumers, businesses, the broader financial system, and the climate.
7. Zhao Changpeng: Binance is Seeking to Acquire Businesses Operating in Traditional Markets, Such as Retail, E-commerce, and Gaming
On March 9, Binance founder Zhao Changpeng stated in an interview with the Financial Times that Binance is seeking to acquire businesses in the non-crypto industry that operate in traditional markets, such as retail, e-commerce, and gaming. Previously, the company announced the acquisition of a stake in Forbes magazine for $200 million.
However, Zhao also mentioned that he does not intend to turn Binance into a "conglomerate," but rather to help the company create infrastructure that integrates digital assets into existing industries, making the crypto industry larger. (Source link)
8. Electronic Agreement Signing Platform EthSign Completes $12 Million Seed Round Financing, Sequoia Capital India and Mirana Ventures Lead
On March 9, news reported that the electronic agreement signing platform EthSign completed a $12 million seed round financing, supported by all three divisions of Sequoia Capital: Sequoia Capital, Sequoia Capital India, and Sequoia Capital China. Sequoia Capital India and Mirana Ventures co-led the round, with participation from Amber Group, Circle Ventures, NGC Ventures, HashKey Group, Matrixport, and angel investors Balaji Srinivasan, Tegan Kline (The Graph), Sandeep Nailwal (Polygon), Sid Powell (Maple Finance), and Thomas Vu (Riot Games). (Source link)
9. Forbes to Issue Virtual Billionaire NFTs in April
On March 11, Forbes magazine announced that it will issue virtual billionaire NFTs in April. Users need to create an FTX US account, complete KYC, and prepare at least 0.25 ETH to participate in minting the NFTs, with Forbes subscribers guaranteed early access 48 hours in advance.
It is reported that this series of NFTs represents a fictional virtual investor with a vast theoretical investment portfolio, boasting a virtual asset net worth based on real-time pricing from the New York Stock Exchange, astonishing hobbies, and a quirky Forbes accessory that will rank daily on the upcoming Forbes virtual NFT billionaire leaderboard. (Source link)
10. Terraform Labs Donates 12 Million Luna to LFG, to be Burned for Minting UST
On March 11, Terra founder Do Kwon tweeted that Terraform Labs (TFL) donated an additional 12 million Luna to the Terra ecosystem non-profit organization LFG, which will be burned to mint UST, and will subsequently be used to increase LFG's reserves. Do Kwon stated that, at current prices, the UST reserves have increased by $1.2 billion. (Source link)
11. BAYC Parent Company Yuga Labs Announces Acquisition of CryptoPunks and Meebits
On March 12, news reported that Yuga Labs, the parent company of the NFT project Bored Ape Yacht Club (BAYC), officially announced the acquisition of CryptoPunks and Meebits. "This means we now own the brands, artistic copyrights, and other intellectual property for both collections, as well as 423 CryptoPunks and 1711 Meebits," the announcement stated. "The first thing we are doing is fully committing to the commercial rights of NFT holders."
According to Opensea data, the current floor prices for BAYC, CryptoPunks, and Meebits are 74 ETH, 74.2 ETH, and 6.18 ETH, respectively, with trading volumes in the past week ranking among the top four of all NFT collections. (Source link)
