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After a rollercoaster year in 2023, Web3 venture funding is finding its footing again! According to Crunchbase, the second quarter of 2024 saw crypto ventures securing a solid $2 billion in financing.
Although the number of deals remains low, big wins like Monad Labs’ $225 million raise are brightening the outlook. 🎉 So, while the deal flow is sluggish and cautious, the Web3 world is slowly getting back on track! 🌐
Tokenizing the Future: How Real-World Assets are Boosting Web3
Real-world asset (RWA) tokenization is skyrocketing, with the market set to hit $2 trillion by 2030! Despite some early bumps, investors are seeing a whopping 213% return in the first half of 2024. 📈
Jason Dehni, CEO of Credbull, says institutional interest is heating up, thanks to the efficiencies and transparency tokenization brings. 🌟 However, he notes that clunky user interfaces are still a major hurdle, rating the current experience a "four" out of ten. Let's hope Web3 can smooth things out!
Exciting news! Our partner, Fireblocks, has just unveiled the "Fireblocks for Startups" toolkit, sparking massive excitement in the Web3 world! 🌐
As early-stage blockchain ventures surge, this comprehensive suite offers everything from treasury management to secure digital asset transfers, helping startups launch quickly and securely. 📈 With a 50% rise in startup users on their platform, Fireblocks proves that innovation and security go hand-in-hand. Let's watch these new ventures blaze a trail in the Web3 space! ✨
Galaxy Asset Management has raised a hefty $113 million for its new crypto venture fund, aiming to pump fresh capital into early-stage crypto startups. Led by billionaire Michael Novogratz, the Galaxy Ventures Fund I LP plans to invest in 30 companies, focusing on cryptocurrency software, infrastructure, and financial applications. 🌐
This fund could be a game-changer for emerging crypto projects, helping the next big crypto protocol take off! With blockchain set to revolutionize global transaction settlements, Galaxy is betting big on a blockchain-powered future. 🌟
The TON blockchain has introduced the W5 smart wallet, allowing gasless transactions using USDT and Notcoin. This upgrade simplifies onboarding, making it easier for users to engage with TON's ecosystem without needing to acquire Toncoin first. 💼
With the ability to handle up to 255 transactions at once, the W5 wallet is set to enhance user experience and accessibility.
As TON climbs to become the 10th-largest blockchain by total value locked, it's clear that these innovations are paving the way for a more user-friendly Web3 future! 🔗
Latvia is making waves in the tech world with its new "Crypto Asset Services Law," aiming to boost its economy and become a hub for blockchain innovation. Minister of Economics, Viktors Valainis, highlighted how this law provides crucial legal clarity, expected to stimulate economic activity by 25% and expand the fintech workforce. ✨
Latvia's proactive approach includes allowing tax payments with crypto and fostering partnerships, like the one between the Latvian Blockchain Association and Magnetiq Bank.
With significant investments in digitalization and a new National AI Center, Latvia is gearing up to double its economy by 2035, leading the charge in digital transformation! 💡
After a decade-long wait, Bitstamp has begun repaying Mt. Gox creditors, bringing long-overdue relief to those affected by the infamous 2014 hack. The cryptocurrency exchange received a significant transfer of Bitcoin, Bitcoin Cash, and Ether from Mt. Gox trustees, initiating the repayment process on July 25. 🎉
Creditor assets will undergo security checks before full control is granted, expected within a week. While UK users must wait a few more months, many creditors will find their assets have appreciated significantly since the collapse, potentially leading to substantial profits. 📈 Despite initial concerns, there appears to be no significant sell-off pressure impacting Bitcoin's market.
Marathon Digital Holdings, the world's largest Bitcoin miner, just bought $100 million worth of Bitcoin and plans to "full HODL" — hold on for dear life! Despite a dip in Bitcoin prices, Marathon is betting big on Bitcoin's long-term value by not selling any of its mined BTC in June. 📈
With their total holdings now over 20,000 BTC, valued at more than $1.28 billion, Marathon is doubling down on its strategy of holding Bitcoin as a strategic treasury reserve asset. 🏦
BitcoinOS (BOS) has successfully verified the first zero-knowledge (ZK) proof on Bitcoin's mainnet, signaling a revolutionary step for Bitcoin beyond digital gold. 🥇
This breakthrough allows for decentralized applications on Bitcoin, putting it in direct competition with Ethereum and Solana. With this innovation, Bitcoin can now support near-trustless bridges and complex transactions, enabling DAOs, DeFi, and much more. It's a giant leap, turning Bitcoin into a versatile operating system! 💻
University of Wyoming Launches Bitcoin Research Institute 🎓
The University of Wyoming is opening the UW Bitcoin Research Institute this August, aiming to improve the quality of Bitcoin research. 🧠
Led by Bitcoin advocate and Associate Professor Bradley Rettler, the institute will focus on producing high-quality, peer-reviewed studies to inform the public about Bitcoin's intricacies.
The institute plans to host seminars, summer workshops, and offer academic prizes, while also accepting Bitcoin donations to support its mission. This initiative promises to elevate Bitcoin's academic presence and credibility! 📚
Bitcoin is on the edge of a significant price breakout as open interest hits a record $39.4 billion, signaling heightened investor demand and liquidity. 📈 This surge, coupled with Bitcoin nearing the $70,000 mark, suggests a bullish trend ahead. Analyst "Titan of Crypto" even predicts Bitcoin could reach $110,000 soon. 🔮
With positive sentiment driven by US political figures supporting Bitcoin and expectations of a Federal Reserve rate cut, the market is buzzing with excitement. Plus, Ethereum ETFs are seeing massive inflows, adding to the overall positive crypto outlook. 🔗
Meanwhile, the NFT market shows resilience with increased transaction volumes, despite lower sales figures. It’s a dynamic time for digital assets! 🖼️
As the 2024 election nears, Vice President Kamala Harris’s team is making moves to repair strained relations with the crypto industry. Harris's advisers have reached out to major crypto companies like Coinbase, Circle, and Ripple Labs, aiming to foster a more constructive dialogue and establish a supportive regulatory framework. 💬
This comes amidst growing support for her rival, Donald Trump, who has been vocal about his pro-crypto stance. By emphasizing a pro-business approach, Harris seeks to reshape the perception of the Democratic Party among business leaders. 🌐
The initiative highlights the increasing importance of the crypto sector in US politics, with both sides vying for support from this influential industry.
In a bold move, Senator Cynthia Lummis has introduced a bill proposing that the US government buy 5% of the world’s Bitcoin supply. Speaking at the Bitcoin 2024 conference, Lummis declared this could reduce national debt and be a strategic financial asset. 📈
The plan involves acquiring one million Bitcoin over five years, storing them in diverse vaults. Lummis’s initiative is part of a broader effort to integrate Bitcoin into the US economy and counter President Biden’s crypto policies. With this, she hopes to position the US as a leader in the crypto space. 🚀🇺🇸
Presidential candidate Robert F. Kennedy Jr. has big plans for Bitcoin, envisioning it as a cornerstone for revitalizing the US economy. At the Bitcoin 2024 conference, he pledged to sign executive orders to create a Bitcoin reserve, transferring 204,000 BTC to the Federal Reserve and purchasing 500 BTC daily until the reserve hits four million. 💲
Kennedy believes this move would position the US as a global leader, driving financial stability and reducing inflation.
He also proposed making Bitcoin transactions nontaxable and backing pUS Treasury assets with Bitcoin and precious metals. 💵 His vision includes restoring economic freedom and preventing wars funded by fiat currency.
Jersey City’s Mayor Steven Fulop has announced plans to allocate part of the city’s pension fund to Bitcoin ETFs, showcasing his long-time belief in crypto. 🔗
In a recent post, he revealed that the pension fund is updating its SEC paperwork to include this new investment, aiming for a similar 2% allocation as seen in Wisconsin’s Pension Fund. Fulop emphasized the transformative potential of blockchain technology, comparing it to the internet's impact. 🌐
This move positions Jersey City alongside Wisconsin as pioneers in integrating crypto into public pension funds.
In a powerful announcement at the Bitcoin 2024 conference, Howard Lutnick, CEO of Cantor Fitzgerald, revealed a new $2 billion Bitcoin financing business. Lutnick expressed unwavering support for the crypto community, sharing plans to offer leverage to Bitcoin holders. 💪
This move positions Cantor Fitzgerald as a major player in integrating Bitcoin into global finance, signaling a bullish trend for the market. 🌎 The financial giant’s entry into Bitcoin lending is set to inspire confidence and potentially lead other institutions to follow suit.
At the Bitcoin 2024 conference in Nashville, Anthony Scaramucci confidently predicted that Bitcoin's market cap will overtake gold's, which currently sits around $15-16 trillion. 💎
The SkyBridge Capital founder argues that Bitcoin, as an asset class, is even better than gold and will reach a higher market cap in the next decade.
Scaramucci also highlighted the growing adoption of Bitcoin by pension funds and corporations, noting that entities like Wisconsin's state pension fund and Japan's Government Pension Investment Fund are beginning to invest in Bitcoin. 🏦
With this trend, Bitcoin's influence in the financial world is set to grow even more! 📊
The recent OP_CAT upgrade on the Bitcoin network is generating a buzz among developers, reigniting interest in building applications on Bitcoin. 💻
At the Bitcoin 2024 event, Bioniq CEO Bob Bodily highlighted how this upgrade could restore functionality removed by Satoshi Nakamoto in 2010, potentially enabling smart contracts on Bitcoin.
Bioniq, a marketplace for Bitcoin NFTs called Ordinals, has seen a surge in developer enthusiasm, with many believing that OP_CAT and Bitcoin Improvement Proposal 420 will lead to significant advancements. 🌟
Despite some conservative resistance, Bodily and others see this as a low-risk opportunity to enhance Bitcoin’s capabilities and scalability.🔍
bitFlyer Holdings has acquired FTX Japan, planning to launch crypto-based exchange-traded funds (ETFs). 🏦
This move brings Japan closer to its first crypto ETF, with bitFlyer aiming to provide secure crypto custody solutions for institutional investors.
The acquisition could significantly impact the Japanese crypto market, potentially mirroring the US's surge in institutional investments following Bitcoin ETFs. 📈
With partnerships like Franklin Templeton and SBI Holdings also exploring crypto ETFs, Japan’s crypto landscape is set for exciting developments! 🚀
Pixelverse co-founder Kori Leon has voiced disappointment with the current state of blockchain gaming, noting that despite hefty funding, many games have failed to deliver engaging gameplay. 💔
Leon highlights the gap between high expectations and actual player interest, emphasizing the need for community and culture in Web3 projects. Pixelverse, with its 50 million players on Pixeltap, aims to build a strong user base without unrealistic promises. 🕹️
Meanwhile, industry experts remain optimistic, believing that with time, truly groundbreaking games will emerge from dedicated blockchains. ⏳
Cardano is ready to roll out the Chang hard fork, marking the first phase of its transition to decentralized governance in the Voltaire era. 🔄
The latest node validator software, Node 9.1.0, has been released, requiring the Conway Genesis file for mainnet crossover. With 11% of validators already upgraded, the hard fork will proceed once 70% have made the switch. 🖥️
This upgrade aims to establish on-chain governance, giving ADA holders and stake pool operators a significant role in decision-making. The Chang hard fork promises to bring substantial changes to the Cardano ecosystem, paving the way for true decentralization. 🌟
Ferrari is set to extend its cryptocurrency payment system to Europe, following a successful launch in the US. 🌍
Starting in late July 2024, European Ferrari dealers will accept crypto payments, with around 60% already on board. Customers can use Bitcoin, Ether, and USDC to purchase their dream cars, with payments converted directly to local currency, ensuring a smooth process for dealers. 🏎️
This move showcases Ferrari’s innovative approach, integrating modern payment methods while expanding its global market presence. 🌟
AI Revolution Report 📰
ChatGPT has announced the launch of SearchGPT, an AI-powered search engine prototype designed to rival Google. 🌐 This innovative tool promises a more intuitive and interactive search experience, allowing users to ask follow-up questions to refine their searches, much like a conversation with ChatGPT.
Initially available to a small group for feedback, SearchGPT aims to deliver fast answers with clear, relevant sources and more visual results. 📚 OpenAI plans to integrate the best features of this prototype directly into ChatGPT in the future. Stay tuned for a smarter way to search! 🤖
Researchers using Nvidia supercomputers have made significant strides toward developing a commercially viable quantum computer, specifically through quantum annealing systems. 🔬
These advancements, achieved using Nvidia's powerful GPUs, could revolutionize industries like finance and blockchain by solving complex optimization problems. Quantum computers operate on qubits, allowing them to perform far more intricate calculations than classical computers. 🔢
While there's still a long way to go, Nvidia's innovative approach is bringing the dream of quantum computing closer to reality, promising a future of unprecedented computational power. 🧠
Apple's much-anticipated AI upgrade, Apple Intelligence, might not roll out with the new iPhone 16 and iOS 18 in September. Instead, it’s likely to arrive a few weeks later in October, allowing developers extra time to fix potential bugs. 🐛
Despite this delay, Apple plans to release the beta versions of iOS 18.1 and iPadOS 18.1 to developers by the end of July. 📅
Apple Intelligence will introduce enhanced features like a smarter Siri, text and audio summarization, and custom graphic generation, all powered by OpenAI’s latest GPT-4o. Get ready for a more intelligent Apple experience! 🍏
Elon Musk's social media platform X is under scrutiny after reports emerged that users' data is being used to train its AI chatbot, Grok. 🧐 The Irish Data Protection Commission (DPC) is engaging with X to address concerns about this default setting, which allows posts and interactions to be used for AI training.
Users have been advised to turn off this setting to protect their privacy. Despite the controversy, Musk’s announcement of making Grok open-source received positive feedback from the community. 🔓 The situation highlights ongoing debates over data privacy and AI development. ⚖️
JPMorgan Chase has launched LLM Suite, a generative AI tool similar to ChatGPT, designed to assist its asset and wealth management division with tasks like writing, idea generation, and summarizing documents. 🧠
Described as a "research analyst" in an internal memo, LLM Suite aims to enhance productivity by integrating with other internal systems handling sensitive financial information. 📄
Initially rolled out to 15% of its workforce, this move underscores the growing reliance on AI in the finance industry, with a recent survey showing 61% of institutional traders view AI as the most impactful future technology. 💡
Hollywood video game performers, including voice actors and motion capture artists, are striking over concerns about AI "abuse" in the industry. 🎭
Starting July 26, the strike, led by SAG-AFTRA, highlights a failed 18-month negotiation with major game publishers like Activision and EA.
The union demands contracts that ensure AI-generated versions of their work can't be made without consent, but companies haven't fully agreed. 🚫 SAG-AFTRA insists on protecting performers' rights in an industry generating billions, stressing the need for fair compensation and informed consent for AI use. 📢
Google’s DeepMind has made impressive strides in mathematical reasoning with its AlphaProof and AlphaGeometry 2 AI models, achieving a silver-medal standard at the International Mathematical Olympiad. 🧠
These AI systems solved four out of six challenging problems, demonstrating advanced problem-solving and reasoning skills in complex mathematics. This milestone underscores the potential of AI in tackling intricate tasks that require creativity and intuition, marking a significant achievement in the field. 🔢 With continued development, these models promise even greater advancements in AI's mathematical capabilities. 📐
Nigeria has launched an initiative to train 1,000 citizens every year in cutting-edge technologies like AI and blockchain, aiming to position the country as a leader in digital innovation. 🇳🇬💡 Vice President Kashim Shettima emphasized that Nigeria is not just catching up but plans to surpass global economies with this program.
As part of this strategy, the government, in partnership with tech company Gluwa, will provide training and financial grants to support tech-driven enterprises. 📈 This initiative is a significant step towards building a robust tech ecosystem that will drive Nigeria's economic growth for decades to come. 🔋
That wraps up this week's Crypto Weekly Digest! 🆕
We hope you enjoyed the ride through the latest and greatest in crypto. Stay tuned for more thrilling updates next week. Until then, keep dreaming big and watching the crypto world sparkle! ✨ If you enjoyed this edition of newsletter, we invite you to check out the previous one for more exciting updates and insights 📝
