What you need to know today in crypto and beyond July 29, 2021 Welcome to The Node.
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–Daniel Kuhn
Today's must-reads Top Shelf EU BACKED: London-based venture capital fund Fabric Ventures has closed a $130 million war chest for investing in early-stage blockchain firms. While a fund of this size is something of a rarity for the region, also notable is the first-time, $30 million check from the European Investment Fund – comprised of the European Investment Bank, the European Union and other financial institutions – to invest in digital assets.
BIG-FISH INVESTORS: Paxos, the firm powering PayPal’s crypto service, has received $300 million in Series D funding from a heavyweight list of investors including Bank of America, FTX, Peter Thiel’s Founders Fund and Coinbase Ventures. Oak HC/FT led the capital raise, which the company announced in late April at a valuation of $2.4 billion. Paxos has raised more than $540 million over multiple rounds.
DEFI/TRADFI: Uniswap's growth lead said the decentralized exchange is having low-level talks with PayPal, Robinhood and other fintech darlings, in a deleted video from the EthCC conference in Paris. "We're trying to put Uniswap and the rest of DeFi right there in those applications so that we can bring the dream of open, 100% uptime liquidity to the whole world," Uniswap's Ashleigh Schap said
NEW BILL: A bipartisan infrastructure bill in the U.S. Congress proposes to raise $28 billion from crypto investors by applying new information reporting requirements to exchanges and other parties. According to a draft copy of the bill shared with CoinDesk, any broker that transfers any digital assets would need to file a return under a modified information reporting regime.
–Helene Braun
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Overheard on CoinDesk TV Sound Bite “Somebody else investing money on your behalf is clearly a security, but for stablecoins you’re not expecting any price appreciation.”
A message from CoinDesk A Paradigm Shift in Mining The dynamic crypto mining industry has been even more active following China's crackdown. The global hashrate has largely shifted to North America, making the U.S. a key mining hub where institutions now take central stage.
In this sponsored webinar on Aug. 10, Foundry CEO Mike Coyler explains how this new demographic of miners has special requirements, which the company has been catering to through its rapidly growing Foundry USA Pool and other services. Register for free.
What others are writing... Off-Chain Signals
–D.K.
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Putting the news in perspective The Takeaway Cats Clog Ethereum Ethereum had another hairball, this time called “Stoner Cats.” Sales of the much-anticipated, star-studded animated series with a non-fungible token (NFT) tie-in resulted in losses of 344.6 ETH ($790,000) due to failed transactions at the show's launch on July 27, according to Dune Analytics.
–D.K.
Crypto State 2021: Middle East Even though many countries in the Middle East restrict or outright ban activities related to blockchain technology, the region is having its crypto moment. From Dubai’s first-of-its-kind Bitcoin Fund listing to the Bank of Israel’s trial of a digital shekel, interest is picking up in the region as crypto companies work closely with regulators in the Middle East and North Africa (MENA) to gain some clarity about oversight of digital currencies.
Join us as we jet-set through the Middle East on our #CryptoState2021 virtual tour and explore how different markets are thinking about crypto, their roadblocks and challenges, and crypto’s impact on the region. Register for the Crypto State: Middle East virtual tour on Aug. 11.
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