Tuesday, Apr 19th 2022

Crypto Three Things (4/19)

Commentary

“He will win who knows when to fight and when not to fight.” —Sun Tzu

1) Terra’s stablecoin UST eclipses Binance’s BUSD, becoming the third-largest stablecoin, with a market cap of $17.6B. UST has been on a tear: adding more than 520% to its market valuation since last November, and advancing more than 15% over the past 30 days. The dollar-pegged crypto asset is now running behind USD Coin (USDC), valued at $50B, and the stablecoin giant Tether (USDT) worth just under $83B. Terra has been at the forefront of the crypto market expansion over the past year, and rightfully so—we’re excited about the growth of this ecosystem.

2) Louis Vuitton announces new NFT collection in its mobile app, as digital ownership and luxury sensibility continue to prove a happy match. “Louis: The Game,” launched in August 2021, is undergoing a revamp: besides collecting postcard NFTs, players can enjoy new quests and rewards, with the chance to qualify for an NFT raffle. To mint the unique tokens, Louis Vuitton has collaborated with Beeple’s startup Wenew Labs. Louis Vuitton joins Burberry, Dolce & Gabbana, and other high-end brands looking to capitalize on NFTs and other crypto trends.

3) India’s biggest crypto exchange CoinDCX raises $135M, at a valuation of $2.2B, becoming the highest-valued crypto firm in the country. The fundraising round was led by VC firms Pantera Capital and Steadview Capital Management; it was already backed by Coinbase Ventures. The very healthy funding round suggests that VCs are not turned off by a sideways-moving market: trading volumes in India have recently dropped due to payment providers not being able to process crypto transactions via the Unified Payments Interface, the country’s biggest online payments platform.

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