Monday, Apr 25th 2022

Crypto Three Things (4/25)

Commentary

"You can't fake passion." —Barbara Corcoran

1) Bitcoin-centric asset manager Grayscale makes a new SEC appeal to launch its ETF, following the recent approval of the Teucrium Bitcoin Futures Fund. Both funds would fall under the same regulatory framework: the Security and Exchange Act of 1934. The SEC, which is yet to approve a spot-based ETF, has said it will decide on Grayscale’s application by the end of July.

2) Stripe expands its crypto footprint, partnering with Twitter to pilot a stablecoin payout program. A select group of Twitter creators will be paid with USD Coin (USDC), with transactions occurring on the Polygon (MATIC) network, a Layer-2 blockchain with low fees and impressive speeds. The partnership is Stripe’s latest effort to make waves in the crypto space: the company previously abandoned BTC payments in 2018, but jumped back into crypto last year, helping FTX and Blockchain.com handle online payments.

3) Blockchain security unicorn CertiK raises $60M round led by SoftBank Vision Fund II and Tiger Global, as Web3 security remains paramount. CertiK provides smart contract audits and boasts clients including Aave, Polygon, and Binance Smart Chain. Blockchain security services are actively courting VC firms, in an effort to expand following recent high-profile Web3 and crypto hacks like the $600M Axie Infinity theft. With Web3 development kicking into higher gear, we expect cross-chain bridges and DeFi protocols to bolster resilient infrastructure so billion-dollar mistakes can be ruled out.

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