Wednesday, Apr 27th 2022

Crypto Three Things (4/27)

Commentary

“Life shrinks or expands in proportion to one's courage.” —Anaïs Nin

1) 0x Labs raises $70M to accelerate the development of its decentralized exchange infrastructure. The company behind the 0x protocol closed its Series B financing round led by Greylock Partners, with participation from Pantera, OpenSea, Coinbase, LinkedIn co-founder Reid Hoffman, and actor Jared Leto. The fresh injection of capital comes on the heels of last week’s Coinbase NFT marketplace launch, which will be powered by the 0x protocol.

2) Grayscale sets its gaze on Europe, as it plans its international expansion across regulatory regimes. Grayscale’s overseas ambitions come at a time when the SEC is expected to decide on its relaunched bid to convert its Bitcoin Trust into a spot ETF. In Europe, there are more than 80 exchange-traded crypto products, including physically-backed ETFs, which could make Grayscale’s entry into the competitive market increasingly difficult.

3) Brazilian Senate greenlights a new ‘Bitcoin law,’ in what would be the nation’s first bill to govern crypto trading. The bill now heads to the Chamber of Deputies and then to President Jair Bolsonaro. If approved, it will set the stage for the introduction of a regulatory framework that will define crypto exchanges as “virtual service providers.” The bill is not expected to meet significant roadblocks on its way to becoming law, as the country has demonstrated an accommodative stance towards cryptocurrency. In this light, the digital asset industry could see elevated capital inflows, given Brazil’s economy boasts a GDP of ~$1.5T.

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