Wednesday, May 18th 2022

Crypto Three Things (5/18)

Commentary

"Rules are not necessarily sacred, principles are." ― Franklin D. Roosevelt

1) Twitch co-founder secures funding for Web3 gaming and entertainment startup, Metatheory

  • Metatheory is building its flagship project, DuskBreakers, a sci-fi franchise with two minigames and have implemented a “play-to-mint” model.

  • DuskBreakers can be played through a browser or natively through the game launcher on their computers instead, a unique feature for a blockchain-based game.

  • CEO Kevin Lin raised a $24M Series A round led by Andreessen Horowitz, with participation from Pantera Capital, FTX Ventures, and others.

Titan’s Takeaway: Gaming NFTs have been a hot topic this year and are even considered by some to be the future of the entertainment industry. Further, blockchain play-to-earn games in parallel metaverses are increasingly noticed by traditional gaming companies, even more so following Microsoft’s $69B acquisition of gaming giant Activision Blizzard in January this year.

2) Smart contract security firm Certora raises $36M in Series B funding

  • Certora, an Israeli-based firm, provides smart contract security tools that help identify flaws before deploying code.

  • Certora supports all EVM-compatible blockchains, including Ethereum, Avalanche, Polygon, and Binance.

  • Jump Crypto led the capital raise with participation from Tiger Global, Galaxy Global, Electric Capital, Framework Ventures, and others.

Titan’s Takeaway: Developers' ability to detect smart contract errors before pushing code live could potentially save billions of dollars siphoned through infrastructure breaches. Robust infrastructure will be critical, and Certora reminds us of a classic “pick and shovels” approach to the crypto market.

3) SEC chair calls for unregistered crypto exchanges to “come in and register”

  • Securities and Exchange Commission chair Gary Gensler threatened to continue to bring enforcement and examination functions per Congress’ blessing.

  • Gensler believes it’s “quite clear” that most crypto projects should be classified as securities vs. commodities.

  • He aspires to create a novel registration and regulation process for crypto overseen by the SEC and the Commodities Future Trading Commission (CFTC).

Titan’s Takeaway: The lines have blurred for government organizations around who should be regulating certain players in the crypto ecosystem. We continue to welcome regulation to the crypto market and believe regulation should lead to more stability and institutional interest.

As of this writing, MSFT was a portfolio holding of Titan. This security may cease to be a portfolio holding at some point in the future.
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