Crypto Three Things (5/19)
May 19, 2022
1) Argentina marches toward a crypto-native future despite pushback from central bank
Strict limits on how many pesos can be converted into currencies like the dollar have increasingly pushed savers towards cryptocurrencies.
After the recent volatility, Argentina’s Central Bank restricted financial institutions from offering any crypto services, opening opportunities for crypto exchanges to win market share.
Digital assets are particularly appealing to the younger generation seeking to protect their savings from surging inflation.
Titan’s Takeaway: The country has been battered by soaring inflation, currency exchange limits, and decades of distrust of banks. The attempt to protect the consumer from crypto could lead to the country falling behind in financial innovation.
2) Andressen Horowitz raises inaugural fund focused on the growing gaming ecosystem
The fund, Games Fund One, will invest in projects across the gaming industry including game studios, apps, and infrastructure.
A16z pointed to the growing importance of the Metaverse and believes the opportunity far exceeds the $300B game industry today.
Their announcement also highlighted the gaming industry’s leading innovation across user engagement, retention, and monetization.
Titan’s Takeaway: Gaming has undergone a huge transformation over the years to include interactive social experiences. As capital and talent continue to pour into gaming and the Metaverse, we see a long runway for growth for both public and private companies playing in the space.
3) Crypto wallet BitKeep closes $15M fundraising at a $100M valuation as it seeks to develop a cross-chain DAO”
Singapore-based BitKeep will use the funds to build a decentralized autonomous organization (DAO) to give ecosystem ownership to wallet holders.
This Series A fundraising round was led by Dragonfly Capital, with participation from KuCoin Ventures, SevenX, A&T Capital, Peak Capital, Matrixpor, and others.
n March, BitKeep announced its multi-chain wallet had reached $5M in transaction volume while its multi-chain swap hit $20M - half of Metamask’s all-time high of $40M.
Titan’s Takeaway: BitKeep boasts more than 150,000 daily active users and supports various blockchains such as Ethereum, Solana, and Polkadot. With its new product, the firm could very well become one of the leading Web3 gateways as it rises to the upper echelon of the decentralized multi-chain wallet providers.
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