Friday, Jun 3rd 2022

Crypto Three Things (6/3)

Commentary

“Whether you think you can, or you think you can't-you're right”-Henry Ford

1) New York State Senate passes a 2-year moratorium on Bitcoin mining: Lawmakers in New York passed a bill to ban any new bitcoin mining operations that use fossil fuels, though existing mining firms will be unaffected. The move addresses looming environmental concerns around crypto and now heads to the desk of Governor Kathy Hochul.

Titan’s Takeaway: Ironically, it is estimated that the sustainable energy mix of the bitcoin mining industry is 20% higher in New York than the global average. In our eyes, the increased regulatory scrutiny could discourage investment in the state and lead to harmful activity in other regions.

2) VC firm Canonical Crypto launches first fund backed by a16z execs: The $20M early-stage fund is already making moves, investing in projects that help make the transition from Web2 to Web3. The investment vehicle is backed by investors from 16z, FTX, and Coinbase Ventures, among others and is targeting investments ranging from $250K-$500K per project.

Titan’s Takeaway: This fund is the latest in a series of new investments zeroing in on the fast-emerging Web3 space. As fresh capital continues to pile, not even a bear market could dissuade institutions from participating in forward-looking crypto-centered fundraises.

3) Web3 developer Alchemy expands blockchain node infrastructure to Solana: The Supernode, Alchemy’s Web3 API, will allow Solana builders to scale product development. Popular Web3 apps such as 0x, Aave, OpenSea, and Nifty Gateway were built on Alchemy’s platform. However, Alchemy faces some heavy competition in the Solana ecosystem – other node infrastructure providers include QuickNode, Triton, and Syndica.

Titan’s Takeaway: This February, the company raised $200M in a Series C-1 round at a valuation of $10.2B. Alchemy is quickly gaining traction as a Web3 infrastructure player, and could evolve into a nice "pick and shovel" way to invest in Web3.

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