Friday, Jun 10th 2022

Crypto Three Things (6/10)

Commentary

"What you do speaks so loudly that I cannot hear what you say.”-Ralph Waldo Emerson

1) Felix Capital raises $600M for its fourth and biggest crypto fund: The London-based VC firm will aim to expand its exposure to Web3 by investing in digital lifestyle products and commerce-driven brands that tap leverage blockchain technology. According to a report from Galaxy Digital,  in the first quarter of 2022, VC firms invested over $10 billion in crypto startups, the largest quarterly investment in the crypto industry ever.  

Titan’s Takeaway: The inundation of capital in crypto startups comes amidst a time when crypto markets are trading nearly 50% below their peaks, a sign that there is still an overwhelming bull case long-term in the nascent market.

2) Bloomberg expands crypto data coverage by adding 40 new tokens: Bloomberg's terminal now boasts a total of 50 digital assets, helping institutional investors manage crypto portfolios. The terminal first introduced Bitcoin prices in 2013 and expanded its scope to 10 cryptocurrencies in 2018.

Titan’s Takeaway: For decades, the Bloomberg Terminal has been essential for many institutional money managers across asset classes, Titan included. For $24K/year, we'd hope you could track a few crypto prices as well.

3) Circle to buy digital asset infrastructure platform: Circle, who is the issuer of USDC, the second-largest stablecoin, now steps into the Web-3 “infrastructure-as-a-service” space with its acquisition of Tawain-based, Cybavo. The terms of the deal were undisclosed, but the acquisition follows Circle’s $400 million raise in April, with a portion of funding coming from BlackRock and Fidelity. 

Titan’s Takeaway: We've been waiting for a pickup in M&A activity in the space, and are constructive on vertically integrating Cybavo’s digital asset security with Circle’s robust peer-to-peer payment company.

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