Crypto Three Things (6/24)
Jun 24, 2022
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1) Cristiano Ronaldo partners with Binance: The soccer superstar signed a multi-year contract to produce Ronaldo NFT collections released exclusively on Binance’s marketplace. The deal comes amidst significant layoffs in the crypto industry as institutions battle a bear market. Binance has escaped the slew of job cuts, even recently opening 2000 global positions for hire.
Titan’s Takeaway: Anytime you have the most followed person on Instagram as a partner, you are doing something right. In our eyes, Binance is showing both resolve and serious strength as the broader crypto industry struggles.
2) Solana Labs to develop a Web3 mobile phone: The blockchain infrastructure company will build a flagship Android device, Saga, integrated with Solana’s blockchain network. The smartphone will allow users to handle crypto transactions and manage NFTs and other digital-asset products. The release is expected in 2023.
Titan’s Takeaway: With everything going mobile, cryptocurrency is falling behind the curve as most bridges are on desktop or browser. Solana and its founder Anatoly Yakovenko could change that as they boast ambitions to become a trailblazer for mobile crypto.
3) Magic Eden boasts unicorn status after $130M fundraise: The NFT marketplace built on Solana closed its Series B funding round at a $1.6B valuation. The OpenSea competitor hosts most of the NFTs in the Solana market, and the new capital will help expand its ecosystem. Electric Capital and Greylock Partners led the raise.
Titan’s Takeaway: It took only nine months for Magic Eden to reach a shiny unicorn valuation. The fresh funding arrived just three months after the company’s $27M Series A round. All of those signs speak to the high profitability potential venture capitalists place in the NFT industry, and Magic Eden appears to tick those boxes.
Cash Management
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