Crypto Three Things (6/29)
Jun 29, 2022
1) KPMG steps into the Metaverse: The Big Four accounting firm announced the opening of a metaverse collaboration hub between its U.S. and Canadian offices. KPMG plans to invest $30M to prepare their employees and clients for potential opportunities in the growing Web3 space. The initiative aims to drive innovation and bring a new collaborative experience for both KPMG's staff and clients.
Titan’s Takeaway: A move into the metaverse makes sense for an innovation-driven, institutional firm like KPMG. In our eyes, it’s a chance to meaningfully strengthen both engagement and relationship building.
2) Crypto market data provider Kaiko raises $53M: The Paris based blockchain analytics firm, which serves institutions data from over 100 exchanges, closed its Series B fundraise on Tuesday. The round was led by Alibaba-backer Eight Roads with participation from Revaia, Point Nine, Alven, and others. Kaiko announced this round tripled its valuation (but was tight-lipped on exact figures).
Titan’s Takeaway: A tripled valuation as flows into the crypto space cool off is an achievement. While challenging, Kaiko’s mission to provide institutional data solutions carries the potential to bridge the gap between centralized and decentralized exchanges.
3) Axie Infinity’s bridge back online: Following the ~$600M DeFi hack three months ago, the Ronin bridge is finally live again. More importantly, developer Sky Mavis has fully reimbursed users’ funds by providing 117,600 ETH and 25.5M USDC. In April, the company compensated 46,000 ETH and raised $150M from Binance, a16z, and others.
Titan’s Takeaway: Functioning as the most successful NFT-based video game in terms of trading volume, Ronin is now faced with rebuilding and expanding its hold on the play-to-earn space. In the midst of crypto volatility, however, the bigger challenge will be the ability to win back user trust.
Cash Management
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