Crypto Three Things (8/4)

Thursday, Aug 4th 2022

Commentary

Binance’s Yi He to head $7.5B VC arm, Gucci + Tiffany step further in cryptoland, Starbucks brewing a Web3 surprise

 “We tell ourselves stories in order to live.”- Joan Didion


1) Binance co-founder to lead $7.5B VC fund: The world’s biggest crypto exchange has tapped its co-founder Yi He to head Binance Labs, the firm’s venture capital division, overseeing $7.5B in assets. The investments will be directed toward crypto companies in the early stages of development.

Titan’s Takeaway: The sizable amount of assets rivals giant VC firm, Andreessen Horowitz. With the market moving sideways, many flatlining projects could use some dry powder to shift into a higher gear.

2) Luxury brands Gucci and Tiffany explore crypto: Digital assets received a warm welcome by high-end luxury brands Gucci and Tiffany despite cold winds whirling over the industry. Gucci became the first major fashion brand to accept ApeCoin for payment at select U.S. stores. Tiffany will be selling handcrafted CryptoPunk pendants modeled after the popular NFT collection. 

Titan’s Takeaway: The involvement of luxury brands in the NFT and Web3 space highlights the search for a new kind of relationship with the modern customer – one that is based on innovation and disruption and promises unique engagement.

3) Starbucks to reveal Web3 rewards program: The world-famous coffee chain is whipping up a new addition to its colorful and barista-bugging menu. Coffee-themed NFTs and other web3-based rewards will be unveiled at next month’s Starbucks Investor Day event. Chief executive Howard Schultz teased the upcoming updates as coffee-centered and innovative steps to create even more loyalty on the customers’ side.

Titan’s Takeaway: It seems the world’s biggest coffee house can’t help but tap into Web3 initiatives to stir client emotions and connect with them beyond tangible and tasteable means.



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