Crypto Three Things (8/11)
Aug 11, 2022
“True terror is to wake up one morning and discover that your high school class is running the country.” -Kurt Vonnegut
1) Ethereum completes final test run: The Ethereum community celebrated its last dress rehearsal ahead of ETH’s most important upgrade. The Goerli test network simulated the shift to a proof-of-stake consensus – a process that will be executed on Ethereum’s main network in mid-September. The move will eliminate up to 99% of the blockchain’s carbon footprint as it will no longer be secured by mining.
Titan's Takeaway: After the successful and final testnet merge, the actual merge should help address one of the sharpest criticisms of crypto – the vast amounts of energy guzzled by the industry. And if ETH shifts towards greener methods of production, could crypto circles take aim at BTC next?
2) New crypto reporting rule for hedge funds: The Commodity Futures Trading Commission (CFTC) has voted to propose a joint rule with the Securities and Exchange Commission (SEC) that would require hedge funds with a net asset value of at least $500M to report cryptocurrency exposure. The proposal seeks to expand the scope of Form PF, a confidential reporting form that monitors stability risks among private funds, by adding "digital assets" as a new asset class.
Titan's Takeaway: Until digital assets fall into the right framework, joint regulations with the SEC and CFTC will continue to be hacked together. Regulators need to decide whether digital assets are commodities or securities once and for all.
3) LongHash Ventures unveils $100M fund: LongHash Ventures – a top Web3 investment firm for the Asian region – has launched its second fund and plans to pull in $100M by the end of 2022. The fund will support early-stage investments, from pre-seed to Series A, and will focus on multi-chain infrastructure for DeFi, NFTs, and the metaverse.
Titan's Takeaway: Despite a rocky few months in the crypto markets, VC funds have not lost their appetite for the emerging industry. In fact, this fresh fundraise demonstrates their continued investment and excitement for the future of Web3.
Cash Management
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