White Star Capital Digital Asset Fund - newsletter #36
Announcing our Digital Asset Fund's $50m final close!
Announcing our Digital Asset Fund’s final close at $50m!
Amid market volatility, we’re extremely excited to formally announce our Digital Asset fund’s final closing, oversubscribed beyond the $50m hard cap! Thanks to all our limited partners who are part of this journey with us, and to the great entrepreneurs and teams we’ve backed to date at dfuse, Multis, Ledn, Paraswap, Rally, and Safello!
Beyond our fund, the past two weeks have been hectic across liquid crypto markets. While Elon Musk’s environmental concerns (which seem to since have been tempered as Musk went further “down the rabbithole”, see tweet below and our summary of Musk’s comments in the enterprise and institution section of this issue) sparked a first wave of selloffs, this move was then amplified by leverage being flushed out of the market ($10bn of liquidations in one day when prices first moved 30%+ intraday), and further downward pressure following developments in China where the government is incentivizing use of its CBDC over public crypto currencies with financial institutions and to curtail Bitcoin mining stemming from “dirty energy”.
Overall, such swings are far from atypical in crypto (see figure below). If anything, we note that the resilience exhibited in the markets is extremely impressive - in traditional markets, trading would be halted and liquidity would likely be injected by regulators under such circumstances… but crypto held up across the board, including DeFi!
Beyond liquid markets and prices, these past 2 weeks were filled with extremely positive developments: enterprises and institutions continue to embrace crypto for financial use cases and beyond, with Goldman Sachs notably “officially” recognizing the asset class, capital keeps coming into the space across early and growth rounds, and regulators continue to pragmatically provide clarity for the space while fostering innovation. Rain or shine, onwards!
🔦 Portfolio Spotlight
Paraswap blows through $1bn monthly volume for first time
Paraswap trading volumes are growing exponentially since the release of its V4, which continues to deliver the best prices and execution for decentralized finance traders. The project has already processed almost $1.7bn of volumes month to date!
Rally featured in Forbes
John Koetsier from Forbes covers creator coins for the publication, notably highlighting Rally, and featuring Bremner Morris, the community-appointed Rally CMO and CRO for Rally, and a former Patreon executive.
Alethea takes the first intelligent NFT (iNFT) to Sotheby’s
Our overall takeaway
Stay tuned for more existing announcements soon… this section is about to have some winder coverage 😉
🏦 Enterprises & Institutions
Bridgewater’s Ray Dalio discloses bitcoin holdings
Concerns about a looming global debt crisis have taken the world’s top hedge fund manager from doubting bitcoin to dabbling in it. Bridgewater Associates founder Ray Dalio said the dollar is on the verge of devaluation on a level last seen in 1971 and that China is threatening the greenback’s role as the world’s reserve currency. “Personally, I’d rather have bitcoin than a bond” in an inflationary scenario, Dalio said during an hour-long conversation with CoinDesk Chief Content Officer Michael J. Casey, after having volunteered “I have some bitcoin,” in the middle of the interview.
Bitcoin is officially a new asset class: Goldman Sachs
The time has come to take bitcoin way more seriously as an investable asset, says Goldman Sachs. "Bitcoin is now considered an investable asset. It has its own idiosyncratic risk, partly because it’s still relatively new and going through an adoption phase," said Mathew McDermott, Goldman Sachs' global head of digital assets, in a new piece of research. "And it doesn’t behave as one would intuitively expect relative to other assets given the analogy to digital gold; to date, it’s tended to be more aligned with risk-on assets. But clients and beyond are largely treating it as a new asset class, which is notable—it’s not often that we get to witness the emergence of a new asset class."
MoneyGram to allow bitcoin buying and selling across retail network
MoneyGram International will allow customers to buy and sell bitcoin for cash at 12,000 US retail locations through a partnership with Coinme. MoneyGram and Coinme will take 4% of customers’ transactions plus $2.75 in fees. Walmart-based MoneyGram locations will charge $2 more.
Brex adds bitcoin, ether rewards and is looking to gain crypto exposure
Brex, the San Francisco-based fintech firm, which was recently valued at $7.4bn, has expanded into the cryptocurrency sector through the launch of a crypto rewards program. Brex will allow its customers to redeem rewards points in either bitcoin or ether. The fintech firm is also eyeing exposure to cryptocurrency for itself.
Diem (formerly Libra) leaves Switzerland for US, announces plan to work with Silvergate on dollar-backed stablecoin
On May 12, the Diem Association announced that it was abandoning its plans to register with Swiss financial watchdog FINMA and will be returning to the US. In addition to the relocation, Diem says it will register with the US Financial Crimes Enforcement Network (FinCEN) and will partner with Silvergate Bank as an issuer for its long-awaited US dollar-backed stablecoin.
Steve Cohen's Point72 is poised to make a 'big' crypto market entrance
Point72, the hedge fund founded by billionaire Steve Cohen, is set to make a sizable entrance into the crypto market. Point72 — which managed as much as $22bn as recently as of April 1 — is said to be taking a very holistic approach to the $2tr crypto market, investing from both its venture capital arm, Point72 Ventures, and deploying long/short strategies on the hedge fund side. The fund is among several large investment firms currently eyeing the market.
Investment bank Cowen to Offer Crypto Custody Services Through $25m Stake in PolySign
Investment bank Cowen Inc. said it will offer crypto custody services to hedge funds and asset managers. The New York-based firm will provide custody services for cryptocurrencies and other digital assets in partnership with Standard Custody & Trust, a unit of digital asset infrastructure firm PolySign. As part of the agreement, Cowen took a $25m stake in PolySign as part of the PolySign's $53m series B funding round that Cowen led.
DBS launches bank-backed crypto trust service in Asia first
Singapore-based DBS Private Bank launches Asia’s first cryptocurrency trust service backed by a bank. DBS is offering its clients the ability to invest and manage up to four assets through the bank’s wholly-owned, licensed trust company DBS Trustee.
Tesla is no longer taking bitcoin payments for car purchases
Who can follow Elon? Even bitcoin cannot it seems. Indeed, in a full 180, Tesla CEO Elon Musk posted a tweet Wednesday evening announcing that Tesla will suspend vehicle purchases using bitcoin due to concerns over the environmental impact of the cryptocurrency. The rationale was poorly received by the crypto community, as 76% of miners use renewables as part of their energy mix, and 39% of mining comes from renewable sources.
Banking software provider Temenos brings crypto asset access to clients
Temenos, a provider of banking software, has teamed up with crypto firm Taurus to enable access to digital assets for clients. The two Switzerland-based firms will aim to “bridge the gap between traditional investments and digital assets”.
Bank of America joins Paxos's blockchain-based settlement network for equities
Bank of America, the second-largest bank in the US, has joined Paxos's blockchain-based settlement network for equities. The network will help Bank of America settle stock trades in minutes rather than days using blockchain technology. Paxos's solution is a private, permissioned blockchain network that allows two parties to settle securities trades with each other on the same day. Paxos launched the network in February 2020 after receiving a no-action relief from the U.S. Securities and Exchange Commission (SEC) in October 2019. Paxos also has plans to apply for a clearing agency registration with the SEC.
Fox is launching an NFT company and a blockchain-based animated series
Media and entertainment house Fox is launching a non-fungible token (NFT) company, Blockchain Creative Labs, and a blockchain-based animated series, "Krapopolis." Krapopolis is an upcoming comedy set created by Dan Harmon, who created the animated science fiction show Rick and Morty. It is centered on a "flawed family of humans, gods and monsters that tries to run one of the world's first cities without killing each other" and is being produced by Fox subsidiary Bento Box Entertainment. As for its NFT business, Fox will launch a marketplace for Krapopolis that will offer a range of digital items, from NFTs representing character, background art and GIFs to tokens designed to reward fans who engage with the service.
Saxo Bank Arm launches trading of BTC, ETH, LTC against major currencies
Saxo Markets, the digital investing subsidiary of Danish bank Saxo, has launched a service enabling trading of three top cryptocurrencies in FX pairs. The offering matches bitcoin , ether, and litecoin against the euro, US dollar and Japanese yen, initially for Saxo Markets’ clients in Singapore and Australia. Rollout to other key markets will follow in the coming weeks.
Wells Fargo Investment Institute to onboard crypto clients by next month
Wells Fargo Investment Institute announced that it will soon open an investment product for its wealthy clients, with president Darren Cronk declaring the firm’s stance that the cryptocurrency space has finally come of age. The research division of Wells Fargo Wealth & Investment Management, which oversees close to $2tr in assets, is in the process of evaluating and onboarding its cryptocurrency investment platform for qualified investors. The platform is expected to be launched by around mid-June.
Instagram is hosting a professional development panel for NFT artists
Instagram is hosting an event for NFT creators as part of its inaugural "Creator Week." The virtual program features a series of invitation-only events to solicit feedback from creators on how the Instagram and Facebook platforms can better support their content. It's slated to run three days, from June 8-10.
Manchester City to release NFT collection marking Premier League title
English soccer club Manchester City FC will launch a collection of non-fungible tokens to celebrate its Premier League title victory. The launch will mark the first time a Premier League team has marked a title win with an NFT collection. The collection, named “1” to reflect the team's position in the table, will comprise four works by artist Jon Noorlander. Fans will also be able to enter a free prize draw for an edition of one of these works, “The Champions Medal,” without having to purchase it.
Commerzbank tests blockchain for managing corporate supply chains
Commerzbank joined with chemical firms Evonik and BASF to test the use of blockchain and programmable money in managing supply chains between two companies. Payments were made in a fully automated and digital manner using programmable digital euros based on e-money using Commerzbank’s blockchain platform
Microsoft’s Cloud Supply Chain blockchain initiative receives top award from Gartner for Supply Chain Breakthrough of the Year
Microsoft’s cloud supply chain is on a journey to digitize and financialize core inventory assets and achieve unique item traceability. To advance on this path, the company has developed innovative blockchain solutions to drive down supply chain costs, increase visibility, and lay the foundation for mine-to-datacenter traceability which received one of the highest recognitions in the supply chain industry by winning a Gartner® Power of the ProfessionTM Award.
Our overall takeaway
We’ve been saying it for a while, but now Wall St agrees: crypto is an asset class!
⚖️ Government & Regulation
Boston Fed president says CBDC research is focused on benefits and costs beyond technology
The Federal Reserve is weighing the potential risks and rewards of a digital currency beyond the technological implications. Boston Fed Bank President Eric Rosengren indicated that issues such as privacy and financial stability will play a key role in any potential decision to move its slow-moving central bank digital currency (CBDC) work from the laboratory to the launch pad.
Bank of England official: it is 'probable' UK will launch a digital currency
A Bank of England official has spoken of the institution’s plans to launch a U.K. central bank digital currency (CBDC), now often dubbed “Britcoin.” In a speech, Sir Jon Cunliffe, deputy governor for financial stability, said it looks “probable” that the state would need to issue some form of digital cash to retain citizens’ confidence in the availability of public money.
The FDIC wants to know more about use cases for crypto at US banks
The Federal Deposit Insurance Corporation (FDIC) put out a request for public feedback on depository institutions holding digital assets on May 17. The FDIC insures bank deposits in the United States — insurance that is a requisite for depository institutions to operate in the country. This announcement is a call for "current and potential digital asset use cases" at insured institutions.
About 80% of central banks are exploring CBDC use cases
About 80% of central banks are exploring use cases involving central bank digital currencies (CBDCs), with 40% already testing proof-of-concept programs, according to a new report by blockchain infrastructure platform Bison Trails.
Dutch Central Bank reverses decision on tighter checks for crypto withdrawals
The Dutch Central Bank, DNB, has reversed its decision to enforce stricter measures for withdrawing cryptocurrencies from exchanges.
US Federal Reserve plans to publish a discussion paper on the potential issuance of a CBDC
The US Federal Reserve plans to publish a discussion paper this summer that will have a "particular focus on the possibility of issuing a US central bank digital currency.
US proposal calls for businesses to report crypto transactions above $10,000
The US Treasury has released a report detailing tax compliance measures aimed at closing the tax gap, which is the difference between taxes owed to the government and taxes actually paid. Some of the proposed measures are aimed at cryptocurrency, including a requirement that crypto exchanges report gross receipts and purchases. The proposal includes additional resources for the IRS to address crypto reporting, as well as a new reporting regime that will also cover crypto exchanges and custodians. It calls for businesses receiving crypto to report on transactions larger than $10,000 — a standard that already exists for cash transactions.
Nebraska legislature approves framework for digital asset banks
Nebraska’s unicameral state legislature has passed a bill that would create a state bank charter for digital asset depository institutions. Bill 649. which is headed to the governor for approval, would create a charter that would give consumers and institutions places to custody their digital assets.
Our overall takeaway
Crypto is a key priority for states and regulators globally, and the acceleration in their efforts and coverage is visible.
💰 Funding & Exits
DAO raises $7m to acquire and fractionalize NFT collections
Multicoin Capital and YouTube megastar Mr. Beast are preparing to make fractionalized non-fungible token (NFT) bets through JennyDAO, a new decentralized autonomous organization with $7m to splash on crypto collectibles. The DAO, launched early May, now plans to begin acquiring rare NFTs for fractionalization through Unicly, another newcomer to Ethereum’s busy digital collectibles space. Other NFT DAOs are already on the scene, having made flashy purchases in January in the run-up to NFT mania.
Deribit founders lead $2.5m round for decentralized referral network Attrace
Attrace, a startup that's building a decentralized referral network, has raised $2.5m in a seed extension round. The round was led by Deribit founders, with participation from Coinstone Capital and other investors.
dTrade lands $6.4m in seed funding
dTrade, which aims to be the first derivatives exchange built on Polkadot, announced the closing of its seed funding round, which saw $6.4m in investment from Three Arrows, DeFiance, Huobi, and Polychain.
Crypto app ‘Alice’ raises $2m for US-centric Terra DeFi portal
Crypto app Alice has raised $2m in seed funding in its effort to make Terra blockchain decentralized finance (DeFi) “accessible” to US users. Led by Arrington Capital, Alice’s round will fund the development of a mobile app with payments and variable-rate deposit features.
Delphi Digital forms $5m NFT investment ‘syndicate’
Delphi Digital — a multiservice cryptocurrency investment, consulting and research firm — announced the launch of "Delphi InfinNFT," a new investment wing focused on nonfungible tokens and the NFT ecosystem. The fund will invest upward of $5m into “NFT marketplaces, DAOs, social tokens, fractionalization, NFT infrastructure, and any other new developments that may arise during the syndicate's investment cycle,” and the team will be bolstered by noted NFT collector “Gmoney.”
Crypto custodian Copper closes $50m series B raise
London-based crypto custodian Copper has raised $50m in a Series B round led by Dawn Capital and Target Global. Illuminate Financial Management, the enterprise fintech-focused venture capital firm, also participated.
DeFi platform DeversiFi raises $5m in bid to scale trading on ethereum
DeversiFi, a decentralized finance (DeFi) trading platform, has raised $5m in a funding round led by ParaFi. Defiance Capital, Lightspeed Venture Partners, Blockchain.com Ventures, Delphi Ventures, Fenbushi Capital, OKEx, and others also took part. DeversiFi’s aim is to help scale layer 2 trading on the Ethereum network to avoid small and mid-size investors being deterred by high gas fees.
Common Protocol raises $3.2m to streamline DeFi governance
Governance startup Common Protocol has closed a $3.2m funding round led by Dragonfly Capital and ParaFi Capital. Other participating investors included Framework, Hashed, IDEO, Nascent, and angel investor Balaji Srinivasan.
Coinbase joins $5m funding for digital transfer agent Vertalo
Vertalo, an Austin, Texas-based start-up that helps issue and manage digital securities, has raised $5m in funding from investors including Coinbase. The Series A funding round closed May 13 and also included participation from the Tezos Foundation, Wedbush Capital, and others, according to Vertalo CEO Dave Hendricks.
Pawn.fi raises $2.75m to build a trustless loan and escrow platform for NFTs
Non-Fungible Technologies, Inc. has announced a $2.75, round in seed funding from strategic blockchain-focused VCs and angel investors to build the first decentralized marketplace for loans backed by high-value NFT collateral. The round was led by Hong Kong-based Lemniscap with participation from Arrington XRP Capital, and angel investors Taureon, Alex Pack, Chris McCann, Manna, mr.block, Mariano Conti, gmoneyNFT, Marc Weinstein, Andrew Steinwold, Charles Read, and Joe Mahon.
Cryptocurrencies.AI raises $8m to merge decentralized and centralized trading
Cryptocurrencies.AI, a trading platform with centralized and decentralized components, has raised $8m in a funding round led by Alameda Research, Alphabit and other investors.
Flux Protocol raises $10.3m seed round to build DeFi infrastructure on NEAR
Flux Protocol announced a $10.3m seed round. The seed funding round in DeFi infrastructure firm Flux Protocol, which is built on the NEAR blockchain, was led by Distributed Global and included Coinbase Ventures, CoinFund, Uncorrelated Ventures, Figment Capital and others.
HaloDAO stablecoin marketplace raises $3.5m in seed investments
HaloDAO, a decentralized marketplace for stablecoins, has raised $3.5m in seed investments, in a round led by Parataxis Capital, with additional participation from QCP Soteria, Genesis Block Ventures, Spartan Group, NGC, CMS Holdings, LedgerPrime, Genblock, Petrock Capital and others.
Certora raises $7.2m series A led by Electric Capital
Certora, which is looking to make trusted blockchain a reality with fully automatic exact verification technology for smart contracts, announced a $7.2m series A round led by Electric Capital, with additional participation from Coinbase, Coinfund, Semantic and others.
Crypto surveillance startup Solidus Labs closes $20m series A
Solidus Labs, a surveillance firm focused on monitoring market manipulation in crypto, has closed a $20m Series A fundraise. FTX, Evolution Partners, 645 Ventures and former Commodity Futures Trading Commission (CFTC) chairman Chris Giancarlo all invested in the round.
Stellar Foundations invests $15m in AirTM
The Stellar Development Foundation (SDF) has made a $15m investment in AirTM, a digital wallet and peer-to-peer exchange platform based in Mexico. The Enterprise Fund investment – SDF’s biggest to date – looks to boost the development of AirTM’s platform, with an integration with the Stellar blockchain network planned within the next year
OneOf raises $63m to build a music NFT platform on Tezos
Music-focused non-fungible token (NFT) platform OneOf has raised $63m to support its mission to become a more environmentally sustainable marketplace for artists and fans. Participating investors in the impressive seed funding round included environmental activist Bill Tai, Nima Capital’s Suna Said, Sangha Capital, tech investor Jack Herrick, the Tezos Foundation, and more.
Chia raises $61m in a round co-led by a16z
Chia Network, a programmable money platform created by BitTorrent founder Bram Cohen, has raised $61m in Series D funding. Venture capital giants Andreessen Horowitz (a16z) and Richmond Global Ventures led the funding round.
Forte raises $185m at $1bn valuation for blockchain game platform
Forte has raised $185m at a $1bn valuation for its behind-the-scenes blockchain game platform. Griffin Gaming Partners led the investment in the latest unicorn to rise in the blockchain gaming market.
Figure raises $200m, valuing blockchain mortgage firm at $3.2bn
Blockchain lending startup Figure Technologies has raised $200m in a Series D funding round that values the company at $3.2bn. The investment was led by 10T Holdings and Morgan Creek Capital Management and included contributions from new and existing investors such as Digital Capital Management, DST Global and Digital Currency Group.
Crypto exchange Coinbase announces $1.25bn private debt offering
US crypto exchange company Coinbase said May 17th that it plans to conduct a $1.25bn private debt offering:
"Coinbase Global, Inc. ("Coinbase") (Nasdaq: COIN) today announced its intention to offer, subject to market conditions and other factors, $1.25bn aggregate principal amount of Convertible Senior Notes due 2026 (the "notes") in a private offering (the "offering") to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended (the "Securities Act")," the firm said in a statement, adding:
"Coinbase also expects to grant the initial purchasers of the notes a 30-day option to purchase up to an additional $187.5m principal amount of notes solely to cover over-allotments. The notes will be senior, unsecured obligations of Coinbase, will accrue interest payable semi-annually in arrears and will mature on June 1, 2026, unless earlier repurchased, redeemed or converted. The notes will be convertible into cash, shares of Coinbase’s Class A common stock, or a combination thereof, at Coinbase’s election."
The move comes just over a month after Coinbase's stock began trading on Nasdaq via a direct listing. Coinbase brought in $1.8bn in total revenue for the first quarter of 2021.
DeFi dashboard Zapper raises $15m to build on-platform app store
Zapper, the decentralized finance (DeFi) dashboard, has raised $15m in a Series A round led by Framework Ventures. The round was joined by actor Ashton Kutcher’s Sound Ventures and entrepreneur Mark Cuban. The crypto startup has soared in transaction volume and monthly active users since its November 2020 seed extension. Now supporting 54 DeFi protocols, it plans to launch an on-platform app store for developers and is working on a Zapper mobile app.
Startbahn raises $10m for mission to protect artists' rights with NFTs
Startbahn, a Tokyo-based art-tech company, has completed a $10m series B capital raise that will fund growth and development of its Startrail blockchain. The round was led by investment firm Miyako Capital and Edge Capital, the early-stage venture capital arm of the University of Tokyo. Miwa Taguchi, OPS, SX Capital, TBS Innovation Partner, iSGS Investment Works and other investors also participated.
Decentraland founder launches Big Time Studios after a $10m round to bring NFTs to ‘big time’ video games
Big Time Studios, a company formed by gaming industry veterans whose mission is to bring blockchain-based games to a mass audience, came out of stealth today with an announcement that it has raised, or is set to raise, $21m total in new funding (of which $10m has been closed in a Series A funding round from such investors as North Island Ventures, Digital Currency Group (the owner of CoinDesk), OKEx’s Blockdream Ventures, Sam Bankman-Fried’s Alameda Research, Circle and Ashton Kutcher’s Sound Ventures). An additional $11m in funding that will be used to invest in partner gaming companies is almost complete.
Valor, Coinbase, SoftBank back $26m funding for Brazilian crypto asset manager Hashdex
Hashdex, a Brazilian crypto asset manager, has raised $26m in a round led by Valor Capital Group, with SoftBank, Coinbase Ventures and other local investors also participating. The Rio de Janeiro-based company, founded in 2018, has ~$76m in assets under management and plans to expand beyond Brazil and boost its staff from 25 to as many as 100 by the end of this year.
NFT game developer Animoca Brands completes capital raise at $1bn valuation
NFT-focussed game developer Animoca Brands has announced the completion of an $89m capital raise based on a valuation of $1bn. Participants included Kingsway Capital, HashKey Fintech Investment Fund, RIT Capital Partners and Huobi.
Blockstream acquires Adamant in expansion into bitcoin investment products
bitcoin tech firm Blockstream announced it is buying Adamant Capital, the bitcoin hedge fund manager founded by noted investor and analyst Tuur Demeester. Vancouver-based Blockstream said the purchase lays the foundation for a new division, Blockstream Finance, which will offer bitcoin investment products on the Liquid Network.
Galaxy Digital continues M&A streak with acquisition of Vision Hill
Cryptocurrency financial services firm Galaxy Digital has bought Vision Hill Group, an asset manager and data shop, for an undisclosed sum. Vision Hill will become part of Galaxy’s fund management division. The New York City-based Vision Hill develops market intelligence products such as hedge fund indices and a buy-side database called “VisionTrack” for institutional clientele.
Our overall takeaway
Prices may go up, prices may go down, but top investors continue to double down on crypto in venture!
🚀 Project Launches & Updates
DeFi lending platform Aave reveals 'permissioned pool' for institutions
Stani Kulechov, the co-founder of decentralized finance money market protocol Aave, revealed that the Aave protocol has built a “private pool” for institutions to “practice” before getting involved with the DeFi ecosystem.
Crypto VC 1confirmation raises $125m Fund III
Crypto venture capital firm 1confirmation has raised $125m for its latest fund investing in cryptocurrency startups and digital assets. Led by early Coinbase product manager Nick Tomaino, the fund, 1confirmation’s third, will follow the $800m asset manager’s thesis of betting on projects with long-term disruptive potential.
Our overall takeaway
Institutional DeFi is coming… faster than most think! Watch this space!
🔥 Other Bits We're Excited About
Coinbase says it will soon support DOGE in Q1 earnings
Coinbase had a strong quarter, hitting the projections it laid out in March ahead of its public listing. That success is linked to the strong price cycle the industry has experienced in the past few months. The exchange still doesn’t list one recently successful asset, DOGE, but CEO Brian Armstrong says Coinbase will onboard the token in the next two months.
Google search volume for cryptocurrency topics breaks all-time high
Weekly search volume on Google for the topic "cryptocurrency" has reached its highest level yet both in the US and worldwide, according to data from GoogleTrends. The search volume peaked during the week of May 9 - 15, when the price of bitcoin was mostly still above $50,000.
WSJ full feature on Uniswap: “Upstart Peer-to-Peer Crypto Exchanges Take Aim at Coinbase”
As decentralized exchanges like Uniswap continue to grow exponentially and rival their centralized counterparts like Coinbase, the mainstream financial media is taking note, with the WSJ dedicating a full piece to the automated market maker which recently launched its V3.
Our overall takeaway
Crypto is eating global mindshare, from retail individuals to large corporates and big media.