🤠 Web3 Weekly Round-Up #12

I'm trying something a little different this week - less commentary, more takeaways, higher impact (hopefully)

Here’s everything you need to know about the last week in Web3 - in 5 tweets 🐦

👾 #1 - Crypto exchange gets a routing number

• Kraken is the 4th largest crypto exchange in the world by volume, it's been around since 2011, and it has a reputation as one of the safest and most secure places to keep your crypto.

• Crypto companies have historically had trouble accessing banking services at the US federal level, which has prevented them from depositing funds with the Fed and accessing the global payments system.

• By receiving a routing number from the American Bankers Association (ABA), Kraken has hit a key milestone towards gaining access to these banking services for the first time while proving its legitimacy alongside traditional financial institutions.

💸 #2 - Another $1B+ crypto fund

• Kathryn, a former a16z investor, left the prolific VC firm to raise a pair of record-breaking crypto funds that came in as the largest funds raised by a female general partner and the largest fund raised by a solo investor

• The $500M fund is dedicated to early-stage companies, and the remaining $1B fund is earmarked for investments in more mature companies. Despite the eye-popping amount of capital Kathryn raised, every dollar will be dedicated to Web3 investments.

• Haun Ventures is just the newest entrant to the already crowded room of $1B+ Web3 funds. That's a lot of money looking for a home in Web3 over the next 1-2 years, so don't be surprised when a) Web3 valuations continue to skyrocket, and b) some pretty questionable Web3 companies raise capital.

📜 #3 - Meta's Web3 trademarks

• Meta, AKA Facebook, just filed half a dozen trademark applications to apply its new logo to a series of Web3 platforms and services it may look to build in the future.

• It's been clear since Facebook's rebrand that Zuckerberg intends to take the company towards his vision of the metaverse. While Meta's original interpretations of the metaverse as a place to hang out in VR were a bit ridiculous, these trademarks confirm that the company is also trying to keep up with the latest and greatest technologies in Web3.

• Meta will face a ton of competition as it enters crypto, especially considering that part of the Web3 ethos is taking power out of the hands of tech giants. Not only that, but Meta will also face some legal challenges from another company that already had an infinity logo 😂

🏅 #4 - Bitcoin ownership is growing

• I focus a lot on Ethereum and other composable blockchains on this newsletter, but Bitcoin is really leading the charge when it comes to the mass adoption of crypto. It's the OG cryptocurrency - it launched in 2009 compared to Ethereum in 2015.

• With ownership of Bitcoin projected to continue growing, the Bitcoin fear/greed index turning green in the past week, and massive amounts of Bitcoin getting bought up, people are predicting another pump, potentially to record levels.

• What does this mean for other cryptos? When Bitcoin goes up, it tends to drag everything else up with it. Other large market cap coins like Ethereum follow very similar trends, and even small market cap "shit coins" see significant speculative interest during a bull market.

🌅 #5 - Life wisdom from our favorite anon account

• Punk6529 is an anonymous account that's posted some fantastic threads for the last year, some about Web3 and some about life in general. This thread is one of the latter, and it really puts some of our life experiences in perspective. Do yourself a favor, and check it out.

💬  What did you think of the new newsletter format? Let me know just by replying with a 👍 /👎