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ConstitutionDAO's big day arrives, Invesco halts blockchain fund launch, India gets its fastest unicorn, and some more updates.
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First up,
Market Recap 📈
Indian benchmark indices extended losses for a third straight day, pulled down by financial, IT, and auto shares. Meanwhile, US stocks closed lower on coronavirus resurgence concerns and uncertainty regarding approval for the second round of fiscal stimulus.
Sensex: 59,636.01 (-0.62%) ↓
Nifty 50: 17,764.80 (-0.75%) ↓
Dow Jones: 35,931.05 (-0.58%) ↓
Nasdaq 100: 16,308.07 (-0.010%) ↓
Bitcoin: $65,348.86
Top Stories 📰
1. Invesco defers blockchain fund
Seems like India's first-ever blockchain fund will just have to wait a while...
Investment management firm Invesco announced that it's deferring the launch of CoinShares Global Blockchain ETF Fund of Fund, just days after receiving SEBI's approval for what could have been India's first-ever mutual fund scheme offering investment opportunity in the blockchain ecosystem.
The fund, which was supposed to open for subscription on November 24, has now been put on hold due to regulatory flux surrounding cryptocurrency investments in India.
Ever since its announcement, investors have been eagerly waiting for an opportunity to invest in a fund that offered legitimate exposure to blockchain technologies. While it wasn't created to invest in digital assets such as Bitcoin or Ethereum directly, Invesco's blockchain fund focused on investing in an Ireland-domiciled ETF that bets on the blockchain ecosystem created by listed companies in developed and emerging markets.
But it's not alone. This year in June, 15 Indian banks, including Kotak Mahindra, ICICI, and Axis, decided to form a new trade finance system that would adopt blockchain technology. According to bankers, the system would facilitate data verification using GST invoices and e-way bills, significantly eliminating fraud risks and speeding transactions.
Why it matters? Blockchain is the future. Investors remain bullish on the technology given its massive potential to disrupt industries like healthcare and financial services. However, the RBI remains stubborn in its anti-crypto stance, citing economic stability concerns.
2. Online group bids on the US Constitution
It's an exciting day for Nic Cage fans, but more so for folks who loved him in the National Treasure franchise.
An online group known as ConstitutionDAO is planning to an extremely rare first-edition printed copy of the US Constitution that was signed in September 1787. The document, which is one of only 13 surviving copies, is being auctioned today at Sotheby’s for as high as $20 million.
But wait, what’s a DAO? A DAO is a decentralized autonomous organization that allows people to make investments, raise funds, or manage projects collectively without any central authority. Think of them as an “internet community with a shared bank account.”
On Twitter, the group signalled their enthusiasm by adding (📜 ,📜) to their profiles and creating their own acronym called 'wagbtc', which stands for “we’re all gonna buy the constitution.”
Recently, crypto enthusiasts are increasingly using DAOs to buy expensive collectibles. In April, PleasrDAO spent $5.5 million to purchase Edward Snowden's genesis NFT. It also purchased Wu-Tang Clan’s one-of-a-kind album 'Once Upon a Time in Shaolin' for $4 million last month after the US government sold it to satisfy a judgment against its first owner, Martin Shkreli.
So far, ConstitutionDAO has raised more than $44 million. If their bid is successful, this could be the largest DAO purchase ever. The group intends to find a partner organization to help display it for free.
Why it matters? A new, unimaginable crowdfunding feat. DAOs, along with NFTs, are a part of a larger, crypto-fueled 'Web 3.0' revolution that intends to replace the modern online centralized platforms with decentralized blockchain-based technologies.
Deal Street 🤑
Mensa becomes India's fastest unicorn
Mensa Brands, a Bengaluru-based investment firm that partners with direct-to-consumer brands and helps them scale, has fetched $135 million in a Series B financing round led by Falcon Edge Capital. The latest fundraiser values the six-month-old venture at nearly $1.2 billion, making it India's fastest unicorn. Existing investors such as Accel, Tiger Globa, and Norwest Venture Partners, along with new investor Prosus Ventures, participated in the new round, pushing Mensa's raise to more than $300 million in equity and debt. Mensa, founded by former Myntra CEO Ananth Narayanan, runs on a model similar to the US-based Amazon aggregator Thrasio, which purchases and scales third-party merchants on online marketplaces. So far, the startup has acquired 12 brands and looks to increase that number to 40 next year.
AnyDesk raises Series C
Remote desktop software AnyDesk has raised a $70 million Series C funding round, bringing its total valuation to over $600 million. Led by General Atlantic, the round saw participation from existing investors, including Possible Ventures, EQT Ventures, and Insight Partners. The Germany-based company is capitalizing on the coronavirus-induced hybrid work culture to facilitate its customers to work on connections as low as 100 kps while still running smooth graphics. AnyDesk, founded in 2014, has over 80,000 organizations using its platform, including IT services, government institutions, media companies, and other giant enterprises. To date, Anydesk has been downloaded over 500 million times, with an average of 900 million sessions per month. Its software is available for free to individuals, while businesses can opt for tier-based pricing, starting at nearly $10/month.
Tweet Of The Week ✨
The iconic Staples Center changes its name to Crypto.com Arena
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