🌧️ It’s Raining Stablecoins 🌧️
JPY and Ruble stablecoins OTW, Wyre’s fundraising effort slips through the gaps, good reads, mesha updates and more.
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Welcome to the mesha tribe: a weekly newsletter by mesha that brings you the latest updates on funding, DAO news and governance to help you take your project #ToTheMoon🚀
In this edition, we discuss:
· The treasury changes of top 5 DAOs
· Latest in web3 deals
· News hot from the web
· Good reads
· Updates from mesha
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Top DAOs By AUM
Must Know Deals of The Week
· Wyre’s $1.5B Deal Falls Through
Crypto payment provider Wyre’s deal with one-click checkout company Bolt worth $1.5B fell through over concerns about Bolt’s business model and its apparent $11B valuation.
· Northzone Raises $1.01B to Fund Web3 Investments
Venture capital firm Northzone has raised $1.o1B from investors to fund innovation in web3 technologies, crypto and other related startups. Web3 is a “core sector” for Northzone, according to company officials.
· Community Labs Receives $30M in Strategic Investment
Arweave native company Community Labs has been injected with $30M from Lightspeed Venture Partners, Arweave, Bain Capital Crypto and Blockchain Capital to build teams that will help with its on-chain data storage initiative.
· Forward Gets $5M From Some of Thai’s Biggest Investors
DeFi platform Forward has bagged funding worth $5M from some of Thailand’s biggest banks and venture capital firms, including Primestreet Capital, Kasikornbank, the Bank of Ayudhya, and Ratanakorn Technology, among others. It will use the money to build a decentralized derivatives platform.
📰Web3 News Fresh Off The Stove📰
· More Stablecoins Coming Up
Stablecoins are fast becoming the cornerstone in web3, supporting the vision of decentralization in DeFi. Regulated cryptocurrency custody platform Anchorage Digital is backing a Japanese yen (JPY) stablecoin.
This will increase the firm’s stablecoin roster from its U.S. dollar and euro custodial offerings. Anchorage plans to use the JPY stablecoin to foster fintech use cases such as payments and payroll in Japan. Meanwhile, Alexander Lebedev’s InDeFi is planning a ruble-backed stablecoin.
Why it matters: Stablecoins pegged to a local currency can increase adoption among non-crypto users. Using JPY stablecoins, Anchorage hopes to encourage Japanese people to use crypto for various services such as ride-hailing or food delivery, thereby increasing crypto usage. Lebedev has similar plans.
· First Regulated Crypto Bank Could Launch in 2023
Abra, a crypto services company, is working towards launching a regulated crypto bank in the US in 2023. If it goes through, Abra Bank will enable customers in the U.S. to bank digital assets similar to fiat while simultaneously offering access to fiat on- and off-ramps.
The firm is also planning to launch Abra International, a fully regulated digital asset business centered around providing banking services to customers outside of the US. Plans for Abra International are slated for end of 2022.
What’s the big deal? If Abra is successful, this could be the world’s first regulated crypto bank. Not only will it make storing and trading crypto easier, it will also help make digital assets more mainstream.
· Compound to Offer Institutional Borrowing
DeFi lending protocol Compound Treasury is extending its services to provide crypto lending to institutional borrowers. It will accept Bitcoin, Ethereum and other ERC-20 assets as collateral.
Until now, Compound was offering crypto loans only to retail borrowers. With its new offering, it is opening up its treasury to institutions amid an increase in demand for crypto loans.
Institutions will no longer have to rely on opaque centralized lenders or turn to new and vulnerable DeFi protocols. By using a compliant counterparty that offers white-glove service, clients take advantage of DeFi’s transparency and liquidity.
· ImpactDAOs Are Shaping the Future of Regenerative Organizations State of the DAOs
· The exchange theory of web3 governance
· 10 Best Crypto Debit Cards in 2022
· What Is Bitcoin Tumbling – Problems And Easy Solutions?
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