Do you believe in Ethereum killers? Put your money where your mouth is, March 18–24


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Whereas crypto markets are nonetheless in a state of “concern,” as evidenced by Bitcoin’s Worry & Greed Index, the trade as a complete is giving us causes to be bullish. Giant enterprise funding rounds, rising adoption of decentralized governance fashions and new institutional-grade product choices counsel that crypto is extra than simply every day chart patterns. 

This week’s Crypto Biz e-newsletter seems to be at a brand new Grayscale product that’s giving accredited buyers extra methods to guess on the so-called “Ethereum killers.” We additionally doc two funding tales and draw your consideration to the most recent developments surrounding El Salvador’s Bitcoin (BTC) bond.

Grayscale launches sensible contract fund for Ethereum opponents

Grayscale Investments, the world’s largest digital asset supervisor, has formally launched its 18th investment product centered on Ethereum opponents. The Grayscale Sensible Contract Platform Ex-Ethereum Fund, often known as GSCPxE, will present publicity to seven sensible contract platforms: Cardano, Solana, Avalanche, Polkadot, Polygon, Algorand and Stellar. These high-profile Ethereum opponents can now be accessed by accredited buyers through GSCPxE. Whereas Ethereum stays king of the decentralized application (DApp) market, decentralized finance (DeFi) has change into a way more stage taking part in area. Solely time will inform whether or not the aforementioned “Ethereum killers” will change into common amongst institutional buyers.

Former Polychain GP unveils $125M crypto fund with DAO governance ambitions

Former Polychain Capital common companion Tekin Salimi has taken a novel approach to fund crypto startups. His new fund, dubbed “dao5,” will present governance tokens to crypto challenge founders that signify an possession stake in a future decentralized autonomous group, higher referred to as DAO. Salimi plans to transform the fund, which is at the moment valued at $125 million, right into a founder-owned DAO across the 12 months 2025. In different phrases, each grant recipient could have publicity to all different tasks within the portfolio — a function Salimi says will strengthen the collaboration amongst challenge founders. Crypto buyers are going to listen to much more about DAOs within the coming years as extra trade leaders look to advance new models of corporate governance.

Chip large Qualcomm launches $100M Metaverse fund

Semiconductor large Qualcomm has made a foray into the Metaverse sector by launching a $100 million fund that can again tasks on the intersection of prolonged actuality (XR), synthetic intelligence (AI) and augmented actuality (AR). The brand new fund, dubbed “SnapDragon Metaverse Fund,” goals to assist builders who’re pushing the boundaries of spatial computing. Qualcomm is positioning itself because the “ticket to the metaverse” via its wi-fi and AI applied sciences. After Facebook rebranded to Meta and shifted its focus to the metaverse financial system, it was solely a matter of time earlier than different main expertise performs began following go well with.

El Salvador postpones Bitcoin bonds to September: Report

The federal government of El Salvador is reportedly delaying the issuance of its Bitcoin-backed bonds because of unfavorable market situations caused by the geopolitical disaster in Jap Europe. Finance Minister Alejandro Zelaya advised native information that the so-called “Volcano Bond,” which shall be used to fund El Salvador’s Bitcoin City, shall be pushed again to September on the newest. For those who’re considering: What does the battle in Ukraine should do with Bitcoin demand? Contemplate that legacy finance nonetheless views crypto as a risk-on asset and conventional buyers usually tend to cut back their holdings of such property during times of uncertainty. That being stated, Bitcoin and the broader crypto markets have held up pretty effectively amid the geopolitical disaster. Bitcoin’s price breached $43,000 this week, having recovered greater than 30% from its backside in January.

Earlier than you go!

Is crypto in a bear market? It depends upon the way you outline it. If digital property have been every other market, we’d classify the previous 4 months as a serious downtrend. On The Market Report this week, I sat down with fellow analysts Jordan Finneseth, Marcel Pechman and Benton Yuan to debate the highest crypto tasks to purchase and maintain throughout a bear market. You possibly can try the total replay beneath.

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