Crypto and blockchain enterprise capital got here roaring again within the second quarter, with startups elevating a mixed $10 billion through the interval.
For enterprise capital agency Ego Demise Capital, nonetheless, it’s Bitcoin (BTC) — not broader crypto — that can drive the way forward for safe decentralized finance. Earlier this week, the agency introduced a brand new $100 million fund devoted to investing in early-stage Bitcoin corporations.
In the meantime, Robinhood is doubling down on its tokenization push, at the same time as European regulators scrutinize its so-called “personal fairness” choices. Whereas Robinhood has lengthy been lively in digital belongings, its deeper dedication to the house has helped propel its inventory to all-time highs.
This week’s Crypto Biz explores Bitcoin-focused enterprise capital, Robinhood’s tokenization ambitions, CoreWeave’s acquisition of Core Scientific and former Binance CEO Changpeng Zhao’s knack for calling out questionable bulletins.
Ego Demise Capital targets Bitcoin startups
Enterprise agency Ego Demise Capital has raised $100 million from household places of work and different traders to again Bitcoin startups, calling BTC “the one decentralized and safe base […] to construct on.”
The agency has already invested in Bitcoin-focused exchanges, cost rails and financial savings platforms, and is now concentrating on further corporations producing between $1 million and $3 million in annual income.
Launching a Bitcoin-only enterprise fund comes at an opportune time, as institutional curiosity in Bitcoin surges due to the supply of US spot ETFs and a rising development of corporations including BTC to their company treasuries.
Following Technique’s lead, dozens of corporations have added Bitcoin to their steadiness sheets this 12 months. Nevertheless, not everyone seems to be satisfied this can be a viable long-term enterprise technique, particularly for companies “with out a severe area of interest,” in keeping with Glassnode’s James Test.
Robinhood inventory surges on tokenization push, however regulators have questions
Shares of Robinhood have rallied sharply for the reason that firm unveiled its tokenization-focused blockchain, which goals to supply greater than 200 US inventory and ETF belongings to European traders.
Nevertheless, European regulators are scrutinizing the corporate’s “personal fairness tokens,” significantly these linked to OpenAI and SpaceX. The Financial institution of Lithuania mentioned it’s “awaiting clarifications” relating to these choices after OpenAI mentioned that the product doesn’t really present personal fairness within the firm.
Robinhood CEO Vlad Tenev defined that these tokens don’t technically signify fairness within the underlying corporations however give traders oblique publicity. Regardless of the regulatory questions, Tenev mentioned a number of personal corporations have already approached Robinhood about launching comparable merchandise.
CoreWeave acquires Core Scientific in all-stock deal
After greater than a 12 months since its preliminary buyout proposal, CoreWeave has finalized a deal to accumulate Bitcoin miner Core Scientific in an all-stock transaction valued at $9 billion. The acquisition will develop CoreWeave’s knowledge heart capability because it goals to change into a pacesetter in AI and high-performance computing (HPC).
“By way of this acquisition, CoreWeave will personal roughly 1.3 GW of gross energy throughout Core Scientific’s nationwide knowledge heart footprint with an incremental 1 GW+ of potential gross energy accessible for growth,” the corporate mentioned.
Nevertheless, buying a Bitcoin miner doesn’t essentially sign CoreWeave’s return to the crypto market. In keeping with the announcement, CoreWeave plans to repurpose Core Scientific’s belongings for HPC, which may embody divesting its crypto mining operations.
“Is that this actual?” CZ questions TON’s UAE Golden Visa announcement
Final weekend, The Open Community (TON) introduced a brand new immigration program within the UAE that will grant customers a 10-year Golden Visa in the event that they stake $100,000 value of TON cash and pay a $35,000 processing charge. Nevertheless, for Changpeng “CZ” Zhao, the announcement instantly raised pink flags.
“Is that this actual?” CZ requested on social media, mentioning that there have been no official authorities statements supporting the declare.
Lower than a day later, UAE regulators issued a joint assertion denying studies that Golden Visas can be found by means of digital asset actions, confirming CZ’s hunch to “belief however confirm.”
The TON Basis later clarified that the Golden Visa program is “being developed independently” and doesn’t have official authorities backing.
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