Welcome back to Chain Reaction.
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The digital asset space is still trucking along, while there were some big headlines, the week was arguably a little less chaotic (for now). Check out what caught our attention below.
This week in web3
- A bitcoin spot ETF could open the floodgates for wider crypto demand
- Web3 gaming adoption is skewing toward Asia, and the rest of the world may have to play catch-up
- CoinDesk to cut staffing ahead of potential sale
- Former FTX CEO Sam Bankman-Fried’s bail revoked ahead of October trial
- Worldcoin ignored initial order to stop iris scans in Kenya, records show
The latest pod
For this week’s episode, Jacquelyn talks with Eric Balchunas, senior ETF analyst at Bloomberg, alongside TechCrunch+ editor-in-chief Alex Wilhelm.
Balchunas is the author of “The Institutional ETF Toolbox” and “The Bogle Effect.” He also co-hosts Bloomberg’s Trillions podcast and ETF IQ show.
Spot bitcoin exchange traded funds, or ETFs, have been a hot topic in the crypto community for many years, but have recently gotten more attention due to Jacobi Asset Management listing Europe’s first bitcoin spot ETF almost two years after its initial approval. Meanwhile, the U.S. Securities and Exchange Commission recently delayed deadlines for bitcoin spot ETF applications.
We dive into what’s going on with the bitcoin spot ETFs in the U.S., why it matters and the odds of the SEC approving one in the near future. We also talk about Europe’s first bitcoin spot ETF, how these investment vehicles in general could impact crypto exchanges’ trading volumes and what else is in store for them.
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Follow the money
- BitGo raised $100 million in its Series C round at $1.75 billion valuation
- Chain-agnostic platform ZetaChain raised $27 million to improve cross-chain interoperability
- Web3 virtual world platform ZTX raised $13 million in round led by Jump Crypto
- Decentralized stock trading platform Dinari raised $7.5 million in a seed round
- Advertisement-focused web3 startup HypeLab raised $4 million
This list was compiled with information from Messari as well as TechCrunch’s own reporting.
What else we’re writing
Want to branch out from the world of web3? Here are some articles on TechCrunch that caught our attention this week.
- The tech jobs market is as strong as it ever was
- 7 VCs explain why the creator economy still has legs
- The pre-seed market is recovering, but investors increasingly have the upper hand
- It’s never too late to align product-market fit metrics with your company’s values
- The startup landscape has shifted dramatically: Accelerators must adapt or fade away
Follow me on Twitter @Jacqmelinek for breaking crypto news, memes and more.