Billions and billions. This is how venture capitalists spend to get ahead in the crypto space. Their latest fix is Ethereum Layer 2 scaling solutions and Web3, an umbrella term describing the next stage in the evolution of the internet.Therefore, while the cryptocurrency market is state of extreme fearsavvy capital investors — TradFi folks who invest with expertise — continue to pour countless dollars into the space.
This week’s Crypto Biz newsletter brings you the latest funding stories from the blockchain world and explores interesting developments around Google and Sam Bankman-Fried.
Andreessen Horowitz closes $4.5 billion crypto fund amid market turmoil
The 2022 crypto market sell-off hasn’t stopped Andreessen Horowitz from pledging additional billions to crypto startups.This week, the venture capital giant of the same name a16z announced the closure of its Fourth Cryptocurrency Investment Fund. a16z’s new fund worth $4.5 billion focuses primarily on Web3 startups. Clearly, Anderson is getting funding from stakeholders who believe that blockchain technology will transform the internet. So, you can read on for the gloomy headlines we know about the end of cryptocurrencies. Or you can simply follow what smart money is doing.
Announcing our fourth crypto fund, totaling $4.5B, investing in promising web3 startups at every stage. This brings our total crypto/web3 funds raised to over $7.6B.
— a16z (@a16z) May 25, 2022
StarkWare nets $100 million as investors pin their hopes on second-tier success
When it comes to smart money, venture capitalists give $100M to Ethereum Layer 2 developer StarkWare. Many cryptocurrency watchers are excited Ethereum’s long-delayed merger, but investors seem to believe that the network will not scale without substantial support from second-layer solutions. StarkWare is pushing for rollup technology that could significantly increase Ethereum’s transactional capabilities, which will greatly enhance the network’s capabilities. Interest in Layer 2 is heating up, and investors will be looking to back as many frontrunners as possible.
Google is looking for new talent to lead global Web3 team
Bear markets are tough, but don’t let them stop you from considering a career in crypto. Even Google, the internet’s data overlord, Recruiting for its Web3 ambitionsBasically, the company is forming a Web3 team within its Google Cloud division and believes it’s time to add support for “crypto-related technologies.” These are the exact words of Google Cloud VP Amit Zavery — purportedly, of course. Web3 is no longer just about encryptionbut its ties to the industry seem to be growing day by day.
New: Google Cloud is forming a Web3 product and engineering organization that will build services for developers. Amit Zavery told employees in an email today that new job postings have popped up on Google’s internal Grow tool https://t.co/sLC8VlqgBf
– Jordan Novet (@jordannovet) May 6, 2022
Sam Bankman-Fried could spend as much as $1 billion in 2024 to block Trump’s comeback
Just because Bitcoin is trading sideways, doesn’t mean the crypto market is boring. In fact, far from it.How about this story: FTX founder Sam Bankman-Friedalso known as SBF, prepares Spend up to $1 billion of own funds Stop Donald Trump from making a comeback. I guess that means the SBF will donate up to $1 billion to Democrats in the 2024 election cycle. Although Trump has not confirmed whether he will run again in 2024, it is very likely that he will try again. If he does run, I don’t think anyone in the Republican Party can run against him. SBF takes this very seriously.
Before you go! When will the stock market recover?
I would love to tell you that Bitcoin is a premier inflation hedge that is completely decoupled from stocks and other so-called risk assets.Unfortunately, since the Covid crash in March 2020, Bitcoin and cryptocurrencies have been Highly correlated with stocks. If you want to gauge the likelihood of a cryptocurrency recovery in the near term, you need to look at what stocks are doing.in the latest version market report, I sat down with analysts Benton Yuan, Jordan Finneseth, and Marcel Pechman to discuss the possibility of a stock market recovery and what it means for Bitcoin. You can watch the full replay below.
Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered straight to your inbox every Thursday.