Bitcoin’s future may depend on mining rather than matter

Picture credits: Tech Crunch

Welcome back to Chain reaction.

Last week on the podcast, we talked about Apple’s App Store tax and how it could hinder NFT adoption. This week, we dug up some stories about the bankruptcies brewing in the bitcoin mining sector and wondered if it could play out the same way as the problems DeFi lenders faced just a few months ago.

We’re extremely excited to chat with some of the biggest names in Web3 on our first dedicated crypto event in Miami November 17. We’ll hear from experts like FTX’s Amy Wu, OpenSea’s Devin Finzer, and Binance’s Changpeng Zhao on how their companies are shaping the future of the industry. We would be delighted to have you join us: use the promo code REACT for 15% off a general admission ticket.

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this week in web3

Here are some of the biggest crypto stories TechCrunch has covered this week.

Coinbase and Polygon back new crypto advocacy group in India

Major crypto firms, including Coinbase and Polygon, are among companies that have formed an industry body in India to promote dialogue among key stakeholders and raise awareness about Web3, months after the largest local crypto advocacy group disbanded. Members of the new industry body, named Bharat Web3 Association (BWA), include major local crypto exchanges including CoinDCX, CoinSwitch Kuber, and WazirX, TechCrunch’s Manish Singh reports.

Web3 infrastructure startup Tenderly takes on Infura and Alchemy with new node offering

Getting Started with Web3 Tenderly Developer Tools get into the knot game with a new product announced today called Web3 Gateway. The new offering is a sign of competition between Web3 infrastructure providers, as it puts the startup in direct competition with ConsenSys, the company that owns popular node-as-a-service provider Infura, and Alchemy, another node provider. widely used in Industry.

What’s going on with NFT royalties? (TC+)

Creator royalties were originally introduced to the NFT community as a way to pay artists for their work in primary and secondary sales. In recent months, conversations around these royalties have shifted as some platforms, including LooksRare and Magic Eden, have dropped them for other alternatives. Not everyone is happy about it, as the decisions have huge potential implications for creators in the Web3 space.

Indonesia evaluates blockchain-powered carbon trading system

Indonesia wants to steer the blockchain craze towards greener use. The Indonesia Stock Exchange (IDX) has signed a Memorandum of Understanding with Metaverse Green Exchange (MVGX), a Singaporean startup specializing in digital exchange technology. The planned collaboration revolves around IDX’s Emissions Trading System which is expected to launch in 2025, and MVGX’s job is to help IDX build a carbon ledger and trade with blockchain as a data layer. infrastructure, reports Rita Liao of TechCrunch.

Ex-Bain Investor Launches $30M Web3 Consumer Venture Fund as Solo Founder

Mags Kala was able to raise his first fund as a solo GP focused on early-stage consumer startups in the Web3 space in just four months, despite a broader crypto market downturn. His company based in Miami, Florida, Double, surpassed its original fundraising goal of $20 million in one month and closed its first fund with a total of about $30 million this week, according to Kala. The fund has already made nine investments in mainstream Web3 startups, including Miami-based OnChain Studios, which makes Cryptoys, and Tally Labs, the company behind the Jenkins the Valet & Azurbala franchises.

Magdalene

Magdalena “Mags” Kala is the solo GP behind mainstream crypto-VC company Double Down. Picture credits: Courtesy of Magdalena Kala

the last module

For this week Tuesday Episode, where we chat with a web3 expert, we streamed a recording of our live onstage chat with a16z GP Chris Dixon that took place recently at TechCrunch Disrupt. We spoke with Dixon about the new economy-focused venture capital firm cryptographic accelerator program, why a16z backed controversial WeWork founder Adam Neumann and where Dixon sees opportunities in the Web3 landscape of this bear market.

For our Thursday Episodewhere we discuss the latest crypto news, we talked about a series of problems that have arisen for various bitcoin mining companies over the past month, from Argo Blockchain to Core Scientific, and what it would take to unearth (ha ha, got it?) the industry from its woes.

We also discussed:

Chain reaction comes out every Tuesday and Thursday at 12:00 PM PT, so be sure to subscribe us on Apple podcast, Covered and Spotify to follow the action.

Chris Dixon speaking at TechCrunch Disrupt in San Francisco on October 18, 2022. Image Credit: Darrell Etherington / TechCrunch

Chris Dixon speaking at TechCrunch Disrupt in San Francisco on October 18, 2022. Picture credits: Darrell Etherington / Tech Crunch

follow the money

  1. South Korean video game developer We have done raised $46 million from Microsoft, Shinhan Asset Management and Kiwoom Securities to expand its Web3 presence.
  2. Zebra Laboratories raised $5 million from Chinese gaming company NetDragon and Japanese conglomerate Sumitomo to help Chinese celebrities enter the metaverse.
  3. blockchain data terminal Token stream raised $12 million in a Series A round from investors including Electric Capital and Delta Blockchain Fund.
  4. NiftyApesan NFT loan protocol, secured $4.2 million in seed funding from Variant, Polygon, Coinbase Ventures and others.
  5. Starting the crypto wallet Cheer raised $10 million in a funding round led by Pantera Capital.

This list was compiled with information from Messari as well as TechCrunch’s own reports.

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