Billions and billions. This is what venture capitalists spend to get ahead of the cryptocurrency process. Their latest addition is Ethereum layer-2 sizing solutions and Web3, an umbrella term that describes the next stage of internet development. So, while the cryptocurrency market is in deep fear, smart investors – TradFi people who invest with expertise – continue to pour countless amounts into the space.
This week’s Crypto Biz newsletter gives you the latest blockbuster financial stories from around the world and explores interesting developments around Google and Sam Bankman-Fried.
Andreessen Horowitz closes $ 4.5 billion worth of cryptocurrencies amid market turmoil
Sales in the cryptocurrency market in 2022 have not deterred Andreessen Horowitz from pledging billions more for cryptocurrency startups. This week, the venture capitalist, also known as a16z, announced the closure of its fourth cryptocurrency investment fund. The new a16z fund, valued at USD 4.5 billion, focuses heavily on Web3 start-ups. Obviously, Andreessen is getting the money from interested parties who believe that blockchain technology will transform the Internet. So you can keep reading the doom-and-groom headlines about the end of cryptocurrency as we know it. Or you can simply keep track of what your smart money is doing.
Announce our fourth cryptocurrency, totaling $ 4.5B, to invest in promising web3 startups at every level. This brings our total crypto / web3 funds raised over $ 7.6B.
General partner @cdixon shares more at https://t.co/xIezLlyDiC. https://t.co/Xc696Fu8UT
– a16z (@ a16z) May 25, 2022
StarkWare raises $ 100 million as investors tap into the success of the second tier
Speaking of smart money, venture capitalists have given $ 100 million to StarkWare’s Ethereum layer-2 developer. Many cryptocurrency regulators are excited about the long-delayed merger of Ethereum, but investors seem to think that the network will not be able to expand without much support from Layer-2 solutions. StarkWare is pushing for a review technology that could significantly increase Ethereum’s business capacity, which will significantly increase its network functionality. Interest in track-2 is only growing and investors will be looking for as many top competitors as they can.
Google is looking for new talent to lead a global Web3 team
Bear markets are tough, but do not let them deter you from considering a career in cryptocurrency. Even Google, the data overlords of the internet, is hiring talent for its Web3 ambition. Basically, the company is forming a Web3 team within the Google Cloud division and believes that now is the time to increase support for “cryptographic technology.” Those were the exact words of Amit Zavery, vice president of Google Cloud – reportedly of course. Web3 is no longer just about cryptography, but its connection to the industry seems to be getting stronger day by day.
new: Google Cloud is forming a Web3 product and engineering organization that will build services for developers. new job ads have appeared on Google’s internal Grow tool, Amit Zavery told staff today in an email today https://t.co/sLC8VlqgBf
– Jordan Novet (@jordannovet) May 6, 2022
Sam Bankman-Fried could spend up to $ 1 billion in 2024 to prevent Trump’s return
Just because Bitcoin is trading aside does not mean that the cryptocurrency market is boring. Far from it, actually. What about this story: FTX founder Sam Bankman-Fried, also known as SBF, is willing to spend up to $ 1 billion of his own money to prevent the return of Donald Trump. I expect this means that the SBF will give up to one billion dollars to the Democrats in the 2024 election round. Although Trump has not confirmed whether he will run again in 2024, there is a high probability that he will take another kick out of the can. If he runs, I think no one in the GOP can compete with him. SBF takes this very seriously.
Before you go! When will stocks recover?
I would like to tell you that Bitcoin is a first-class inflation hedge that has completely disconnected stocks and other so-called risk assets. Unfortunately, since Covid’s collapse in March 2020, Bitcoin and cryptocurrencies have been heavily linked to equities. If you want to assess the likelihood of a short-term cryptocurrency recovery, you need to look at what stocks are doing. In the latest edition of the Market Report, I sat down with other analysts Benton Yuan, Jordan Finneseth and Marcel Pechman to discuss the likelihood of a stock market recovery and what it means for Bitcoin. You can watch the full rerun below.
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