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Welcome to TechCrunch Crypto, formerly known as Chain Reaction. Along with the regularly scheduled news bits, I’ll be testing out some recurring bits and features – so if you like (or don’t like) what you see, let me know at jacquelyn@techcrunch.com.
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A lot of news has come out in the wild world of web3: a new Solana Mobile brought in over 30,000 pre-orders, Electric Capital’s long-awaited developer report showed good – and bad – news for developers, Coinbase went to court and India faced more cryptocurrency woes. More details below.
This week on web3
- The buying frenzy for Solana Mobile’s second phone sends pre-orders sky-high
- Coinbase demands the SEC’s “securities violation” allegations be dismissed
- The number of monthly active cryptocurrency developers decreased by 25% in 2023
- Google pulls Binance and other global cryptocurrency apps from its store in India
- How low can Bitcoin ETF fees go before they hurt the business?
Number crunching
With the cryptocurrency space absorbing Bitcoin ETF approval since last week, trading volumes across all 11 issuers reached $11.95 billion with total assets of about $27.7 billion within four days, according to a post on X by James Seyfart, mutual fund analyst. Traded on Bloomberg. Intelligence.
Before the SEC approved Bitcoin ETFs, some experts told me they expected trading volume to reach $10 billion within one year. yearNot a week. So it’s safe to say that these numbers are well ahead of previously expected demand.
Our favorite web3 publication on X
Franklin Templeton, 77, who has more than $1.4 trillion in assets under management, owns a PFP machine with laser eyes (a nod to the Bitcoin community) and posts about currencies memes like dogwifhat. I bet you didn’t have that on your 2024 bingo card.
Not sure how to feel about Laser Eye Ben? Just think instead of a bin hat
– Franklin Templeton (@FTI_US) January 17, 2024
Latest pod
In this week’s episode, I interview Monica Long, President of Ripple, a digital payment network and protocol based on blockchain technology.
Ripple has been around since 2012 and is one of the oldest cryptocurrency entities. Monica has spent the past 10 years at Ripple, where she worked her way up from Director of Communications to now President.
We talked about Monica’s career growth, cross-border payments, traditional finance, and the need for regulatory clarity.
We also dive into Ripple’s suit with the SEC, the XRP Ledger, its focus for 2024 and its advice for the community.
participation in Chain reaction on apple podcast, Spotify Or your favorite pod platform to keep up with the latest episodes, and please leave us a review if you like what you hear!
Follow the money
- Inception Capital closes a $30 million flagship fund focused on emerging cryptocurrency managers.
- Survey technology provider Kiln raises $17 million in rare cryptocurrency funding round
- COTI has launched a $25 million ecosystem growth fund to focus on privacy in Ethereum
- Cryptocurrency exchange WOO Network raises $9 million to boost its liquidity
- Digital asset trading technology company Flowdesk has raised $50 million in a Series B round
This list was compiled with information from Messari as well as TechCrunch’s own reporting.
What else do we write?
Do you want to branch out from the world of web3? Here are some articles on TechCrunch that caught our attention this week:
- Welcome back to the Unicorn Club, after 10 years
- I spent the morning with the Apple Vision Pro
- The goal of a startup is to cease to exist
- Will startup valuations start to recover in 2024? Investors aren’t so sure
- As hacks worsen, the SEC is increasing pressure on chief information security officers