The tangled web of Andreessen Horowitz’s crypto investments | Galaxy Digital’s third quarter was as ugly as you’d imagine | Steemit is laying off close to 70% of team
|Nov 28, 2018||Public post|| 3|
“If you finance a venture with a token offering, you should start with the assumption that it is a security.” — Jay Clayton, Chairman SEC
The Big Block
Since its inception, Andreessen Horowitz has demonstrated its ability to pick what would become some of the most highly valued tech companies on earth. Andreessen Horowitz or “a16z”, the peppy moniker the venture firm adopted, quickly established itself on the venture investing map through its early bet in Skype, the online communications tool. Skype ultimately sold to Microsoft for $8.5B, netting the firm a rumored 3x return on its initial investment. The venture firm continued to prove its abilities, acquiring stakes in the companies we now know all too well: Facebook, Airbnb, Twitter, and Lyft.
Most recently, a16z has ramped up its involvement and investment in crypto and blockchain startups. While the firm is anything but a late adopter in crypto — it has early stakes in Coinbase and Ripple — the launch of its $300M crypto venture fund solidifies a16z’s convictions about the future of digital currency.
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In a tumultuous time for crypto, Galaxy Digital’s third quarter was as ugly as you’d imagine
Galaxy, the crypto merchant bank, released third-quarter financials as well as a quarterly report yesterday evening — and it showed the aftermath of a beatdown. Galaxy lost a whopping $42 million on trading digital assets last quarter (net of both realized and unrealized positions) and has chalked up red ink totaling almost $176M on the year. Galaxy currently holds $90.3M of cash and $123.2 of digital assets. — More
SEC chair: Crypto ETF approval is dependent on exchanges being ‘free from manipulation’
Jay Clayton said Tuesday the approval of cryptocurrency exchange-traded funds (ETFs) will continue to hang in the balance until manipulation and custody issues are addressed.
The chair of the U.S. Securities and Exchange Commission highlighted that the current state of regulatory safeguarding falls short and remedies remain unclear. Clayton said: “I don’t have a particular path. But it needs to be addressed,” CoinDesk reported. — More
UBS economist says bitcoin will never be a currency — More
AWS announces two new blockchain services — More
U.S. Treasury connects two Bitcoin addresses to Iranian ransomware scheme — More
Steemit is laying off close to 70% of team to cut operating costs as cryptocurrency prices drop — More
Fidelity’s once-dormant crypto VC fund is back in action — More
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