First and foremost, Happy Memorial Day to everyone and many thanks for the contributions from fallen soldiers.
As mentioned in previous newsletters and in this Bitcoin Halving panel that I moderated recently, I really do think crypto is going to come out of this pandemic very strong. With Bitcoin continuing to be a great store of value and Ethereum leading in developer traction for decentralized applications and launching their version 2.0, those two cryptocurrencies have the largest market caps. If you need a primer on why Bitcoin is compelling, check out this resource list from Matt Huang of Paradigm. For Ethereum, here’s something I wrote way back in the day. While crypto price isn’t the best indication of progress, price does encourage more entrepreneurs, users, and capital to come into the space and hopefully more regulatory clarity to foster innovation. Even Alexis Ohanian, co-founder of Reddit (which just launched a community token), discussed publicly why he thinks crypto spring is here.
With more interest in Bitcoin and price movement recently, this has led to more security attacks and scams in the space. Last week, I know quite a few folks that had fallen to a sim-swap attack. In case you don’t know what a sim-swap attack is, here’s an article on one of the more famous attacks. Common ways to start protecting yourself include putting 2-factor authentication (google authenticator/Authy) on all of your financial and social accounts, having your crypto in cold storage, and letting your carrier know to not port your phone number unless you authorize it in person at a local carrier store.
I mention social accounts because scams have occurred through the use of compromised real or fake social accounts on mostly Zoom, Linkedin, and Telegram. For example, Pantera will NEVER:
Ask for any money to review or execute on a possible investment opportunity, there’s NO venture injection program
Promise extraordinary returns from an investment
If it seems too good to be true, it probably is. Obviously verify that messages come from legit company email addresses or social accounts. On top of that, use common connections or multiple methods of communication to confirm identity.
I hope folks continue to learn about the space and participate in this nascent disruptive space yet be vigilant.
While Ethereum 2.0 is still not set in stone, three key metrics show us that users and investors are optimistic about the price of ETH.
Companies are thinking about how and when to have employees come back to work
Crypto exchange FTX has launched a new trading platform for U.S. users, almost a month after first revealing the news.
The following is an excerpt from our quarterly letter to limited partners in Electric Capital.
A future where individuals around the world will not only have the ability to “be your own bank,” but also to create and access any imaginable financial asset, at globally available rates, with a tap on your phone.
Telegram has thrown in the towel in its court battle against the U.S. Securities and Exchange Commission (SEC) and will no longer be fighting the ban on its blockchain token project.
IN THE TWEETS
Dan Rose @drose0072 years earlier we famously raised from Microsoft at $15B valuation. That turned out to be a mistake because it set us up for a painful down round. By 2009 growth had slowed and the financial crisis crushed advertising. “Smart money” bids for our Series D were coming in at $3-6B.
NEW PRODUCTS AND HOT DEALS
After a 10 day voting period, the community overwhelmingly voted to ratify the decentralized governance process which will be used to shape the future of the Livepeer protocol and network.
The Chicago DeFi Alliance has announced its first group of startups that will take part in its new incubation program. And some of the biggest names in DeFi are on board.
MEET WITH ME
Walks and jogs at the park, 6 feet apart, wearing masks
Zoom coffee meetings
Hi, I’m Paul Veradittakit, a Partner at Pantera Capital, one of the oldest and largest institutional investors focused on investing in blockchain companies and cryptocurrencies. The firm invests in equity, pre-sales/IEO rounds, and cryptocurrencies on the secondary markets. I focus on early-stage investments and share my thoughts on what’s going on in the industry in this weekly newsletter.
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