Cashio'd Out
Good morning. Today we've got coverage on a unique investment fund to DAO model, Qualcomm investing in the metaverse for mutual benefits, and the exploitation of a Solana stablecoin. All that and more today in the CT5!
Market Update (as of 8:16am ET):
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Top 5:
1. Former Polychain Capital Partner Launches $125M Crypto Fund That Will Become DAO. Founded and led by Tekin Salimi, new investment firm dao5, will invest in early-stage blockchain startups before converting the fund to a decentralized autonomous organization (DAO). Salimi who also co-founded Blockchain Association, stated that he believes it will take around 3 years to invest the $125 million fund. Each time dao5 invests in a company, founders of the projects will receive DAO governance tokens with the idea that by providing economic exposure to the entire portfolio of entities, companies will be incentivized to work together.
2. Chip supplier Qualcomm creates $100 million metaverse investment fund. To grow the market for their products, chip maker Qualcomm is investing $100 million in metaverse related companies. The fund, known as the Snapdragon Metaverse Fund, intends to focus on "innovative developers and companies building immersive experiences with AR, mixed reality, and VR." Qualcomm already serves as a chip provider for a range of virtual reality headsets and has a partnership with Microsoft to provide chips for their augmented reality products.
3. ANZ becomes first bank to mint Australian digital dollar. This week ANZ Bank became the first major financial institution in Australia to "issue and execute payment of a stablecoin linked to the nation’s dollar." The transaction saw $30 million move between the bank and a family office based in the country. ANZ has partnerships with Fireblocks, Chainalysis, and OpenZeppelin that helped deploy their stablecoin smart contracts.
4. DeSantis says Florida ‘should be willing’ to accept taxes in crypto. Ron DeSantis, the governor of Florida, said the state is working to allow businesses to pay taxes with cryptocurrency. In the announcement on Tuesday, DeSantis also spoke against "centrally controlled" currencies saying, “I worry about the amount of power that would give someone — an essential authority — to basically be able to shut off access to purchasing certain goods.” DeSantis, along with Miami Mayor Francis Suarez, has been pushing to make Florida a forward looking destination for the crypto industry.
5. Stablecoin Cashio on Solana exploited for $28 million. Early yesterday morning, Cashio a Solana stablecoin, was exploited for $28 million essentially eliminating all value from the protocol. Cashio fell victim to an "infinite mint glitch" that allowed the hacker to mint as many of the CASH tokens as they would like and then resale the token on the open market. As of this writing, it is unclear if Cashio will be able to continue operations.
Cashio total value locked:
Updates and other stories:
- Crypto.com to sponsor FIFA’s football World Cup this year...Read More
- Do Kwon reveals plan to increase UST's bitcoin reserve to $3 billion...Read More
- Paradigm invests $8.8M in DeFi’s Ribbon Finance...Read More
Top Sharers of the Crypto Top 5:
1. Donna Y. - Nashville, TN
2. Jake Y. - Greenville, SC
3. Forrest H. - Evansville, IN
External Resources:
1. Cryptopedia from Gemini - if you see a word, acronym, or phrase in this newsletter that you don't understand, there's a good chance you can find an explanation here
2. Crypto Explainer+ - intro level courses on Bitcoin, Ethereum, decentralized finance, NFTs, and more
3. Crypto Jobs! - looking for a new job? Check out this page from Anthony Pompliano with hundreds, if not thousands of listings
Disclaimer: The information contained in this newsletter shall not be understood or construed as financial advice. I am not an attorney, accountant, or financial advisor, nor am I holding myself out to be, and the information provided is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.