Crypto Google Maps

Good morning. Today we've got coverage on a new release from Lightning Labs, Singapore cracking down on virtual-asset service providers, a couple new projects on Solana, and more!

Market Update (as of 8:27am ET):

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Top 5:

1. Lightning Labs raises $70M to bring stablecoins to Bitcoin. A new protocol called Taro (Taproot Asset Representation Overlay), powered by the Lightning Network, aims to bring stablecoins and other assets to the Bitcoin network. Lightning Labs announced the plans on Tuesday and released Taro's technical specifications as a Bitcoin Improvement Proposal in order to solicit feedback from the developer community. The $70 million funding round, announced in tandem with the Taro release, will lengthen Lightning Labs' runway and boost future developments.

2. FTX.US makes strategic investment in IEX exchange. Investors Exchange (IEX) is perhaps best known for their "speed bump" which delays incoming trade orders by 350 microseconds and aims to prevent high-frequency traders from front running orders. FTX pointed to this innovation when announcing the strategic investment in the firm on Tuesday. The companies plan to work together "to build a venue for trading digital asset securities."

3. Singapore crypto firms operating abroad must now be licensed under new law. The city state has passed a law to close an existing loophole that allowed domestically-registered virtual-asset service providers (VASPs) to operate internationally while avoiding oversight from Singapore's financial regulator. These VASPs will now be subject to anti-money laundering and counter-terrorism financing regulations and will also be required to enhance enterprise security and resiliency. Companies like Binance have withdrawn applications for licenses to operate in the country in recent months.

4. A decentralized Google Maps? Solana-based Hivemapper raises $18M to build it. The company uses dash cams on contributors' cars to record surroundings and incentivizes users to drive around in order to capture more images. Rewards are paid out with HONEY tokens for contributions made to the project's map. Hivemapper co-founder and CEO Ariel Seidman was the director of product management on Yahoo Maps and and says of the time, "Google kicked our ass." The company wants to serve as an alternative to products offered by big tech players and plans to offer APIs serving a variety of industries. Hivemapper dash cams begin shipping in July for the price of $449.

5. Strata raises $1.5M to build a no-code token launchpad on Solana. The company wants to make launching tokens more accessible on Solana, and will do so by offering a no-code solution for users to launch and sell tokens (easier rug pulls...nice). The company is also serving larger DAOs that want to create a subset of tokens applicable only to certain parts of the DAO organization. Once example being GrapeDAO, a web-3 social network, that has created tokens specifically for its videographer or game developer communities.

Updates and other stories:
- US sanctions Russia, adds 100+ bitcoin wallets to OFAC list...Read More
- SEC ruling on Bitcoin Futures ETF could impact spot funds...Read More
- Proposed bill to 'mitigate risks' of El Salvador's adoption of bitcoin...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.