Haun Time

Good morning. Today in the CT5 we've got coverage on Mango DAO's treasury allocation vote, Robinhood rolling out a crypto debit card, a somewhat strange crypto project from Worldcoin, and more!

Market Update (as of 8:00am ET):

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Top 5:

1. Mango DAO embraces SOL, rejects BTC with $1M treasury investment. In a decidedly different vote from Terra's recent decision to invest treasury funds in bitcoin, Mango DAO has approved a $1 million treasury investment in Solana-linked tokens. Mango DAO serves as the governing body behind Mango Markets, a DeFi lending, borrowing, and trading platform on Solana. The treasury currently holds $700 million in USDC, but the new allocation will go to mSOL (staked SOL on the Marinade protocol) that will earn staking rewards. Brian Smith, a Mango DAO contributor on the decision:

We were holding 100% USDC and not earning any interest on that capital

2. a16z alum Katie Haun raises $1.5B for two new crypto venture funds. The two funds received backing from a16z partners and the firm itself as well as from typical institutional investors like university endowments, charitable foundations, and family offices. $500 million will be allocated for an early-stage fund and $1 billion for an acceleration fund. Haun currently sits on the board at Coinbase, OpenSea, and Autograph. She announced her departure from a16z last December.

3. Robinhood's new debit card to offer crypto rewards. The new "Cash Card" product will come with credit card style rewards in a debit card format. Features of the card include a round up function that allows users to round every purchase up to the nearest dollar and invest that difference into stocks and crypto. The rollout is part of Robinhood's "crypto first" strategy that also includes the (slow) launch of their crypto wallet product.

4. Eye-scanning crypto project Worldcoin set for $100 million raise. The Ethereum-based token, Worldcoin, aims to onboard as many users as possible to crypto. To do this they have a somewhat radical plan - give away Worldcoin tokens to anyone that signs up. To sign up, users must scan their eyes in a device called the "Orb" which validates that they are human and have not already signed up previously. The project has come under scrutiny from privacy advocates, but the company insists no images of eyeballs are saved. However, hashes of those images are saved to prevent multiple sign ups from the same user. 450,000 people in around 20 counties have been scanned thus far. Eye am skeptical.

5. FTX Ventures invests $100 million in money app Dave. Another FTX investment. This time in online banking platform, Dave. Dave offers debit cards, spending accounts, and budgeting tools, but is best known for its cash advance features. The deal will allow Dave to begin offering cryptocurrency to its customers and provide FTX access to what is likely a different demographic of users.

Updates and other stories:
- Zcash: Network Upgrade 5 and Halo Arc...Read More
- BAYC creator snags $450M in funding for $4B valuation...Read More
- Maple Finance originates $1B of loans in 10 months...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.