I DIG it

Good morning. Today we've got a billion dollar funding round for institutional bitcoin access, new Coinbase Wallet functionality, additional Solana gaming support, and more!

What this is:
A "Top 5" of crypto, digital asset, and other blockchain related news sent to your inbox on a daily basis

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Top 5:

1. Bitcoin Firm NYDIG Raises $1 Billion From Investors
NYDIG (New York Digital Investment Group) has raised $1 billions dollars in a funding round that vales the company at $7 billion. The firm offers bitcoin trading, brokerage, custody, and asset management with a focus on institutional investors. Last year, NYDIG facilitated MassMutual's purchase of $100 million in bitcoin, but more recently the firm has focused on selling technology to banks, credit unions, and merchants to allow those firms to embed bitcoin services into their websites or applications. Morgan Stanley, MassMutual, and New York Life (all traditional financial stalwarts) were all participants in the funding round.

2. Coinbase Wallet rolls out support for NFTs
Coinbase's self-custody wallet now provides support for NFTs, in move to that reflects the rapid growth in the space this year (NFT sales expected to exceed $17 billion this year). The company announced on Tuesday that their wallet will soon be able to support NFTs, provide users with the ability to view their collections, and connect with leading NFT marketplaces, such as OpenSea.

Weekly NFT sales (data from NonFungible):

3. Solana Ventures, Forte, and Griffin Gaming will invest $150M in blockchain games
Solana Ventures, Forte, and Griffin Gaming Partners announced a $150 million investment in blockchain gaming. The goal of the investment is to support Web 3 game makers who are creating decentralized games on the Solana blockchain.  Solana Ventures is the strategic investment arm of Solana Labs, the creator of the Solana blockchain ecosystem that has become increasingly popular in the gaming community. “Blockchain is enabling publishers to engage with their player bases in innovative ways,” said Forte CEO Josh Williams. “Where game developers once had to continuously create new content for players to consume as one-time purchases, with the advent of NFTs and other blockchain technologies, game developers can now offer their audiences real property rights and create self-sustaining and thriving economies within their games.”

4. Bank of England Says Crypto’s Rapid Growth Could Pose Stability Risks
The Bank of England (BoE) is concerned that the rapid growth of crypto and increasing interconnectivity with the broader financial system poses stability risks. The central bank believes that while crypto investments currently only represent a small fraction of institutional investments, a large drop in prices could trigger a sell off in other assets and transmit shocks to financial markets at large. The BoE has advised financial institutions to take a "cautious and prudent approach" to crypto adoption until a regulatory regime is in place.

5. Global Stock Market Growth in Context of Money Supply Expansion from @PrestonPysh
A twitter thread that puts global stock market growth in context with money supply expansion. The cliff notes:

- When looking at growth and considering M2 money supply growth, global stock markets are up 6.9% since 2009
- Prices are increasing (inflation), with major impacts to labor intensive services
- More volatility to come, but nominal fiat gains are not as important as protecting purchasing power

Top Sharers of the Crypto Top 5:
1. Cameron S. - New York, NY
2. Jake Y. - Greenville, SC
3. Lauren A. - Nashville, TN

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.