Titans of Crypto

Good morning. Today we've got coverage on Binance.US's initial seed funding round, OpenSea expanding to SOL, and an NFL franchise accepting bitcoin. That's all right here, right now in the CT5!

Market Update (as of 8:01am ET):

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Top 5:

1. Binance.US raises over $200 million at a $4.5 billion pre-money valuation. The American arm of global exchange giant, Binance, has done fairly well in their seed round of funding, collecting $200 million from investors. The company plans to use the significant cash infusion to offer new products and expand services either organically or via acquisitions. Binance.US currently operates in 45 states with plans to expand coverage from sea to shining sea. Trading volumes are lagging quite far behind US rival Coinbase who saw $81 billion in trading last month versus Binance.US's measly $9 billion.

2. OpenSea begins activating support for Solana-based NFTs. The largest NFT marketplace is officially expanding support for Solana-based NFTs. The move has been much anticipated by the crypto community and OpenSea heavily teased the expansion in a tweet last week. While many are excited about the expansion, one market observer commented, "wish OpenSea would make the ETH/Polygon experience top notch before rolling out support for SOL NFTs." Solana saw $173 million in NFT trading last month, compared to the $3.4 billion in trading done on the OpenSea platform.

3. Bakkt inks deal to offer bitcoin, ether buys and sells to American Bank customers. The Allentown, PA based community bank has signed a deal with Bakkt in a plan to offer customers the ability to buy and sell bitcoin and ether. The service is expected to go live for customers in Q2 of 2022. Bakkt has similar deals with other regional and community banks across the country.

4. Sky Mavis raises $150M in Binance-led funding for Ronin Bridge refund. A funding round to reimburse victims of the Ronin Bridge exploit raised $150 million led by Binance. Other contributors include Animoca Brands, The Sandbox, and a handful of venture capital firms. While that's a large sum, it's still just a small portion of the $622 million lost in the hack. Sky Mavis and Axie Infinity will use the funds along with their own capital to ensure Ronin Network users can withdraw and deposit freely.

5. Tennessee Titans become first NFL team to accept bitcoin. The functionality will initially only be rolled out for large and recurring payments like season tickets, suites, PSLs, and sponsorship opportunities. The franchise hopes to open up payment opportunities in the future to include single-game tickets, merchandise, and in-game food and beverage purchases.

Updates and other stories:
- Luna Foundation Guard buys a further $231 million of bitcoin...Read More
- HSBC launches metaverse fund in Asia...Read More
- US Senator proposes looser stablecoin regulation...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.