Image Credits: Thealike
Welcome again to Chain Reaction.
Last week, we recorded our news episode stay onstage at Thealike Disrupt, through which we talked concerning the Aptos launch and shared our predictions for the place we anticipate cash to movement within the web3 world. This week, we dove into NFTs, inspecting Apple’s new App Store pointers and Reddit’s current success within the area.
We additionally introduced some private news — one in every of our co-hosts, Lucas Matney, has moved on to new adventures outdoors of Thealike, however Jacquelyn and Anita are nonetheless right here and excited to maintain bringing you the newest and best crypto tales every week.
We’re additionally tremendous busy prepping for our crypto occasion in Miami this November seventeenth, the place we’ll be onstage chatting with audio system together with OpenSea’s Devin Finzer, FTX’s Amy Wu and Yuga Labs’ Nicole Muniz. If you’re excited about becoming a member of us, you possibly can use the promo code REACT for 15% off a General Admission ticket.
Do you need Chain Reaction in your inbox each Thursday? Sign up right here: techcrunch.com/newsletters.
this week in web3
Here are a number of the greatest crypto tales Thealike has coated this week.
Singapore might quickly require retail buyers to take take a look at earlier than buying and selling crypto, prohibit bank cards
The nation might quickly require retail buyers to take a take a look at and never use bank card funds and different types of borrowing for buying and selling cryptocurrencies, per a central financial institution proposal on Wednesday. It’s one other stringent measure from the island nation’s authorities because it appears to be like to make residents conscious of the dangers surrounding unstable belongings.
Asset administration agency Stone Ridge launches Bitcoin-focused accelerator program
Asset administration agency Stone Ridge has launched a startup accelerator, In Wolf’s Clothing (Wolf), that might be devoted to rising Bitcoin-focused functions, the group completely instructed Thealike. The program will convey 4 cohorts per yr, every consisting of about eight to 12 groups, or about 30 to 50 founders, to New York City from world wide for eight weeks at a time to concentrate on constructing on the Bitcoin-centric Lightning Network and Taro protocol, Kelly Brewster, CEO of Wolf, instructed Thealike.
Apple cracks down on NFT performance, social put up boosts with App Store guidelines
Apple launched new App Store rules on Monday that restrict options unlocked by means of NFTs. The firm is prohibiting apps to make use of different mechanisms corresponding to QR codes or cryptocurrencies to offer particular entry to customers. It’s additionally cracking down on cryptocurrency exchanges because it now mandates them to have “appropriate licensing and permissions to provide a cryptocurrency exchange” in all areas they function in.
Meta posts one other income decline as buyers voice metaverse issues
Meta reported earnings this week, revealing that its internet earnings was simply $4.395 billion, down from $9.194 billion yr over yr. The decline is generally as a consequence of Meta’s large funding within the metaverse: Reality Labs, Meta’s digital actuality division, misplaced $3.672 billion this quarter.
Image Credits: Meta
the newest pod
For this week’s Tuesday episode, we caught up with Andrei Brasoveanu, a enterprise capital investor at Accel, about his web3 investments. He talked to us about his investments in firms corresponding to Nansen and Sorare and mentioned how the agency competes with crypto-native VC gamers for prime offers within the blockchain area.
In our Thursday episode, we unpacked two large tales within the NFT area — Apple’s new App Store pointers for NFT purchases, that are less-than-friendly to exchanges, and Reddit’s surprisingly profitable foray into this undeniably powerful market. We additionally talked concerning the newest tea from throughout the pond within the U.Ok., the place crypto proponent Rishi Sunak simply grew to become prime minister, and what that would imply for crypto firms and regulation within the nation.
Chain Reaction comes out each Tuesday and Thursday at 12:00 p.m. PT, so remember to subscribe to us on Apple Podcasts, Overcast and Spotify to maintain up with the motion.
Image Credits: HM Treasury
comply with the cash
- DAO working system Origami raised $6.2 million from buyers, together with Bloomberg Beta and Protocol Labs.
- NFT startup Exclusible bagged $5 million from FC Basel proprietor Dan Holzmann and Tioga Capital.
- ParaFi participated in Thala Labs’ $6 million seed spherical to construct a DeFi stack on Aptos.
- Paragraph, a web3-native publishing platform, closed a $1.7 million pre-seed spherical led by Lemniscap with participation from Binance Labs, FTX Ventures and others.
- Blockchain id and privateness startup Sealance emerged from stealth with an undisclosed quantity of funding from Galaxy, Ribbit Capital and different buyers.
This checklist was compiled with info from Messari in addition to Thealike’s personal reporting.
