Welcome back to Chain reaction.
Last week we recorded our news episode live on the londonbusinessblog.com Disrupt stage, where we talked about the launch of Aptos and shared our predictions for where we expect money to flow in the web3 world. This week we delved into NFTs, examining Apple’s new App Store guidelines and Reddit’s recent success in the space.
We also announced some personal news: one of our co-hosts, Lucas Matney, has moved on to new adventures outside of londonbusinessblog.com, but Jacquelyn and Anita are still here and excited to bring you the latest and greatest crypto stories every week. bring.
We are also busy preparing for our crypto event in Miami on November 17, where we will chat onstage with speakers such as OpenSea’s Devin Finzer, FTX’s Amy Wu and Yuga Labs’ Nicole Muniz. If you are interested in joining us, you can use the promo code REACT for 15% discount a general admission ticket.
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this week in web3
Here are some of the biggest crypto stories londonbusinessblog.com covered this week.
Singapore may soon require retail investors to pass a test before trading crypto, ban credit cards
The country may soon require retail investors to pass a test and not use credit card payments and other forms of borrowing to trade cryptocurrencies, according to a proposal from the central bank on Wednesday. It’s another tough move by the island’s government as it aims to raise awareness among citizens about the risks posed by volatile assets.
Wealth Management Firm Stone Ridge Launches Bitcoin-Focused Accelerator Program
wealth management company Stone Ridge launched a startup accelerator, In Wolf’s Clothing (Wolf), which will be dedicated to growing Bitcoin-focused applications, the team told londonbusinessblog.com exclusively. The program brings four cohorts a year, each made up of about eight to 12 teams, or about 30 to 50 founders, to New York City from around the world for eight weeks at a time to focus on building the Bitcoin-centric Lightning Network and Taro protocol, Wolf CEO Kelly Brewster told londonbusinessblog.com.
Apple tackles NFT functionality and social post boosts with App Store rules
Apple introduced new App Store rules on Monday those limit features unlocked through NFTs. The company prohibits apps from using other mechanisms such as QR codes or cryptocurrencies to give special access to users. It is also tackling cryptocurrency exchanges, as it now requires them to have “appropriate licenses and permissions to provide a cryptocurrency exchange” in all regions in which they operate.
Meta reports another drop in revenue as investors voice metaverse concerns
Meta reported earnings this week, revealing that net income was just $4.395 billion, down $9.194 billion year over year. The decline is largely due to Meta’s massive investment in the metaverse: Reality Labs, Meta’s virtual reality division, lost $3,672 billion this quarter.
the latest pod
For this week Tuesday delivery, we spoke to Andrei Brasoveanu, a venture capital investor at Accel, about his web3 investments. He spoke to us about his investments in companies such as Nansen and Sorare and discussed how the company competes with crypto-native VC players for top deals in the blockchain space.
In our Thursday episode, we’ve unpacked two big stories in the NFT space: Apple’s new App Store guidelines for NFT purchases, which aren’t very friendly to exchanges, and Reddit’s surprisingly successful foray into this undeniably tough market. We also talked about the latest tea from across the pond in the UK, where crypto proponent Rishi Sunak just became Prime Minister, and what that could mean for crypto businesses and regulations in the country.
Chain Response comes out every Tuesday and Thursday at noon PT, so subscribe to us on Apple Podcasts, Overcast, and Spotify to stay up to date on the action.
Follow the money
- DAO operating system origami Raised $6.2 million from investors including Bloomberg Beta and Protocol Labs.
- Start NFT Exclusive received $5 million from FC Basel owner Dan Holzmann and Tioga Capital.
- ParaFi participated in Thala Labs$6 million seed round to build a DeFi stack on Aptos.
- Sectiona web3-native publishing platform, closed a $1.7 million pre-seed round led by Lemniscap with participation from Binance Labs, FTX Ventures and others.
- Starting Blockchain Identity and Privacy seal sprang from stealth with an undisclosed amount of funding from Galaxy, Ribbit Capital and other investors.
This list has been compiled with information from Messari and londonbusinessblog.com’s own reporting.