One issue a week for people building in web3: the rounds that closed, the launches that mattered and what the leading funds are writing about.
This issue is led by regulation: FinCEN withdrew its mixing rule, the CFTC floated a federal exchange license, and Hong Kong reaffirmed its licensing bill timeline. On the funding and product side, OKX raised again at a $25 billion valuation, Umia closed a token auction and Solana released an institutional settlement program. The FinCEN withdrawal and the CFTC proposal are the most worth reading for startups.
FinCEN is withdrawing its proposal to designate crypto mixing a "primary money laundering concern" under the PATRIOT Act. The headline cites concerns over a chilling effect on legitimate activity.
Umia raised $6.11 million at an $18 million FDV through a seven-day auction of its UMIA token, with ten funds and nearly 700 individual bidders. The project helps crypto projects launch tokens.
Streams that already watch this field. Follow one as it is — it costs nothing extra.
Where the leading crypto funds put money and what they publish: new investments, funds raised and theses from a16z crypto, Paradigm, Multicoin, Dragonfly, Polychain and Electric Capital.
Every notable deal in web3 and blockchain, every day: funding rounds, acquisitions and mergers, strategic investments, new venture funds, token and treasury deals, and listings or exits — who, how much, at what valuation and who led.
Fires when a web3 startup raises $50M or more in a single equity or strategic round.