Big Smart Money Bets on Web3 and Ethereum Tier 2, May 19-25

Big Smart Money Bets on Web3 and Ethereum Tier 2, May 19-25

Billions and billions. This is what venture capitalists need to make progress in cryptocurrency. Their latest goal is Ethereum and Web3 Tier 2 scaling solutions, a shadow term that describes the next step in the evolution of the internet. So while the cryptocurrency market is in a state of great fear, smart investors – the people at TradFi who invest with expertise – continue to pour large sums of money into this space.

This week’s Crypto Biz newsletter brings you the latest funding stories in the blockchain world and explores interesting developments for Google and Sam Bankman – Fried.

Andreessen Horowitz closes $ 4.5 billion cryptocurrency fund amid market turmoil

The 2022 cryptocurrency market crash did not deter Andreessen Horowitz from billions of cryptocurrency startups promising billions more. This week, the venture capital giant, which also goes by the name a16z, announced the closure of its fourth cryptocurrency investment fund. Valued at $ 4.5 billion, the new a16z fund has a strong focus on Web3 start – ups. Andreessen is clearly getting the money from stakeholders who believe blockchain technology will change the internet. So you can continue reading the dire headlines about the end of cryptocurrency as we know it. Or you can track exactly what smart money is making.

We are announcing our fourth cryptocurrency fund, worth $ 4.5 billion, to invest in promising web3 start – ups at every stage. This brings the total cryptocurrency / web3 funds raised to over $ 7.6 billion. General Partner @cdixon tells us more at – a16z (@ a16z) May 25, 2022

StarkWare receives $ 100 million, betting investors on Tier 2 success

Speaking of smart money, venture capitalists gave $ 100 million to Ethereum developer StarkWare tier 2. Many cryptocurrency watchers are eager to see that the Ethereum merger is chronically delayed, but investors seem to think the network will not be able to scale without heavy support from Tier 2 solutions pushing for roll – up technology that could Ethereum’s significant transaction capabilities, which will greatly enhance. improve network functionality. Interest in Tiers 2 is only growing, and investors will be looking to support as many pioneers as possible.

Google is looking for new talent to lead the Web3 global team

Bear markets are tough, but don’t let them stop you from thinking about a career in cryptocurrency. Even Google, the Internet data master, recruits talent for its Web3 ambitions. In fact, the company is forming a Web3 team within its Google Cloud division and believes the time is right to increase support for “cryptocurrency-related technologies”. Those are the exact words – allegedly, of course – of Google Cloud VP Amit Zavery. Web3 is no longer just a cryptocurrency, but its connection to the industry seems to be getting stronger every day.

new: Google Cloud is creating a Web3 product and engineering team that will enhance services for developers. new job postings appear on Google’s internal Grow tool, Amit Zavery informs employees in an email today – Jordan Novet (@jordannovet) May 6, 2022

Sam Bankman-Fried could spend up to $ 1 billion in 2024 to block Trump’s return

Just because bitcoin trading on the sidelines does not mean that the cryptocurrency market is boring. Far from it, really. What do you make of this story: FTX founder Sam Bankman – Fried, also known as SBF, is willing to spend up to $ 1 billion of his own money to block Donald Trump’s return. In my opinion, that means that SBF will give the Democratic party up to $ 1 billion in the 2024 election cycle. While Trump has not confirmed whether he will run again in 2024, there is every chance that he will get out of the box. again. If it runs, I do not think that anyone in the GOP will be able to compete with it. SBF takes this very seriously.

Last one for the road! When will stocks recover?

I want to tell you that bitcoin is an initial hedge against inflation that is completely decoupled from so – called stocks and other dangerous assets. But unfortunately, since the March 2020 crash, bitcoin and cryptocurrencies in general have been closely correlated with stocks. If you want to assess the likelihood of a rally in the cryptocurrency markets in the short term, you need to look at how stocks are doing. In the latest issue of The Market Report, I sat down with fellow Benton Yuan analysts Jordan Finneseth, and Marcel Pechman to discuss the likelihood of a stock market rally and what that means for Bitcoin. You can watch the full recording below.

Crypto Biz is your weekly pulse of the business behind blockchain and cryptocurrency, delivered straight to your inbox every Thursday.

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