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On December 18, Russian Armed Forces Chief of the General Staff Gerasimov said at a press conference for foreign military attachés that the Russian Armed Forces have formed a brigade equipped with the new hypersonic medium-range ballistic missile "Hazelnut".December 18th - Traders say currency volatility will continue to diminish in the new year, with the policy paths of major central banks becoming clearer for the foreseeable future. A measure of one-month volatility for G10 currencies fell to 5.81% this week, the lowest level since 2022. One-month volatility for the pound has fallen to its lowest level since 2014, while one-month volatility for the euro has also fallen to its lowest level since July 2024. "Globally, the factors influencing currency movements are becoming increasingly convergent," said Ben Ford, a foreign exchange strategist at Macro Hive. He noted that this means the market expects "very little near-term risk." The Federal Reserve is preparing for further rate cuts next year, and the Bank of England may follow suit. The Swedish central bank, the Norwegian central bank, and the Swiss National Bank are expected to keep interest rates unchanged for an extended period. The Bank of Japan may be one of the few exceptions to adopt a tighter monetary policy, and the European Central Bank may also join this trend.Nvidia (NVDA.O) shares extended gains to 3%.December 18th - This week, the Iranian rial fell to a record low against the US dollar as multiple challenges plagued the Iranian economy, including oil sanctions, regional tensions, and escalating inflation. According to Bonbast and social media accounts of three Tehran-based foreign exchange brokers, the dollar was trading slightly below 1.3 million rials in Tehrans unofficial open market on Wednesday evening. Traders said this rate was only slightly below the record high reached earlier this week. The rial has depreciated significantly over the past year, repeatedly hitting new lows following broader international sanctions and a 12-day conflict between Israel and Iran. The United States has also been involved in the conflict, bombing key Iranian nuclear facilities.Brazilian President Lula: Italian Prime Minister Meloni said she is not against the EU-Mercosur agreement, but just asked me to wait patiently.

Multicoin Capital Unveils Latest $430M Crypto and Web3 Startup Fund

Skylar Shaw

Jul 14, 2022 14:37

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Although the markets for digital assets may be frozen over due to a new crypto winter, venture capital companies are nonetheless optimistic about the sector's and Web3's future.


Multicoin Capital, a cryptocurrency venture business, has shown no fear of the bears with the unveiling of its newest fund. Venture Fund III, the third fund from Multicoin, is a $430 million fund that backs entrepreneurs in the cryptocurrency, blockchain, and Web3 sectors.


The fund would reportedly invest $500,000 to $25 million in early-stage ideas and up to $100 million in later-stage, more established enterprises, according to the statement made on July 12.


The American business was established in 2017, the same year it started making investments in the crypto sector. It oversees a venture fund and a hedge fund that makes investments in both public and private markets. On July 13, managing partner Kyle Samani announced the information.

Concentrate on DAOs, Web3, and DeFi

The fund will concentrate on cryptocurrency initiatives it refers to as Proof of Physical Work, which "build incentive structures that enable anybody in the globe to permissionlessly contribute to a set of common goals." This is not the same as Bitcoin's (BTC) power-hungry proof-of-work consensus algorithm.


It was noted that the idea encourages individuals to carry out legitimate activity that creates physical infrastructure. It cited Web2 companies doing this already, such AirBnB and Uber.


The fund would also focus on DataDAOs, which are proofs of actual work that use data instead of infrastructure and are comparable. Due to privacy and security concerns, data cannot currently be aggregated; however, blockchain technology offers a solution in the form of decentralized, permissionless, and trust-minimized data intermediaries.


A DataDAO named Delphia just received a $60 million financing round headed by Multicoin.


The company is also focused in creator monetization, which gives content producers authority again instead of large social media platforms. Creators may manage their own material and its commercialization by utilizing nonfungible tokens (NFTs) and marketplaces.


The new fund was also interested in consumer-facing Web3 decentralized apps built on top of an existing framework, such Ethereum (ETH). Decentralized finance (DeFi), Web3 infrastructure, and DAO (decentralized autonomous organization) technology would also be examined.


The term "Web3" describes the subsequent generation of the internet, which is decentralized and run by its users as opposed to Web2, which is dominated by global tech and social media corporations that collect data for commercial gain.

Retail Suffers as VCs Continue to Fight

Retail traders are now suffering as the cryptocurrency markets, which serve as the basic financial foundation for many of these Web3 initiatives, are bleeding.


Cryptocurrency markets have lost another 1.9 percent of their value today, bringing the overall market size to $909 billion. Major cryptocurrencies are currently in a range-bound channel, but bad macroeconomic data on CPI (consumer price index/inflation) from the U.S. later today might drive markets down again.

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