White House briefed on crypto / 1confirmation announced $125M fund / Fresh Funding for Chia Network

Plus: More Americans are familiar with DOGE than ETH

Inside.com Part of   Network May 25, 2021

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The global crypto market cap is $1.63T 0.85%▲ with a 24-hour market volume of $196.40B 4.76%▼. Bitcoin's dominance is currently 43.73% 0.33%▼. CURRENT PRICES BY MARKET CAP # Name Price 24h % 1 Bitcoin BTC $37,841.16 1.21% ▼ 2 Ethereum ETH $2,569.44 0.12% ▲ 3 Binance Coin BNB $329.30 0.11% ▲ 4 Cardano ADA $1.53 0.51%▲ 5 Dogecoin DOGE $0.3399 1.33% ▲ *Prices as of 3:15 p.m. ET.

White House officials were briefed by members of the Treasury Department about crypto-related risks. The administration is allegedly seeking to remedy potential gaps in oversight. More: Regulators do not feel that current volatility poses a threat to the stability of financial markets. An anonymous source briefed on the matter stated that the administration had taken a “wait-and-see posture” on any potential crypto-related issues. Last week, the Treasury Department announced plans to require that companies transacting cryptocurrency notify the IRS for transactions exceeding $10K.

Crypto venture capital firm 1confirmation announced the closing of a $125M fund. 1confirmation fund III plans to allocate funding to early-stage crypto startups. More: Following the creation of the new fund, 1confirmation now has more than $800M in AUM. Previous 1confirmation fund investors included Mark Cuban, Marc Andreessen, and Peter Thiel. 1confirmation has previously made investments in Coinbase, SuperRare, dYdX, DOT, ETH, and BTC.

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▲ TOP GAINERS # Name Price 24h % 1 SwissBorg CHSB $0.9867 27.20% ▲ 2 Holo HOT $0.009046 26.68% ▲ 3 ETH Classic ETC $76.59 22.57% ▲ 4 Celo CELO $3.68 21.32% ▲ 5 THORChain RUNE $11.44 14.65%▲ ▼ TOP LOSERS # Name Price 24h % 1 SHIBA INU SHIB $0.000009233 18.98%▼ 2 Revain REV $0.01427 14.26%▼ 3 Waves WAVES $14.85 9.74%▼ 4 Fantom FTM $0.3066 9.19%▼ 5 SushiSwap SUSHI $11.03 7.23%▼ *Limited to cryptocurrencies in the Top 100. Prices as of 3:15 p.m. ET.

Chia Network, a San Francisco-based company known for its storage-based mining, raised $61M. It received funding from Brey Capital, Slow Ventures, True Ventures, Cygni Capital, Collab+Currency, Andreessen Horwitz, and others. More: Chia uses a proof of space-time consensus algorithm to provide mining functionality that is “far less energy-intensive than traditional GPU” mining. Rather than GPU mining, Chia uses SSD or HDD to store data and provide proof to a verifier of a transaction. Since the Chia Network’s launch in March, SSD demand has increased, lifting the stock price of SDD manufacturers Seagate (+31.52%) and Western Digital (12.91%).

QUICK HITS Here are 10 tips for creating a consent management platform (CMP) that meets compliance requirements, helps maximize opt-ins, and builds trust with customers. * British finance lobbying association TheCityUK released a report urging policymakers to create clearer rules on crypto for the U.K. Coinbase will expand its prime brokerage platform, Coinbase Prime, to further attract present and future institutional clients. The Dfinity Foundation additionally announced a $200M fund for developers to expand the functionality of the Internet Computer. 89% of American participants know about at least one cryptocurrency, a recent study by Harris Poll found. Of that 89%, 29% said they were familiar with DOGE, while only 21% said they were familiar with ETH. After 14 years, 883M views, and a $761K NFT sale, the viral YouTube video “Charlie Bit My Finger” will be taken off YouTube. Indonesia’s Governor Perry Warjiyo announced that a transition to create an Indonesian CBDC is one of the government’s top priorities. The Chinese province of Inner Mongolia announced a proposition to blacklist Bitcoin miners from the country’s social credit system.   On-site teams are a thing of the past. Learn how the shift toward remote work may be the key to your business growth. * * Sponsored Content

Griffin McShane is a J.D. candidate currently living in Portland, Maine. He is a graduate of Providence College, where he studied both computer science and business. Griffin aspires one day to go to the moon and bring some of his altcoins along for the ride. Editor Sheena Vasani is a professional tech writer, creator, and UC Berkeley, Dev Bootcamp, and Thinkful alumna who writes Inside Dev and Inside NoCode. She recently launched Affordable Mental Help, a directory listing free and low-cost mental health resources. You can contact her at sheenavasani1[at]gmail.com.

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