How Biden's executive order could lead to a bitcoin-bank boom

Plus, a virtual Instagram influencer with over 3M followers is becoming a DAO

Inside.com Part of   Network March 18, 2022

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President Joe Biden's recent executive order on cryptocurrency should help banks get more comfortable with the world of crypto. The timing is good because data shows Americans are starving for their banks to offer it. More: Of Americans who already hold cryptocurrencies, 52% said they said they'd definitely use a bank to invest in crypto if they could. Of Americans that plan to invest in crypto in the future, but don't currently, only 7% said they wouldn't use their bank to buy it. Yet, banks are seemingly oblivious to this demand. Only 1% of banks offered cryptocurrency investing or trading services prior to this year. Only 1-10 banks plan to offer these services in 2022 The executive order should eventually lead toward more regulatory clarity — which is a huge hurdle for bank-crypto adoption. Once the dominoes start to fall, a wave of adoption should come as it would become uneconomical for banks to not offer crypto.

Lil Miquela, the virtual Instagram influencer with over 3 million followers, is becoming a DAO. The company behind Lil Miquela, Dapper Collective, formerly Brud (acquired), wants to do this for a few reasons: Instagram, YouTube, Spotify, etc., extract almost all of the value from creative people. The internet made media no longer scarce, thus less valuable. Media creators are forced to sell everything but their media to monetize. Media organizations prevent employees and contributors from capitalizing on their talents. By moving to a DAO, they believe those pain points can be resolved: Collective ownership defeats Web2 monolith take rates. Media become both individually ownable and universally accessible with NFTs. DAO contributors will make and sell media exclusively. DAOs enable a modular work culture.

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Since 2020, the number of tweets related to cryptocurrency and NFTs have surged 242%, according to a report published by Twitter. Crypto is the highest-ranked topic on the finance categorization. The topic has spurred ~300 million tweets in just the past three months. Most popular crypto topics per the report: Bitcoin Ethereum  Ripple Other popular topics include: Cardano DeFi Coinbase Binance  NFTs

Funding Friday: ConsenSys ($450M) — ConsenSys is a blockchain software technology giant and the developer of MetaMask. Participation from UTA Ventures, Third Point, SoftBank, C Ventures, Anthos Capital, Marshall Wace, Sound Ventures, ParaFi Capital, Temasek, Microsoft, and True Capital Management. Optimism ($150M) — Optimism is a Layer 2 (L2) scaling solution for Ethereum. The round was co-led by Paradigm and Andreessen Horowitz. Magic Eden ($27M) — Magic Eden is the largest NFT marketplace on Solana. Paradigm, Sequoia Capital, Solana Capital, Electric Capital, Greylock Partners, Variant, and Kindred Capital all participated in the round. Oxio ($40M) — Oxio is a Web3 Telecom as a Service provider. The Series B funding round was led by ParaFi Capital.

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Web3 Tweet: The crypto influencer Bianca 'de Medici has turned out to secretly be the singer Sia.

QUICK HITS Connect with racing fans, car enthusiasts, and real racing legends.* Ethereum co-founder Vitalik Buterin was on the cover of TIME Magazine. Moonpay's CEO is donating his $1M NFT collection to charity. Someone borrowed 5 BAYC NFTs to claim 1.1M in APECoin.  Sen. Elizabeth Warren questioned Chainalysis' CEO on illicit finance with crypto. * This is sponsored content.

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Trevor Grant is an entrepreneur, investor, and writer based out of Chicago, Illinois. His primary area of interest is web3 venture capital, social tokens, and infrastructure. Other pursuits include screenwriting, yoga, and traveling. He holds a BS in biomedical engineering.   Connect with him on Twitter @trevorisonline Editor Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford.

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