The dog days of “Crypto Summer”

#Web3Weekly: July 2–8, 2023

This post is adapted from the latest edition of my newsletter #Web3Weekly. If you would like to receive it in your inbox every Sunday, subscribe here.

I’ll be honest. Now that the calendar has turned to July, part of me wants to take a summer break like when I was a kid. At the same time, I also have some very real, grown-up stuff to do right now, like moving to a new apartment.

Hence I’ve decided to do our regular news roundup today, then put the newsletter into low-maintenance mode through August.

That means the #Web3Weekly Twitter account and my regular sharing of newsletter content on Medium will go dormant. For email subscribers, I’ll be re-sharing each week one of my favorite third-party videos about the basics of web3.

We’ll resume our regular format on Sept. 3, including the news summary and social sharing.

• The cross-chain platform Multichain warned users not to use its services after experiencing an unexplained $126 million outflow of assets. Fallout reverberated throughot the crypto markets following the announcement. Stablecoin issuers Circle and Tether froze $65 million in assets tied to the incident. Binance suspended deposits and withdrawals of eight tokens traded via “bridges” to Multichain’s platform.
• BlackRock CEO Larry Fink said in an interview with Fox Business Network that bitcoin is displacing gold as a safe haven for investors and could “revolutionize finance”. He also expressed optimism that BlockRock’s application to offer an exchange-traded fund (ETF) that holds bitcoin will be approved by U.S. regulators. Crypto traders have heavily speculated on such a scenario the last few weeks, bidding bitcoin to a new 13-month high above $31,000 per token. FBN noted that BlackRock, one of Wall Street’s biggest asset managers, has a track record of 575–1 in winning approvals for new ETFs from the Securities and Exchange Commission.
• Polygon Labs announced a management shakeup, including a new CEO, executive chairman, and chief legal officer.
• MicroStrategy’s chief revenue officer resigned after a seven-year run at the consulting company, which was an early adopter of bitcoin among U.S.-listed firms.
• K33 Research said in a new report that the U.S. remains the “center of gravity” for the global web3 industry, with about 30% of total employee headcount.
• Unstoppable Domains COO Sandy Carter writes in Forbes that Nike and Starbucks’ NFT-based customer loyalty programs could become a model for other brands.
• The New York Times examined how Tom Brady and other celebrities were roped into endorsing FTX.
• The Times also reports that the New York Public Library’s landmark midtown branch is revamping itself as “a cool place to hang out” now that no one wants to work in an actual office in Manhattan.

That’s it for now. Thanks for reading the newsletter today! If you want to receive updates like this in your inbox every Sunday, please join our email list.

Note: #Web3Weekly content is intended for journalistic purposes only, not as investment advice. Always DYOR and consult appropriate financial professionals before making investment decisions.

Best wishes for a healthy and productive week ahead.