🎰 Betting big on Web3 while the market collapses.

Major layoffs are on the way for some companies while others are betting big on web3.

June 16, 2022

Contents (3 min read):

  • 🚷 More Layoffs are on the way

  • 🎰 Betting Big on Web3

  • 🏖️ IRAs, tax-sheltered accounts

  • 📰 ICYMI

  • 🙏🏻 Grateful for…

  • 💸 Coupons

🚷 More Crypto Layoffs are on the way

Coinbase to lay off 18% of its workforce in preparations for Crypto winter. the company revealed that it will shed 1,100 jobs, noting that economic conditions are "changing rapidly" and that the world appears to be entering a recession. That, Armstrong said, "could lead to another crypto winter, and could last for an extended period."

Coinbase’s revenue per user has dropped drastically. Q1 of 2022 numbers are barely matching those figures from 2019. As we can see below, they registered a loss of almost $500 million during the first quarter of this year.

BlockFi is set to slash a fifth of its workforce and elsewhere, companies like Robinhood, Crypto.com, and many other companies have announced significant layoffs or hiring freezes. Some longtime experts say they’re getting flashbacks to 2018 when crypto startups laid off dozens of employees and the industry lay dormant for a couple of years. The current layoffs could foretell another extended crypto downturn and lead to fundamental shifts. A rebound could take years.

🎰 Betting Big on Web3

The Crypto market is free falling and some investors doubt web3 ‘s potential. But many others are doubling down on the next generation of the internet and putting their money where their mouth is.

  • Venture capital firm True Global Ventures 4 Plus (TGV4 Plus) has announced the closure of a $146 million funding round earmarked for a wide range of Web3 projects — highlighting investors’ continued interest in crypto despite an ongoing bear market.

  • Digital asset exchange Huobi Global has spun out a new investment arm with over $1 billion in crypto assets under management to deploy, focused on decentralized finance (DeFi) and Web3 projects, further highlighting venture capital interest in the blockchain economy. 

  • Kaleidoco, an augmented reality, and Web3 company, has raised a new round of $7 million in funding from the blockchain gaming community. The company is coming off debuting its Particle Ink Metaverse at the opening of the TED2022 event, and it also has a live AR installation in Las Vegas.

  • Global venture capital and growth investor Sequoia Capital has announced the launch of two new funds – a $2 billion early-stage venture, and growth product for India as well as an $850 million dedicated one for Southeast Asia. The focus will be on the Web3 ecosystem, “The net 3 system is growing apace in markets adore Malaysia, Thailand, Vietnam and therefore the Philippines. 

  • Tellie, the fastest, easiest to use site builder for web2 and web3 creators, today announced a raise of $10M in Series A funding. New investors Malibu Point Capital, Galaxy Digital, Osage Venture Partners, Dapper Labs, SXSW Innovation Fund, and Gaingels joined existing investors including Corazon Capital, TQ Ventures, and Upfront Ventures which incubated the company.

  • Web3 technology platform Nefta has announced a $1 million investment from Picus Capital. The company currently works with games studios at different stages of development and will use the investment to scale the team and onboard more gaming companies in the future.

Cryptocurrency is one of those things that everyone is talking about these days. There are all kinds of different exchanges to trade crypto on...but what many people don’t realize is how much they’re losing in taxes and fees.

iTrustCapital allows its clients to invest in crypto through an individual retirement account or an IRA without having to worry about taxes or fees.

IRAs are tax-sheltered accounts, meaning all your crypto trading is tax-free and can grow tax-free over time.

📰 ICYMI

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