Galaxy Launches $113 Million Crypto Fund: Nansen Redefines Ether ETF Dashboard: Finance
Welcome to Finance Redefined, your weekly dose of decentralized financial insights – a newsletter designed to bring you the most relevant developments from the past week.
This week marked another historic event for the crypto industry. On July 23, the first Ether (ETH) exchange-traded funds (ETFs) began trading in the United States.
The debut of spot ETFs was accompanied by other key developments, such as blockchain intelligence firm Nansen launching its first Ether ETF dashboard to create greater transparency around institutional earnings.
In other news, venture capitalist (VC) interest is finally returning to Web3 as institutional investors look for the next big blockchain startup.
Galaxy Asset Management raises $113 million for new crypto venture
Galaxy Asset Management has raised $113 million for a new crypto venture fund that could bring significant new capital to cryptocurrency startups to build new use cases.
Billionaire Michael Novogratz's new venture invests in early-stage crypto startups, focusing primarily on cryptographic software, infrastructure and financial applications.
The new fund, Galaxy Ventures Fund I LP, aims to initially invest in 30 companies and will continue to raise funds until it reaches its $150 million target, which is expected to happen as soon as 2025, according to a statement shared with Bloomberg.
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Nansen Launches Industry-First Ether ETF Analytics Dashboard
Renowned blockchain analytics provider Nansen has launched the industry's first Ether ETF analytics dashboard.
The free-to-use dashboard tracks the performance of the highly anticipated US-based spot Ether ETF, providing traders with critical information such as an interactive ETF flow chart and a real-time overview of total ETF issuer balances. .
The approval of the Ether ETF is a major milestone for the industry, Nansen CEO Alex Svanević wrote in an announcement shared with Cointelegraph:
“We're excited to launch our ETH ETF Dashboard, showcasing how Nansen empowers investors with real-time insights. As the first of its kind, it provides critical information on ETF flows, supporting informed decisions.
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Web3 Venture Funding Stabilizes After Rocky 2023 – Crunchbase
After a year-long decline that began in 2023, venture capital funding is stabilizing with $2 billion in financing locked in by the second quarter of 2024.
While the Q2 numbers were slightly higher than the $1.8 billion raised in the previous quarter, Web3's quarterly venture funding overall reversed a downward trend of roughly halving last year, from $2.3 billion in Q1 2023 to $1.4 billion in Q4, according to Crunchbase. .
The total discount rate reflected the funding. The total number of deals fell from a peak of 681 in Q1 2023 to 284 in Q4. Although the latest quarter's financing volume rebounded, deal volume continued to weaken, with only 291 financing rounds closed in Q2 2024, according to the data.
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Vitalik Buterin introduced Circle STARKs for blockchain efficiency
Ethereum founder Vitalik Buterin has introduced a new cryptographic protocol called Circle STARKs (Scalar Open Arguments) that promises to improve blockchain security and efficiency.
In his recent post, Buterin explained that this technological leap uses small fields such as Mersenne31 to improve speed without compromising security measures.
“The most important trend in the design of the STARK protocol in the last two years is the shift to work on smaller fields.”
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WazirX hacker leverages $57 million into new wallets
The WazirX hacker transferred $57 million worth of stolen funds to two new crypto addresses in the latest Cash OnChain activity.
In an attempt to release the stolen assets, the hacker transferred 16,350 Ether, worth more than $57 million, to two new crypto wallets.
The lion's share (over $54 million) was sent to “0x58d,” according to a July 22 X post by blockchain security firm Pexshield.
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Overview of the DeFi market
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market cap ended the week in the green.
Of the 100, Solana-based memecoin Cat in the World of Dogs (MEW) was the biggest gainer this week, rising more than 89% on the weekly chart, followed by the Helium (HNT) token, which rose more than 24%.
Thanks for reading this week's roundup of the most impactful DeFi developments. Join us next Friday for more stories, insights and lessons about this dynamic and evolving space.
