To get a preview of the biggest and best crypto stories from TechCrunch every Thursday at 12:00 PM PT .
Welcome to Chain Reaction.
It seems like yesterday was the new year, but February has arrived, and in the world of cryptocurrencies everything wants to relax a little (for once).
The past month has been filled with cryptocurrency companies laying off employees, developments regarding existing and new Chapter 11 bankruptcies, partnerships, and talk of a potential recovery in 2023.
Despite all the bad news flooding the sector, some cryptocurrencies rallied in January amid market turmoil.
Bitcoin is up 40% for the month, while Ether is up 32% over the same period. According to CoinMarketCap data, Solana also rallied strongly, from around $10 at the start of the year to near its lowest level since February 2021, rising 146% to $24.3 at the end of January.
These market movements may attract more retail and institutional investors to begin with. But whether this seemingly random market rally will continue in February remains to be seen.
This week on web3
Lost cryptocurrency during Chapter 11 bankruptcy? You Might Not Get It Back (TC+)
As Chapter 11 bankruptcy proceedings proceed for several major cryptocurrency companies, those who lost their funds are certainly hoping to get all or at least some of their money back. Attorneys and experts shared with TechCrunch their thoughts on what the case means for lenders and what could happen to those whose money disappears overnight.
Venture capital funding for black Web3 founders surged last year, bucking trend (TC+)
Black people who invested in cryptocurrencies were disproportionately affected by the past crypto winter, although many black founders and investors told TechCrunch they remain optimistic about the industry's potential for the communities and people within it. Instead, it took last year's economic correction, they told TechCrunch. "The bubble is about to burst," said People of Crypto co-founder Simone Berry. "This is not sustainable and an economic solution is needed.
Sorare is teaming up with the Premier League for Fantasy Football NFT games
French start-up Sorare has signed a four-year licensing partnership with the Premier League. This agreement marks an important milestone for the company, as the English Football League is one of the most popular sports leagues in the world. For sports fans who aren't particularly interested in soccer (or soccer as the Europeans call it), Sorare has also worked closely with the NBA and MLB in recent months.
Bitcoin-based Strike app expands to Philippines to develop cross-border payment solutions
Bitcoin-based financial app and payment network Strike is expanding its presence in the Philippines to expand the cross-border payments and remittances market. In addition to the Philippines, Strike is also planning further expansion into the Latin American and African regions due to "tremendous demand," CEO Jack Mahlers said. Overall, the company's partnerships and announcements indicate that it is focused on growing the money transfer market through its app and other alternative channels such as Clover.
Enterprise blockchain adoption may grow as hybrid use cases (TC+) develop.
According to Daniela Barbosa, CEO of the Hyperledger Foundation, while the cryptocurrency market remains volatile, enterprise blockchain adoption continues to grow as companies find new uses for the technology. One of the biggest requests in recent years has been for "hybrid use cases," and the technology is helping not only large enterprises but also small businesses, he said.
the last pod
ICYMI: In last week's episode, Jacqueline spoke with Mo Sheikh, Co-Founder and CEO of Tier 1 Blockchain Aptos. Sheikh is a three-time founder with over a decade of experience in financial services, blockchain and cryptocurrency technology. He also worked on strategic blockchain partnerships for Novi, Facebook's wallet, and served as Chief Strategy Officer at ConsenSys.
"When we were thinking about Aptos, we really felt that people needed new ways to share digital information and to be able to share that information and economic value digitally in a more efficient and fair way," Sheikh said during the podcast. "That's the mission we're on."
Last year was huge for Aptos, when the blockchain went public and raised about $400 million in funding in a bear market. The new Tier 1 received backing from major investors such as Andreessen Horowitz, Circle Ventures and the defunct FTX Ventures. And even as the market declines, its APT token is up 380% in January, according to CoinMarketCap data.
Looking ahead to 2023, Aptos plans to make it a "year of intention," Sheikh said. "I think this is a year of intent for the entire industry."
We also cover:
What it's like to jump in a bear market
Creator of blockchains
Business development plan for 2023
Insertion of people who are not present in the room
The future of interoperability and multichain world
Subscribe to Chain Reaction on Apple Podcasts, Spotify , or your favorite pod platform to catch up on the latest episodes, and leave a comment if you like what you hear!
follow the money
Haun Ventures Leads Sovereign Labs' $7.4M Seed Round to Help Blockchain Scale
Startup Hypernative Raises $9 Million to Prevent Web3 Cyberattacks
BlockJoy Raises $12 Million to Help Lower Operating Costs for Blockchain Node Companies
Web3 marketing startup Addressable has raised $7.5 million in early rounds
Everscale Raises $5 Million to Help Expand Blockchain
This list was compiled using information from Messari as well as a report from TechCrunch.