The TechCrunch Podcast Community has been nominated for 2 Webbys within the Finest Expertise Podcast class. You may assist TechCrunch win by voting for Chain Reaction, which digs into the wild world of crypto. Or Found, which brings you the tales behind the startups by sitting down with the founders themselves. Please take just a few moments to vote here. Voting closes April 20. (NB I host Chain Response, so vote for my present!)
Welcome again to Chain Response.
About 10 months in the past, Solana’s co-founder and CEO, Anatoly Yakovenko, introduced the launch of Saga, a web3-focused Android smartphone. The cellphone is now being rolled out, and we bought to check one forward of its launch.
In contrast to typical Android gadgets, the Saga has web3 options and a “Solana dApp Retailer,” the place you’ll find apps for web3 platforms.
The shop has a slim handful of purposes:
- 4 wallets: Phantom, Solflare, Ledger and Squads
- Three DeFi apps: Marinade.finance, Jupiter and Mango
- Three NFT apps: Nokiamon, Minty Contemporary and TIEXO
- Three social apps: Dialect, Audius Music and urFeed
- And the dApp “workspace”
The cellphone additionally has a built-in cell pockets adapter, which is a part of the Solana Cellular Stack (SMS) that’s invisible to customers however is infrastructure that connects dApps to wallets, Steven Laver, the engineering lead at Solana Cellular, informed TechCrunch. Just like how MetaMask has a join button on its desktop shopper, this adapter is a “complete expertise” that can bridge net dApps to cell gadgets, he added.
The machine additionally features a web3-focused characteristic, the Seed Vault, which is embedded into the cellphone. Customers can import a seed phrase from one other crypto pockets or create a brand new one (Solana recommends creating a brand new one).
You may learn all about it here.
This week in web3
Crypto funding might need declined final quarter, however buyers behind the biggest funds within the area are sticking to their weapons. “There’s all the time going to be a necessity for giant funds and buyers to assist the startups get the funding they want,” Lydia Chiu, vp of Enterprise Growth at Ava Labs, informed TechCrunch+. With the present regulatory scrutiny on the area alongside the bearish market sentiment, enterprise capital funds are wanted greater than ever, she stated.
The complete magnitude of the influence of the present market volatility within the wake of the collapse of FTX continues to be unknown. The dominoes maintain falling and it’s onerous to foretell what number of extra initiatives and organizations will find yourself being affected. What’s undisputed is how your complete business has been impacted and that the dialog about crypto regulation has risen to the forefront.
Twitter has partnered with the funding platform eToro to indicate real-time details about shares and crypto costs. This expands upon the social community’s Cashtag characteristic, which offered data a couple of restricted variety of shares and crypto cash by way of TradingView knowledge. The brand new partnership with eToro goes past simply displaying data. It additionally redirects customers to the eToro web site the place they will interact in buying and selling.
Because the crypto market continues to search out its footing in an ever-shaky local weather, Andreessen Horowitz, which launched a $4.5 billion web3 fund final yr, launched its second State of Crypto report. It dives into every part from blockchain exercise to new applied sciences, however one theme that stands out is that blockchains are scaling.
Because the collapses of Signature Financial institution and Silvergate despatched crypto corporations scrambling, a digital financial institution from Hong Kong is extending a heat welcome to web3 startups. Hong Kong-based ZA Financial institution is now allowed to function the settlement financial institution for regulated web3 corporations within the metropolis, the corporate stated right this moment at Hong Kong’s web3 pageant, an occasion that’s backed by the area’s authorities and has attracted crypto startups and establishments from throughout Asia.
The most recent pod
Previous to becoming a member of the a16z household, Arianna based Autonomous Companions, an funding fund centered on crypto. She additionally helped launch Crystal Towers Capital, which is an early-stage fund investing primarily in YC corporations.
A16z has dug deep into the crypto area after launching 4 funds devoted to the business, with the latest one being about $4.5 billion in Could 2022. A few of its portfolio corporations embrace large crypto gamers we’ve interviewed prior to now, like Alchemy, Avalanche and Aptos.
We talked about Simpson’s background, how her technique has modified through the years, what she appears to be like for in founders and whether or not she would launch one other VC agency sooner or later.
And we additionally mentioned:
- The present investing local weather
- Web3 gaming area
- The place founders are constructing
- Regulatory panorama
- Recommendation for founders
Observe the cash
- Buying and selling-focused blockchain Sei raises $30 million, bringing valuation as much as $800 million
- Xclaim, an alternate for chapter claims towards crypto corporations, raised $7 million
- Metaverse-based Gameta raised $5 million
- Pear Protocol raised $1.25 million for its on-chain buying and selling platform
- Huddle01 raised $2.8 million to construct a decentralized real-time communication community
This listing was compiled with data from Messari in addition to TechCrunch’s personal reporting.
To get a roundup of TechCrunch’s largest and most vital crypto tales delivered to your inbox each Thursday at 12 p.m. PT, subscribe here.