Welcome to TechCrunch Crypto, formerly known as Chain Reaction. Alongside our regularly scheduled news, I’ll be testing out some recurring segments and features — so if you like (or don’t like) what you see, let me know at jacquelyn@techcrunch.com.
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A lot of news spread in the wild world of the web3: Solana Mobile’s new device brought in over 30,000 pre-orders, the long-awaited Electric Capital developer report showed good – and bad – news for developers, Coinbase went to court, and India faced more crypto problems . More details below.
This week on web3
- The buying frenzy for Solana Mobile’s second phone is driving pre-orders sky high
- Coinbase supports SEC’s motion to dismiss ‘securities violation’ claims
- Number of Monthly Active Crypto Developers Dropped by 25% in 2023
- Google pulls Binance, other global crypto apps from India store
- How low can bitcoin ETF fees go before they hurt a business?
Crisp numbers
As the crypto space absorbs the approval of the bitcoin ETF since last week, trading volume across all 11 issuers reached $11.95 billion with assets totaling about $27.7 billion in four days, according to post on X by James Seyffart, ETF analyst at Bloomberg Intelligence.
Prior to the SEC’s approval of spot bitcoin ETFs, some experts told me they expected trading volume to reach $10 billion year, not even a week. So it’s safe to say that these numbers are well ahead of previously anticipated demand.
Our favorite web3 post on X
Franklin Templeton, a 77-year-old firm that manages over $1.4 trillion in AUM, has a laser-eyed PFP (a nod to the Bitcoin community) and posts about memecoins like dogwifhat. Bet you didn’t have that on your 2024 bingo card.
Not sure how to feel about Laser Eye Ben? Just think instead of hat Ben wif
— Franklin Templeton (@FTI_US) January 17, 2024
The last pod
For this week episodeI interviewed Monica Long, the president of Ripple, a blockchain-based digital payment network and protocol.
Ripple has been around since 2012 and is one of the oldest crypto entities. Monica has spent the last 10 years at Ripple, working her way up from Chief Communications Officer to President.
We talked about Monica's career development, cross-border payments, traditional finance and the need for regulatory clarity.
We also cover Ripple's suit with the SEC, the XRP Ledger, its focus for 2024, and tips for the community.
Sign up to Chain reaction on Apple Podcasts, Spotify or your favorite pod platform to catch up on the latest episodes and leave us a review if you like what you hear!
Follow the money
- Inception Capital closes $30 million flagship fund of funds focused on emerging crypto managers.
- Staking tech provider Kiln raises $17 million in rare crypto funding round
- COTI Launches $25M Ecosystem Development Fund to Focus on Ethereum Privacy
- Crypto exchange WOO Network raises $9 million to boost its liquidity
- Digital asset trading technology company Flowdesk raises $50 million in Series B
This list was compiled with information from Messari as well as TechCrunch's own reporting.
What else are we writing?
Want to escape the web3 world? Here are some TechCrunch articles that caught our attention this week:
- Welcome back to the Unicorn Club, 10 years later
- I spent the morning with the Apple Vision Pro
- The goal of a startup is to cease to exist
- Will startup valuations start to recover in 2024? Investors aren't so sure
- As hacks worsen, SEC turns up the heat on CISOs
