Blockchain gaming and venture studio Animoca Brands has closed another strategic funding round, giving the company additional resources to expand its acquisition targets in the metaverse sector. The company announced Tuesday that it has closed a $75.32 million funding round at a pre-money valuation of $5.9 billion backed by Liberty City Ventures, Kingsway Capital, Alpha Wave Ventures, 19T, SG Spring Limited Partnership Fund and others. The raise represents the “second tranche” of funding following a $358.8 million raise in January that was supported by venture giants Sequoia China, Winklevoss Capital, ParaFi Capital and 10T Holdings. Animoca said the new capital …

A lot has happened in the Bitcoin (BTC) and cryptocurrency markets since our last edition of VC Roundup. The monumental collapse of the Terra ecosystem spilled over into other segments of the digital asset market, exposing over-leveraged traders, lending platforms and venture capital funds. In the process, Bitcoin’s price plumbed new lows, falling below the previous cycle’s peak for the first time in its history. Despite macro headwinds inflicting pain on the crypto markets, venture capital firms are still investing in the industry’s most promising startups. The latest edition of VC Roundup highlights funding deals for digital asset infrastructure providers, …

Those of us anxiously awaiting a summer relief rally for Bitcoin (BTC) may have to wait a little while longer. The bear market is still cleansing us of our excess — and revealing the most toxic players in our industry. I’ve talked to you about Terra (LUNA) — now renamed Terra Classic (LUNC) — Celsius, Three Arrows Capital, BlockFi — what about Voyager Digital? The crypto broker filed for Chapter 11 bankruptcy this week, putting hundreds of thousands of creditors on high alert. This week’s Crypto Biz newsletter dissects Voyager’s bankruptcy proceedings and offers some potentially good news regarding Celsius. …

Sequoia Capital China, the Chinese affiliate of cryptocurrency-friendly venture capital firm Sequoia Capital, is about to raise $9 billion for its four new funds focused on Chinese startups. In raising the capital, Sequoia China has already exceeded its initial target of roughly $8 billion, The Information news agency reported on Monday, citing two people familiar with the matter. The report notes that the final amount of the raise is supposed to be the biggest pool of capital ever raised by a single VC firm focused on Chinese technology startups. The funding round signals the growing investor appetite for tech investment …

Coinbase has long been considered an important bellwether of the cryptocurrency market. Last year, when the company was expanding its workforce, adding institutional clients and issuing stock, crypto prices were hitting record highs. Now, in the depths of crypto winter, Coinbase finds itself slashing a fifth of its workforce, losing retail trading volume and contending with downgrades of its credit and stock. This week’s Crypto Biz dissects Goldman Sachs’ latest downgrade of Coinbase and also looks at the latest developments surrounding Three Arrows Capital. Goldman Sachs downgrades Coinbase stock to ‘sell’ After a promising debut on the Nasdaq stock exchange …

FTX US has inked a deal with BlockFi that will give the crypto derivatives exchange the option to purchase the lending firm. In a Friday Twitter thread, BlockFi CEO Zac Prince said the crypto lending firm had signed agreements with FTX US for a $400-million revolving credit facility as well as the option to acquire BlockFi “at a variable price of up to $240 million based on performance triggers.” According to the CEO, the deal was reached as part of an effort “to bolster liquidity and protect client funds” at BlockFi. The agreements are still subject to shareholder approval. Prince …

OP Crypto, a cryptocurrency venture capital firm founded by former Huobi executive David Gan, is launching a new fund to support emerging fund managers focused on early-stage crypto investments. Named “OP Funds of Funds I,” the fund has secured $50 million in commitments from major companies like FTX’s investment subsidiary LedgerPrime and FJ Labs. The OP FoF I will target a hard cap of $100 million, with founders planning to close out the fund by the end of Q3, OP Crypto’s chief operating officer Lucas He told Cointelegraph. The fund will work on identifying and supporting crypto fund managers with …

The Monetary Authority of Singapore (MAS) has reprimanded Three Arrows Capital (3AC), an embattled hedge fund, for providing inaccurate information to the authorities. In a statement published Thursday, the MAS said that the firm violated capital requirements by having assets under management in excess of the permitted amount. When 3AC was registered as a fund management company in Singapore in 2013, it was allowed to manage funds for up to 30 investors worth up to $180 million. The fund had previously informed MAS that it was changing its management to the British Virgin Islands. Three Arrows Capital, a hedge fund …

Crypto exchange Voyager Digital has issued a notice of default to hedge fund Three Arrows Capital (3AC) for its failure to pay its 15,250 Bitcoin (BTC) and 350 million USD Coin (USDC) loan disclosed in a previous statement. In a market update by Voyager, the exchange noted that it's currently exploring "legal remedies" that are available with its advisors and is aiming to pursue the recovery of its funds from 3AC. Additionally, Voyager disclosed that the firm has $137 million in cash and crypto as of June 24, 2022. The company also assured its users that the platform is continuing …

For all the gloom and doom in the cryptocurrency market these days, our industry continues to make inroads into mainstream tech. This week, I had the pleasure of attending the sold-out Collision Conference in Toronto, and crypto was featured prominently. During the event, I got to moderate three panels, including two that were crypto-focused. The fact that the biggest tech conference in North America is letting me talk cryptocurrency after a six-month bloodbath proves there’s more to the industry than just price. And, I’m not saying the price isn’t important — but context is everything. This week’s Crypto Biz gives …

Crypto lending platform Nexo says that its strong balance sheet means it can ride to the rescue to provide liquidity during the current market turmoil by acquiring the assets of struggling crypto firms. In a blog post, Nexo announced that it is currently receiving advice from banking giant Citigroup on how best to acquire the assets of insolvent crypto firms so that investors can regain access to blocked funds. Last week Antoni Trenchev, co-founder and managing partner at Nexo, told Bloomberg that the current crypto crash reminds him of the Panic of 1907 — where major Wall Street institutions were …

Trading platform Voyager Digital takes a loan from trading firm Alameda Research because of its exposure to crypto venture capital firm Three Arrows Capital (3AC). In a press release by Voyager Digital, the firm announced that it has borrowed 15,000 Bitcoin (BTC) from Alameda to cover the losses that came from its exposure to the 3AC contagion. Voyager also noted that the company might issue a notice of default to 3AC if they fail to pay its loans from Voyager. The firm revealed that 3AC owes the Voyager 15,250 BTC and $350 million USD Coin (USDC) and noted that they …