Bitcoin spot ETF quantity rose, Coinbase went to courtroom, Solana Cellular broadcasts new system and Google cuts crypto apps in India

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Loads of information transpired within the wild world of web3: Solana Cellular’s new system introduced in over 30,000 preorders, the extremely anticipated Electrical Capital developer report confirmed good — and unhealthy — information for builders, Coinbase went to courtroom and India confronted extra crypto woes. Extra particulars beneath.

This week in web3

  1. Buying frenzy for Solana Mobile’s second phone drives preorders sky high
  2. Coinbase argues for motion to dismiss SEC’s ‘securities violation’ allegations
  3. Number of monthly active crypto devs fell 25% in 2023
  4. Google pulls Binance, other global crypto apps from India store
  5. How low can bitcoin ETF fees drop before it hurts a business?

Crunching numbers

Because the crypto house soaks within the spot bitcoin ETF approval from final week, buying and selling volumes throughout all 11 issuers hit $11.95 billion with belongings in combination round $27.7 billion inside 4 days, in keeping with a post on X by James Seyffart, an ETF analyst at Bloomberg Intelligence.

Previous to the U.S. Securities and Trade Fee’s approval of the spot bitcoin ETFs, some consultants informed me they anticipated buying and selling volumes to hit $10 billion in a yr, not per week. So it’s secure to say these numbers are manner forward of the beforehand anticipated demand.

Our favourite web3 publish on X

Franklin Templeton, a 77-year-old agency, which manages over $1.4 trillion in AUM, has a PFP with laser eyes (a nod to the Bitcoin neighborhood) and is posting about memecoins like dogwifhat. Guess you didn’t have that in your 2024 bingo card.

The most recent pod

For this week’s episode, I interviewed Monica Lengthy, the president of Ripple, a blockchain-based digital cost community and protocol.

Ripple has been round since 2012 and is without doubt one of the oldest crypto entities. Monica has spent the final 10 years at Ripple, working her manner up from the director of communications to now, president.

We talked about Monica’s profession development, cross-border funds, conventional finance and the necessity for regulatory readability.

We additionally dove into Ripple’s go well with with the SEC, the XRP Ledger, its focus for 2024 and recommendation for the neighborhood.

Subscribe to Chain Response on Apple Podcasts, Spotify or your favourite pod platform to maintain up with the newest episodes, and please depart us a assessment when you like what you hear!

Comply with the cash

  1. Inception Capital closes flagship $30M fund of funds centered on crypto rising managers.
  2. Staking know-how supplier Kiln raises $17 million in uncommon crypto funding spherical
  3. COTI launches $25M ecosystem development fund to concentrate on privateness on Ethereum
  4. Crypto change WOO Community raises $9M to spice up its liquidity
  5. Digital asset buying and selling tech agency Flowdesk raises $50M in Sequence B spherical

This checklist was compiled with info from Messari in addition to TechCrunch’s personal reporting.

What else we’re writing

Need to department out from the world of web3? Listed here are some articles on TechCrunch that caught our consideration this week:

  1. Welcome back to the Unicorn Club, 10 years later
  2. I spent the morning with the Apple Vision Pro
  3. The goal of a startup is to cease existing
  4. Will startup valuations start to recover in 2024? Investors aren’t so sure
  5. As hacks worsen, SEC turns up the heat on CISOs