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gm gm,
welcome back to another week that’s anything but ordinary in Web3 and AI.
In this issue, we’re covering:
New confirmation that crypto adoption is increasing
Who are the top 20 tech companies by market cap?
News and updates coming straight from The SEC, Tether, Linkedin, Deutsche Telekom and much more.
As always, we’re using this space to provide you with the latest product updates and relevant industry news in the shortest form possible.
Let’s go!
INSIGHTS
Look who’s enjoying being onchain!
The latest ‘State of Crypto’ report by Coinbase, which focuses on Fortune 500 companies, shows that the number of announced projects increased by 39% year-over-year, hitting a record high in Q1 2024.
Also, a recent survey found that 56% of Fortune 500 executives said their companies are working on onchain projects.
But why are more and more companies turning to crypto?
Some of the catalysts include:
The approval of spot Bitcoin ETFs in January 2024, along with the anticipated approval of spot ETH ETFs soon, serves as proof of increasing accessibility to crypto through familiar, trusted products, thereby driving adoption.
Stablecoins are becoming easier to use, thanks to PayPal, Stripe, and Coinbase, with more expected to join the trend.
More people are interested in turning real-world assets into digital tokens, especially with government securities. This market is expected to grow to $16 trillion by 2030, which is as big as the EU's economy today, attracting investors. The report also shows that stablecoins settled transactions worth over $10 trillion in 2023, which is more than ten times the amount of money sent worldwide.
However, web3 isn't just appealing to large corporations.
The survey shows that small businesses are increasingly adopting crypto, as seven in 10 businesses believe that web3 can address at least one of their financial pain points, such as transaction fees and processing times.
From brands launching web3 loyalty programs to the rise of stablecoins and financial products, it's abundantly clear that companies are increasingly exploring and leveraging blockchain technology, driving innovation and mainstream adoption.
As Coinbase highlights, this surge in activity underscores the urgent need for clear crypto regulations and the cultivation of crypto talent and developers, particularly in the US
For further insights and Coinbase's commentary on the data, continue reading by following this link.
Who are the biggest tech giants by market cap?
SUBSTRATES
What’s happening these days?
Paradigm raised its third fund, an $850M venture fund focused on crypto projects at the earliest stage.
The SEC decided to stop the investigation into whether Ethereum is a security is massive news and a major win supported by the crypto community.
LinkedIn is launching AI-powered upgrades for Premium subscribers to aid professionals and employers, including enhanced job search, personalized learning, and expert advice.
Tether launches Alloy, the first Tethered Asset and gold-backed stablecoin designed to track the value of the US dollar.
Brave has integrated its search engine with Leo, the AI chatbot, enabling users to receive real-time information in response to their queries.
Deutsche Telekom, T-Mobile's parent company, plans to enter Bitcoin mining. Dirk Röder, Head of Web3 Infrastructure and Solutions, announced the move at a Bitcoin conference in Prague.
Australia has approved its first spot Bitcoin ETF.
Doodles, the ETH NFT project is moving its platform, Stoodio, from Flow to Coinbase's Base network.
The Vatican Library, in collaboration with NTT DATA, has launched an NFT project showcasing the Library’s digitized heritage, offering users exclusive access and rewards.
FROM THE REPOSITORY
5 tools to add to your maker’s arsenal
TeamCreate lets you build your AI team of finance, sales and more
UpcomingMeme is an independent database for upcoming memes
SumrTldr to summarize web pages on the Safari browser
Unite is an L3 chain solution for mobile games
Zeacon hosts and analyzes interactive videos for your site
*Shipping amazing products or services in AI or web3? Reach out and get featured for free to your community of over 1k readers.
SCOOPS OF THE WEEK
CertiK recently identified a series of critical vulnerabilities in @krakenfx exchange which could potentially lead to hundreds of millions of dollars in losses.
Starting from a finding in @krakenfx's deposit system where it may fail to differentiate between different internal… x.com/i/web/status/1…
— CertiK (@CertiK)
3:30 PM • Jun 19, 2024
1/ Spent the day at the Coinbase State of Crypto summit.
10/10 event.
Many pensions, endowments, brokerages, asset managers, banks, etc in attendance. Leaving very optimistic.
Scribbled notes during some talks, sharing here:
— Yano 🟪 (@JasonYanowitz)
10:51 PM • Jun 13, 2024
CEO @brian_armstrong is building a world where money can move anywhere in less than a second for less than a cent.
How? Listen to Evolving Money, our podcast created in collaboration with @BBGMedia Studios.
link.chtbl.com/evolving-money…— Coinbase 🛡️ (@coinbase)
2:29 PM • Jun 18, 2024
Interested in learning about DAOs?
Here are some of our resources.
🧵
— a16z crypto (@a16zcrypto)
8:30 PM • Jun 17, 2024
A MAJOR fundamental flaw in crypto is starting to emerge.
It's the #1 reason why altcoins are underperforming this cycle.
And currently, there seems to be no fix.
I just dug through all the data (what I found was shocking).
🧵: How altcoin dispersion is killing crypto.👇
— Miles Deutscher (@milesdeutscher)
2:24 PM • Jun 18, 2024
And that’s it for the week - not so short but sweet.
Keep on building!
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