Crypto Biz: All I want for Christmas is Bitcoin, Dec. 9–16
On Wednesday, the United States Federal Reserve wrapped up its final policy meeting of 2021 by voting to keep interest rates at record lows. In doing so, the Fed set the stage for a series of interest rate hikes beginning in the spring, which will be accompanied by a more accelerated taper of its bond-buying program.
While the Fed’s decision to reduce market liquidity could impact crypto investors in the short term, Bitcoin (BTC), Ether (ETH) and DeFi are carving out their own narratives heading into 2022. Those narratives could supersede the latest episode of central-bank tightening.
Below is the concise version of the latest “Crypto Biz” newsletter. For a comprehensive breakdown of business developments over the last week, register for the full newsletter below.
Block’s Cash App will allow users to gift BTC for the holidays
If you’re concerned about inflation and central bank policy, the best gift you can give this holiday season is Bitcoin. Block, formerly known as Square, recently announced that Cash App users will be able to give friends and family both crypto and stocks this Christmas.
KKR leads $350M raise for crypto custody bank Anchorage Digital
On Wednesday, crypto custody bank Anchorage Capital announced a $350 million Series D funding round, bringing its total valuation to over $3 billion. What makes the funding round so compelling is the sheer magnitude of venture capital players involved. Goldman Sachs, Alameda Research, Andreessen Horowitz, BlackRock, Blockchain Capital, Delta Blockchain Fund, PayPal and Kraken all participated in the Series D.
Related: Microsoft leads startup Palm NFT Studio’s $27M series B round
Binance partners with Indonesian telco to develop new crypto exchange
Binance was in the news again this week after the company announced it had partnered with Indonesian state-owned telecom operator PT Telkom Indonesia. The nature of the partnership is even more intriguing: Through MD Ventures, PT Telkom Indonesia’s venture capital arm, Binance will support the development of a new digital currency exchange.
Adoption continues. #Binance partners with Indonesian telco to develop new crypto exchange https://t.co/aC2y2vbUxH
— CZ Binance (@cz_binance) December 15, 2021
Crypto payments solutions firm Ramp raises $53 million to increase adoption of DApps
Crypto-fiat payments provider Ramp recently announced that it has raised $52.7 million in financing to expand its product offerings and promote the adoption of decentralized applications. Ramp currently provides its services to over 400 companies, including Axie Infinity, Mozilla, Opera Browser, Dapper Labs, Aave, Argent, Trust Wallet and Zerion.